全产业链一体化运营模式呈现高业绩稳定性 公司 2025 年 H1 营业收入达 1381.1 亿元，同比-18.3%，归母净利润 246.4 亿元，同比-12%，扣非归母净利润达 243.1 亿元，同比-17.5%。公司煤电 运一体化大幅提高了业绩的稳定性，2025 年 H1 秦皇岛动力煤价格跌幅约 为-22.8%，公司归母净利润下滑幅度大幅小于煤价跌幅。 煤炭业务整体运行稳定，成本控制能力仍然出色 公司 2025 年 H1 商品煤产量 1.654 亿吨，同比-1.7%，煤炭销售量 2.049 亿 吨，同比-10.9%，其中自产煤销售量 1.619 亿吨，同比-3.4%，外购煤销售 量 4300 万吨，同比-31.1%。同时，可以看到公司铁路运输量、港口装船量、 航运货运量同比均有所下滑，我们推测可能是受到了上半年煤炭需求走弱 等因素影响。 公司报告 | 半年报点评 中国神华（601088） 证券研究报告 业绩呈现高稳定性，分红支付率再度提高 此外，公司的业绩高稳定性还得益于较高的长协比例，从最新的数据上看， 公司年度长协+月度长协比再度提升，现货比例再度下降，有利于公司稳定 销售收入。成本方面，公司的控制能力 ...

公司报告 | 半年报点评 兖矿能源（600188） 证券研究报告 煤炭量价齐跌致业绩承压，中报分红+回购回馈股东 公司发布 2025H1 业绩，2025H1 归母净利润同比-38.5% 公司发布 2025 年中报，2025H1 公司实现营业收入 593.5 亿元，同比-17.9%； 实现归母净利润 46.5 亿元，同比-38.5%；实现扣非归母净利润 44.3 亿元， 同比-39.3%；单 Q2 看，实现营业收入 290.4 亿元，环比-4.2%，实现归母 净利润 19.4 亿元，环比-28.3%，实现扣非归母净利润 17 亿元，环比-37.7%。 自产煤量价齐跌致业绩承压，成本下降致煤化工&电力盈利改善 煤炭业务：2025H1 公司商品煤产/销量为7360/6481 万吨，同比+6.5%/-4.5%， 其中自产煤/贸易煤销量 6234/247 万吨，同比-2.2%/-40%；2025H1 公司商 品 煤 / 自 产 煤 / 贸 易 煤 单 吨 售 价 532/529/593 元 / 吨，同比 -23.8%/-20.7%/-49%，商品煤/自产煤/贸易煤单吨成本 367/362/507 元/吨， 同比-14% ...

Investment Rating - The investment rating for Shanxi Coking Coal is "Buy" with a target price not specified [6][4]. Core Views - The company's performance has been under pressure due to falling coal prices, with a significant decline in net profit for the first half of 2025 [1][2]. - The company has announced a cash dividend of RMB 0.36 per share, amounting to a total distribution of approximately RMB 204.38 million, which represents 20.16% of the net profit attributable to shareholders for the first half of 2025 [3]. - Future performance is expected to improve as coking coal prices rebound, supported by the company's commitment to shareholder returns through dividends [4]. Financial Performance Summary - For the first half of 2025, the company reported revenue of RMB 18.05 billion, a decrease of 16.3% year-on-year, and a net profit of RMB 1.01 billion, down 48.4% year-on-year [1]. - The coal business generated revenue of RMB 10.39 billion, down 13.5% year-on-year, with a gross profit margin of 47.6%, reflecting a decline of 6.7 percentage points [2]. - The electricity and heat business showed improvement, with a gross profit margin of 8.4%, up 7.7 percentage points year-on-year, despite a revenue decline of 5.2% [2]. - The coking business faced significant challenges, with a gross profit margin of -1.6%, down 2.2 percentage points year-on-year, primarily due to a 37.3% drop in coking coal prices [2]. Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been adjusted downward due to falling coal prices, with expected net profits of RMB 1.86 billion, RMB 2.11 billion, and RMB 2.38 billion, representing year-on-year changes of -40.04%, +13.30%, and +12.65% respectively [4]. - The earnings per share (EPS) for the same period is projected to be RMB 0.33, RMB 0.37, and RMB 0.42, with corresponding price-to-earnings (P/E) ratios of 21.66, 19.12, and 16.97 [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company's revenue for H1 2025 is reported at 77.983 billion yuan, a year-on-year decrease of 14.19%, while the net profit attributable to the parent company is 7.638 billion yuan, down 31.18% year-on-year [1]. - The coal business revenue is 68.378 billion yuan, reflecting an 11.67% decrease year-on-year, despite a slight increase in coal production and sales [2]. - The electricity business revenue is 6.775 billion yuan, down 11.21% year-on-year, with a notable decline in electricity sales volume [3]. - The report adjusts the net profit forecasts for 2025-2026 to 16.04 billion yuan and 17.29 billion yuan, respectively, and introduces a new forecast of 17.77 billion yuan for 2027 [3]. Financial Performance Summary - H1 2025 operating revenue: 77.983 billion yuan, down 14.19% year-on-year - H1 2025 operating cost: 56.071 billion yuan, down 6.43% year-on-year - H1 2025 net profit attributable to the parent: 7.638 billion yuan, down 31.18% year-on-year - H1 2025 coal production: 87.4 million tons, up 1.15% year-on-year - H1 2025 coal sales: 80.16 million tons, up 2.87% year-on-year - H1 2025 average coal price: 439.67 yuan/ton, down 23.81% year-on-year [1][2][3]. Financial Data and Valuation - Projected operating revenue for 2025: 148.454 billion yuan, with a growth rate of -19.38% - Projected net profit for 2025: 16.040 billion yuan, with a growth rate of -28.26% - Projected EPS for 2025: 1.65 yuan/share - Projected P/E ratio for 2025: 12.93 [4][10].

