Changjiang Securities·2025-08-25 09:44Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company reported a net profit attributable to shareholders of 7.7 billion yuan for the first half of 2025, a decrease of 2.08 billion yuan year-on-year (21.3%) [2][6] - In Q2, the net profit attributable to shareholders was 3.73 billion yuan, down 1.19 billion yuan year-on-year (22.7%) and down 0.25 billion yuan quarter-on-quarter (6.3%) [2][6] - The company is characterized by stable profitability and low valuation, with long-term dividend potential expected to increase, making it a key focus for investors [2][6] Summary by Sections Financial Performance - In H1 2025, the company produced 67.34 million tons of commercial coal, an increase of 0.84 million tons (1.3%) year-on-year, with Q2 production at 33.99 million tons, up 0.22 million tons (0.7%) year-on-year [12] - The average selling price of self-produced coal in H1 2025 was 470 yuan/ton, down 114 yuan/ton (19.5%) year-on-year, with Q2 price at 449 yuan/ton, down 122 yuan/ton (21.3%) year-on-year [12] - The cost of self-produced coal in H1 2025 was 263 yuan/ton, down 30 yuan/ton (10.2%) year-on-year, with Q2 cost at 256 yuan/ton, down 58 yuan/ton (18.5%) year-on-year [12] Dividend Policy - The company plans to distribute a cash dividend of 0.166 yuan per share (including tax) based on 30% of the net profit attributable to shareholders of 7.32 billion yuan for H1 2025 [12] Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 15.66 billion yuan, 15.88 billion yuan, and 16.09 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 10.19x, 10.05x, and 9.92x based on the closing price on August 22 [2][12]