XINJI ENERGY(SH:601918) Xinda Securities·2025-04-25 14:31Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights the resilience of the company's Q1 performance, with expectations for steady improvement in the profitability of coal-electricity synergy [1][4] - The coal segment showed significant year-on-year production growth, with a 10.47% increase in raw coal output and a 5.23% increase in segment gross profit despite falling coal prices [3][6] - The electricity segment benefited from the commissioning of new power plants, leading to a 46.91% year-on-year increase in electricity sales volume, although average selling prices decreased [3][6] Financial Performance Summary - In Q1 2025, the company reported revenue of 2.91 billion yuan, a decrease of 4.85% year-on-year and 17.76% quarter-on-quarter [1] - The net profit attributable to shareholders was 532 million yuan, down 11.01% year-on-year and 6.47% quarter-on-quarter [1] - The operating cash flow was 749 million yuan, reflecting a decrease of 23.43% year-on-year and 18.02% quarter-on-quarter [1] Segment Analysis - Coal Segment: - Q1 2025 raw coal production reached 5.5394 million tons, up 10.47% year-on-year, while the average selling price was 581.97 yuan/ton, a slight increase of 1.26% year-on-year [3][6] - The cost of goods sold for coal was 324.12 yuan/ton, down 6.43% year-on-year, contributing to a gross profit increase of 5.23% [3][6] - Electricity Segment: - The company achieved an electricity sales volume of 3.426 billion kWh in Q1 2025, a 46.91% increase year-on-year [3][6] - The average selling price for electricity was 374.9 yuan/MWh, down 8.14% year-on-year [3][6] Profitability Forecast - The report projects net profits for 2025-2027 to be 2.369 billion, 2.744 billion, and 2.878 billion yuan respectively, with corresponding EPS of 0.91, 1.06, and 1.11 yuan per share [6]