华阳股份（600348）：煤炭增量可期，碳纤维注入新动能

Investment Rating - The investment rating for Huayang Co., Ltd. is "Accumulate-A" with a target price of 8.96 yuan for the next six months [5]. Core Views - The company is expected to see a significant increase in coal production capacity, with a projected increase from 40.9 million tons/year to over 45 million tons/year following the commissioning of the Qiyuan coal mine [2]. - The successful launch of the T1000 grade high-performance carbon fiber production line is anticipated to inject new momentum into the company's growth and promote the development of the carbon fiber industry in Shanxi [1]. - The company is focusing on cost reduction and efficiency improvement through smart mining technology and process optimization, achieving a 15.8% year-on-year decrease in coal production costs [2]. Summary by Sections Company Overview - Huayang Co., Ltd. has a current approved coal production capacity of 40.9 million tons/year, which will increase to over 45 million tons/year with the new Qiyuan coal mine and the ongoing trial operation of the Bolin coal mine [2]. Financial Projections - Expected revenues for 2025, 2026, and 2027 are 24.12 billion, 26.19 billion, and 27.66 billion yuan respectively, with growth rates of -3.8%, 8.6%, and 5.6% [3]. - Projected net profits for the same years are 1.54 billion, 2.29 billion, and 2.69 billion yuan, with growth rates of -30.8%, 49.0%, and 14.7% [3]. Operational Developments - The company has completed the first phase of a 200 tons/year high-performance carbon fiber project with a total investment of 608 million yuan, marking a significant step towards domestic production of T1000 grade carbon fiber [1]. - The T1000 carbon fiber has notable properties, including a tensile strength of ≥6400 MPa and a density that is one-fourth that of steel, making it suitable for various applications, including aerospace after military certification [1]. Cost Management - The company has established seven smart mines and 127 intelligent working faces, becoming the first in Shanxi to achieve full mine automation, which has contributed to a reduction in production costs [2].