公司报告 | 半年报点评 高分红彰显投资价值，维持"买入"评级 公司发布 25 年中报，25H1 公司实现营业收入 12.49 亿元，同比+21.81%， 实现归母净利润 1.20 亿元，同比+42.54%，其中 Q2 单季度实现营业收入 7.01 亿元，同比+38.48%，实现归母净利润 0.69 亿元，同比+156.22%，我 们判断总承包收入的快速增长带动公司上半年盈利能力的改善，25H1 公司 继续保持 100%左右现金分红比例，截止 8 月 23 日收盘股息率（TTM）达 4.43%，高分红彰显投资价值。 工程总承包业务快速增长，新业务贡献增量可期 分业务看，1）工程方面，25H1 公司工程总承包、工程设计业务分别实现 营收 4.09、0.46 亿元，同比分别+483.46%、+89.67%，毛利率分别为 17.61%、 41.28%，同比分别+16.75、+10.24pct，截至 25H1 北方华锦项目已累计确 认收入 5.68 亿元，已累计收款 6.08 亿； 三维化学（002469） 证券研究报告 Q2 单季度业绩增长超 150%，高分红仍具投资价值 2）化工方面，25H1 公司醇醛酯类、残液 ...

Core Viewpoint - The company reported a significant decline in Q1 2025 financial performance, with revenue and net profit dropping sharply due to lower production and sales volumes in the coal sector, alongside price reductions in various products [1][2][3]. Financial Performance - In Q1 2025, the company achieved operating revenue of 10.6 billion yuan, a year-on-year decrease of 39.0% [1] - The net profit attributable to shareholders was 690 million yuan, down 56.5% year-on-year [1] - The adjusted net profit was 670 million yuan, reflecting a decline of 59.96% year-on-year [1] Coal Production and Sales - The company's coal production in Q1 2025 was 4.31 million tons, a decrease of 17.73% year-on-year [1] - Coal sales volume was 2.97 million tons, down 26.18% year-on-year [1] - The average selling price of coal was 938 yuan per ton, a decline of 20.3% year-on-year [1] - The cost per ton was 520 yuan, down 12.3% year-on-year, resulting in a gross profit of 418 yuan per ton, which is a 28.4% decrease year-on-year [1] Chemical Sector Performance - The company’s anhydrous ethanol project, with a capacity of 600,000 tons, commenced production in 2024 and is expected to contribute profits in 2025 [2] - In Q1 2025, the production and sales of anhydrous ethanol were 100,000 tons and 90,000 tons respectively, generating revenue of 440 million yuan [2] - The production and sales of coke were 740,000 tons and 700,000 tons, down 15.2% and 18.8% year-on-year respectively, with a selling price of 1,499 yuan per ton, a decrease of 35.2% [2] - Methanol production was 120,000 tons, up 31.16% year-on-year, while sales were 40,000 tons, down 47.23% year-on-year [2] Project Development - The company is advancing several new projects, including an 8 million ton coal project expected to be completed by the end of 2025 [3] - Non-coal business includes the acquisition of 10 million tons of limestone resources and the establishment of 7 mines, increasing limestone production capacity to 27.4 million tons per year [3] - The company is also progressing on a 2×660MW supercritical power generation project, expected to be operational by the end of 2025 [3] Profit Forecast - The company forecasts revenues of 56.9 billion yuan, 58.3 billion yuan, and 57.2 billion yuan for 2025-2027, with year-on-year changes of -13.60%, +2.51%, and -1.93% respectively [3] - Expected net profits for the same period are 3.39 billion yuan, 3.94 billion yuan, and 4.64 billion yuan, with year-on-year changes of -30.3%, +16.3%, and +18.0% respectively [3]