Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company's production and sales have shown recovery growth, but the performance decline is primarily due to the decrease in coal prices. In Q2, costs decreased on a quarter-on-quarter basis, and gross profit recovered, offsetting the impact of falling coal prices. It is expected that with the rebound in coal prices in Q3, the pressure on performance will ease [2][12] Financial Summary - Total revenue for 2025 is estimated at 21,367 million, a decrease of 14.7% from 2024. Net profit attributable to the parent company is projected to be 1,608 million, down 27.7% from 2024. The earnings per share (EPS) for 2025 is expected to be 0.45 yuan [4][13] - The company achieved total operating revenue of 11,240 million in the first half of 2025, a year-on-year decrease of 7.86%. The net profit attributable to the parent company was 783 million, a year-on-year decrease of 39.75% [12] Production and Sales Performance - In the first half of 2025, the company completed raw coal production of 20.76 million tons, a year-on-year increase of 11.25%. The sales volume of commercial coal reached 19.28 million tons, an increase of 12.79% year-on-year. The average selling price of coal was 460.84 yuan per ton, down 19.50% year-on-year [12][13] Cost and Profitability - The selling price of coal in Q2 2025 was 419 yuan per ton, down 24.8% year-on-year and 18.1% quarter-on-quarter. The cost per ton of coal was 286 yuan, down 17.4% year-on-year and 1.9% quarter-on-quarter. The gross profit per ton was 132 yuan, down 37.1% year-on-year and 39.7% quarter-on-quarter [12][13] Resource and Capacity Expansion - The company has secured additional resources through a successful bid in Shanxi Province, increasing its total coal resource to 6.68 billion tons. The production capacity is expected to increase to over 45 million tons per year with the commissioning of new mines [12][13]
华阳股份（600348）：产销恢复增长，业绩下滑主要受到煤炭售价下行影响