神火股份（000933）：煤炭业务已出现拐点，公司价值待重估

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The coal business has shown signs of a turning point, and the company's value is expected to be reassessed [4] - The company has a significant low-carbon advantage in the electrolytic aluminum sector due to its high proportion of green electricity from hydropower [3] - The recovery in coal prices is anticipated to increase profit elasticity in the coal business in the second half of 2025 [2] Summary by Relevant Sections Financial Performance - In H1 2025, the company achieved revenue of 20.43 billion yuan, a year-on-year increase of 12%, while net profit attributable to shareholders was 1.9 billion yuan, a year-on-year decrease of 17% [1] - The company's electrolytic aluminum production reached 871,100 tons, a year-on-year increase of 16%, while coal production was 3.708 million tons, also up by 15% [2] - The average selling price of electrolytic aluminum was 16,269 yuan/ton, up 4% year-on-year, while coal prices fell to 773 yuan/ton, down 31% year-on-year [2] Business Segments - The company is a major supplier of premium coal for metallurgical enterprises, with a coal output rate of approximately 75%, leading the industry [3] - The aluminum foil products focus on high-precision applications, with a strong market presence in ultra-thin battery aluminum foil [4] Future Projections - The company is expected to achieve net profits of 5.3 billion yuan, 6.5 billion yuan, and 7.3 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 8.1, 6.6, and 5.9 [4][5] - Revenue is projected to grow from 44.13 billion yuan in 2025 to 45.76 billion yuan in 2027, with a compound annual growth rate of approximately 1.8% [5]