Xinda Securities·2025-08-31 04:02Investment Rating - The investment rating for Yanzhou Coal Mining Company is "Buy" [4][7]. Core Views - The company demonstrated resilience in operations despite a decline in revenue and profit, with a focus on cost control and management efficiency [4]. - The coal production increased steadily, with a target to exceed 180 million tons for the year, reflecting strong operational capabilities [4]. - Strategic acquisitions, such as the completion of the Northwest Mining acquisition, are expected to enhance future growth potential [5][7]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 59.349 billion yuan, a year-on-year decrease of 17.93%, and a net profit attributable to shareholders of 4.652 billion yuan, down 39.38% [1]. - The operating cash flow showed a positive trend, increasing by 7.47% to 13.563 billion yuan [1]. - The average selling price of coal decreased by 23.75% to 531.93 yuan per ton, while the cost of coal sales dropped by 8.7% to 328 yuan per ton [4]. Production and Sales Summary - In the first half of 2025, the company achieved a coal production of 73.6 million tons, an increase of 6.54% year-on-year, while sales volume decreased by 4.51% to 64.81 million tons [4]. - The chemical products segment also saw growth, with production increasing by 13.47% to 4.745 million tons [4]. Strategic Initiatives Summary - The company is advancing several key projects, including the operational ramp-up of the Shandong Wanfeng coal mine and the development of new chemical projects [5]. - The acquisition of Northwest Mining added significant coal resources, laying a solid foundation for future growth [5]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 11.8 billion, 13.1 billion, and 15.1 billion yuan, respectively, with EPS projected at 1.17, 1.31, and 1.51 yuan per share [7].