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广汇能源(600256):Q2煤价回落业绩承压,关注能源价格回升对公司业绩弹性贡献

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a significant decline in performance due to falling coal prices, with a 40.67% year-on-year decrease in net profit for the first half of 2025 [1] - The company expects a recovery in sales and prices in Q3, driven by seasonal demand for coal [2][5] - The company has made strategic moves, including the transfer of stakes in investments and the introduction of strategic investors, which may enhance its financial position [4][5] Financial Performance Summary - For H1 2025, the company achieved revenue of 15.748 billion yuan, down 8.70% year-on-year, and a net profit of 0.853 billion yuan, down 40.67% year-on-year [1] - In Q2 2025, revenue was 6.846 billion yuan, a decrease of 5.02% year-on-year and 23.10% quarter-on-quarter, with a net profit of 0.159 billion yuan, down 74.73% year-on-year and 77.03% quarter-on-quarter [1] - Natural gas production for H1 2025 was 34.460 billion cubic meters, down 5.95% year-on-year, with total sales of 152.233 million cubic meters, down 30.12% year-on-year [3] - The company’s coal production for H1 2025 was 28.82 million tons, up 150.4% year-on-year, with sales of 27.64 million tons, up 76.0% year-on-year [10] Strategic Developments - The company announced the transfer of 20.74% of its stake in Xinjiang Alloy Investment Co., Ltd. for a total price of 599 million yuan [4] - The company has signed agreements to transfer shares to strategic investors, committing to not reduce their holdings for 60 months [4] - A new dividend plan was announced, promising to distribute at least 90% of the average distributable profit over the next three years [5]