SHENHUO COAL&POWER(SZ:000933) Western Securities·2025-08-21 05:25Investment Rating - The investment rating for the company is "Buy" [6][11]. Core Views - The company's revenue for H1 2025 reached 20.428 billion, a year-on-year increase of 12.12%, while the net profit attributable to shareholders was 1.904 billion, a decrease of 16.62% [2][6]. - The electrolytic aluminum business was the main contributor to the company's performance in the first half of the year, while the coal business faced significant price declines [3][4]. - The company achieved a single-quarter revenue of 10.797 billion in Q2, a year-on-year increase of 7.99%, and a net profit of 1.196 billion, a slight increase of 0.22% [4]. Summary by Sections Financial Performance - In H1 2025, the company produced 871,100 tons of aluminum products and sold 871,400 tons, achieving 51.24% and 51.26% of the annual plan, respectively [3]. - Coal production was 3.7078 million tons, with sales of 3.7275 million tons, completing 51.50% and 51.77% of the annual plan [3]. - The net profit from the coal business subsidiaries saw significant declines, with New Dragon Company and Xinglong Company reporting net profits of 83 million and 32 million, down 70.50% and 89.98% year-on-year, respectively [3]. - The carbon product segment showed strong performance, with a net profit of 162 million, up 114.28% year-on-year due to rising prices [3]. Earnings Forecast - The expected EPS for 2025, 2026, and 2027 is projected to be 2.41, 2.67, and 2.96, respectively, with corresponding PE ratios of 8, 7, and 7 [4][5].