Western Securities·2025-10-28 05:34Investment Rating - The report maintains a rating of "Accumulate" for the company [4][2] Core Views - The company's revenue for the first three quarters of 2025 was CNY 110.58 billion, a year-on-year decrease of 21.24%, while net profit attributable to shareholders was CNY 12.485 billion, down 14.57% year-on-year [4][2] - In Q3 2025, the company achieved revenue of CNY 36.148 billion, a year-on-year decline of 23.78%, but a quarter-on-quarter increase of 0.29% [4][2] - The net profit for Q3 was CNY 4.780 billion, showing a year-on-year decrease of 0.96%, with a significant reduction in the decline compared to the previous two quarters, and a quarter-on-quarter increase of 28.26% [4][2] Financial Summary - For the first three quarters of 2025, coal production was 101.58 million tons, a slight decrease of 0.7% year-on-year, while coal sales were 190.36 million tons, down 7.4% year-on-year [1] - Self-produced coal sales increased by 1.1% year-on-year to 101.45 million tons, while trade coal sales decreased by 13.1% year-on-year to 87.85 million tons [1] - The company reported a polyolefin production of 990,000 tons, down 13.5% year-on-year, and a urea production of 1.594 million tons, up 21.5% year-on-year [2] - The projected net profits for 2025-2027 are CNY 16.152 billion, CNY 17.971 billion, and CNY 18.566 billion, respectively, with EPS of CNY 1.22, CNY 1.36, and CNY 1.40 [2]