华阳股份（600348）：三季度业绩环比正增，未来仍有修复空间

Investment Rating - The investment rating for the company is "Accumulate-A" (maintained) [1] Core Views - The company's performance in the third quarter showed a sequential increase, indicating potential for recovery in the future [1] - The company reported a decrease in revenue and net profit for the first three quarters of 2025, with revenue at 16.956 billion yuan, down 8.85% year-on-year, and net profit at 1.124 billion yuan, down 38.20% year-on-year [5] - The coal production volume increased while prices decreased, with a total coal output of 31.15 million tons, up 8.38% year-on-year, and a comprehensive coal price of 449.82 yuan/ton, down 20.29% year-on-year [6] Summary by Sections Market Performance - As of October 31, 2025, the closing price per share was 8.00 yuan, with a year-to-date high of 8.25 yuan and a low of 6.17 yuan [3] - The circulating A-share market value is 28.86 billion yuan, with a total market value of 28.86 billion yuan [3] Financial Data - Basic earnings per share (EPS) is 0.31 yuan, with diluted EPS also at 0.31 yuan [4] - The return on equity (ROE) stands at 3.72% [4] Production and Resource Security - The company has secured coal resources with an increase in production capacity from its mines, which will enhance future output [6] - The company acquired exploration rights for a coal block, increasing its coal resource reserves to nearly 7 billion tons, primarily consisting of high-demand anthracite coal [6] New Energy and Materials - The company is advancing in the sodium-ion battery sector, with significant investments in various projects, indicating a commitment to diversifying its operations [7] - The sodium-ion battery projects have received expert approval, achieving international leading standards [7] Financial Projections - The projected net profits for 2025-2027 are 1.741 billion yuan, 2.156 billion yuan, and 2.346 billion yuan, respectively, with dynamic PE ratios of 16.6, 13.4, and 12.3 times [8] - Despite the decline in coal prices affecting performance, the company anticipates increased production from its new mining capacities [8]