Investment Rating - The investment rating for Shaanxi Coal and Chemical Industry Co., Ltd. is "Buy" [1] Core Views - The report indicates that coal production and sales are steadily increasing, although performance is impacted by declining prices. Cost control remains stable [3] - The power business operates smoothly, with ongoing projects providing growth potential [3] - The second quarter's performance was under pressure due to falling coal prices and one-time tax impacts, but a recovery is expected in the second half of the year [3] - The coal main business is growing steadily, with quality production capacity gradually being released [3] - The coal-electricity integration strategy enhances performance and offers significant future growth potential [3][4] Financial Summary - For the first half of 2025, the company achieved operating revenue of 77.983 billion yuan, a year-on-year decrease of 14.19%, and a net profit attributable to shareholders of 7.638 billion yuan, down 31.18% [1] - In the second quarter, the company reported operating revenue of 37.821 billion yuan, a year-on-year decline of 20.46%, and a net profit of 2.834 billion yuan, down 54.55% [2] - The company’s coal production reached 87.3964 million tons, a year-on-year increase of 1.15%, and coal sales were 125.9892 million tons, up 0.92% [3] - The average coal price was 439.67 yuan/ton, down 23.81% year-on-year, while the cost of raw coal was 280 yuan/ton, a decrease of 0.49% [3] - The company plans to distribute a cash dividend of 0.39 yuan per share, totaling 382 million yuan, which represents 5% of the net profit for the period [6] - Future profit forecasts estimate net profits of 15.7 billion yuan, 16.8 billion yuan, and 17 billion yuan for 2025, 2026, and 2027 respectively, with EPS projected at 1.62, 1.73, and 1.75 yuan per share [6]

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Views - The company experienced a decline in performance due to coal price impacts, but it retains strong cash cow attributes and high dividend potential, making it a valuable investment for dividend seekers [3]. - The forecasted net profits for the company from 2025 to 2027 are projected to be 17.97 billion, 19.69 billion, and 23.56 billion CNY, respectively, with corresponding EPS of 1.85, 2.03, and 2.43 CNY, leading to PE ratios of 12, 11, and 9 times [3][5]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 77.98 billion CNY, a year-on-year decrease of 14.19%, and a net profit attributable to shareholders of 7.64 billion CNY, down 31.18% year-on-year [1]. - The second quarter of 2025 saw a significant decline in net profit, with a year-on-year drop of 52.0% to 2.83 billion CNY, and a decrease of 41.02% compared to the previous quarter [1][2]. - The company’s coal production and sales showed slight increases, with coal production reaching 87.40 million tons, up 1.15% year-on-year, and sales of 125.99 million tons, up 0.92% year-on-year [2]. Electricity Generation - The total electricity generation in the first half of 2025 was 17.77 billion kWh, a decrease of 11.82% year-on-year, while the total electricity sales were 16.62 billion kWh, down 11.38% year-on-year [3]. - In the second quarter of 2025, electricity generation increased by 1.83% year-on-year to 9.03 billion kWh, and sales rose by 3.28% year-on-year to 8.47 billion kWh [3]. Dividend Policy - The company announced a mid-term profit distribution plan with a proposed cash dividend of 0.39 CNY per 10 shares, totaling 382 million CNY, which represents 5% of the net profit attributable to shareholders for the period [3].

