Huafu Securities·2025-09-03 07:15Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark index within the next six months [22]. Core Insights - The company reported a revenue of 138.1 billion yuan for the first half of 2025, a year-on-year decrease of 18.3%, with a net profit attributable to shareholders of 24.64 billion yuan, down 12.0% year-on-year [2]. - The company plans to distribute a cash dividend of 0.98 yuan per share, totaling 19.47 billion yuan, which represents 79% of the net profit for the period [6]. - The company is undergoing a large-scale asset acquisition to enhance its integrated operational advantages, with total assets of the targets amounting to 258.4 billion yuan and expected revenue of 126 billion yuan [6]. Financial Performance Summary - In the coal business, revenue for the first half of 2025 was 103.9 billion yuan, down 22.8% year-on-year, with a gross profit of 32.5 billion yuan, a decrease of 14.8% [3]. - The average selling price of coal decreased to 493 yuan per ton, down 12.9% year-on-year, while the production cost per ton was reduced to 177.7 yuan, down 7.7% year-on-year [4]. - The electricity business generated revenue of 40.5 billion yuan in the first half of 2025, a decline of 10.3% year-on-year, with a gross profit of 6.5 billion yuan, down 7.9% [5]. Earnings Forecast - The forecasted net profit for the company for 2025-2027 is 51.1 billion yuan, 53.4 billion yuan, and 54.8 billion yuan respectively, with corresponding EPS of 2.57 yuan, 2.69 yuan, and 2.76 yuan per share [7].