DTCIC(SH:601001) Shanxi Securities·2025-09-09 09:53Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [1][6] Core Views - The company has shown improvement in the second quarter, with both dividend value and growth potential coexisting [1] - The company reported a revenue of 5.965 billion yuan in the first half of 2025, a year-on-year decrease of 19.16%, and a net profit attributable to shareholders of 876 million yuan, down 39.01% year-on-year [2] - In the second quarter, the company achieved a revenue of 3.541 billion yuan, a year-on-year decrease of 4.83% but a quarter-on-quarter increase of 46.07% [2] - The company’s coal production and sales improved in the second quarter, with raw coal production reaching 9.3565 million tons, a year-on-year increase of 10.4% and a quarter-on-quarter increase of 19.0% [4] Financial Performance - The company completed coal production of 17.2191 million tons in the first half of 2025, a year-on-year increase of 1.72%, while commodity coal sales were 13.2949 million tons, down 8.01% year-on-year [4] - The company’s earnings per share (EPS) for the first half of 2025 was 0.52 yuan, with a diluted EPS of 0.52 yuan [5] - The net asset return rate (ROE) is reported at 4.35% [6] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.585 billion yuan, 1.668 billion yuan, and 2.003 billion yuan respectively, with dynamic PE ratios of 13.5, 12.9, and 10.7 times [6] Market Data - As of September 9, 2025, the closing price of the company's stock was 12.88 yuan, with a year-to-date high of 18.72 yuan and a low of 10.89 yuan [4] - The total market capitalization of the company is 21.557 billion yuan [4]