East Money Securities·2026-03-30 07:09Investment Rating - The investment rating for the company is "Buy" [2][5] Core Views - The company demonstrates resilience in coal business profitability, effective cost management, and ongoing projects in coal mining, power generation, and new coal chemical projects, which are expected to enhance performance stability and growth potential in the medium to long term [5] - The company aims to maintain coal production and sales above 131 million tons in 2026, with a focus on cost control and stable pricing [4][5] - The coal chemical segment is anticipated to release significant profit elasticity this year, despite limited cost reductions due to maintenance [4][5] Financial Summary - In 2025, the company achieved revenue of 148.06 billion yuan and a net profit attributable to shareholders of 17.88 billion yuan, reflecting a year-on-year decline of 21.8% and 7.3% respectively [4][6] - The company plans capital expenditures of 213 billion yuan in 2026, a 7% increase from 2025, focusing on the "coal-electricity-chemical-new" industry chain [4][5] - The projected net profits for 2026, 2027, and 2028 are 21.11 billion yuan, 23.41 billion yuan, and 25.83 billion yuan respectively, with corresponding EPS of 1.59 yuan, 1.77 yuan, and 1.95 yuan [5][6]