物产环能（603071）：热电联产毛利稳增，期待煤炭贸易释放向上弹性

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's gross profit from combined heat and power generation is steadily increasing, and there is an expectation for coal trading to release upward elasticity [5] - In the first half of 2025, the company achieved revenue of 18.422 billion yuan, a year-on-year decline of 7.56%, and a net profit of 385 million yuan, down 8.59% year-on-year [6] - The coal trading segment faced pressure, but sales volume increased against the trend, reflecting strong resilience in the supply chain [6] - The acquisition of Nantai Lake Technology is expected to expand the net profit scale of the combined heat and power generation segment [6] - The company is focusing on expanding its renewable energy business, including energy storage, photovoltaics, and wind power [6] - The company has a clear dividend plan, with a proposed cash dividend of no less than 40% of the net profit attributable to the parent company for the years 2024-2026 [6] Financial Summary - The company expects net profits attributable to the parent company for 2025-2027 to be 710 million, 860 million, and 950 million yuan, respectively, with year-on-year growth rates of -3.57%, 20.68%, and 9.96% [6][7] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 11, 9, and 8 times for 2025-2027 [6] - The projected dividend yield for 2025-2027 is 4.24%, 5.12%, and 5.63%, respectively [6]