GUANGHUI ENERGY(SH:600256) Xinda Securities·2025-08-31 08:19Investment Rating - The investment rating for Guanghui Energy is "Buy" [1] Core Views - The company's performance in the first half of 2025 was impacted by a significant decline in coal sales prices, a decrease in natural gas international business sales volume, and a reduction in coal chemical product output [4][6] - The Marang coal mine has commenced production, leading to a substantial increase in coal output, although profitability per ton has been pressured due to falling coal prices [4][6] - Future growth is anticipated from the Marang coal mine and ongoing oil and gas projects, which are expected to inject new momentum into the company's long-term growth [6][7] Financial Summary - In the first half of 2025, the company achieved operating revenue of 15.748 billion yuan, a year-on-year decrease of 8.70%, and a net profit attributable to shareholders of 853 million yuan, down 40.67% year-on-year [2][4] - The company's cash flow from operating activities was 2.823 billion yuan, an increase of 7.59% year-on-year, with basic earnings per share of 0.1302 yuan [2][4] - For Q2 2025, the company reported operating revenue of 6.846 billion yuan, a year-on-year decline of 5.02%, and a net profit of 159 million yuan, down 75.39% year-on-year [3] Production and Sales Performance - Coal production in the first half of 2025 reached 26.8694 million tons, a year-on-year increase of 175.11%, with total coal sales of 27.6444 million tons, up 75.97% year-on-year [4][5] - The average price of domestic Qinhuangdao port 5500 kcal thermal coal was 685.23 yuan/ton in the first half of 2025, a decrease of 22.14% year-on-year, significantly impacting profitability [4] - LNG production was 344.5959 million cubic meters (approximately 246,100 tons), a year-on-year decrease of 5.95%, while total LNG sales volume was 1.5223296 billion cubic meters (approximately 1.0588 million tons), down 30.12% year-on-year [5] Future Outlook - The Marang coal mine is expected to continue releasing production capacity, and the oil and gas projects are anticipated to become significant profit growth points for the company [6][7] - The company has made progress in the Zaisang oil and gas project, with substantial reserves identified, and plans to enhance production capacity in the coming years [7] - The coal chemical and logistics projects are advancing steadily, which will improve the company's ability to convert coal locally and enhance product value [7] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 2.084 billion, 2.937 billion, and 3.238 billion yuan, respectively, with corresponding EPS of 0.33, 0.46, and 0.51 yuan [6][8]