中煤能源（601898）：业绩好于预期，稳健增长可期

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [9] Core Views - The company achieved a revenue of 148,057 million yuan in 2025, a year-on-year decrease of 21.8%, while the net profit attributable to shareholders was 17,884 million yuan, down 7.27% year-on-year [5][6] - The company has shown resilience with a stable coal production and sales performance, particularly in Q4, where net profit increased by 15.57% year-on-year [4][5] - Future coal production is expected to increase with new mines projected to commence operations in the next two years, enhancing the company's output capacity [5] Financial Summary - The company forecasts revenues of 158,838 million yuan for 2026, with a projected net profit of 19,596 million yuan, reflecting a growth rate of 10% year-on-year [3][6] - The earnings per share (EPS) is expected to be 1.48 yuan in 2026, with a price-to-earnings (P/E) ratio of 12.1 [3][6] - The company plans to distribute a total cash dividend of 50.74 billion yuan for 2025, representing 35% of the net profit attributable to shareholders [6]