电投能源（002128）：煤炭业绩保持稳健，电铝转型驱动成长

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's coal performance remains stable, benefiting from a high proportion of long-term contracts and a relatively independent regional supply-demand structure [3] - The company's thermal power business experienced slight declines in both volume and price, while wind and solar power generation saw significant increases [3] - The profitability of the electrolytic aluminum business has improved, with substantial growth potential in the future [3] - The steady progress of asset injections opens up long-term growth opportunities for the company [4] Financial Performance - In the first half of 2025, the company achieved operating revenue of 14.464 billion yuan, a year-on-year increase of 2.38%, and a net profit attributable to shareholders of the parent company of 2.787 billion yuan, a year-on-year decrease of 5.36% [1] - The company's coal production in the first half of 2025 was 22.6308 million tons, a year-on-year decrease of 0.19%, while sales volume was 21.7745 million tons, a year-on-year decrease of 1.98% [3] - The average selling price of coal was 206 yuan per ton, a year-on-year decrease of 0.62%, while the unit cost of coal increased by 9.53% to 94 yuan per ton [3] - The company expects net profits attributable to shareholders for 2025-2027 to be 5.644 billion, 6.386 billion, and 7.308 billion yuan, respectively [6] Business Segments - The coal segment generated revenue of 4.487 billion yuan in the first half of 2025, a year-on-year decrease of 2.59% [3] - The company's thermal power generation decreased by 2.64% to 241,595.25 million kWh in the first half of 2025, while renewable energy generation increased by 37.23% to 421,926.82 million kWh [3] - The electrolytic aluminum production increased by 0.98% to 452,300 tons in the first half of 2025, with a selling price of 17,952 yuan per ton, a year-on-year increase of 2.38% [3] Future Outlook - The company is positioned as a consolidation platform for coal, electricity, and aluminum businesses in the Inner Mongolia region, with significant growth potential through external mergers and acquisitions [4] - The ongoing asset injection, if successfully completed, is expected to significantly enhance the company's coal and electrolytic aluminum production capacity [4]