物产环能（603071）：煤炭流通短期受煤价影响，热电联产积极收购增厚利润

Investment Rating - The report maintains a "Buy" rating for the company [6][12]. Core Views - The company's revenue for H1 2025 was 18.42 billion yuan, a year-on-year decrease of 7.6%, with a net profit attributable to shareholders of 300 million yuan, down 16.0% year-on-year. The decline in coal prices significantly impacted the profitability of the coal trading business [4][6]. - The coal trading segment faced revenue pressure, while the combined heat and power segment saw profit growth. In H1 2025, revenues from coal trading, combined heat and power, and new energy were 16.93 billion, 1.45 billion, and 50 million yuan, respectively, with year-on-year changes of -25.5%, -6.7%, and +91.7% [4][6]. - The company successfully advanced the acquisition of Nan Taihu Technology, which is expected to enhance the net profit of its combined heat and power business [5][6]. Financial Summary - The company's revenue projections for 2025-2027 are adjusted to 41.28 billion, 42.71 billion, and 44.14 billion yuan, respectively, with net profits of 740 million, 810 million, and 890 million yuan [6][10]. - The company's PE ratios for 2025-2027 are projected to be 10, 9, and 9 times, respectively [6][10]. - The gross profit margin and net profit margin for H1 2025 were 5.7% and 2.1%, respectively, with slight increases in expense ratios impacting profitability [5][6].