SHCI(SH:601225) ZHONGTAI SECURITIES·2025-10-30 03:53Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [5][10]. Core Views - The company has exceeded profit expectations in Q3 due to a rebound in coal prices and an increase in electricity generation [1][6]. - The report highlights a significant growth in electricity sales in Q3, with a year-on-year increase of 13.53% [7]. - Non-recurring gains have notably increased, contributing positively to the company's profits [7]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 118.08 billion yuan, a year-on-year decrease of 12.81%, and a net profit of 12.71 billion yuan, down 27.22% [7]. - In Q3 2025, the company achieved revenue of 40.10 billion yuan, a decline of 20.91% year-on-year, with a net profit of 5.08 billion yuan, down 26.59% [7]. - Coal production for the first three quarters was 130 million tons, an increase of 2.03% year-on-year, while coal sales reached 189 million tons, up 0.40% [7]. - The average selling price of coal in Q3 was 741 yuan per ton, reflecting a year-on-year increase of 1.10% [7]. Earnings Forecast and Valuation - The company is projected to generate revenues of 151.85 billion yuan, 155.07 billion yuan, and 159.74 billion yuan for the years 2025, 2026, and 2027, respectively [5][8]. - Expected net profits for the same years are 17.25 billion yuan, 18.63 billion yuan, and 20.24 billion yuan, respectively [5][8]. - The current stock price of 22.52 yuan corresponds to a P/E ratio of 12.7X for 2025, 11.7X for 2026, and 10.8X for 2027 [5][8].