SHCI(SH:601225) Western Securities·2025-10-30 06:38Investment Rating - The investment rating for Shaanxi Coal Industry is "Buy" [4][10]. Core Views - The company's revenue for the first three quarters of 2025 was 1180.83 billion, a year-on-year decrease of 12.81%. The net profit attributable to shareholders was 127.13 billion, down 27.22% year-on-year. The net profit excluding non-recurring gains and losses was 114.94 billion, a decline of 31.95% year-on-year. In Q3 alone, the revenue was 401 billion, down 10.01% year-on-year but up 6.03% quarter-on-quarter. The net profit for Q3 was 50.75 billion, a year-on-year decrease of 20.34%, but a significant quarter-on-quarter increase of 79.08% [1][4]. Financial Summary - For the first three quarters of 2025, the company achieved a coal production of 130.37 million tons, an increase of 2.03% year-on-year, and coal sales of 189.20 million tons, up 0.4% year-on-year. Total power generation was 31.55 billion kWh, down 2.78% year-on-year, while total electricity sales were 29.60 billion kWh, down 1.95% year-on-year. In Q3, coal production was 4.30 million tons, up 3.88% year-on-year, while coal sales were 6.32 million tons, down 0.61% year-on-year. Power generation in Q3 was 1.38 billion kWh, up 12.05% year-on-year, and electricity sales were 1.30 billion kWh, up 13.53% year-on-year [2][4]. Profit Forecast - The profit forecast remains unchanged, with expected net profits attributable to shareholders for 2025, 2026, and 2027 at 195.13 billion, 215.73 billion, and 227.88 billion respectively. The expected earnings per share (EPS) for these years are projected to be 2.01, 2.23, and 2.35, reflecting year-on-year changes of -12.7%, +10.6%, and +5.6% [2][4].