机构：长江证券 研究员：张韦华/司旗/宋尚骞/刘亚辉 得益于成本端的持续改善，2025 年上半年公司煤电厂点火价差0.1499 元/千瓦时，同比增加0.0096 元/千 瓦时，公司整体燃料成本217.17 亿港元，同比减少12.2%。因此，公司2025 年上半年纯火电业务（不含 煤炭）实现拥有人应占核心利润27.88 亿港元，同比增长20.6%。但由于内蒙古煤电一体化西一矿由试 运行阶段转入正式生产阶段、已关停拟处置煤矿在清算过程中产生一次性损益等因素的影响，上半年公 司煤炭生产业务拥有人应占核心利润亏损1.47 亿港元，较去年同期业绩贡献减少5.51 亿港元。综合来 看，公司火电板块实现拥有人应占核心利润26.41 亿港元，同比减少2.7%，除煤炭生产业务表现偏弱 外，去年同期公司收购广西贺州火电项目取得收益8.76 亿港元，偏高基数也限制了公司火电板块的业绩 表现。 产能扩张电量高增，减值限制业绩增速。2025 年上半年，公司风电及光伏新增并网装机合计约483.9 万 千瓦，截至2025 年6 月底，公司风电权益并网装机容量2554.9 万千瓦，光伏权益并网装机容量1296.6 万 千瓦，风电及光伏权益装 ...

盘江股份（600395.SH）2025 年半年报点评 煤炭成本大幅下降，25Q2 盈利环比扭亏 2025 年 08 月 26 日 ➢ 事件：2025 年 8 月 25 日，公司发布 2025 年半年报，2025 年上半年公司 实现营业收入 51.52 亿元，同比增长 27.34%；归属于母公司所有者的净亏损 509.51 万元，上年同期净利润 3727.48 万元，由盈转亏。 ➢ 25Q2 业绩同比大增，环比扭亏。25Q2 公司实现归母净利润 9947.68 万 元，同比增长 523.69%，环比扭亏为盈。 ➢ 25H1 产量大增，价格下跌影响利润。25H1 公司商品煤产量 515.37 万吨， 同比增长 15.27%，实现商品煤销量 394.71 万吨，同比下降 3.1%。吨煤销售收 入为 648.79 元，同比下降 22.34%，吨煤成本为 513.23 元，同比下降 20.31%。 吨煤毛利 135.55 元，同比下降 29.16%。吨煤毛利率 20.89%，同比下降 2.01 个百分点。 ➢ 25Q2 产销同、环比增长，成本大幅下降。25Q2 公司商品煤产量为 297.38 万吨，同比增长 22.19 ...

丨证券研究报告丨 [Table_Author] SAC：S0490516080003 SAC：S0490519030001 SAC：S0490517070008 SAC：S0490522090003 SAC：S0490524120007 SFC：BUT918 SFC：BUY139 肖勇 赵超 叶如祯 庄越 韦思宇 公司研究丨点评报告丨新集能源（601918.SH） [Table_Title] 新集能源 2025H1 点评：控本降费缓解价减压 力，业绩底部改善可期 报告要点 [Table_Summary] 公司发布 2025 年半年报：2025 上半年实现归母净利润 9.20 亿元，同比下降 21.7%；单二季 度实现归母净利润 3.89 亿元，同比下降 32.8%，环比下降 26.9%。整体来看，煤炭业务方面， 煤价下行拖累业绩，成本管控&热值提升减缓降幅；电力业务方面，电价下行&度电成本抬升为 电力业绩偏低主因。展望未来，随着旺季电价回升&度电成本有望回归正常化，公司业绩有望底 部改善，长期成长性突出。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.co ...

