物产环能（603071）：传统能源供应体系优化，综合能源服务能力持续强化

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company reported a revenue of 26.979 billion yuan for Q1-Q3 2025, a year-on-year decrease of 12.84%, with a net profit attributable to shareholders of 453 million yuan, down 15.10% year-on-year [3]. - The decline in revenue is primarily attributed to pressure in the coal sector, where an increase in sales volume contributed 2.058 billion yuan, while a drop in coal prices reduced revenue by 6.057 billion yuan [3]. - The company is focusing on enhancing its comprehensive energy service capabilities, particularly in the cogeneration sector, to support the transition to a green and low-carbon economy [4]. - The company has successfully expanded its coal sales volume despite a weak overall coal market, responding strategically to regional energy demands [4]. Financial Summary - For Q3 2025, the company achieved a revenue of 8.557 billion yuan, a year-on-year decrease of 22.38%, with a net profit of 150 million yuan, down 13.32% year-on-year [3]. - The company is expected to achieve net profits of 744 million yuan, 804 million yuan, and 913 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 11x, 10x, and 9x [5][6]. - The projected revenue for 2025 is 44.765 billion yuan, with a growth rate of 0.1% [6].