Core Viewpoint - The report highlights a significant decline in the company's financial performance for the first half of 2025, with a net profit of 7.638 billion yuan, a decrease of 31.18% year-on-year, attributed to lower coal prices and reduced sales volumes in the coal and electricity sectors [10][11]. Financial Performance - The company achieved a total revenue of 77.982 billion yuan, down 14.19% from the previous year, with coal business revenue accounting for 68.378 billion yuan, a decrease of 11.67% [10][11]. - The total profit amounted to 15.467 billion yuan, reflecting a 29.62% decline compared to the previous year [10][11]. - Basic earnings per share were 0.79 yuan, down 31% year-on-year [10][11]. Production and Sales - Coal production reached 87.3964 million tons, a year-on-year increase of 1.15%, while coal sales were 125.9892 million tons, up 0.92% [7][8]. - The average selling price of coal was 439.67 yuan per ton, a decrease of 23.81% compared to the previous year [9][10]. Operational Highlights - The company maintained a strong focus on safety and efficiency, achieving record production and sales figures despite market challenges [5][6]. - The total electricity generation was 17.769 billion kilowatt-hours, a decrease of 11.82% year-on-year, with total electricity sales at 16.619 billion kilowatt-hours, down 11.38% [7][8]. Industry Context - The coal market is experiencing a downturn due to increased supply and reduced demand from key sectors such as real estate and steel, leading to a more balanced but challenging market environment [3][4]. - National coal consumption for the first half of the year was 2.24 billion tons, reflecting a year-on-year growth of 3.2%, indicating some recovery potential in the second half of the year [3][4].

Core Viewpoint - The company reported a significant decline in revenue and profit for the first half of 2025, primarily due to falling coal prices and reduced sales volumes in its coal and electricity businesses [2][9]. Company Overview - The company achieved a net profit of 7.638 billion yuan for the first half of 2025, a decrease of 31.18% compared to the same period last year [2][9]. - Total assets increased to 233.38 billion yuan, up 2.11% from the previous year [2][9]. Financial Performance - The company’s operating revenue was 77.98 billion yuan, down 14.19% year-on-year [2][9]. - The total profit amounted to 15.47 billion yuan, a decline of 29.62% compared to the previous year [2][9]. - The basic earnings per share were 0.79 yuan, a decrease of 31% from the previous year [2][9]. Coal Production and Sales - Coal production reached 87.40 million tons, an increase of 1.15% year-on-year [6][9]. - Coal sales volume was 125.99 million tons, up 0.92% year-on-year [6][9]. - The average selling price of coal decreased by 23.81% to 439.67 yuan per ton [7][9]. Electricity Business - Total electricity generation was 17.77 billion kilowatt-hours, down 11.82% year-on-year [6][9]. - Total electricity sales were 16.62 billion kilowatt-hours, a decrease of 11.38% compared to the previous year [6][9]. Cost Management - The company managed to reduce its coal production cost to 280 yuan per ton, a slight decrease of 0.49% year-on-year [8][9]. - The company’s electricity selling price was 407.64 yuan per megawatt-hour, reflecting a minor increase of 0.79 yuan [8][9]. Strategic Initiatives - The company is focusing on enhancing its core competitiveness through technological innovation and optimizing its industrial layout [5][6]. - The company has increased its coal mining capacity by 2 million tons at the Yuandatan coal mine, enhancing its sustainable development capabilities [5][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company's performance is under pressure due to falling coal and electricity prices, but there is potential for growth through coal-electricity integration [4][5] - The company reported a revenue of 5.811 billion yuan for H1 2025, a year-on-year decrease of 2.91%, and a net profit attributable to shareholders of 920 million yuan, down 21.72% year-on-year [4][5] - The forecast for net profit from 2025 to 2027 has been revised downwards, with expected figures of 2.04 billion, 2.24 billion, and 2.40 billion yuan respectively, reflecting a year-on-year change of -14.8%, +9.9%, and +7.2% [4][5] Financial Performance Summary - In H1 2025, the company achieved a coal production of 11.197 million tons, an increase of 7.88% year-on-year, while the average coal price was 529 yuan/ton, down 6.3% year-on-year [5] - The electricity generation for H1 2025 was 6.67 billion kWh, a significant increase of 44.6% year-on-year, with an average on-grid electricity price of 0.37 yuan/kWh, down 9.7% year-on-year [5] - The company has a total production capacity of 23.5 million tons/year from its coal mines and is actively expanding its coal-electricity integration strategy [6] Dividend Policy - The company has steadily increased its cash dividend from 0.01 yuan per share in 2018 to 0.16 yuan per share in 2024, with the 2024 cash dividend accounting for 17.32% of net profit attributable to shareholders [6] Financial Projections - Revenue projections for 2025 to 2027 are 13.572 billion, 14.304 billion, and 15.263 billion yuan, with year-on-year growth rates of 6.6%, 5.4%, and 6.7% respectively [7] - The expected diluted EPS for 2025 to 2027 is 0.79, 0.86, and 0.93 yuan [7]