公司报告 | 半年报点评 中煤能源（601898） 证券研究报告 Q2 净利润呈现低波动率，中期分红回报投资者 Q2 净利润环比小幅下滑 公司 2025H1 实现营业收入 744.36 亿元，同比-19.9%；营业成本达 561.1 亿元，同比-18.4%；实现归母净利润 77.05 亿元，同比-21.3%；扣非归母净 利润达 76.53 亿元，同比-20.7%；公司利润同比下滑，主要是受到煤价中 枢下跌影响，从环比来看公司的利润表现相对稳定，公司 2025Q2 归母净 利润为 37.27 亿元，环比-6.3%。 煤炭业务受煤价下跌影响收入下滑，但公司积极降本实现平滑 2025H1 公司煤炭业务营业收入 605.68 亿元，同比-22.1%，营业成本 462.21 亿元，同比-20.2%，营收下降主要受到煤价下跌影响。公司 2025H1 商品煤 产量为 6734 万吨，同比+1.3%，商品煤销量 1.287 亿吨，同比-3.6%，其中 自产商品煤销量 6711 万吨，同比+1.4%。 公司成本控制能力较强，2025H1 公司自产商品煤单吨成本为 262.97 元/吨， 同比减少 29.91 元/吨，同比降幅为 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 139.12 billion yuan for 2024, a year-on-year decrease of 7.29%, and a net profit attributable to shareholders of 14.43 billion yuan, down 28.39% year-on-year [5] - The coal business showed strong performance with self-produced coal sales increasing by 6.68% year-on-year, while the average selling price of coal decreased by 16.31% [5] - The company plans to produce 155-160 million tons of coal in 2025, aiming for a 3% reduction in sales cost per ton compared to the previous year [5] Financial Performance - In Q4 2024, the company achieved a revenue of 32.49 billion yuan, a year-on-year increase of 128.2%, but a quarter-on-quarter decrease of 5.33% [5] - The average selling price of coal in Q4 was 637.79 yuan per ton, down 4.56% year-on-year [5] - The company plans to distribute a cash dividend of 0.54 yuan per share for 2024, with a total cash dividend of 0.77 yuan per share, representing 53.59% of the net profit for the year [5] Revenue and Profit Forecast - The company expects revenues of 125.8 billion yuan, 128.8 billion yuan, and 130.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 9.5 billion yuan, 11.5 billion yuan, and 12.8 billion yuan [5][6] - The projected P/E ratios for 2025, 2026, and 2027 are 14.39, 11.87, and 10.71 respectively [5][6] Market Comparison - The company's stock has shown a relative performance against the CSI 300 index, with a year-to-date decline of 34% [3][4] - The report indicates that the company's performance is expected to outperform the market in the coming months [2]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company has a stable net profit performance and places a high emphasis on shareholder returns [1] - The coal business shows stable growth with strong cost control capabilities [2] - The company benefits from a decrease in coal prices, leading to a reduction in unit sales costs [3] - The company is committed to a stable cash dividend policy, with a total cash dividend of approximately 6.355 billion yuan for 2024, reflecting a payout ratio of about 35% [4] - Profit forecasts for 2025-2026 have been adjusted downwards due to coal price risks, with projected net profits of 17.5 billion yuan and 17.7 billion yuan respectively [4] Financial Performance Summary - In 2024, the company achieved operating revenue of 189.399 billion yuan, a decrease of 1.9% year-on-year [5] - The operating cost for 2024 was 142.278 billion yuan, down 1.6% year-on-year [5] - The attributable net profit for 2024 was 19.323 billion yuan, a decline of 1.1% year-on-year [5] - The company's cash flow from operations was 34.139 billion yuan, a decrease of 20.5% year-on-year [1] Coal Business Performance - The coal business generated operating revenue of 160.712 billion yuan in 2024, a decrease of 1.2% year-on-year [2] - The total coal production for the year reached 137.57 million tons, an increase of 2.5% year-on-year [2] - The unit sales cost for self-produced coal was 281.73 yuan per ton, down 8.2% year-on-year [2] Coal Chemical Business Performance - The coal chemical business reported operating revenue of 20.518 billion yuan in 2024, a decrease of 4.1% year-on-year [3] - The total production of coal chemical products was 5.69 million tons, a decrease of 5.7% year-on-year [3] Shareholder Returns - The company has increased the frequency of cash dividends, distributing a special dividend of 1.5 billion yuan, totaling 10.3 billion yuan for the year [4] - The company emphasizes market value management and investor communication [4]