Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is under pressure year-on-year due to rising alumina prices, but growth potential is expected from group asset injections [1] - The company reported Q1 2025 revenue of 7.54 billion yuan, a year-on-year increase of 2.6%, but a quarter-on-quarter decrease of 6.4%. The net profit attributable to shareholders was 1.56 billion yuan, down 19.8% year-on-year but up 65.5% quarter-on-quarter [1] - The company is expected to maintain its profit forecast for 2025-2027, with net profits projected at 5.79 billion yuan, 6.17 billion yuan, and 6.50 billion yuan respectively, representing year-on-year growth of 8.4%, 6.5%, and 5.4% [1] Summary by Sections Financial Performance - In Q1 2025, the average price of alumina in Inner Mongolia was 3,794 yuan/ton, up 13.4% year-on-year but down 28.9% quarter-on-quarter, which may pressure the profitability of the electrolytic aluminum segment [5] - The average market price of aluminum ingots in Q1 2025 was 20,433 yuan/ton, reflecting a year-on-year increase of 7.2% [5] Business Growth Potential - The company has a coal production capacity of 48 million tons and is expected to see growth from the injection of assets from the group, including 15 million tons of coal capacity and a large electrolytic aluminum production line [6] - The company plans to increase its renewable energy capacity, with a target of 700,000 kilowatts to be put into operation in 2024, contributing to its growth potential [6] Dividend Policy - The company announced a total cash dividend of 1.905 billion yuan for 2024, with a dividend payout ratio of 35.67%, which is expected to continue increasing under state-owned enterprise market management requirements [6]

——公司 2025 年一季报点评报告 投资评级：买入（维持） 日期 2025/5/7 当前股价(元) 12.22 一年最高最低(元) 20.18/11.76 总市值(亿元) 329.12 流通市值(亿元) 329.12 总股本(亿股) 26.93 流通股本(亿股) 26.93 近 3 个月换手率(%) 38.73 股价走势图 数据来源：聚源 -48% -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 2025-05 淮北矿业 沪深300 煤炭/煤炭开采 淮北矿业（600985.SH） Q1 降本对冲煤价下滑影响，关注成长性及破净修复 2025 年 05 月 08 日 相关研究报告 《煤炭量价齐跌致业绩承压，关注成 长性及破净修复—公司 2024年报点评 报告》-2025.3.28 《Q3 煤炭量价齐跌拖累业绩，关注煤 矿+煤化工成长—公司信息更新报告》 -2024.10.30 《煤炭量价回落，关注煤矿和煤化工 项目成长—公司 2024 年中报点评报 告》-2024.8.30 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S079052 ...

煤炭/煤炭开采 电投能源（002128.SZ） 氧化铝价增致业绩同比承压，集团资产注入成长可期 2025 年 05 月 07 日 投资评级：买入（维持） | 日期 | 2025/5/6 | | --- | --- | | 当前股价(元) | 17.85 | | 一年最高最低(元) | 23.86/15.08 | | 总市值(亿元) | 400.12 | | 流通市值(亿元) | 400.12 | | 总股本(亿股) | 22.42 | | 流通股本(亿股) | 22.42 | | 近 3 个月换手率(%) | 30.37 | 司 信 息 更 新 报 告 股价走势图 -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 电投能源 沪深300 zhangxucheng@kysec.cn 证书编号：S0790520020003 氧化铝价增致业绩同比承压，集团资产注入成长可期，维持"买入"评级 公司发布 2025 年一季报，2025Q1 公司实现营业收入 75.4 亿元，同比+2.6%， 环比-6.4%；实现归母净利润 15.6 亿元，同比-19.8%，环比+65.5%； ...