Core Viewpoint - The company reported a 15.9% decrease in profit attributable to shareholders for the first half of 2025, amounting to 7.872 billion HKD compared to 9.363 billion HKD in the same period of 2024 [1] Group 1: Financial Performance - The company's thermal power sales volume decreased by 1.4% to 71.1 billion kWh, with an average coal-fired electricity price of 0.391 HKD/kWh, down 6.1% year-on-year [1] - Despite a decline in revenue from thermal power, costs improved significantly, with the average coal price dropping by 11.8% to 823.8 HKD/ton and average fuel cost decreasing by 12.7% to 0.241 HKD/kWh [1][2] - The core profit from pure thermal power business increased by 20.6% to 2.788 billion HKD, while the coal production business reported a loss of 147 million HKD, a decrease of 551 million HKD compared to the previous year [2] Group 2: Renewable Energy Performance - The company added approximately 4.839 million kW of new wind and solar capacity, with wind and solar installed capacity reaching 25.549 million kW and 12.966 million kW respectively, representing year-on-year growth of 33.6% and 159.2% [3] - Wind power sales volume increased by 15.5% to 25.9 billion kWh, and solar power sales volume grew by 31.3% to 4.1 billion kWh [3] - The renewable energy business achieved a core profit of 5.637 billion HKD, a year-on-year increase of 1.5%, despite a 1.21 billion HKD goodwill impairment affecting overall performance [3] Group 3: Dividend and Valuation - The company declared an interim dividend of 0.356 HKD, maintaining a stable dividend policy [4] - Projected earnings for 2025-2027 are 12.763 billion, 13.108 billion, and 13.805 billion HKD, with corresponding EPS of 2.47, 2.53, and 2.67 HKD, leading to PE ratios of 7.51, 7.31, and 6.94 respectively [4]

Core Viewpoint - The report highlights that Panjiang Coal Industry Co., Ltd. has turned a profit in Q2 2025 after a significant decrease in coal costs, despite a net loss in the first half of the year. The company is rated as a buy due to its improving financial performance and growth potential in the coal and power sectors [1]. Financial Performance - In H1 2025, the company achieved operating revenue of 5.152 billion yuan, a year-on-year increase of 27.34%. However, it reported a net loss attributable to shareholders of 5.0951 million yuan, compared to a net profit of 372.748 million yuan in the same period last year [2]. - In Q2 2025, the company recorded a net profit of 994.768 million yuan, a year-on-year increase of 523.69%, marking a turnaround from the previous quarter [2][3]. Production and Sales - In H1 2025, the company’s coal production reached 5.1537 million tons, a year-on-year increase of 15.27%, while coal sales volume decreased by 3.1% to 3.9471 million tons. The average selling price per ton of coal was 648.79 yuan, down 22.34% year-on-year [2]. - In Q2 2025, coal production was 2.9738 million tons, up 22.19% year-on-year and 36.42% quarter-on-quarter. Coal sales volume was 2.2586 million tons, reflecting a year-on-year increase of 3.94% and a quarter-on-quarter increase of 33.76% [3]. Cost and Profitability - The average revenue per ton of coal in Q2 2025 was 631.47 yuan, down 19.44% year-on-year and 6.02% quarter-on-quarter. The cost per ton of coal was 451.53 yuan, down 27.78% year-on-year and 24.21% quarter-on-quarter [3]. - The gross profit per ton of coal was 179.94 yuan, a year-on-year increase of 13.46% and a quarter-on-quarter increase of 136.22%. The gross profit margin was 28.50%, up 8.26 percentage points year-on-year and 17.16 percentage points quarter-on-quarter [3]. Power Generation - In H1 2025, the company’s power generation reached 71.13 billion kWh, a year-on-year increase of 380.01%. The on-grid electricity volume was 66.90 billion kWh, also up 375.23% [4]. - In Q2 2025, power generation was 34.44 billion kWh, a year-on-year increase of 273.06%, while the on-grid electricity volume was 32.28 billion kWh, up 267.04% [4]. Investment Outlook - The company is expected to achieve net profits of 236 million yuan, 305 million yuan, and 356 million yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share (EPS) of 0.11, 0.14, and 0.17 yuan [4].

