华阳股份（600348）：Q3煤炭销量与价格环比齐升，业绩环比提升明显：——华阳股份（600348）：2025年三季报点评

Investment Rating - The investment rating for Huayang Co., Ltd. is "Buy" (maintained) [1] Core Views - The report highlights that coal sales and prices have increased quarter-on-quarter, leading to a significant improvement in performance [1] - For the first three quarters of 2025, the company reported a revenue of 16.956 billion yuan, a year-on-year decrease of 8.85%, and a net profit attributable to shareholders of 1.124 billion yuan, down 38.20% year-on-year [4][5] - In Q3 2025, the company achieved a revenue of 5.716 billion yuan, a quarter-on-quarter increase of 5.42%, and a net profit of 342 million yuan, a quarter-on-quarter increase of 83.90% [4][5] Summary by Sections Financial Performance - In Q3 2025, the company produced 10.39 million tons of coal, a quarter-on-quarter decrease of 4.01%, while coal sales reached 11.52 million tons, a quarter-on-quarter increase of 9.44% [5] - The average selling price of coal in Q3 was 431.3 yuan per ton, an increase of 2.98% quarter-on-quarter, while the unit cost was 285 yuan per ton, a decrease of 0.51% [5] - The gross profit per ton of coal in Q3 was 146 yuan, reflecting a quarter-on-quarter increase of 10.52% [5] Production and Sales - For the first three quarters of 2025, the company achieved a coal production of 31.15 million tons, an increase of 8.38% year-on-year, and a sales volume of 30.80 million tons, up 15.87% year-on-year [5] - The company also purchased and sold 4.08 million tons of coal, a year-on-year increase of 61.96% [5] Future Outlook - The company is expected to see revenue growth in the coming years, with projected revenues of 24.548 billion yuan in 2025, 26.897 billion yuan in 2026, and 29.692 billion yuan in 2027 [6][9] - The net profit attributable to shareholders is forecasted to be 1.611 billion yuan in 2025, 2.022 billion yuan in 2026, and 2.544 billion yuan in 2027, indicating a recovery trend after a decline in 2024 [6][9]