Investment Rating - The investment rating for the company is maintained as "Buy" [2][12]. Core Views - The company’s performance is in line with expectations, and new production capacity is expected to be gradually released starting in 2025, which will enhance profitability [8][12]. - The company reported a revenue of 9.862 billion RMB for the first half of 2025, a year-on-year decrease of 6.74%, and a net profit attributable to the parent company of 1.334 billion RMB, down 13.45% year-on-year [8]. - The company’s coal and electricity production capacity expansion is anticipated to drive profit growth [8][12]. Financial Data Summary - Target price is set at 11.77 RMB, with the closing price as of August 19 at 9.26 RMB [3][4]. - Market capitalization is 34,725 million RMB, with a 6-month average daily trading volume of 135.32 million RMB [4]. - Revenue projections for 2024 to 2027 are 23,156 million RMB, 20,341 million RMB, 22,434 million RMB, and 26,442 million RMB respectively, with growth rates of 19.04%, -12.16%, 10.29%, and 17.87% [7]. - Net profit attributable to the parent company is projected to be 3,009 million RMB in 2024, 3,043 million RMB in 2025, 3,242 million RMB in 2026, and 3,478 million RMB in 2027, with corresponding growth rates of 17.73%, 1.14%, 6.53%, and 7.30% [7]. - The company’s EPS (Earnings Per Share) is expected to be 0.80 RMB in 2024, 0.81 RMB in 2025, 0.86 RMB in 2026, and 0.93 RMB in 2027 [7]. - The company’s ROE (Return on Equity) is projected to be around 12.56% to 12.07% from 2024 to 2027 [7]. Operational Performance - In the first half of 2025, the company’s coal production increased by 25.2% year-on-year, while the net profit from the coal segment decreased by 32.1% due to falling prices [11]. - The company’s coal sales volume for the first half of 2025 was 572.27 million tons, a 50.3% increase year-on-year [11]. - The average on-grid electricity price for the company was 0.349 RMB per kWh, a slight decrease of 0.8% year-on-year, indicating stable pricing despite market pressures [9].
陕西能源（001286）：业绩符合预期，新产能有望陆续释放