证券代码：600395 证券简称：盘江股份 编号：临2025-056 贵州盘江精煤股份有限公司关于向盘江 增资金额：133,400万元。 一、增资情况概述 （一）增资基本情况 普定发电公司是贵州盘江精煤股份有限公司（以下简称"公司"）所属全资子公司。经公司第七届董事会 2025年第二次临时会议和公司2025年第一次临时股东会审议通过，由普定发电公司投资建设贵州能源普 定电厂项目，项目总投资为666,994万元。为了满足项目建设需要，按照不低于20%的项目资本金要 求，公司拟向普定发电公司增加投资133,400万元。 （二）本次增资事项决策程序 公司第七届董事会2025年第十一次临时会议于2025年11月24日以通讯方式召开，会议以7票同意、0票反 对、0票弃权的表决结果审议通过了《关于向盘江（普定）发电有限公司增加投资的议案》（详见公司 公告：临2025-055）。根据《公司章程》规定，该事项属于公司董事会审批权限，无需提交股东会审 议。 二、普定发电公司概况 （普定）发电有限公司增加投资的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整 ...

11月24日晚间盘江股份（600395）公告，为了满足项目建设需要，按照不低于20%的项目资本金要求， 公司拟向盘江（普定）发电有限公司（下称"普定发电公司"）增资13.34亿元。 普定发电公司是盘江股份所属全资子公司。此前，上市公司审议通过相关议案，由普定发电公司投资建 设贵州能源普定电厂项目，项目总投资为66.7亿元，拟建设2×660MW高效二次再热超超临界燃煤发电 机组，同步建设烟气除尘、脱硫、脱硝装置等配套项目，计划工期25个月，该项目已取得贵州省能源局 《关于普定电厂项目核准的批复》和《省国资委关于同意能源集团自主实施贵州能源普定电厂项目的批 复》。 盘江股份是以煤炭生产、先进煤电及新能源发电一体化发展为主导，融合资源综合利用、机械加工制 造、矿山综合服务为一体的综合型能源企业。公司业务主要涉及煤炭和电力两个行业。 根据发展战略，该公司将以盘江新光和盘江普定两个火电厂为中心，按照成熟一个推进一个的原则，加 快发展新能源发电项目，努力建成盘州和安顺两个多能互补新型综合能源基地，提高公司能源安全保障 水平和清洁能源供应能力，增强公司的盈利能力和抗风险能力。 截至2025年半年报，盘江股份已采用超超临界二 ...

格隆汇11月24日｜华创证券研报指出，陕西煤业2025Q1-3实现归母净利润127.1亿元，同比-27.22%；其 中Q3归母净利润50.7亿元，同比/环比分别-26.59%/+79.08%。煤价上行支撑盈利修复，煤电一体化巩固 长期优势。近期煤价回升态势明显，据Wind数据显示，第三季度陕西榆林坑口动力块煤均价626.9元/ 吨，环比上涨6.95%。叠加疆煤及进口煤产量下降，随气温下降下游电厂冬储需求上涨；且第四季度安 检严格，煤矿产量受到影响；预计第四季度煤价继续上涨。公司发挥"煤电一体化"优势，积极响应市场 变化，进一步增强公司业绩，形成煤炭开采、洗选、运输、销售至电力生产的完整产业链，公司盈利稳 健性将明显提升；基于2025年Wind一致预期和60%的分红比例，当前时点（11.21）公司股息率约为 4.8%。考虑可比公司以及历史估值，给予公司2026年13倍PE，对应目标价27.56元，维持"强推"评级。 ...

❖ 公司发布 2025 年三季报，2025Q1-3 实现营收 1180.8 亿元，同比-12.81 %；实 现归母净利润 127.1 亿元，同比-27.22%；实现扣非归母净利润 114.9 亿元，同 比-31.95%，其中 Q3 实现营收 401.0 亿元，同比/环比分别-20.91%/+6.03%； 归母净利润 50.7 亿元，同比/环比分别-26.59%/+79.08%；实现扣非归母净利润 42.7 亿元，同比/环比分别-25.19%/+59.90%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 184,145 | 162,330 | 160,616 | 167,686 | | 同比增速(%) | 7.8% | -11.8% | -1.1% | 4.4% | | 归母净利润(百万) | 22,360 | 17,942 | 20,589 | 23,352 | | 同比增速(%) | 5.3% | -19.8% | 14. ...

