A股股东户数较上期减少9.60% 潞安环能成立于2001年7月19日，于2006年9月22日在上海证券交易所上市，注册地址和办公地址均位于山 西省。它是国内焦煤与高炉喷吹煤生产的龙头企业，首创潞安烟煤用于高炉喷吹技术，技术优势显著。 潞安环能主营业务为原煤开采、煤炭洗选、煤焦冶炼，开采煤层的主要煤种为瘦煤、贫瘦煤、贫煤等。公 司所属申万行业为煤炭-煤炭开采-焦煤，所属概念板块有动力煤、山西国资、煤化工核聚变、超导概念、 核电。 经营业绩：营收行业第三，净利润第三 2025年三季度，潞安环能实现营业收入211亿元，在行业12家公司中排名第3。行业第一名是淮北矿业，营 收318.41亿元，第二名是山西焦煤，营收271.75亿元，行业平均数为146.16亿元，中位数为138.8亿元。主 营业务构成中，煤炭营收130.36亿元，占比92.66%；焦炭营收7.78亿元，占比5.53%；其他营收2.55亿元， 占比1.81%。当期净利润为12.17亿元，同样行业排名第3，行业第一名山西焦煤净利润19.3亿元，第二名华 阳股份净利润14.29亿元，行业平均数为5.6亿元，中位数为3.43亿元。 资产负债率低于同业平均，毛利 ...

2025 年 10 月 30 日 公司研究 评级：买入(维持) 证券分析师： 陈晨 S0350522110007 [Table_Title] Q3 煤炭销量与价格环比齐升， 业绩环比提升明显 ——华阳股份（600348）2025 年三季报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/10/29 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 华阳股份 | 2.9% | 9.3% | 5.5% | | 沪深 300 | 2.8% | 14.3% | 21.0% | | 市场数据 | 2025/10/29 | | --- | --- | | 当前价格（元） | 7.72 | | 周价格区间（元） 52 | 6.17-8.25 | | 总市值（百万） | 27,849.90 | | 流通市值（百万） | 27,849.90 | | 总股本（万股） | 360,750.00 | | 流通股本（万股） | 360,750.00 | | 日均成交额（百万） | 324.96 | | 近一月换手（%） | 1.75 | 相关报告 《华阳股份（ ...

Core Insights - The coal mining sector experienced a rise of 0.85% on October 30, with Huaihe Energy leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Company Performance - Huaihe Energy (600575) closed at 3.76, up 6.52% with a trading volume of 2.5068 million shares [1] - Biaoyang Co. (600348) closed at 8.06, up 4.40% with a trading volume of 1.057 million shares [1] - Dayou Energy (600403) closed at 8.79, up 3.05% with a trading volume of 1.449 million shares [1] - China Shenhua (601088) closed at 43.04, up 2.14% with a trading volume of 385,800 shares [1] - Shaanxi Coal and Chemical Industry (601225) closed at 22.91, up 1.73% with a trading volume of 428,500 shares [1] Market Trends - The coal mining sector saw a net outflow of 386 million yuan from main funds, while retail investors contributed a net inflow of 447 million yuan [2] - The overall trading volume and turnover for various coal companies indicate a mixed performance, with some companies experiencing significant declines [2][3] Fund Flow Analysis - China Shenhua had a net inflow of 79.39 million yuan from main funds, while retail investors showed a net outflow of 16.94 million yuan [3] - Huaihe Energy saw a net inflow of 63.56 million yuan from main funds, with retail investors also experiencing a net outflow [3] - Biaoyang Co. had a net inflow of 38.92 million yuan from main funds, but a significant outflow from retail investors [3]

山西焦煤（000983.SZ）2025 年三季报点评 25Q3 业绩环比提升，后续业绩改善可期 2025 年 10 月 30 日 ➢ 事件：2025 年 10 月 29 日，公司发布 2025 年三季报，公司前三季度营业 收入为 271.75 亿元，同比下降 17.88%；归母净利润为 14.34 亿元，同比下降 49.62%；扣非归母净利润为 14.52 亿元，同比下降 47.42%。 ➢ 25Q3 业绩环比提升。25Q3 公司实现营业收入 91.22 亿元，同比下降 20.84%，环比增长 1.04%，归母净利润 4.2 亿元，同比下降 52.24%，环比增长 26.3%。25Q3 公司销售毛利率为 31.74%，同比下降 1.55 个百分点，环比增加 2.53 个百分点。 ➢ 25Q3 期间费用环比增长。25Q3 公司期间费用合计为 14.94 亿元，环比下 降 2.03%，同比下降 10.17%。其中管理费用 7.57 亿元，同比下降 24.67%，环 比下降 14.29%，财务费用 3.1 亿元，同比增长 144.4%，环比增长 12.31%，销 售费用 0.94 亿元，同比下降 43.69%，环比 ...

