Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company is experiencing steady progress in new power plant construction, with significant growth potential in performance expected as these projects come online [4]. - The major shareholder's plan to increase holdings by 250 to 500 million yuan reflects confidence in the company's future [3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 2.91 billion yuan, a year-on-year decrease of 4.85%. The net profit attributable to shareholders was 532 million yuan, down 11.01% year-on-year [1]. - The gross margin improved to 42.74%, an increase of 0.79 percentage points year-on-year, while the net profit margin decreased to 18.28%, down 1.27 percentage points [1]. Production and Sales - The company produced 5.54 million tons of raw coal in Q1 2025, a year-on-year increase of 10.47%. The production of commercial coal was 4.99 million tons, up 6.27% year-on-year [2]. - The average selling price of coal was 560 yuan per ton, down 2.56% year-on-year, while the cost per ton was 324 yuan, down 6.50% year-on-year. The gross profit per ton increased by 3.42% to 236 yuan [2]. Power Generation - The company achieved a power generation of 36.23 billion kWh in Q1 2025, a year-on-year increase of 47.16%. The on-grid electricity volume was 34.26 billion kWh, up 46.91% year-on-year [3]. - The average on-grid electricity price was 0.3749 yuan per kWh, down 8.14% year-on-year. New power plants are expected to be operational by 2026, contributing to future growth [3]. Investment Outlook - The company is expected to see rapid growth in net profit from 2.29 billion yuan in 2025 to 2.90 billion yuan in 2027, with corresponding EPS of 0.88 yuan, 1.00 yuan, and 1.12 yuan [4][5]. - The projected PE ratios for 2025, 2026, and 2027 are 8, 7, and 6 times, respectively, indicating potential for valuation improvement as new projects come online [4].