GANSU EC(SZ:000552) Dong Jian Yan Bao·2025-05-15 14:16Report Overview - Reported Company: Jingyuan Coal and Electricity [16] - Industry: Coal Industry [2] - Research Date: May 15, 2025 [16] Core Viewpoints - In the short - term, the domestic coal market has an oversupply situation with high imports, a slowdown in demand growth, and downward pressure on coal prices, which challenges coal companies' profitability [25] - In the long - term, as the market supply - demand relationship reaches a dynamic balance, coal prices are expected to return to a reasonable range, and the industry's profit level will stabilize, supporting the energy structure transformation [26][27] Summary by Section 1. Research Basic Information - Research Object: Jingyuan Coal and Electricity [16] - Industry: Coal Industry [16] - Reception Time: May 15, 2025 [16] - Company Reception Staff: Chairman Xu Jizong, Independent Director Yuan Jixiang, Financial Controller Wang Wenjian, and Board Secretary Teng Wanjun [16] 2. Detailed Research Institutions - Reception Object: Investors participating in the company's 2024 annual performance online briefing through the Shenzhen Stock Exchange Interactive Easy - Cloud Interview Platform [17] - Object Type: Others [17] 3. Main Content Project Construction - By 2027, the company plans to complete the construction of power plants and coal - chemical projects. The company has three mines under construction. Baiyanzi Coal Mine of Jingtai Coal Industry and Tianbao Hongshaliang Open - pit Mine have entered the trial operation stage, and Hongshaliang Mine is under construction [21] - Among new power projects, the 2×350MW cogeneration project in Lanzhou New Area is planned to be put into operation by the end of 2025, the 2×660MW coal - power project in Qingyang is under construction, and the 2×1000MW project in Lanzhou New Area has completed relevant decision - making and review, with pre - construction procedures in progress [21] - The company's chemical project is implemented by Liuhua Chemical Company. Phase I has entered the trial operation stage and produced chemical products, and Phase II is under construction [21] Profit Growth Drivers - The company is building a new integrated industrial pattern of "coal, power, chemical, and infrastructure". After all projects are put into operation, the annual approved coal production capacity will be 23.14 million tons, and the total power installed capacity will reach 4829MW [21] Coal Consumption and Sourcing - After the completion of the company's power and chemical projects, the internal coal consumption will be nearly 12 million tons per year, and the actual consumption will vary according to coal quality and coal - sourcing structure [23] Project Funding - The company raises project funds through multiple channels. Traditional credit is the main channel, and the company also uses bank loans and introduces strategic investors for power and chemical projects [23] Share Repurchase - The company will study and implement regulatory requirements, conduct market research, and use repurchase loans for market value management when conditions are right [23] Financial Performance - The company's 2024 annual report and 2025 Q1 report are available on cninfo.com.cn [24] - In Q1 2025, the company's coal selling price decreased, leading to lower revenue and profit compared to the same period [26] Industry Outlook - In the short - term, the industry faces challenges such as high supply, slow demand growth, and downward price pressure [25] - In the long - term, the industry will achieve stable development as supply - demand balance is restored [26][27]