SHCI(SH:601225) Tianfeng Securities·2025-08-29 04:45Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company's revenue for H1 2025 is reported at 77.983 billion yuan, a year-on-year decrease of 14.19%, while the net profit attributable to the parent company is 7.638 billion yuan, down 31.18% year-on-year [1]. - The coal business revenue is 68.378 billion yuan, reflecting an 11.67% decrease year-on-year, despite a slight increase in coal production and sales [2]. - The electricity business revenue is 6.775 billion yuan, down 11.21% year-on-year, with a notable decline in electricity sales volume [3]. - The report adjusts the net profit forecasts for 2025-2026 to 16.04 billion yuan and 17.29 billion yuan, respectively, and introduces a new forecast of 17.77 billion yuan for 2027 [3]. Financial Performance Summary - H1 2025 operating revenue: 77.983 billion yuan, down 14.19% year-on-year - H1 2025 operating cost: 56.071 billion yuan, down 6.43% year-on-year - H1 2025 net profit attributable to the parent: 7.638 billion yuan, down 31.18% year-on-year - H1 2025 coal production: 87.4 million tons, up 1.15% year-on-year - H1 2025 coal sales: 80.16 million tons, up 2.87% year-on-year - H1 2025 average coal price: 439.67 yuan/ton, down 23.81% year-on-year [1][2][3]. Financial Data and Valuation - Projected operating revenue for 2025: 148.454 billion yuan, with a growth rate of -19.38% - Projected net profit for 2025: 16.040 billion yuan, with a growth rate of -28.26% - Projected EPS for 2025: 1.65 yuan/share - Projected P/E ratio for 2025: 12.93 [4][10].