Q3 长协价格反弹相对滞后，对业绩环比改善贡献或有限 2025 年前三季度，新华山西焦煤长协价格指数平均为 1057 元/吨，同比 -32.9%，前三季度煤价下滑致公司业绩同比承压。单季度来看，2025Q3 新 华山西焦煤长协价格指数平均为 995 元/吨，环比-4.1%，三季度焦煤现货 价格虽有反弹，参考京唐主焦煤三季度均价 1562 元/吨，环比+18.8%，但 公司焦煤主要以长协方式销售，Q3 长协价格反弹或相对滞后。2025 年 Q4 以来，新华山西焦煤长协价格指数平均 1125 元/吨，四季度煤价环比反弹， 经营情况有望改善。 公司发布 2025 年三季报，2025Q1-3 实现营业收入 271.8 亿元，同比-17.9%， 实现归母净利润 14.3 亿元，同比-49.6%，实现扣非后归母净利润 14.5 亿元， 同比-47.4%。单 Q3 来看，实现营业收入 91.2 亿元，环比+1%，实现归母净 利润 4.2 亿元，环比+26.3%，实现扣非后归母净利润 4.3 亿元，环比+41.3%。 其中 Q3 公司管理费用压降明显，Q3 单季度管理费用 7.6 亿元，环比下降 1.2 亿元，通过降本增效致 ...

恒源煤电所属申万行业为：煤炭-煤炭开采-动力煤。所属概念板块包括：动力煤、安徽国资、破净股、 国资改革、长期破净等。 10月30日，恒源煤电盘中下跌2.04%，截至13:04，报7.21元/股，成交9137.56万元，换手率1.05%，总市 值86.52亿元。 资金流向方面，主力资金净流出1028.97万元，特大单买入240.54万元，占比2.63%，卖出945.84万元， 占比10.35%；大单买入1290.36万元，占比14.12%，卖出1614.03万元，占比17.66%。 恒源煤电今年以来股价跌19.35%，近5个交易日跌3.35%，近20日涨4.80%，近60日涨3.00%。 资料显示，安徽恒源煤电股份有限公司位于安徽省宿州市西昌路157号，成立日期2000年12月29日，上 市日期2004年8月17日，公司主营业务涉及煤炭开采、洗选、运输、销售以及生产服务等业务。主营业 务收入构成为：煤炭96.50%，其他(补充)2.20%，电力1.30%。 分红方面，恒源煤电A股上市后累计派现58.64亿元。近三年，累计派现27.84亿元。 机构持仓方面，截止2025年9月30日，恒源煤电十大流通股东中，华泰柏 ...

钢铁板块盘中拉升，成为上午A股市场主要亮点之一。 值得注意的是，A股市场多只前期热门股今天上午出现调整，其中天孚通信大幅下跌，盘中跌幅一度超过11%。 A股市场上午窄幅震荡 钢铁板块盘中拉升 A股市场今天（10月30日）上午窄幅震荡，上证指数整体在4000点上方波动，北证50指数表现较佳，盘中涨幅一度超过2%，此前一个交易日，北证50指数大涨 8.41%，为年内该指数表现最佳的交易日之一。 行业板块和赛道方面，钢铁板块盘中拉升，安阳钢铁直线拉升至涨停，方大特钢一度触及涨停，新钢股份、柳钢股份、盛德鑫泰、沙钢股份、华菱钢铁等跟涨。 煤炭板块领涨，板块盘中涨幅一度超过1.4%。淮河能源、华阳股份、大有能源等股票盘中涨幅居前。消息面上，焦煤、焦炭价格继续上涨，今天上午国内焦煤期货 主力合约盘中涨幅超过3%，国内焦炭期货主力合约盘中涨幅一度超过2%。 电力设备、有色金属、交通运输、家用电器等板块盘中涨幅居前。 通信、综合、电子、建筑材料等板块盘中领跌。 概念板块方面，锂矿概念涨幅居前，该板块盘中涨幅超过2%，欣旺达盘中涨幅一度超过14%，大中矿业盘中触及涨停，永兴材料、芳源股份、江特电机、天华新 能等股票盘中涨幅居前 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [5][10]. Core Views - The company has exceeded profit expectations in Q3 due to a rebound in coal prices and an increase in electricity generation [1][6]. - The report highlights a significant growth in electricity sales in Q3, with a year-on-year increase of 13.53% [7]. - Non-recurring gains have notably increased, contributing positively to the company's profits [7]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 118.08 billion yuan, a year-on-year decrease of 12.81%, and a net profit of 12.71 billion yuan, down 27.22% [7]. - In Q3 2025, the company achieved revenue of 40.10 billion yuan, a decline of 20.91% year-on-year, with a net profit of 5.08 billion yuan, down 26.59% [7]. - Coal production for the first three quarters was 130 million tons, an increase of 2.03% year-on-year, while coal sales reached 189 million tons, up 0.40% [7]. - The average selling price of coal in Q3 was 741 yuan per ton, reflecting a year-on-year increase of 1.10% [7]. Earnings Forecast and Valuation - The company is projected to generate revenues of 151.85 billion yuan, 155.07 billion yuan, and 159.74 billion yuan for the years 2025, 2026, and 2027, respectively [5][8]. - Expected net profits for the same years are 17.25 billion yuan, 18.63 billion yuan, and 20.24 billion yuan, respectively [5][8]. - The current stock price of 22.52 yuan corresponds to a P/E ratio of 12.7X for 2025, 11.7X for 2026, and 10.8X for 2027 [5][8].

