Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the coal industry [3]. Core Viewpoints - The coal import data indicates a negative growth trend in imports for the first four months of 2025, with a cumulative import volume of 153 million tons, representing a year-on-year decrease of 5.30%. In April alone, the import volume was 37.83 million tons, down 16.40% year-on-year and 2.32% month-on-month [12][14]. - The average import price for coal and lignite in the first four months of 2025 was recorded at 79perton,adecreaseof17.1779 per ton, down 17.17% from the previous year [24]. - The average price for thermal coal was 81perton,adecreaseof12.80114 per ton, down 24.53% year-on-year [33]. - Lignite's average price was 53perton,adeclineof12.51119 per ton, down 10.75% year-on-year [38]. Commentary and Investment Recommendations - The report suggests focusing on undervalued companies with strong performance support, particularly those with a small proportion of non-coal business such as Xinjie Energy, Haohua Energy, and Zhongmei Energy [44]. - Companies with a larger proportion of non-coal business, like Shaanxi Energy and Electric Power Investment Energy, are also highlighted as significantly undervalued [44]. - The report emphasizes the potential for high dividend yield stocks and stable high dividend stocks, recommending companies like China Shenhua and Shaanxi Coal Industry for stable dividends, and Huaibei Mining and Pingmei Shenma for high dividend elasticity [44][45].
