| 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 6.43 | | 资产负债率% | 56.59 | | 总股本/流通 A 股（百万） | 5,677/4,640 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 09-05 10-05 11-05 12-05 01-05 02-05 03-05 04-05 05-05 06-05 07-05 08-05 09-05 -20% 0% 20% 40% 60% 山西焦煤 沪深300指数 (收益率) 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 | 市场数据： | 2025 年 09 月 05 日 | | --- | --- | | 收盘价（元） | 7.05 | | 一年内最高/最低（元） | 10.51/5.97 | | 市净率 | 1.1 | | 股息率%（分红/股价） | 3.12 | | 流通 A 股市值（百万元） | 32,714 | | 上证指数/深证成指 | 3,812.51/12,590.56 | 注："股息率"以最近一年已公布分红计算 相关 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is under pressure due to falling coal prices, but a recovery in coal prices is expected to help restore profitability [5] - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to the downturn in coal prices [7] - The company has a strong position in the industry with abundant coal resources, cost advantages, and stable dividends, which may provide substantial earnings elasticity during the coal price recovery [7] Financial Summary - For 2023, the company is projected to have a revenue of 170.872 billion RMB, with a year-on-year growth rate of 2.41% [6] - The net profit attributable to shareholders for 2023 is expected to be 21.239 billion RMB, reflecting a year-on-year decline of 39.53% [6] - The company's earnings per share (EPS) for 2023 is estimated at 2.19 RMB [6] - The company's return on equity (ROE) for 2023 is projected to be 23.79% [6] Performance Metrics - In the first half of 2025, the company achieved a revenue of 77.98 billion RMB, a year-on-year decrease of 14.2% [7] - The net profit attributable to shareholders for the same period was 7.64 billion RMB, down 31.2% year-on-year [7] - The average coal price for the third quarter of 2025 is reported at 662.3 RMB per ton, showing a 4.9% increase from the second quarter [7]