Investment Rating - The report maintains a "Buy" rating for Shanxi Coking Coal [5] Core Views - The company is expected to see a marginal recovery in performance in Q4 2025, with October prices for coking coal showing an increase compared to September [1] - The company possesses significant coal resources, with a total coal reserve of 6.53 billion tons and additional resources acquired recently [2] - Financial projections indicate a decline in net profit for 2025, but a gradual recovery is anticipated in subsequent years [2][4] Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 9.122 billion yuan, a year-on-year decrease of 20.84%, and a net profit of 420 million yuan, down 52.24% year-on-year [1] - Revenue projections for 2025 to 2027 are 41.473 billion yuan, 42.067 billion yuan, and 42.849 billion yuan respectively, with corresponding net profits of 2 billion yuan, 2.512 billion yuan, and 2.843 billion yuan [4] Resource Advantages - As of the end of 2024, the company operates 17 mines, with 16 currently producing and one under construction, totaling coal reserves of 6.53 billion tons [2] - Recently acquired exploration rights in Shanxi Province add 0.953 billion tons of coal reserves and additional aluminum and gallium resources [2] Market Conditions - Coking coal prices have shown an upward trend, with long-term contract prices for Shanxi coking coal reaching 1,470 yuan per ton in October, up from 1,400 yuan in September [1] - Supply disruptions in the coal market are noted, particularly due to environmental regulations affecting production in certain regions [1]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance exceeded expectations, with a third-quarter revenue of 40.1 billion yuan, a year-on-year decrease of 10.01%, and a net profit attributable to shareholders of 5.075 billion yuan, down 20.34% year-on-year but up 79.08% quarter-on-quarter [1] - The coal business demonstrated resilience, while the electricity business showed significant growth in sales volume [2][3] - The company is expected to see a recovery in coal prices and growth in its electricity business, projecting net profits of 16 billion yuan, 18 billion yuan, and 19.3 billion yuan for 2025 to 2027, with corresponding P/E ratios of 13.6X, 12.1X, and 11.3X [3] Financial Performance Summary - For the first three quarters of 2025, the company produced 13.037 million tons of coal, a year-on-year increase of 2.0%, and sold 18.920 million tons, a year-on-year increase of 0.4% [3] - The average coal price for the first three quarters was 540 yuan per ton, down 14.2% year-on-year, while the cost per ton was 376 yuan, down 6.8% year-on-year [3] - The total electricity generation for the first three quarters was 31.6 billion kWh, a year-on-year decrease of 2.8%, but the third quarter saw a significant increase in generation and sales volume, with 138 billion kWh generated and 130 billion kWh sold, up 52.6% and 53.1% respectively [3] Future Projections - The company aims to enhance its sustainable development capabilities by increasing coal production capacity, with a recent approval for an additional 2 million tons at the Yuandatan coal mine [3] - Revenue projections for 2025, 2026, and 2027 are 144.956 billion yuan, 152.278 billion yuan, and 157.445 billion yuan respectively, with corresponding growth rates of -21.3%, 5.1%, and 3.4% [9]