Shanxi Coking Coal Energy (SZ:000983) Shenwan Hongyuan Securities·2025-10-30 12:49Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on the recovery in coal prices [8]. Core Insights - The company's performance in Q3 2025 showed improvement due to a rebound in coking coal prices, with Q3 revenue at 91.22 billion yuan, a 20.84% year-on-year decline but a 1.04% increase from Q2 [8]. - The report highlights a significant drop in net profit for the first three quarters of 2025, amounting to 1.434 billion yuan, down 49.62% year-on-year, but the performance aligns with market expectations [8]. - The report anticipates continued high coal prices due to historical underinvestment in the coal industry and tight supply conditions, projecting net profits of 2.875 billion yuan and 3.178 billion yuan for 2026 and 2027, respectively [8]. Financial Data and Profit Forecast - Total revenue for 2025 is projected at 42.38 billion yuan, with a year-on-year decline of 6.4% [2]. - The net profit for 2025 is estimated at 2.182 billion yuan, reflecting a 29.8% decrease compared to the previous year [2]. - The earnings per share (EPS) for 2025 is forecasted to be 0.38 yuan, with a projected price-to-earnings (PE) ratio of 19 [2]. Market Data - As of October 30, 2025, the company's closing price was 7.33 yuan, with a market capitalization of 34.013 billion yuan [3]. - The company has a price-to-book (PB) ratio of 1.1 and a dividend yield of 3.49% [3]. - The stock's performance over the past year has shown a high of 8.71 yuan and a low of 5.97 yuan [3].