证券研究报告 | 季报点评 gszqdatemark 2025 10 29 年 月 日 江钨装备（600397.SH） Q4 有望扭亏为盈，钨价重抵历史高点，静待价值重估 公司发布 2025 年三季度业绩公告。公司 2025 年第三季度营业收入 7.3 亿元，同 比减少 51.52%；归属于母公司所有者的净亏损 1690.4 万元，上年同期净亏损 8098 万元，亏损缩窄。 25Q3 安源煤业以其持有的煤炭业务相关资产及负债置换江钨发展持有的本公司 8550 万股股份（对应股比 57.00%），2025 年 8 月 12 日，公司已办理完成工 商变更登记手续，25Q3 仍包含安源煤业原煤炭业务业绩，故对净利润有所影响。 2025 年 1 月 1 日至 7 月 31 日，金环磁选实现归母净利润 1795.1 万元，我们 预计 25Q4 公司业绩有望扭亏为盈。 重大资产置换完成。公司已于 2025 年 8 月完成重大资产置换，将核心煤炭业务资 产（江西煤业 100%股权）全部置出，同时置入江钨控股子公司持有金环磁选 57% 的股份。交易对方承诺金环磁选 2025-2027 年实现的扣非归母净利润分别不低于 546 ...

格隆汇10月29日丨陕西煤业(601225.SH)发布三季报，2025年前三季度实现营业总收入1180.83亿元，同 比下降12.81%；归属母公司股东净利润127.13亿元，同比下降27.22%；基本每股收益为1.31元。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600121 | 郑州煤电 | 5.83 | -2.67% | 216.92万 | 12.59亿 | | 600395 | 营江股份 | 5.23 | -1.88% | 36.38万 | 1.90亿 | | 601088 | 中国神华 | 42.14 | -1.06% | 21.90万 | 9.23亿 | | 600403 | 大有能源 | 8.53 | -0.81% | 128.29万 | 10.94亿 | | 601225 | 陕西煤业 | 22.52 | -0.49% | 22.16万 | 4.99 乙 | | 000571 | 新大洲A | 5.77 | -0.35% | 13.02万 | 7488.34万 | | 603071 | 物产环能 | 14.27 | -0.14% | 2.06万 | 2925.78万 | | 600397 | 江钨装备 | 7.78 | 0.00% | 40.79万 | 3.15亿 | | 600925 | 苏 ...

开滦股份公告，第三季度营收为41.21亿元，下降16.46%；净利润亏损1.76亿元，下降205.84%。前三季 度营收为129.44亿元，下降16.97%；净利润为1.85亿元，下降71.45%。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][2] Core Views - The company reported a revenue of 9.33 billion yuan for the first three quarters of 2025, a decrease of 17.0% year-on-year, and a net profit attributable to shareholders of 1.28 billion yuan, down 40.7% [1] - In Q3 2025, the company achieved a revenue of 3.36 billion yuan, a year-on-year decline of 12.9% and a quarter-on-quarter decline of 5.1%, with a net profit of 400 million yuan, down 43.9% year-on-year but up 10.1% quarter-on-quarter [1] - The coal price adjustment is lagging, and costs have slightly increased, leading to expectations for continued improvement in Q4 performance [1][2] - The company maintains a stable operation backed by high-quality coal resources and is supported by China's second-largest coal production group, indicating significant potential for asset injection in the future [2] Financial Summary - For Q3 2025, the company reported a coal production of 8.97 million tons, with a year-on-year increase of 1.1% but a quarter-on-quarter decrease of 4.2% [1] - The average selling price of coal in Q3 2025 was 425 yuan per ton, a decrease of 67 yuan year-on-year but an increase of 5.9 yuan quarter-on-quarter [1] - The cost per ton of coal in Q3 2025 was 264 yuan, an increase of 16 yuan year-on-year and 3 yuan compared to the first half of 2025 [1] - The gross profit per ton of coal was 161 yuan, down 83 yuan year-on-year but consistent with the first half of 2025 [1] - The sales gross margin for Q3 2025 was 36.8%, down 11.2 percentage points year-on-year and 0.25 percentage points quarter-on-quarter, while the net profit margin was 15.7%, down 9.8 percentage points year-on-year but up 0.76 percentage points quarter-on-quarter [2] - The company has adjusted its profit forecast for 2025-2027, now expecting net profits of 1.7 billion, 2.3 billion, and 2.3 billion yuan respectively [2][3]

