SCIE(SH:600546) GUOTAI HAITONG SECURITIES·2025-09-05 12:48Investment Rating - The investment rating for the company is "Accumulate" with a target price of 11.43 CNY [6]. Core Insights - The company's production significantly rebounded in H1 2025, with Q2 sales showing a substantial month-on-month recovery. Cost control measures have led to a significant decline in costs for H1 2025, and the company is expected to continue recovering in terms of production and sales in H2 2025 [2][12]. Financial Summary - Total revenue for 2025 H1 was 9.66 billion CNY, a year-on-year decrease of 31.28%. The net profit attributable to the parent company was 654 million CNY, down 49.25% year-on-year. In Q2 2025, total revenue was 5.16 billion CNY, a year-on-year decrease of 33.03%, but a quarter-on-quarter increase of 14.56%. The net profit for Q2 was 400 million CNY, down 43.45% year-on-year but up 56.91% quarter-on-quarter [12]. Production and Sales Data - In H1 2025, the company produced 17.82 million tons of raw coal, an increase of 15.86% year-on-year. Self-produced coal sales were 10.35 million tons, a decrease of 13.19% year-on-year, with a sales price of 556.34 CNY per ton. Trade coal sales were 7.54 million tons, down 15.43% year-on-year, with a sales price of 469.98 CNY per ton [12]. Cost Management - The average selling price for self-produced coal in H1 2025 was 556.34 CNY per ton, down 18.9% from 685.92 CNY per ton in H1 2024. The cost per ton of self-produced coal was 275 CNY, a decrease of 10.4% year-on-year. The gross profit per ton was 281 CNY, down 25.8% year-on-year [12]. Future Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.72 CNY, 0.88 CNY, and 1.15 CNY for the years 2025, 2026, and 2027 respectively. The estimated price-to-earnings (PE) ratio for 2026 is 13x, leading to a target price of 11.43 CNY [12][14].