Founder Securities·2025-03-16 08:27Investment Rating - The industry investment rating is "Recommended" [1] Core Viewpoints - The coal industry is experiencing a renewed verification of its dividend attributes, suggesting a favorable window for investment during this period [1] - The report indicates that coal prices have stabilized after a decline, with current prices hovering around 680-690 yuan per ton, which is expected to provide support for future pricing [4][5] - The report emphasizes the importance of high dividend yields in the current low-interest-rate environment, making coal stocks attractive for long-term investors [5][6] Summary by Sections Industry and Company Market Review - The coal index increased by 4.84%, outperforming the CSI 300 index by 3.26 percentage points [9] - The average price-to-earnings (PE) ratio for the coal industry is 10.54, which is lower than the CSI 300's PE of 12.82, indicating a discount of 17.78% [12] Supply and Demand Analysis - The capacity utilization rate of 462 sample coal mines is 96.3%, up by 1.5 percentage points week-on-week [19] - The average daily output of these coal mines is 579.5 thousand tons, reflecting a week-on-week increase of 9.4 thousand tons [19] Price Trends - As of March 14, the Qinhuangdao Q5500 thermal coal price is 681 yuan per ton, down by 7 yuan or 1.02% from the previous week [30] - The report notes that the price of thermal coal in major production areas has seen increases, with prices in Ordos and Yulin rising by 15 yuan and 60 yuan respectively [30] Key Company Announcements - Shaanxi Coal's 2024 performance report shows a 4.13% increase in raw coal production to 170 million tons, while total revenue increased by 1.47% to 184.145 billion yuan [47] - China Shenhua reported a 1.9% increase in coal production for February 2025, totaling 27 million tons [48]