中煤能源：“中”流砥柱、“煤”开二度

Investment Rating - The report maintains a "Buy" rating for the company [2][47]. Core Viewpoints - The company has a long-term asset advantage with abundant resources and a high coal reserve lifespan of 81 years, positioning it among the industry leaders [10][13]. - Short-term profitability is supported by a high proportion of long-term contracts, providing stability against price fluctuations, and an improving coal chemical business [24][26]. - There is potential for increased dividends as the company's debt repayment capacity improves and capital expenditures are expected to decrease in the next 2-3 years [35][40]. - The investment suggestion highlights the potential for valuation recovery for this stable central enterprise [43][47]. Summary by Sections Long-term Asset Advantages - The company has sufficient resources with a coal production capacity of 198 million tons (equity 161 million tons) and a coal reserve lifespan of 81 years [10][13]. - The company is optimizing its assets, which enhances profitability, with a lower cost increase compared to peers [18][22]. Short-term Profitability Advantages - The company benefits from a high long-term contract ratio of over 75%, which stabilizes profitability and reduces sensitivity to market price fluctuations [26][28]. - The coal chemical business is expected to improve profitability due to cost reductions and new capacity coming online [31][31]. Dividend Potential - The company's debt repayment capacity is improving, with an EBDA to interest-bearing debt ratio reaching 0.51, indicating potential for increased dividends [37][40]. - Capital expenditures are projected to decrease in the next 2-3 years, which may further enhance the willingness to increase dividends [40][41]. Investment Recommendations - The report suggests that the company is a stable central enterprise with potential for valuation recovery, supported by a favorable market outlook for coal [43][47].