山西焦煤（000983）：资源禀赋优势依旧，半年度分红回馈市场

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company has a significant coal resource endowment, with a total coal resource reserve of 6.53 billion tons as of the end of 2024. It has 17 mines, including 16 operational and 1 under construction [2] - The company plans to distribute a cash dividend of RMB 0.36 per share (before tax), totaling RMB 204 million, as part of its profit distribution plan for the first half of 2025 [2] - The projected net profits for the company from 2025 to 2027 are estimated to be RMB 2 billion, RMB 2.5 billion, and RMB 2.8 billion, respectively, with corresponding P/E ratios of 20.2X, 16.2X, and 14.4X [2] Financial Performance Summary - For the first half of 2025, the company reported operating revenue of RMB 18.053 billion, a decrease of 16.3% year-on-year, and a net profit attributable to shareholders of RMB 1.014 billion, down 48.44% year-on-year [1] - The coal business generated revenue of RMB 10.39 billion in the first half of 2025, a decline of 13.48% year-on-year, while the electricity business saw a revenue of RMB 3.15 billion, down 5.24% year-on-year, but with a gross margin increase of 7.66% [1] - The company's total market capitalization is approximately RMB 40.82 billion, with a total share capital of 5.677 billion shares, of which 81.74% are freely tradable [3]