公司发布2025H1 业绩，2025H1 归母净利润同比-48.4%公司发布2025 年中报，2025H1 公司实现营业收 入180.5 亿元，同比-16.3%，实现归母净利润10.1 亿元，同比-48.4%，实现扣非后归母净利润10.3 亿 元，同比-45.4%。单Q2 来看，公司实现营业收入90.3 亿元，环比+0.02%，实现归母净利润3.3 亿元， 环比-51.2%，实现扣非后归母净利润3 亿元，环比-58.4%。 煤炭及焦炭价格下滑致业绩承压，电力热力业务盈利同比改善1）煤炭业务：2025H1 公司煤炭业务实现 营业收入103.9 亿元，同比-13.5%，营业成本54.5 亿元，同比-0.8%，实现毛利49.4 亿元，同比-24.2%， 煤炭业务毛利率47.6%，同比-6.7pct。其中，煤炭业务营收及毛利下滑或主要受到煤价下滑影响， 2025H1 新华山西焦煤长协价格指数同比-32.7%。2）电力热力业务：2025H1 公司电力热力业务实现营 业收入31.5 亿元，同比-5.2%，营业成本28.8 亿元，同比-12.6%，实现毛利2.7 亿元，同比+930.1%，电 力热力业务毛利率8.4%，同比 ...

公司报告 | 半年报点评 山西焦煤（000983） 证券研究报告 煤价下跌致业绩承压，中报分红回馈股东 考虑到煤炭价格下跌，我们下调 2025-2026 年盈利预测并新增 2027 年盈 利预测，预计 2025-2027 年公司实现归母净利润 18.6/21.1/23.8 亿元，同 比-40.04%/+13.30%/+12.65%；EPS 分别为 0.33/0.37/0.42 元，对应当前股 价 PE 分别为 21.66/19.12/16.97 倍。未来公司业绩有望受焦煤价格触底反 弹驱动，叠加公司中报分红回报投资者，维持"买入"评级。 风险提示：煤价超预期下跌；煤矿生产政策变化；进口煤量增加等。 公司发布 2025H1 业绩，2025H1 归母净利润同比-48.4% 公司发布 2025 年中报，2025H1 公司实现营业收入 180.5 亿元，同比-16.3%， 实现归母净利润 10.1 亿元，同比-48.4%，实现扣非后归母净利润 10.3 亿元， 同比-45.4%。单 Q2 来看，公司实现营业收入 90.3 亿元，环比+0.02%，实 现归母净利润 3.3 亿元，环比-51.2%，实现扣非后归母净利润 ...

营收与利润 近期华能国际（600011）发布2025年中报，证券之星财报模型分析如下： 华能国际（600011）2025年中报显示，公司营业总收入为1120.32亿元，同比下降5.7%。尽管营收有所 下降，但归母净利润达到92.62亿元，同比上升24.26%。扣非净利润为88.06亿元，同比上升22.64%。这 表明公司在控制成本方面取得了一定成效。 单季度数据 第二季度营业总收入为516.97亿元，同比下降3.26%；归母净利润为42.89亿元，同比上升50.09%；扣非 净利润为40.07亿元，同比上升43.0%。单季度数据进一步体现了公司在盈利能力上的提升。 盈利能力 应收账款 费用控制 销售费用、管理费用、财务费用总计为65.94亿元，三费占营收比为5.89%，同比下降1.69%。财务费用 的减少主要得益于带息负债资金成本的下降。 现金流与资本结构 每股经营性现金流为1.96元，同比增加30.27%。然而，需要注意的是，货币资金为231.3亿元，占流动 负债的比例仅为14.98%，显示出一定的现金流压力。此外，有息负债为2951.37亿元，有息资产负债率 已达49.4%，需关注公司的债务状况。 华能国 ...

Investment Rating - The report gives a cautious recommendation for the company [1] Core Views - Shanxi Coking Coal is one of the most influential coking coal producers in China, backed by the Shanxi Coking Coal Group, which is controlled by the Shanxi Provincial State-owned Assets Supervision and Administration Commission. The company is focusing on resource integration and eliminating outdated production capacity to strengthen its leading position in the coking coal industry [3][11] - The company is actively expanding its business in electricity and coke, forming a diversified industrial structure that includes coal, electricity, coke, chemicals, and materials. Despite a decline in sales volume due to market conditions, the company maintains a stable cash flow from its electricity and heat products [4][25] Company Overview - Shanxi Coking Coal has a total market capitalization of 369.01 billion yuan and a circulating market capitalization of 306.1 billion yuan. The company has a total share capital of 5.677 billion shares, with a 52-week stock price range of 5.97 to 11.43 yuan [3][4] - The company has 17 mines with a coal resource reserve of 6.53 billion tons, with 16 mines currently in production and one under construction [23][24] Business Operations - The company reported a revenue of 452.90 billion yuan in 2024, a decrease of 18.43% year-on-year, and a net profit of 31.08 billion yuan, down 54.10% year-on-year. The decline is attributed to a reversal in the coal market supply-demand dynamics, leading to a significant drop in coal prices [37][45] - The gross profit margin for 2024 was 31.38%, which, while lower than previous years, remains competitive compared to peers in the industry [4][39] Future Outlook - The supply of coking coal is expected to continue to decline, with domestic production decreasing and imports remaining stable. The demand side is currently weak, but government efforts to stabilize the real estate market may lead to a recovery in demand [5][64] - Revenue forecasts for 2025-2027 are projected at 424.52 billion yuan, 432.59 billion yuan, and 449.42 billion yuan, respectively, with corresponding EPS of 0.46, 0.58, and 0.64 yuan per share [5]