WTECL(SH:600157) Shanxi Securities·2025-08-28 12:08Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [1][5]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 10.676 billion yuan, down 26.44% year-on-year, and net profit at 126 million yuan, down 89.41% year-on-year [2]. - The coal production and sales remained stable, with expectations of improvement in the third quarter due to a rebound in coal prices driven by policy changes [2][3]. - The integration of coal and electricity operations has shown benefits, with the electricity segment's gross profit increasing by 20.51% year-on-year, reaching 1.64 billion yuan, and a gross margin of 20.96% [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 5.035 billion yuan, a decrease of 29.98% year-on-year, and a net profit of 75 million yuan, down 89.63% year-on-year but up 47.06% quarter-on-quarter [2]. - The average revenue per ton of coal for the first half of 2025 was 367.87 yuan, down 54.45% year-on-year, with a gross profit per ton of 85.88 yuan, down 80.39% year-on-year [2]. Project Development - The Haizetang coal mine project is progressing steadily, with 65% of the underground phase two construction completed by mid-2025, which is expected to significantly improve the company's performance upon production [3][5]. Future Projections - The company forecasts net profits for 2025, 2026, and 2027 to be 368 million yuan, 675 million yuan, and 1.506 billion yuan, respectively, indicating a recovery trend [5].