高 升 煤炭、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 煤炭、钢铁行业分析师 执业编号：S1500525070001 邮 箱：liubo1@cindasc.com 李 睿 煤炭、钢铁行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 盘江股份（600395） 投资评级 买入 上次评级 买入 ➢ 公司煤炭产销量恢复，受市场影响毛利率有所下降。2025 年上半年， 公司商品煤产量为 515.37 万吨，较 2024 年同期的 447.1 万吨增加 68.27 万吨（+15.27%）；商品煤销量为 510.11 万吨，同比增长 13.32%。 其中，自用量大幅提升至 115.4 万吨，同比增长 169.75%，对外销量同 比下降 3.10%至 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to falling coal prices and increased operational costs in the coal and electricity sectors [1][2][5]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 5.811 billion yuan, a year-on-year decrease of 2.91% [1] - The net profit attributable to shareholders was 920 million yuan, down 21.72% year-on-year [1] - The basic earnings per share were 0.36 yuan, reflecting a 20.00% decrease compared to the previous year [1] - For Q2 2025, the operating revenue was 2.901 billion yuan, a decrease of 0.89% year-on-year and 0.29% quarter-on-quarter [1] Group 2: Coal Business Performance - The company's coal production in the first half of 2025 was 9.9372 million tons, an increase of 6.16% year-on-year [2] - The average selling price of coal in the first half of 2025 was 689 yuan per ton, down 21.45% year-on-year [3] - The cost of coal per ton was 327 yuan, a decrease of 3.51% year-on-year [3] - The coal business faced pressure with a selling price of 498 yuan per ton in Q2 2025, down 10.00% year-on-year [4] Group 3: Electricity Business Performance - The electricity generation in the first half of 2025 was 6.666 billion kWh, an increase of 44.60% year-on-year [5] - The average on-grid electricity price was 0.37 yuan per kWh, a decrease of 9.70% year-on-year [5] - The average electricity cost was 0.22 yuan per kWh, significantly down 30.66% year-on-year [5] - The unit gross profit for the electricity business was 0.15 yuan per kWh, a substantial increase of 66.60% year-on-year [5] Group 4: Future Outlook - The company is advancing its coal-electricity integration strategy with new power plants expected to be operational by 2026 [6] - The company aims to counteract the downward pressure on electricity prices through scale expansion and increased electricity generation [6] - Revenue forecasts for 2025-2027 have been adjusted to 12.790 billion, 15.598 billion, and 18.362 billion yuan, respectively [7]

1)原煤产量方面，2025H1公司原煤产量1119.7万吨，同比+7.9%；单季度来看，2025Q2原煤产量565.7万 吨，环比+2.1%。2)商品煤产销量方面，2025H1公司商品煤产量/销量993.7/943.4万吨，同比 +6.2%/+3.6%，其中利辛板集电厂二期项目3号机组和4号机组分别于2024年8月31日和2024年9月30日通 过168小时满负荷试运，2025年以来公司商品煤对外销量同比下滑而对内销量同比提升，2025H1公司商 品煤对外/对内销量638.7/304.6万吨，同比-10.3%/+53.6%；单季度来看，2025Q2公司商品煤产量/销量 494.9/483万吨，环比-0.8%/+4.9%，其中2025Q2商品煤对外/对内销量345.3/137.8万吨，环比 +17.6%/-17.4%。3)售价方面，2025H1公司商品煤吨煤售价528.5元/吨，同比-6.3%，其中对内/对外售价 513.4/560.2元/吨，同比-9%/-0.6%；单季度来看，2025Q2公司商品煤吨煤售价498.3元/吨，环 比-11.1%，其中对内/对外售价478.4/548.2元/吨，环比-13.7%/ ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 新集能源(601918.SH) | | | 上次评级 买入 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] Q2 煤价&发电量价下跌拖累业绩，下半年有 望显著改善 [Table_ReportDate] 2025 年 8 月 23 日 [Table_S 事件：202ummar 5 年y]8 月 22 日，新集能源发布 2025 年半年报。2025 年 H1 公司 实现营业收入 58.11 亿元，同比-2.91%；实现归母净利润 9.20 亿元，同比 -21.72%；扣非后 ...