Core Viewpoint - Pingmei Shenhua Coal Industry Co., Ltd. has experienced fluctuations in stock price and significant changes in financial performance, indicating potential investment opportunities and risks in the coal industry [1][2]. Financial Performance - As of September 30, 2025, Pingmei reported a revenue of 10.12 billion yuan, a year-on-year decrease of 37.74% [2]. - The net profit attributable to shareholders was 258 million yuan, down 81.48% year-on-year [2]. - Year-to-date, the stock price has decreased by 8.36%, but it has shown a slight recovery with a 1.17% increase over the last five trading days and a 9.34% increase over the last 20 days [1]. Stock Market Activity - On October 29, the stock price rose by 2.00% to 8.66 yuan per share, with a trading volume of 315 million yuan and a turnover rate of 1.50% [1]. - The total market capitalization of Pingmei is 21.385 billion yuan [1]. - The net inflow of main funds was 22.77 million yuan, with significant buying activity from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 87,800, a rise of 9.76% [2]. - The average number of circulating shares per shareholder decreased by 8.89% to 28,123 shares [2]. Dividend Distribution - Since its A-share listing, Pingmei has distributed a total of 12.782 billion yuan in dividends, with 5.850 billion yuan distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, major institutional shareholders include Huatai-PB SSE Dividend ETF, which holds 42.67 million shares, a decrease of 8.7474 million shares from the previous period [3]. - Other notable shareholders include Guotai CSI Coal ETF and Southern CSI 500 ETF, with slight increases in their holdings [3].

Investment Rating - The investment rating for the company is "Accumulate" with a target price not specified [5] Core Views - The company has experienced a rebound in profits on a quarter-on-quarter basis due to rising coal prices and cost reductions in coal chemical operations, despite a year-on-year decline in profits [1][2] - The coal segment has seen a revenue of 89.33 billion yuan from January to September 2025, a decrease of 24.2% year-on-year, with a notable drop in trading coal revenue [2] - The company maintains strong cost control, with a unit sales cost of self-produced coal at 257.67 yuan/ton, down 10.1% year-on-year [2] - The coal chemical segment has shown stable operations, with production and sales of various products reflecting the integrated advantages of coal and coal chemicals [3] Financial Performance Summary - For Q3 2025, the company reported operating revenue of 36.148 billion yuan, a year-on-year decrease of 23.8%, but a quarter-on-quarter increase of 28.26% [1] - The net profit attributable to the parent company for Q3 2025 was 4.78 billion yuan, down 1.0% year-on-year, but up 28.26% quarter-on-quarter [1] - The company forecasts net profits for 2025-2027 to be 17.502 billion, 17.699 billion, and 18.240 billion yuan respectively, with corresponding EPS of 1.32, 1.33, and 1.38 yuan per share [3][4] Revenue and Cost Analysis - The coal business's revenue for the first nine months of 2025 was 89.333 billion yuan, with self-produced coal sales revenue at 48.127 billion yuan and trading coal revenue at 41.182 billion yuan [2] - The average selling price per ton of coal for the first nine months was 474 yuan, slightly higher than the 470 yuan reported for the first half of the year [2] - The company produced 101.58 million tons of commodity coal, with a slight year-on-year decrease of 0.7% [2] Production and Cost Efficiency - The production figures for coal chemicals in the first nine months included 990,000 tons of polyolefins, 1,594,000 tons of urea, 1,478,000 tons of methanol, and 419,000 tons of ammonium nitrate [3] - The cost per ton for polyolefins, urea, and methanol decreased, showcasing the company's cost management capabilities despite rising coal prices [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's coal and coal chemical businesses have shown significant improvement, leading to a notable recovery in performance. The revenue for the first three quarters of 2025 was 110.58 billion yuan, down 21.2% year-on-year, while the net profit attributable to shareholders was 12.49 billion yuan, down 14.6% year-on-year. In Q3 2025, the company achieved revenue of 36.15 billion yuan, a decrease of 23.8% year-on-year but an increase of 0.3% quarter-on-quarter, with a net profit of 4.78 billion yuan, down 1.0% year-on-year but up 28.3% quarter-on-quarter [1][2][3] Summary by Sections Coal Business - The company's self-produced coal production and sales remained relatively stable. In Q3 2025, the total coal production was 34.24 million tons, with a year-on-year decrease of 4.4% and a quarter-on-quarter increase of 0.7%. The sales volume of commodity coal was 61.68 million tons, down 14.3% year-on-year and 4.4% quarter-on-quarter. The average selling price for self-produced thermal coal and coking coal was 442 yuan/ton and 993 yuan/ton, respectively, with year-on-year decreases of 46 yuan/ton and 183 yuan/ton, but quarter-on-quarter increases of 23 yuan/ton and 150 yuan/ton. The unit sales cost for self-produced commodity coal was 247 yuan/ton, down 27 yuan/ton year-on-year and 9 yuan/ton quarter-on-quarter [2] Coal Chemical Business - The coal chemical business saw significant improvement in profitability due to a decrease in methanol costs. In Q3 2025, the sales volumes of major coal chemical products such as polyolefins, urea, methanol, and ammonium nitrate showed mixed results, with respective changes of +6.2%, -3.7%, +6.4%, and -17.5% quarter-on-quarter. The gross profit for the coal chemical business in Q3 2025 was 700 million yuan, representing a year-on-year increase of 87% and a quarter-on-quarter increase of 52% [3] Financial Forecasts - The profit forecasts have been raised due to higher-than-expected coal prices since the peak season. The expected net profits for 2025-2027 are 17.0 billion yuan, 18.2 billion yuan, and 19.1 billion yuan, respectively, up from previous estimates of 16.2 billion yuan, 16.5 billion yuan, and 17.2 billion yuan. The company is expected to maintain strong performance in both coal and coal chemical businesses, with significant potential for increased dividend payouts [3][4]

