华阳股份（600348）：降本增效煤炭经营显韧性，新矿投产释放成长新潜能

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company has demonstrated resilience in its coal operations despite a decline in coal prices, with a year-on-year revenue decrease of 7.86% to 11.24 billion yuan and a net profit drop of 39.75% to 783 million yuan in the first half of 2025 [1][5] - The company has increased its coal production by 11.25% year-on-year to 20.76 million tons in the first half of 2025, with a significant increase in sales volume [5] - The company has a strong focus on shareholder returns, maintaining a high dividend payout ratio of over 50% for 2023 and 2024, with cumulative cash dividends of 12.931 billion yuan since its listing [5] - The company is positioned as a leader in the domestic anthracite coal industry, with strong asset quality and cost control capabilities, and is expected to see net profits of 1.954 billion yuan, 2.424 billion yuan, and 2.744 billion yuan from 2025 to 2027 [5][6] Financial Summary - In the first half of 2025, the company achieved a total revenue of 11.24 billion yuan, a decrease of 7.86% year-on-year, and a net profit attributable to shareholders of 783 million yuan, down 39.75% [1] - The company’s coal sales cost was 289 yuan per ton in the first half of 2025, reflecting an 18.33% decrease year-on-year [5] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.54 yuan, 0.67 yuan, and 0.76 yuan respectively, indicating a potential recovery in profitability [7][5]