SCIE(SH:600546) Shanxi Securities·2025-09-09 09:16Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [1][6] Core Views - The company's performance has improved quarter-on-quarter, with a focus on the recovery of the production and sales ratio [1][6] - The company reported a revenue of 9.66 billion yuan for the first half of 2025, a year-on-year decrease of 31.28%, and a net profit attributable to shareholders of 655 million yuan, down 49.25% year-on-year [2][4] - In Q2 2025, the company achieved a revenue of 5.16 billion yuan, a year-on-year decrease of 33.03% but a quarter-on-quarter increase of 14.56%, with a net profit of 400 million yuan, down 43.45% year-on-year but up 56.91% quarter-on-quarter [2][4] Financial Performance - The company produced 17.82 million tons of raw coal in the first half of 2025, an increase of 15.86% year-on-year, while total sales of commercial coal were 17.88 million tons, a decrease of 14.1% year-on-year [4][5] - Despite a decline in coal prices, the company's coal production and sales improved in Q2, with self-produced coal revenue reaching 3.13 billion yuan, a quarter-on-quarter increase of 19.31%, and sales volume of 5.93 million tons, up 34.3% quarter-on-quarter [4][5] - The company has committed to distributing dividends of no less than 60% of the annual distributable profits for the years 2024-2026, indicating potential future dividend value [4][5] Future Projections - The company is projected to achieve net profits of 1.51 billion yuan, 1.67 billion yuan, and 1.92 billion yuan for the years 2025-2027, respectively [6] - The dynamic PE ratios for 2025-2027 are expected to be 12.9, 11.7, and 10.1 times, respectively, reflecting the company's improving performance and dividend value [6][8]