pingmei coal(SH:601666) INDUSTRIAL SECURITIES·2025-11-02 12:11Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with revenue of 14.82 billion yuan, down 36.5% year-on-year, and a net profit of 280 million yuan, down 86.3% year-on-year [2][3] - The company's coal business faced challenges with a decrease in both sales volume and price, leading to a coal gross margin of 20.1%, down 10.4 percentage points year-on-year [2][3] - A strategic restructuring with the controlling shareholder is expected to optimize regional resource allocation and enhance pricing power in the domestic coking coal market [3] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 4.696 billion yuan, a decrease of 33.0% year-on-year, and a net profit of 22 million yuan, down 96.6% year-on-year [2][3] - The average coal price per ton was 723 yuan, down 29.9% year-on-year, while the cost per ton was 578 yuan, down 19.5% year-on-year [2][3] Production and Sales - In Q3 2025, the company produced 5.12 million tons of raw coal, a decrease of 25.3% year-on-year, but saw an increase in self-produced coal sales by 10.4% year-on-year [3] - The total coal sales volume for Q3 was 6.44 million tons, with a significant quarter-on-quarter increase of 18.8% [3] Profit Forecast and Investment Strategy - The company is expected to see net profits of 446 million yuan, 495 million yuan, and 570 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.18, 0.20, and 0.23 yuan [4] - The price-to-earnings ratio (PE) is projected to be 47.0, 42.4, and 36.8 for the years 2025, 2026, and 2027 respectively [4]