XINJI ENERGY(SH:601918) Minsheng Securities·2025-10-25 08:34Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company has demonstrated strong performance in coal and electricity sectors, with new thermal power projects expected to contribute positively in the future [4]. - The integrated coal and power business model is highlighted as a key advantage, enhancing profitability stability and driving valuation improvements [4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenue of 9.01 billion yuan, a year-on-year decrease of 1.95%, and a net profit attributable to shareholders of 1.477 billion yuan, down 19.06% year-on-year [1]. - In Q3 2025, the company achieved a net profit of 556 million yuan, marking a 14.24% year-on-year decline but a 43.12% increase from Q2 2025 [2]. - The gross profit for Q3 2025 was 1.219 billion yuan, showing an increase from Q2 2025 [2]. Coal Production and Sales - In Q3 2025, the company produced 5.61 million tons of raw coal, a year-on-year increase of 7.87%, while the sales volume of commercial coal reached 5.03 million tons, up 7.53% year-on-year [3]. - The average selling price of coal in Q3 2025 was 513 yuan per ton, a year-on-year decrease of 7.99% but a quarter-on-quarter increase of 3.00% [3]. Power Generation - The company generated 4.365 billion kWh of electricity in Q3 2025, reflecting a year-on-year increase of 9.29% and a quarter-on-quarter increase of 43.44% [3]. Project Development - Ongoing coal and power projects are progressing as planned, with new power plants expected to start operations in 2026, which will contribute to steady growth in electricity generation [4]. - The company is also investing in a wind power project in Lixin, with a total investment of approximately 668 million yuan, expected to achieve grid connection by the end of 2025 [4]. Profit Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 are 2.023 billion yuan, 2.256 billion yuan, and 2.524 billion yuan, respectively, with corresponding EPS of 0.78 yuan, 0.87 yuan, and 0.97 yuan [5].