Tianfeng Securities·2025-09-01 03:14Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company demonstrates high revenue stability and has increased its dividend payout ratio, reflecting a strong commitment to shareholder returns [4]. - The integrated operation model across the coal, electricity, and transportation sectors significantly enhances the company's performance stability, with a notable decline in coal prices having a lesser impact on net profit [1][2]. - The coal business remains stable, with effective cost control, as evidenced by a decrease in production costs per ton of self-produced coal [2]. - The electricity segment shows stable performance, with future capital expenditures expected to contribute positively to earnings growth [3]. Summary by Sections Financial Performance - In H1 2025, the company reported operating revenue of 138.11 billion yuan, a year-on-year decrease of 18.3%, and a net profit attributable to shareholders of 24.64 billion yuan, down 12% [1]. - The coal production volume was 165.4 million tons, a decrease of 1.7%, while coal sales volume fell by 10.9% [2]. - The electricity segment generated revenue of 40.54 billion yuan, down 10.3%, with certain areas like gas and solar power showing growth [3]. Dividend Policy - The company plans to distribute a mid-year dividend of 0.98 yuan per share, resulting in a total cash dividend of 19.471 billion yuan, achieving a payout ratio of 79.0%, the highest since 2022 [4]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 54.0 billion, 54.1 billion, and 54.7 billion yuan, respectively, with EPS projected at 2.72, 2.72, and 2.75 yuan [4][5].