资料显示，山西潞安环保能源开发股份有限公司位于山西省长治市襄垣县侯堡镇，成立日期2001年7月 19日，上市日期2006年9月22日，公司主营业务涉及原煤开采、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。主营业务收入构成为：煤炭92.66%，焦炭5.53%，其他1.81%。 潞安环能所属申万行业为：煤炭-煤炭开采-焦煤。所属概念板块包括：动力煤、山西国资、煤化工、 MSCI中国、融资融券等。 10月29日，潞安环能盘中上涨2.03%，截至11:04，报15.09元/股，成交2.89亿元，换手率0.65%，总市值 451.40亿元。 资金流向方面，主力资金净流入3184.93万元，特大单买入2120.70万元，占比7.33%，卖出755.89万元， 占比2.61%；大单买入7344.74万元，占比25.37%，卖出5524.62万元，占比19.08%。 潞安环能今年以来股价涨8.17%，近5个交易日跌4.25%，近20日涨0.73%，近60日涨2.65%。 今年以来潞安环能已经1次登上龙虎榜，最近一次登上龙虎榜为7月24日。 截至9月30日，潞安环能股东户数7.30万，较上期减少9.88%； ...

Core Viewpoint - Electric Power Investment Energy has shown a significant increase in stock price and trading volume, indicating positive market sentiment despite some fluctuations in shareholder numbers and profit margins [1][2]. Group 1: Stock Performance - As of October 29, Electric Power Investment Energy's stock price rose by 2.02% to 24.78 CNY per share, with a trading volume of 145 million CNY and a market capitalization of 55.546 billion CNY [1]. - The stock has increased by 31.95% year-to-date, with a 1.06% rise over the last five trading days, 9.31% over the last 20 days, and 20.82% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Electric Power Investment Energy reported a revenue of 22.403 billion CNY, reflecting a year-on-year growth of 2.72%. However, the net profit attributable to shareholders decreased by 6.40% to 4.118 billion CNY [2]. - The company has distributed a total of 11.815 billion CNY in dividends since its A-share listing, with 4.550 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 11.29% to 27,100, while the average number of circulating shares per person increased by 12.72% to 82,831 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 47.2447 million shares, an increase of 18.5055 million shares compared to the previous period [3].