Group 1: Company Performance - Wens Foodstuff's April chicken sales revenue was 2.543 billion yuan, a year-on-year decrease of 5.01% [1] - Wens Foodstuff sold 10.381 million chickens in April, a year-on-year increase of 10.87% [1] - Wens Foodstuff's average chicken selling price was 11.24 yuan/kg, a year-on-year decrease of 14.91% [1] - Zhongtong Bus's April vehicle sales volume was 1,046 units, a year-on-year decrease of 4.04% [1][2] - Kemin Food's April pig sales revenue reached 70.9048 million yuan, a year-on-year increase of 16.04% [3] - Muyuan Foods sold 6.573 million pigs in April, a year-on-year increase of 51.80% [5] - Muyuan Foods' pig sales revenue was 12.595 billion yuan in April, a year-on-year increase of 53.42% [5] - Xiamen Airport's April passenger throughput was 2.3881 million, a year-on-year increase of 7.73% [24] - Daqin Railway's April cargo transport volume was 30.62 million tons, a year-on-year increase of 0.99% [26] - Shaanxi Coal's April coal production was 14.24 million tons, a year-on-year decrease of 1.78% [28] Group 2: Industry Overview - Wens Foodstuff operates in the agriculture, forestry, animal husbandry, and fishery industry, specifically in pig farming [1] - Zhongtong Bus operates in the automotive industry, focusing on commercial vehicles [2] - Kemin Food operates in the food and beverage industry, specifically in food processing [3] - Muyuan Foods is also in the agriculture, forestry, animal husbandry, and fishery industry, focusing on pig farming [5] - Xiamen Airport is part of the transportation industry, specifically in airport operations [24] - Daqin Railway operates in the coal industry, focusing on coal mining and transportation [26] - Shaanxi Coal is also in the coal industry, focusing on coal mining and related services [28]

要点 基本面：进口减量有限，产增需减导致过剩。（ 1）2025Q1，我国煤炭进口总量 1.1 亿吨，同比-0.9%，总体仍维持高位，其中，由印尼进口煤炭 5259 万吨，同 比-6.6%，由澳大利亚进口煤炭 1645 万吨，同比+3.7%，由蒙古进口煤炭 1749 万吨，同比+3.1%，由俄罗斯进口煤炭 1962 万吨，同比+7.9%；（2）2025Q1， 我国原煤产量 12.0 亿吨，同比+8.8%，其中，新疆、山西、陕西、内蒙古原煤 产量同比增速分别为 16.9%、19.8%、4.1%、2.1%；（3）2025Q1，我国火电 发电量 1.5 万亿千瓦时，同比-4.4%，生铁产量 2.2 亿吨，同比+1.4%，水泥产 量 3.3 亿吨，同比-1.7%，化工耗煤量 0.8 亿吨，同比+14.8%。 煤价：长协煤价稳健，现货煤价显著下行。（1）2025Q1，港口 5500 大卡现货 动力煤均价 721 元/吨，同比-20%，环比-12%；（2）2025Q1，港口 5500 大卡 长协动力煤均价 690 元/吨，同比-3%，环比-1%；（3）坑口煤价跟随港口煤价 下行，2025Q1，榆林、大同、鄂尔多斯动力煤均价 ...

行 业 及 产 业 煤炭/ 煤炭开采 行 业 研 究 / 行 业 点 评 2025 年 05 月 05 日 淡季煤价承压，进口收缩预计托底 煤价 看好 ——煤炭行业周报（2025.4.28 -2025.5.2） 本期投资提示： ⚫ 动力煤方面，截至 4 月 30 日，据中国煤炭市场网，秦皇岛港口 Q4500、Q5000、 Q5500 动力煤现货价分别收报 508、570 和 650 元/吨，环比下跌 7、7、5 元/吨，跌幅 1.36%、1.21%和 0.76%。供给端，大秦铁路春季检修已结束，据中国煤炭市场网，截 至 4 月 30 日，环渤海四港区当周日均调入量 196.14 万吨，环比上周增加 8.66 万吨、 增幅 4.62%。煤价已跌至部分煤矿的成本线，预计产量将有所收缩。进口端，印尼雨季 影响生产、运输，叠加海运费较高，进口煤性价比下降；煤炭工业协会倡议严控低卡劣 质煤炭进口和使用，预计进口量将下降。需求端，据中国煤炭市场网，截至 4 月 30 日，环渤海四港区当周日均调出量 198.94 万吨，环比上周下降 2.30 万吨，降幅 1.14%；港口库存 3103.5 万吨，环比上周五减少 6.4 万 ...

老铁们，今儿聊个让西伯利亚棕熊都瞪眼的硬核消息！中国国家能源集团去年挖煤6.2亿吨，单家产量直接碾压美俄总和，硬生生把"黑金帝国"的招牌挂上 了世界之巅！更狠的是新疆准东煤田两座露天矿年产6500万吨，挖煤速度比高铁还快——这哪是煤矿？分明是给地球做CT的工业印钞机！今天就带大伙儿 看看，中国煤矿军团咋把美俄百年挖煤史撕成了过时教科书！ 亿吨矿区的"钢铁洪流" 国家能源集团手里攥着97座煤矿，采掘机一响黄金万两，机械化率直接拉满100%。神东矿区17座矿井年产2亿吨，补连塔煤矿单井年产量怼到2800万吨，这 挖煤速度啥概念？每分钟60吨煤块往外喷，装车皮能绕赤道两圈半！更绝的是准东露天矿，矿坑面积74平方公里，挖出来的不粘煤直接给发电厂当"工业口 粮"，3500万吨年产能硬是干成了亚洲单体矿王。 美俄现在啥水平？ 美国全年煤炭产量卡在4亿吨出头，俄罗斯勉强摸到5亿吨门槛，两家捆一块还没咱国家能源集团单挑的产量高。当年毛子捂着库兹巴斯煤田当传家宝，现在 看咱家准东矿区的无人驾驶矿卡，GPS定位精度5厘米，夜间作业照常飙车，西伯利亚的老矿工眼镜片都得惊掉！ 重组狂潮炼出"黑金巨兽" 2017年那场世纪大合并，国电 ...