中煤能源 20251118 摘要 2025 年前十个月，中煤能源受烯烃装置大修影响，主要化工品产量和 销量同比下降，但尿素和甲醇产量、销量同比显著增加。装备产值同比 下降 6 亿元。 10 月动力煤市场受供应偏紧、成本上升及冬季预期影响，价格上涨，预 计 11 月高位震荡，港口动力煤现货价格区间在 800-860 元/吨。炼焦煤 市场受环保和冬储影响偏强运行，预计 11 月先抑后扬。 尿素市场 10 月因农业播种推迟和库存上升价格下跌，预计 11 月震荡偏 弱，车板价在 1,550-1,650 元/吨。聚烯烃市场受国际油价下跌和供应 过剩影响，销售均价下降，预计 11 月偏弱运行。 甲醇市场前十个月受下游需求增加和库存偏低影响，价格上行，预计 11 月偏弱运行，西北市场价格在 1,800-2,000 元/吨区间。平朔安泰宝矿 商品煤产量约为 700 万吨，扩建手续正在推进中，预计 2026 年产能难 以大幅提升。 预计 2026 年动力煤中枢价格较 2025 年有所抬升，但波动空间不大， 维持在 750-850 元/吨区间。公司自有资源 75%签订中长期合同，平朔 煤为主要供应商。电煤订货会将在 12 月初召 ...

内蒙华电 20251118 摘要 内蒙华电具备煤电一体化优势，通过整合煤炭产能降低燃料成本波动， 提高盈利稳定性。截至 2025 年上半年末，公司火力发电装机容量为 1,140 万千瓦，总装机容量为 1,300 万千瓦，煤炭产能不断增加， 2024 年底达到 1,450 万吨，占公司总采购量的 40%以上。 公司积极转型新能源，2025 年 2 月完成对集团风电资产的收购，提升 整体盈利能力和可持续发展水平。收购的风电资产质地优良，有助于应 对未来能源结构调整和政策变化，预计将使公司基本每股收益增厚 10% 以上。 内蒙华电利润受煤炭价格和发电竞争环境影响。2025 年前三季度净利 润同比下降 10%，因火电竞争加剧和外销煤价下降。核心子公司威嘉宝 公司净利润同比下降 36%，但微电子公司净利润同比增长两倍，表明公 司业绩存在结构性变化。 公司营收结构以火力发电为主，占比约 76%，煤炭业务毛利率高但营收 占比不高。2024 年火力发电毛利占总毛利 60%，煤炭业务贡献 40%。 内蒙古地区用电量增速高于全国平均水平，高耗能产业转移导致电力供 需紧张，蒙西地区电价不降反升。 Q&A 内蒙华电在资本市场上被视为 ...

盈利预测与估值。预计公司2025-2027 年归母净利润分别为22.94、24.36、25.28 亿元，同比增长 11.2%、6.2%、3.8%；当前股价对应PE 分别为8.0x、7.5x、7.3x。首次覆盖，予以"增持"投资评级。 立足安徽，火电机组性能优越，省内较好供需格局支撑公司利用小时数维持高位。拓展新疆市场，有望 为公司带来明显的利润增厚。参股布局煤电、风电、抽蓄、核电等多类电源，投资收益成为重要的业绩 压舱石。首次覆盖，予以"增持"投资评级。 风险提示：燃料价格上行风险、上网电价波动风险、新能源项目获取和开工进度不及预期、下游电力需 求不及预期。 公司为安徽火电龙头，控股在运火电装机居省内第一。截至2024 年底，公司控股在运装机合计1366 万 千瓦，其中煤电/气电/新能源/垃圾焚烧发电/新型储能装机容量占比分别为89%/7%/1%/2%/1%，参股权 益装机容量达798.12 万千瓦。公司营收从2019 年的160.92 亿元提升至2024 年的300.94 亿元，CAGR 达 到13.34%。2023-2024 年，煤炭供需格局逐渐宽松，煤价持续下跌，公司归母净利润继续修复，分别达 到14. ...

Investment Rating - The report initiates coverage with an "Accumulate" investment rating for the company [1][8]. Core Views - The company is a leading player in Anhui's thermal power sector, with a strong supply-demand balance supporting high utilization hours. Expansion into Xinjiang is expected to significantly enhance profits. The company has diversified its energy sources, including coal, wind, pumped storage, and nuclear power, making investment returns a crucial pillar for its performance [1][7][8]. Summary by Sections Section 1: Anhui Thermal Power Leader - The company is the leading thermal power operator in Anhui, with a total installed capacity of 13.66 million kW as of the end of 2024, primarily from coal power [7][12]. - Revenue has grown from 16.09 billion yuan in 2019 to 30.09 billion yuan in 2024, with a CAGR of 13.34% [7][12]. - The company’s net profit for 2023 and 2024 is projected to be 1.43 billion yuan and 2.06 billion yuan, respectively, reflecting significant year-on-year growth [7][8]. Section 2: Strategic Expansion in Xinjiang - The company has strategically expanded into Xinjiang, where its power plants benefit from low coal costs due to proximity to coal fields. The net profit from these plants is expected to contribute significantly to overall performance [7][61][62]. - The company’s Xinjiang plants are projected to generate a net profit of 594 million yuan in 2025, accounting for 28.8% of the company's total profit [7][8]. Section 3: Diverse Energy Investments - The company has diversified its energy portfolio, with 7.98 million kW of equity capacity in various energy sources, including coal, wind, and nuclear power [7][8]. - Investment returns from these diverse sources are becoming increasingly important for the company's overall performance stability [7][8]. Section 4: Profit Forecast and Valuation - The company’s projected net profits for 2025, 2026, and 2027 are 2.29 billion yuan, 2.44 billion yuan, and 2.53 billion yuan, respectively, with corresponding PE ratios of 8.0x, 7.5x, and 7.3x [8][12].

