hbky(SH:600985) ZHONGTAI SECURITIES·2026-03-29 00:45Investment Rating - The investment rating for the company is "Buy" [4][8] Core Views - The report indicates that the coal mining sector is expected to see performance growth due to an improving coal price cycle and increased production [5][8] - The company is projected to achieve significant revenue growth in the coming years, with expected revenues of 469.55 billion, 500.08 billion, and 506.55 billion for 2026, 2027, and 2028 respectively, reflecting growth rates of 14%, 7%, and 1% [8] - The net profit attributable to the parent company is forecasted to reach 26.24 billion, 41.02 billion, and 42.94 billion for the same years, with growth rates of 74%, 56%, and 5% [8] Summary by Sections Company Overview - The total share capital is 2,693.26 million shares, with a market price of 13.94 yuan and a market capitalization of 37,544.03 million yuan [2] Financial Performance - In 2025, the company reported operating revenue of 41,125 million yuan, a decrease of 37.44% year-on-year, and a net profit of 1,506 million yuan, down 68.98% year-on-year [7] - The fourth quarter of 2025 saw a revenue of 93.13 billion yuan, a year-on-year increase of 2.46%, but a quarter-on-quarter decrease of 17.16% [7] - The company’s coal production in 2025 was 17.38 million tons, a decrease of 15.42% year-on-year, with a coal price of 806.92 yuan per ton, down 26.67% year-on-year [7] Future Projections - The company anticipates a recovery in coal prices and operational improvements, leading to a projected increase in revenue and net profit in the upcoming years [8] - The report highlights a strong growth potential in the coal business, alongside ongoing expansion in power and non-coal mining sectors [8]