Shanxi Coking Coal Energy (SZ:000983) Minsheng Securities·2025-08-28 08:20Investment Rating - The report maintains a "Recommended" rating for Shanxi Coking Coal (000983.SZ) based on expected internal and external growth, as well as a high cash dividend ratio [4][6]. Core Views - The company reported a revenue of 18.053 billion yuan for the first half of 2025, a year-on-year decrease of 16.30%, and a net profit attributable to shareholders of 1.014 billion yuan, down 48.44% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 9.028 billion yuan, a slight increase of 0.02% quarter-on-quarter, but the net profit dropped by 67.26% year-on-year and 51.15% quarter-on-quarter [1]. - The gross profit margin for coal business decreased to 47.55%, down 6.69 percentage points year-on-year, while the power and heat business saw an increase in gross profit margin to 8.44%, up 7.66 percentage points year-on-year [1]. Summary by Sections Financial Performance - The total sales gross margin for the first half of 2025 was 30%, a decrease of 1.22 percentage points year-on-year [1]. - The company plans to distribute a cash dividend of 0.36 yuan per 10 shares, representing 20.16% of the net profit for the first half of 2025, resulting in a dividend yield of 0.5% based on the closing price on August 27, 2025 [2]. Development Potential - The company obtained a mineral resource exploration license for the Lvliang Xing County block, which has coal reserves of 95.2775 million tons and bauxite reserves of 5.56123 million tons. The planned production capacity is 8 million tons per year [3]. - The development of the Xing County block is expected to enhance the company's sustainable development capabilities in the coal business and inject new competitive advantages for high-end industrial upgrades [3]. Profit Forecast - The forecasted net profits for 2025, 2026, and 2027 are 2.122 billion yuan, 2.852 billion yuan, and 3.057 billion yuan, respectively, with corresponding EPS of 0.37 yuan, 0.50 yuan, and 0.54 yuan [4][5]. - The PE ratios for the same years are projected to be 19, 14, and 13 times, respectively [4].