Investment Rating - The investment rating for the company is "Accumulate-A" with a target price of 10.34 CNY for the next six months [4][13]. Core Viewpoints - The company leverages its coal-electricity integration to achieve upstream and downstream synergy, providing significant growth potential. As of Q3 2025, the company has an operational installed capacity of 11.23 million kW and is actively expanding its coal production capacity [1][9]. - The company is diversifying its energy business, focusing on renewable energy as a strategic transformation direction, which is expected to enhance its resilience against market fluctuations [2][9]. - The pricing mechanism in Shaanxi Province is designed to maintain a controlled decline in electricity prices, which is expected to stabilize the company's revenue [1][2]. Summary by Relevant Sections Business Overview - The company is a leading player in coal-electricity integration in Shaanxi Province, with a total coal production capacity of 24 million tons per year. New coal mines are being developed to further enhance production capabilities [1][9]. - The company is expanding its business model to include resource recycling and new energy services, which will help mitigate risks associated with reliance on a single market [2][9]. Financial Projections - Revenue projections for 2025-2027 are estimated at 22.56 billion CNY, 26.46 billion CNY, and 29.17 billion CNY, with growth rates of -2.6%, 17.3%, and 10.2% respectively. Net profit is projected to be 2.72 billion CNY, 3.23 billion CNY, and 3.47 billion CNY for the same period [7][13]. - The company expects to maintain a stable average selling price for coal and electricity, with projected prices of 516 CNY/ton and 0.353 CNY/kWh respectively for the upcoming years [9][10]. Market Position - The company has a significant market presence, with 42.43% of its coal-electricity units supporting the "West-East Power Transmission" project, which is crucial for its growth strategy [1][9]. - The company’s operational efficiency is enhanced by its advanced technology, with 89.04% of its approved installed capacity being supercritical units, which are expected to lower operational costs [1][9].
陕西能源（001286）：煤电一体化协同增效，电价降幅可控