Core Viewpoint - Huaihe Energy Group's recent response to the Shanghai Stock Exchange's inquiry highlights the necessity of the asset acquisition and its potential benefits in enhancing business scale and asset quality, while also addressing concerns regarding industry competition and related transactions [1][2]. Group 1: Transaction Necessity - The transaction aims to enhance the company's business scale and asset quality, thereby improving core competitiveness and reducing industry competition [2]. - Post-transaction, the company and the target power group will achieve synergies in coal-electricity integration, management, regional influence, and technology application [2]. - Although related transactions will increase, they are deemed commercially reasonable and fair, with no significant adverse impact on competition or independence [2]. Group 2: Power Group Business - The power group operates three thermal power plants and 22 photovoltaic projects, with plans for four additional thermal and five photovoltaic projects [3]. - The group's power generation metrics are competitive compared to regional peers, aligning with energy-saving and carbon reduction policies [3]. - Despite rapid growth in renewable energy capacity, thermal power is expected to maintain high utilization hours, supporting electricity consumption in Anhui province [3]. - The group plans to enhance coal-electricity operations and establish an integrated transition model post-acquisition [3]. - The projected increase in carbon emission rights purchases in 2024 is attributed to prior year allocations, with no significant adverse impact expected on operations [3].

淮河能源（集团）股份有限公司于2025年6月6日收到上海证券交易所下发的《关于淮河能源(集团)股份 有限公司发行股份及支付现金购买资产暨关联交易申请的审核问询函》。中信证券作为独立财务顾问， 会同上市公司及其他中介机构就问询函所列问题进行了认真核查和逐项落实，并作出回复。本次交易标 的为电力集团89.30%股权，交易完成后，上市公司规模将扩张，同业竞争减少，核心竞争力增强。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 交易必要性分析业务协同效应显著：交易前，上市公司主营火力发电、售电等业务，标的公司主营火力 发电、新能源发电等，业务高度重合。交易完成后，将在煤电一体化、地域、管理、技术应用等方面产 生协同效应，有助于上市公司聚焦主业、做大做强 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][21] Core Views - The company's revenue and net profit have decreased year-on-year due to a decline in electricity and coal sales prices, with a revenue of 9.862 billion yuan (-6.74%) and a net profit of 1.335 billion yuan (-13.45%) in the first half of 2025 [1][7] - Despite the overall decline, the company experienced a significant increase in coal external sales, which rose by 50.34% to 5.727 million tons in the first half of 2025 [2][8] - The company is expected to see further growth in coal production with the upcoming commissioning of the Zhao Shipan coal mine, which has a capacity of 6 million tons per year, projected to begin trial operations in September 2025 [20][21] Financial Performance Summary - In the first half of 2025, the company generated a revenue of 9.862 billion yuan, with a net profit of 1.335 billion yuan, reflecting a decrease of 13.45% year-on-year [1][7] - The company's electricity generation was 21.922 billion kWh, down 9.03% year-on-year, while coal production increased by 6.53% to 9.8862 million tons [2][8] - The company's gross margin decreased to 34.97%, down 2.37 percentage points year-on-year, primarily due to lower electricity generation and coal prices [16][18] Earnings Forecast - The company is expected to achieve net profits of 2.901 billion yuan, 3.331 billion yuan, and 3.736 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of -3.6%, 14.8%, and 12.1% [3][21] - Earnings per share (EPS) are projected to be 0.77 yuan, 0.89 yuan, and 1.00 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 12.0, 10.4, and 9.3 [3][21] Operational Developments - The company is actively advancing several power generation projects, including the Yan'an Thermal Power Phase II and Shanzhong Power Plant Phase II, which are expected to enhance the company's electricity generation capacity significantly [21] - The company has optimized its coal sales strategy, leading to increased external coal sales, which contributed to revenue growth in the coal business despite overall revenue decline [1][7]