Shanxi Securities·2026-02-06 07:08Investment Rating - The report maintains a "Buy-A" investment rating for Yancoal Energy (兖矿能源) [3][7] Core Views - The suspension of coal exports by Indonesian miners due to significant production cuts is expected to reshape trade patterns and benefit Yancoal's overseas business [4][5] - Yancoal's Australian operations, which focus on high-calorific thermal coal and quality semi-soft coking coal, are projected to see profit growth due to rising coal prices [6] Financial Data Summary - As of September 30, 2025, the basic earnings per share (EPS) is 0.71 CNY, with a diluted EPS also at 0.71 CNY [2] - The net asset return rate (ROE) stands at 7.80% [2] - The projected EPS for 2025-2027 is expected to be 1.00 CNY, 1.20 CNY, and 1.40 CNY respectively, with corresponding dynamic price-to-earnings (PE) ratios of 15.5, 12.9, and 11.1 [7] - The company's total revenue for 2025 is estimated at 126,197 million CNY, with a year-over-year decline of 9.3% [9] - The net profit for 2025 is projected to be 10,023 million CNY, reflecting a year-over-year decline of 33.4% [11]