hbky(SH:600985) Shenwan Hongyuan Securities·2025-08-29 13:43Investment Rating - The investment rating for Huabei Mining is "Buy" (maintained) [6] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 20.68 billion yuan, down 44.58% year-on-year, and a net profit of 1.03 billion yuan, down 64.85% year-on-year [6] - Despite the drop in prices, cost control measures have been effective, leading to a decrease in coal production costs [6] - The company is progressing with its construction projects and acquiring mining rights, which are expected to contribute to future growth [6] - The company has increased its minimum cash dividend payout ratio from 30% to 35% for the next three years [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 58.11 billion yuan, with a year-on-year decline of 11.8% [2] - Net profit for 2025 is projected at 2.13 billion yuan, a decrease of 56.2% year-on-year [2] - Earnings per share (EPS) for 2025 is estimated at 0.79 yuan, with a price-to-earnings (PE) ratio of 16 [2] - The company anticipates a gradual recovery in revenue and profit from 2026 onwards, with EPS expected to reach 0.98 yuan in 2026 and 1.34 yuan in 2027 [2] Market Data - As of August 28, 2025, the closing price of the stock is 12.44 yuan, with a market capitalization of 33.504 billion yuan [3] - The stock has a price-to-book ratio of 0.8 and a dividend yield of 6.03% [3] - The stock's performance over the past year shows a high of 19.78 yuan and a low of 11.19 yuan [3]