Core Insights - The company reported a revenue of 213.15 billion yuan for the first three quarters of 2025, a year-on-year decrease of 16.6%, with a net profit of 39.05 billion yuan, down 15.24% [1] - The coal segment showed signs of recovery in Q3 2025, with production and sales returning to growth for the first time this year [1] - The power generation segment experienced an increase in profit despite a decline in total power generation and sales due to lower coal prices and procurement costs [1] Coal Segment - For the first three quarters of 2025, coal production was 251 million tons, a slight decrease of 0.4%, while coal sales reached 317 million tons, down 8.4% [1] - The average sales price for annual and monthly contracts was 452 yuan/ton and 553 yuan/ton, respectively, reflecting declines of 8.1% and 22.4% year-on-year [1] - The coal segment achieved a revenue of 159.10 billion yuan, down 21.1%, with a total profit of 32.27 billion yuan, a decrease of 16% [1] Power Generation Segment - Total power generation for the first three quarters was 1,628.7 billion kWh, down 5.4%, while total sales were 1,530.9 billion kWh, down 5.5% [1] - The average selling cost was 327.5 yuan/MWh, a decrease of 8% year-on-year, with a gross margin of 19.2%, up 3.5 percentage points [1] - The total profit for the power generation segment was 10.14 billion yuan, an increase of 20.4% [1] Transportation and Coal Chemical Segments - The self-owned railway business saw a profit increase, while port business gross margins grew; however, shipping business margins declined [2] - The self-owned railway transport turnover was 2,341 billion ton-km, down 0.3%, with a unit transport price of 145.19 yuan/thousand ton-km, up 1.21% [2] - The coal chemical products segment achieved a revenue of 4.35 billion yuan, up 6.1%, with a gross margin of 7.1%, an increase of 0.2% [2] Profit Forecast and Investment Rating - The company is expected to see a recovery in coal prices and production, with projected net profits of 51.35 billion yuan, 53.51 billion yuan, and 54.57 billion yuan for 2025-2027 [3] - The company maintains a strong dividend policy, aiming to provide both growth and dividend value [3] - The investment rating is maintained at "strongly recommended" [3]

Investment Rating - The report maintains a "Strong Buy" rating for China Shenhua [5][9]. Core Views - The report highlights that the company's coal, power, chemical, and port businesses have all seen improvements in gross profit margins, indicating a dual value of growth and dividends [5][9]. - Despite a decline in revenue and net profit for the first three quarters of 2025, the company is expected to recover due to its cost advantages and integrated coal-power operations [5][9]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 213.15 billion yuan, a year-on-year decrease of 16.6%, and a net profit of 39.05 billion yuan, down 15.24% [1]. - The operating cash flow net amount was 65.25 billion yuan, a decline of 11.7% year-on-year [1]. Coal Division - The coal division's gross profit margin increased to 30.4%, up 2.01 percentage points year-on-year, despite a 21.1% drop in revenue to 159.10 billion yuan [2]. - In Q3 2025, coal production reached 85.50 million tons, a 2.3% increase year-on-year, marking the first quarter of positive growth in 2025 [2]. Power Division - The gross profit margin for the power division improved to 19.2%, up 3.5 percentage points year-on-year, with total profit increasing by 20.4% to 10.14 billion yuan [3]. - Total power generation for the first three quarters was 162.87 billion kWh, down 5.4% year-on-year [3]. Transportation and Chemical Division - The transportation division saw a profit increase to 10.31 billion yuan, while the port business experienced gross profit growth due to reduced costs [4]. - The chemical products segment reported a revenue increase of 6.1% to 4.35 billion yuan, with a gross profit margin of 7.1%, up 0.2 percentage points year-on-year [4]. Profit Forecast - The company is projected to achieve net profits of 51.35 billion yuan, 53.51 billion yuan, and 54.57 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.58, 2.69, and 2.75 yuan [9][10].