SHCI(SH:601225) Hua Yuan Zheng Quan·2025-09-01 10:51Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is under pressure due to falling coal prices, but a recovery in coal prices is expected to help restore profitability [5] - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to the downturn in coal prices [7] - The company has a strong position in the industry with abundant coal resources, cost advantages, and stable dividends, which may provide substantial earnings elasticity during the coal price recovery [7] Financial Summary - For 2023, the company is projected to have a revenue of 170.872 billion RMB, with a year-on-year growth rate of 2.41% [6] - The net profit attributable to shareholders for 2023 is expected to be 21.239 billion RMB, reflecting a year-on-year decline of 39.53% [6] - The company's earnings per share (EPS) for 2023 is estimated at 2.19 RMB [6] - The company's return on equity (ROE) for 2023 is projected to be 23.79% [6] Performance Metrics - In the first half of 2025, the company achieved a revenue of 77.98 billion RMB, a year-on-year decrease of 14.2% [7] - The net profit attributable to shareholders for the same period was 7.64 billion RMB, down 31.2% year-on-year [7] - The average coal price for the third quarter of 2025 is reported at 662.3 RMB per ton, showing a 4.9% increase from the second quarter [7]