GUANGHUI ENERGY(SH:600256) Xinda Securities·2025-10-31 08:10Investment Rating - The investment rating for Guanghui Energy is "Buy" [1] Core Views - The report indicates that Guanghui Energy's performance in the first three quarters of 2025 has been impacted by declining prices of coal, coal chemical products, and natural gas, along with increased soil conservation compensation fees [7] - The company is expected to see improved profitability in Q4 due to seasonal demand [7] - Future growth is anticipated from the Marang coal mine and oil and gas projects, which are expected to provide new momentum for long-term growth [8] Financial Performance Summary - For the first three quarters of 2025, Guanghui Energy reported revenue of 22.53 billion, a year-on-year decrease of 14.63%, and a net profit attributable to shareholders of 1.01 billion, down 49.47% [2][3] - In Q3 2025, the company achieved revenue of 6.78 billion, a decline of 25.81%, and a net profit of 159 million, down 71.01% [3] - The operating cash flow for the first three quarters was 4.31 billion, an increase of 6.10% year-on-year [2] Natural Gas Segment Summary - Natural gas production for the first three quarters of 2025 was 465.69 million cubic meters, a decrease of 4.00% year-on-year, while Q3 production was 121.09 million cubic meters, an increase of 2.03% [5] - Natural gas sales for the first three quarters were 2.18 billion cubic meters, down 32.06%, with Q3 sales at 656.55 million cubic meters, down 36.17% [5] Coal Chemical Segment Summary - Methanol production for the first three quarters was 753,500 tons, a decrease of 1.46%, with Q3 production at 189,700 tons, an increase of 1.80% [6] - Coal-based oil production for the first three quarters was 434,700 tons, an increase of 8.83%, with Q3 production at 118,400 tons, an increase of 11.81% [6] - Ethylene glycol production for the first three quarters was 88,900 tons, an increase of 16.84%, with Q3 production at 48,400 tons, an increase of 65.71% [6] Future Outlook - The Marang coal mine is expected to further increase production, with various approvals in place for its operations [8] - The Zaisang oil and gas project has shown positive progress, with significant oil and gas reserves identified, which could become a major profit growth point for the company [8] - Profit forecasts for 2025-2027 are set at 2.08 billion, 2.94 billion, and 3.24 billion respectively, with corresponding EPS of 0.33, 0.46, and 0.51 [8]