SCIE(SH:600546) Minsheng Securities·2025-10-31 06:08Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a significant increase in self-produced coal sales in Q3 2025, with a quarter-on-quarter growth of 59.8% [2] - The company's revenue for the first three quarters of 2025 was 15.332 billion yuan, a year-on-year decrease of 30.2%, while the net profit attributable to shareholders was 1.046 billion yuan, down 49.7% year-on-year [1] - The report anticipates that coal prices will enter an upward trend, leading to a potential increase in the company's profit margins [3] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 5.673 billion yuan, with a quarter-on-quarter increase of 10.0% [1] - The self-produced coal sales volume in Q3 2025 was 9.474 million tons, reflecting a quarter-on-quarter increase of 37.2% [2] - The average selling price of self-produced coal was 458.0 yuan per ton, down 30.6% year-on-year [2] Profitability Metrics - The gross profit margin for the coal business was 39.9% in Q3 2025, an increase of 9.8 percentage points quarter-on-quarter [2] - The report projects net profits for 2025-2027 to be 1.332 billion, 2.319 billion, and 2.604 billion yuan respectively, with corresponding EPS of 0.67, 1.17, and 1.31 yuan per share [3][4] Future Outlook - The report forecasts a revenue of 25.821 billion yuan for 2025, a decrease of 12.7% year-on-year, with a projected recovery in subsequent years [4] - The company is expected to benefit from a recovery in coal prices, which may enhance profitability in the coming years [3]