Suspension - Electric Power Investment Energy is planning an asset restructuring, resulting in stock suspension [1] - Huibo Yuntong intends to acquire control of Baode Computer System Co., Ltd., leading to stock suspension [2] Mergers, Acquisitions, and Capital Increases - Xingye Yinxin plans to acquire Atlantic Tin Industry Co., Ltd. for 454 million yuan through an off-market tender offer [3] - Cambrian is looking to raise no more than 4.98 billion yuan through a private placement for projects related to large model chip platforms, software platforms, and to supplement working capital [3] Share Buybacks, Increases, and Equity Transfers - Fuchuang Precision's Shenyang Advanced plans to increase its stake in the company by 120 to 240 million yuan [4] - Wanxing Technology has received a commitment letter for a stock buyback loan of 45 million yuan [5] Daily Operations and External Investments - Huada Technology has secured a customer project with an expected total sales amount of 6.35 billion yuan over its lifecycle [6] - Zijin Mining plans to restructure its overseas gold mining assets under its wholly-owned subsidiary, Zijin Gold International Co., Ltd., and apply for a separate listing on the Hong Kong Stock Exchange [6] - Aolide's subsidiary has signed a sales contract worth 655 million yuan with Chengdu BOE [7] - Shuangjie Electric intends to exchange 21.1883 million shares of Jinli for Foshan Plastic Technology [8] - AVIC Industry's subsidiary plans to transfer shares of AVIC Xi'an Aircraft and AVIC Onboard to its controlling shareholder, AVIC, for 4.067 billion yuan [9] - Kangli Elevator's Zhu Meijuan has inherited 44.89% of the company's shares, becoming the controlling shareholder and actual controller [10] - Zhongdali De plans to sell 50% equity of Ketaike to Yongli Co., Ltd. [11] - Yong'an Pharmaceutical's actual controller and chairman, Chen Yong, is under investigation and has been placed under detention [12] Performance Changes - BYD's new energy vehicle sales increased by 46.98% year-on-year in the first four months [13] - BAIC Blue Valley's subsidiary has accumulated sales of 38,041 vehicles this year, a year-on-year increase of 192.53% [14] - SAIC Group's new energy vehicle sales grew by 71.74% year-on-year in April [15]

Investment Rating - The investment rating for the coal industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with a short-term supply-demand balance and a long-term gap still present [11][12] - The trend of coal prices establishing a bottom and moving to a new platform is expected to continue, with high profitability, cash flow, return on equity (ROE) of 10-20%, and dividend yields over 5% for quality coal companies [11][12] - The coal sector is considered undervalued, with overall valuation expected to improve, supported by high premiums in the primary mining rights market and a price-to-book (PB) ratio around 1 for most companies [11][12] Summary by Sections Coal Price Trends - As of May 4, the market price for Qinhuangdao port thermal coal (Q5500) is 652 CNY/ton, down 3 CNY/ton week-on-week [3][30] - The price for Shanxi-produced coking coal at Jingtang port remains stable at 1400 CNY/ton [32] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 93.9%, down 0.3 percentage points week-on-week, while the utilization rate for coking coal mines is 89.74%, up 1.36 percentage points [4][47] - Daily coal consumption in inland provinces decreased by 18.40 thousand tons/day (-6.21%), while consumption in coastal provinces increased by 9.30 thousand tons/day (+5.27%) [4][48] Inventory and Transportation - As of April 29, coal inventory in inland provinces increased by 2.59% week-on-week, while coastal provinces saw a 0.77% increase [48] - The daily coal consumption in coastal provinces is showing an upward trend, indicating a potential increase in demand as the summer peak approaches [4][48] Investment Recommendations - Focus on stable and robust performers such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as companies with high elasticity like Yanzhou Coal and China Power Investment [12]