广汇能源（600256）：价格下跌叠加缴纳水土保持费，Q3业绩承压

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 22.53 billion yuan for the first three quarters of 2025, a year-on-year decrease of 14.63% - The net profit attributable to shareholders was 1.01 billion yuan, down 49.03% year-on-year - In the third quarter alone, revenue was 6.78 billion yuan, a decline of 25.81% year-on-year, with net profit at 159 million yuan, down 71.01% year-on-year - The decline in performance is attributed to falling coal prices and increased water and soil conservation fees, alongside pressure on natural gas prices and a decrease in long-term contract gas sales - The approval and progress of the Marang coal mine project are expected to support future production growth, while the Zaisang oil and gas project is set to become a significant growth point after coal and natural gas [2][5][11] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 22.53 billion yuan, a decrease of 14.63% year-on-year - The net profit attributable to the parent company was 1.01 billion yuan, down 49.03% year-on-year - In Q3 2025, the company reported revenue of 6.78 billion yuan, a decline of 25.81% year-on-year, and a net profit of 159 million yuan, down 71.01% year-on-year [2][5] Market Conditions - The domestic coal market saw a rebound in prices in Q3 2025, with the average price for 5000 kcal coal at 599.48 yuan/ton, up 6.77% quarter-on-quarter but down 20.32% year-on-year - The average price for 5500 kcal coal was 673.68 yuan/ton, up 5.16% quarter-on-quarter but down 20.95% year-on-year - Despite a 75.97% year-on-year increase in coal sales volume in the first half of 2025, Q3 saw a decline in both production and sales volume due to previous low prices [11] Future Growth Prospects - The Marang coal mine has received necessary approvals and is progressing well, which is expected to enhance production capacity - The Zaisang oil and gas project is advancing, with geological research and drilling activities ongoing, positioning it as a future growth driver [11]