Tianfeng Securities·2025-08-24 02:46Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company's revenue for H1 2025 was 74.436 billion yuan, a year-on-year decrease of 19.9%, with a net profit attributable to shareholders of 7.705 billion yuan, down 21.3% year-on-year, primarily due to falling coal prices [1][4] - The coal business saw a revenue decline of 22.1% year-on-year in H1 2025, but the company managed to reduce costs effectively, resulting in a stable profit performance [2] - The coal chemical business revenue decreased by 13.6% year-on-year in H1 2025, mainly due to product price declines and maintenance of the polyethylene unit [3] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 74.436 billion yuan, with a net profit of 7.705 billion yuan, reflecting a year-on-year decline of 21.3% [1] - The coal business generated a revenue of 60.568 billion yuan in H1 2025, down 22.1% year-on-year, while the cost of goods sold was 46.221 billion yuan, down 20.2% [2] - The coal chemical segment reported a revenue of 9.36 billion yuan in H1 2025, a decrease of 13.6% year-on-year, with stable performance in other product lines [3] Cost Management - The company demonstrated strong cost control, with the cost per ton of self-produced coal decreasing by 10.2% year-on-year to 262.97 yuan/ton [2] - Management and financial expenses saw a year-on-year decline, contributing to effective cost management despite rising sales expenses [2] Dividend Policy - The company announced a mid-year profit distribution plan, allocating 30% of the net profit for H1 2025, amounting to approximately 2.198 billion yuan, translating to a cash dividend of 0.166 yuan per share [4] Earnings Forecast - The company maintains its profit forecast for 2025-2027, estimating net profits of 17.5 billion, 17.7 billion, and 18.2 billion yuan respectively, with corresponding EPS of 1.32, 1.34, and 1.37 yuan per share [4][5]