山西焦煤（000983）：2025年半年报点评：煤价下跌短期业绩承压，看好下半年煤价回升修复业绩，中期分红回报投资者

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The report indicates that the company's performance in the first half of 2025 was under pressure due to falling coal prices, but there is optimism for a recovery in coal prices in the second half of the year, which is expected to improve performance and provide mid-term dividend returns to investors [6] - The company reported a revenue of 18.05 billion yuan in H1 2025, a year-on-year decrease of 16.3%, and a net profit attributable to shareholders of 1.01 billion yuan, down 48.4% year-on-year [6] - The report highlights a proposed cash dividend of 0.36 yuan per 10 shares, totaling 204 million yuan, with a dividend payout ratio of 20.16% [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 42.37 billion yuan, with a year-on-year decline of 6.4% [5] - Net profit attributable to shareholders for 2025 is projected at 2.18 billion yuan, a decrease of 29.8% year-on-year [5] - Earnings per share for 2025 is estimated at 0.38 yuan [5] - The company's gross margin is expected to decline to 26.8% in 2025 from 31.4% in 2024 [5] - The report anticipates a recovery in coal prices due to historical underinvestment in the coal industry, which may maintain industry profitability [6] Performance Comparison - The company's stock price has fluctuated between a high of 10.51 yuan and a low of 5.97 yuan over the past year, with a closing price of 7.05 yuan [1] - The company has a market capitalization of 32.71 billion yuan [1] - The price-to-earnings ratio for 2025 is projected at 18 times [5]