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6]. Core Views - The company reported a significant increase in revenue for the first half of 2025, achieving 5.152 billion yuan, a year-on-year growth of 27.34%. However, it experienced a net loss of 5.0951 million yuan, compared to a net profit of 37.2748 million yuan in the same period last year [1]. - In Q2 2025, the company turned a profit with a net profit of 99.4768 million yuan, a year-on-year increase of 523.69% [1]. - The company's coal production increased significantly in the first half of 2025, with a total output of 5.1537 million tons, up 15.27% year-on-year, although sales volume decreased by 3.1% [1][2]. Summary by Sections Financial Performance - In Q2 2025, the company produced 2.9738 million tons of coal, a year-on-year increase of 22.19% and a quarter-on-quarter increase of 36.42%. Sales volume reached 2.2586 million tons, up 3.94% year-on-year and 33.76% quarter-on-quarter [2]. - The average selling price per ton of coal was 631.47 yuan, down 19.44% year-on-year and 6.02% quarter-on-quarter. The cost per ton was 451.53 yuan, down 27.78% year-on-year and 24.21% quarter-on-quarter, resulting in a gross profit of 179.94 yuan per ton, which is a year-on-year increase of 13.46% [2]. Power Generation - The company achieved a substantial increase in power generation, with a total output of 71.13 billion kWh in the first half of 2025, a year-on-year increase of 380.01%. The average on-grid electricity price was 0.3656 yuan/kWh, down 0.57% year-on-year [3]. - In Q2 2025, power generation reached 34.44 billion kWh, a year-on-year increase of 273.06% [3]. Earnings Forecast - The company is expected to achieve net profits of 236 million yuan, 305 million yuan, and 356 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.11 yuan, 0.14 yuan, and 0.17 yuan [3][5]. - The report indicates that the company's PE ratios for 2025, 2026, and 2027 will be 46, 36, and 31, respectively [5].

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 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is expected to benefit from the integration of coal and electricity sectors, with significant growth potential in the future [5][6][8] - The company's coal production and sales have recovered, although profit margins have been impacted by market conditions [5] - The electricity segment has shown remarkable performance, with substantial increases in power generation and operational capacity [5][6] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 5.152 billion yuan, a year-on-year increase of 27.34%, while the net profit attributable to shareholders was a loss of 0.05 billion yuan, down 113.67% year-on-year [1] - The company's cash flow from operating activities was 0.308 billion yuan, up 184.55% year-on-year [1] - For Q2 2025, the company reported a single-quarter operating revenue of 2.670 billion yuan, a year-on-year increase of 27.35% and a quarter-on-quarter increase of 7.58% [2] Coal Production and Sales - The company produced 5.1537 million tons of coal in the first half of 2025, an increase of 15.27% compared to 4.471 million tons in the same period of 2024 [5] - Coal sales reached 5.1011 million tons, a year-on-year increase of 13.32% [5] - The average selling price of coal decreased by 22% year-on-year to 649 yuan per ton [5] Electricity Generation - The company has accelerated the development of its electricity segment, with a total installed capacity of 2.64 million kilowatts from thermal power plants [5] - The total power generation in the first half of 2025 reached 713,117 million kilowatt-hours, a year-on-year increase of 380.01% [5] - The electricity business's gross profit margin increased significantly from approximately 18% in the first half of 2024 to 44% in the first half of 2025 [5] Future Outlook - The company plans to expand its coal production capacity significantly, with existing capacity at 22.2 million tons per year and additional projects under development [5][6] - The company is positioned as a leading player in the Southwest coal market, with substantial potential for asset injections from its parent company [6][8] - Profit forecasts for the company indicate a net profit attributable to shareholders of 1.24 billion yuan, 4.36 billion yuan, and 6.17 billion yuan for 2025, 2026, and 2027 respectively [8]