Ge Long Hui·2026-04-01 07:28Core Viewpoint - The report from Ping An Securities indicates that with the recovery of coal prices and continued cost reduction, the profitability of China Coal Energy is gradually improving [1] Financial Performance - In 2025, the revenue is projected to be 148.06 billion yuan, a year-on-year decrease of 21.8% [1] - The sales gross margin is expected to be 27.49%, an increase of 2.61 percentage points year-on-year [1] - The net profit attributable to shareholders is forecasted to be 17.88 billion yuan, a year-on-year decline of 7.3% [1] - The dividend plan for 2025 proposes a distribution of 3.83 yuan per 10 shares (including tax), with cash dividends accounting for 28.37% of net profit attributable to shareholders [1] Market Outlook - On the supply side, the pace of coal supply increase may continue to slow down due to stricter safety regulations in mines and ongoing constraints against overproduction [1] - On the demand side, the electricity generation from thermal power is expected to turn positive year-on-year in January-February 2026, leading to a promising growth in coal consumption for power generation [1] - With a favorable outlook on fundamentals, coal prices are expected to continue their upward trend [1] - The company possesses high-quality coal resources and leading scale, showing good resilience in performance [1] - As various coal, electricity, and coal chemical projects come online, the company's scale and cost advantages are expected to further expand, maintaining a "recommended" rating [1]