Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance has declined due to falling coal and electricity prices, but there is potential for growth in coal and electricity integration [1] - The company reported total revenue of 9.862 billion yuan for H1 2025, a year-on-year decrease of 6.74%, and a net profit attributable to shareholders of 1.334 billion yuan, down 13.5% year-on-year [1] - The report anticipates a recovery in net profit for 2026 and 2027, with expected figures of 3.571 billion yuan and 4.146 billion yuan respectively, reflecting a growth of 30.1% and 16.1% year-on-year [1] Financial Performance Summary - For H1 2025, the company generated a total revenue of 9.862 billion yuan, down 6.74% year-on-year, and a net profit of 1.334 billion yuan, down 13.5% year-on-year [1] - In Q2 2025, the company achieved revenue of 4.661 billion yuan, a quarter-on-quarter decrease of 10.4%, and a net profit of 630 million yuan, also down 10.3% quarter-on-quarter [1] - The average on-grid electricity price for H1 2025 was 0.35 yuan/kWh, a decrease of 0.82% year-on-year, while the cost per kWh was 0.24 yuan, an increase of 0.64% year-on-year [2] Coal and Power Integration - The company has a total installed capacity of 11.23 million kW and is actively pursuing several projects to enhance its coal and power integration strategy [3] - The company has a coal production capacity of 30 million tons per year, with 24 million tons currently in operation and 6 million tons under construction [3] - The company distributed a total cash dividend of 1.538 billion yuan in H1 2025, maintaining a stable dividend payout ratio above 50% since its listing, which enhances its investment value [3]
陕西能源（001286）：公司信息更新报告：煤、电价跌致业绩下滑，关注煤电成长及一体化