华阳股份（600348）：煤炭量增价减，成长可期

Investment Rating - The investment rating for Huayang Co., Ltd. (600348.SH) is maintained at "Accumulate-A" [1] Core Views - The report indicates that while coal prices have decreased, the company has seen an increase in coal production, suggesting potential for growth in the future [6][8] - The company has made significant progress in its new energy and materials projects, particularly in sodium-ion battery materials, which are expected to enhance its future revenue streams [6][8] Summary by Sections Market Data - Closing price as of September 9, 2025, is CNY 7.10 - Year-to-date high/low prices are CNY 9.31 and CNY 6.17 respectively - Circulating A-shares and total share capital are both 3.608 billion shares - Circulating A-share market capitalization is CNY 25.613 billion, with a total market capitalization also at CNY 25.613 billion [3] Financial Performance - For the first half of 2025, the company reported operating revenue of CNY 11.240 billion, a year-on-year decrease of 7.86% - The net profit attributable to shareholders was CNY 783 million, down 39.75% year-on-year - In Q2 2025, operating revenue was CNY 5.422 billion, a decrease of 10.24% year-on-year and 6.79% quarter-on-quarter; net profit was CNY 186 million, down 56.97% year-on-year and 68.89% quarter-on-quarter [5] Production and Sales - In H1 2025, the company achieved a raw coal output of 20.76 million tons, an increase of 11.25% year-on-year - Purchased coal amounted to 1.84 million tons, up 14.28% year-on-year - Total coal sales reached 19.28 million tons, a year-on-year increase of 12.79% - The average selling price of coal was CNY 460.84 per ton, a decrease of 19.50% year-on-year [6] Future Growth and Resource Security - The company is expected to enhance its coal production capacity to over 45 million tons per year with the commissioning of new mines - The acquisition of coal exploration rights in the Yujiazhuang block is projected to add approximately 630 million tons of coal resources, increasing the total coal reserves to nearly 7 billion tons, primarily consisting of rare non-caking coal [7] Investment Recommendations - Projected net profits for 2025-2027 are CNY 1.741 billion, CNY 2.156 billion, and CNY 2.346 billion respectively - The dynamic PE ratios for the same period are estimated at 14.5, 11.7, and 10.8 times - Despite the decline in coal prices affecting performance, the future production from new mines is expected to support growth - The company is committed to stable dividends for investors [8]