SHCI(SH:601225) Shenwan Hongyuan Securities·2025-08-29 13:43Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The report highlights that the company's performance in the first half of 2025 was under pressure due to falling coal prices, but anticipates a recovery in the second half of the year driven by rising coal and electricity prices [6]. - The company reported a revenue of 77.98 billion yuan in H1 2025, a decrease of 14.19% year-on-year, and a net profit attributable to shareholders of 7.64 billion yuan, down 31.18% year-on-year [6]. - The report projects a gradual recovery in the company's financial performance, with expected revenues of 169.02 billion yuan in 2025, 172.67 billion yuan in 2026, and 181.04 billion yuan in 2027 [5]. Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 169,016 million yuan, with a year-on-year decline of 8.2% [5]. - The net profit attributable to shareholders is projected to be 18,222 million yuan in 2025, reflecting an 18.5% decrease year-on-year [5]. - The report indicates a decrease in gross margin to 29.7% in 2025, down from 32.7% in 2024 [5]. - The company plans to distribute a cash dividend of 0.39 yuan per share, totaling 382 million yuan [6]. - The report notes a significant reduction in financial, management, and research expenses, leading to a decrease in total expenses from 44.88 billion yuan in H1 2024 to 36.25 billion yuan in H1 2025 [6].