山西焦煤（000983）：炼焦煤主业提质增效，电力业务严控成本

Investment Rating - The report assigns an "Accumulate-A" investment rating to the company, with a target price of 6.51 yuan for 2026 [4][6][14]. Core Insights - The company possesses significant resource advantages, with a total coal resource reserve of approximately 6.5 billion tons, enhanced by the acquisition of an additional 950 million tons of coal exploration rights [1][11]. - The company is leading the industry in green and intelligent transformation, having established multiple smart mining operations and optimized gas extraction systems, resulting in substantial CO2 emissions reductions [2]. - The power business has seen a notable improvement in gross margin, with a year-on-year increase of 7.66 percentage points in the first half of 2025, driven by cost control measures and strategic marketing [3]. Financial Projections - Revenue projections for 2025-2027 are estimated at 37.92 billion, 41.11 billion, and 43.41 billion yuan, respectively, with growth rates of -16.3%, 8.4%, and 5.6% [4][14]. - Net profit forecasts for the same period are 1.84 billion, 2.46 billion, and 3.00 billion yuan, reflecting growth rates of -40.9%, 34.2%, and 21.8% [4][14]. - The average selling price of coal is expected to rise from 807 yuan per ton in 2025 to 913 yuan per ton by 2027, while the average sales cost is projected to stabilize around 450 yuan per ton [11][12]. Business Segments - The coal segment is projected to maintain sales volumes of 28 million tons in 2025, increasing to 30 million tons by 2027, with a focus on enhancing production through technological upgrades [11]. - The coke segment is expected to maintain a steady production load, with sales volumes projected at 3.5 million tons for 2025-2027 [12]. - The power segment anticipates a slight decline in utilization hours, with expected electricity sales of 179 billion kWh in 2025, decreasing slightly in subsequent years [12].