潞安环能（601699）：行业基本面边际好转，煤价环比有所回升

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The industry fundamentals are showing marginal improvement, with coal prices rebounding month-on-month. The company is expected to benefit from this trend, leading to gradual performance improvement [7][8] - The company has experienced a decline in revenue and net profit in Q3 2025 compared to the previous year, with revenue at 7.031 billion yuan, down 21.83%, and net profit at 206 million yuan, down 63.96% [4][7] - The company is a leading producer of injection coal in China and has successfully acquired coal exploration rights, which is expected to expand its mining scale in the long term [8] Financial Summary - For 2025, the company is projected to have a revenue of 29.487 billion yuan, a decrease of 17.7% year-on-year, and a net profit of 2.032 billion yuan, down 17.0% year-on-year [6][11] - The gross profit margin is expected to be 35.5% in 2025, with a net profit margin of 6.9% [6][11] - The company's earnings per share (EPS) is projected to be 0.68 yuan in 2025, with a price-to-earnings (P/E) ratio of 21.8 [6][11] Market and Operational Insights - The company’s coal sales revenue in Q3 2025 was 6.5 billion yuan, with a year-on-year decline of 23.0% [7] - The average selling price of coal was 526.8 yuan per ton, down 15.6% year-on-year, but showed a month-on-month increase of 6.9% [7] - The company’s coal production and sales volumes have decreased, reflecting the impact of safety regulations and production constraints [8]