NMHD(SH:600863) Shenwan Hongyuan Securities·2025-10-30 09:18Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is impacted by the coal sector, while the injection of wind power assets is expected to support profit growth [1] - The company reported a total revenue of 15.052 billion yuan for the first three quarters of 2025, a year-on-year decrease of 9.23%, and a net profit attributable to shareholders of 2.208 billion yuan, down 10.60% year-on-year, which aligns with expectations [6] - The company is optimistic about the profitability of the wind power assets being injected, committing to a minimum net profit contribution of 800 million yuan from these assets over three years [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 19.908 billion yuan, with a year-on-year decline of 10.7% [5] - Net profit attributable to shareholders for 2025 is projected at 2.348 billion yuan, reflecting a slight increase of 1.0% year-on-year [5] - Earnings per share for 2025 is estimated at 0.36 yuan, with a projected price-to-earnings ratio of 12 [5] - The company’s coal production for the first three quarters of 2025 was 10.459 million tons, a decrease of 0.92% year-on-year, while coal sales averaged 304.10 yuan per ton, down 26.42% year-on-year [6]