山西焦煤（000983）：煤炭主业短期承压，首次中期分红重视股东回报

Investment Rating - The investment rating for Shanxi Coking Coal is "Buy" [4] Core Views - The coal business is under short-term pressure due to a significant decline in coal prices, leading to a decrease in revenue and net profit for the first half of 2025 [5][6] - The company emphasizes shareholder returns by optimizing its cash dividend schedule, marking its first interim dividend distribution [6] - The company is expected to improve its performance through enhancing its main business and increasing efficiency, supported by its stable coal seam and low extraction costs [5][8] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 18.053 billion yuan, a year-on-year decrease of 16.30%, and a net profit attributable to shareholders of 1.014 billion yuan, down 48.44% [5] - The net cash flow from operating activities increased by 78.88% to 3.327 billion yuan [5] - The company's gross profit margin for the coal segment was 47.55%, down 6.69 percentage points year-on-year, but still maintained at a high level [5] Business Segment Analysis - The coal segment generated revenue of 10.394 billion yuan, a year-on-year decline of 13.48%, influenced by a downward trend in coking coal prices [5] - The coking segment's revenue fell by 34.76%, resulting in a negative gross margin, impacting overall performance [5] - The electricity and heat segment benefited from lower fuel costs and the elimination of outdated capacity, with a gross margin increase of 7.66 percentage points to 8.44% [5] Future Outlook - The company is expected to see improvements in net profit from 1.933 billion yuan in 2025 to 2.819 billion yuan in 2027, with EPS projected to rise from 0.34 yuan to 0.50 yuan [8] - The company has secured exploration rights for coal and associated bauxite resources, which will enhance its sustainable development capabilities [5][8]