2025 年 08 月 28 日 公司研究 评级：买入(维持) [Table_Title] 2025Q2 商品煤产销量双增， 现金充足、负债压降 ——晋控煤业（601001）2025 年半年报点评 最近一年走势 | 相对沪深 | 表现 300 | | 2025/08/27 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 晋控煤业 | | -7.3% | 17.2% | -0.2% | | 沪深 300 | | 6.3% | 14.2% | 32.7% | 《晋控煤业（601001）2024 年年报及 2025 年一 季报点评：公司账上现金充沛，期间费用同比降低 （买入）*煤炭开采*陈晨》——2025-04-28 《晋控煤业（601001）2024 年三季报点评：产销 略有回升，Q3 业绩环比向好（买入）*煤炭开采* 陈晨，王璇》——2024-10-30 《晋控煤业（601001）2024 年中报点评：半年度 业绩实现正增长，期间费用有所降低（买入）*煤 炭开采*陈晨》——2024-08-30 事件: 2025 年 8 月 27 日， ...

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Views - The company has a strong cash position with a significant reduction in expenses year-on-year [2][6]. - The coal production and sales have shown stability, with a minor decrease in coal prices [6][9]. - The company is expected to face a decline in revenue and net profit in the upcoming years, but the overall asset quality is improving [9][10]. Financial Performance Summary - For 2024, the company reported revenue of 15.033 billion yuan, a decrease of 2.01% year-on-year, and a net profit of 2.808 billion yuan, down 14.93% year-on-year [5][9]. - In Q1 2025, the company achieved revenue of 2.424 billion yuan, a decline of 33.73% year-on-year, with a net profit of 512 million yuan, down 34.35% year-on-year [5][9]. - The company’s cash reserves stood at 16.61 billion yuan at the end of 2024, an increase of 1.401 billion yuan from the previous year [6][9]. Production and Sales Summary - In 2024, the company produced 34.6664 million tons of raw coal, a slight decrease of 0.06% year-on-year, with a total sales volume of 29.9665 million tons, down 0.43% year-on-year [6][9]. - In Q1 2025, the company produced 7.8626 million tons of raw coal, a decrease of 6.94% year-on-year, while the sales volume was 5.2617 million tons, down 24.33% year-on-year [6][9]. Profitability and Valuation Metrics - The company’s gross profit margin for 2024 was 49.79%, a decrease of 2.02 percentage points year-on-year [6][10]. - The projected earnings per share (EPS) for 2025 is 1.30 yuan, with a price-to-earnings (P/E) ratio of 8.85 [9][10]. - The return on equity (ROE) is expected to decline to 11% in 2025 from 15% in 2024 [10].