内生增长动力强劲，储备资源奠定长期发展基础。随着公司七元矿和泊里矿相继进入联合试运转，待两 个矿井正式投产后，未来公司在产矿井核定产能有望提升至4500 万吨/年以上，内生增长动力强劲。资 源储备方面，公司2024 年竞得于家庄区块探矿权，新增资源储量6.3 亿吨，规划建设规模500 万吨/年， 为公司长期发展奠定坚实基础。 三季度，公司实现营业收入57.16 亿元，同比下降10.72%；归母净利润3.42亿元，同比下降34.33%。 点评： 煤炭价格企稳回升，三季度业绩环比改善。煤炭产销量方面：2025 年前三季度，公司实现原煤产量 3115 万吨，同比增加8.38%；商品煤销量3080 万吨，同比增加15.87%。2025 年三季度，公司实现原煤 产量1039 万吨，同比增加3.05%，环比下降4.01%；商品煤销量1152 万吨，同比增加21.5%，环比增加 9.44%。煤炭售价与成本：2025 年前三季度，公司实现煤炭销售均价445 元/吨，同比下降20.28%；单位 销售成本288 元/吨，同比下降15.81%。2025 年三季度，煤炭销售均价为431 元/吨，同比下降21.55%， 环比增加2.9 ...

Investment Rating - The report maintains a "Buy" rating for Huayang Co., Ltd. (600348.SH) [6] Core Views - The company has shown significant results in quality improvement and cost reduction, with a promising future driven by innovation and growth [1] - In 2024, the company achieved a revenue of 25.06 billion yuan, a year-on-year decrease of 12.13%, and a net profit attributable to shareholders of 2.225 billion yuan, down 57.05% year-on-year [1] - The first quarter of 2025 saw a net profit of 597 million yuan, a year-on-year decline of 31.18% but a quarter-on-quarter increase of 47.10%, slightly exceeding expectations [1] Financial Performance - The company’s coal production in 2024 was 38.37 million tons, a decrease of 16.4% year-on-year, while coal sales were 35.54 million tons, down 13.3% year-on-year [9] - The average selling price of coal in 2024 was 567 yuan per ton, a decrease of 6.4% year-on-year, while the cost per ton was 339 yuan, an increase of 14.7% year-on-year [9] - The company plans to distribute a cash dividend of 1.115 billion yuan in 2024, with a payout ratio of 50.11%, resulting in a dividend yield of 4.70% based on the closing price on April 25 [4] Strategic Developments - The company actively participated in mineral rights auctions, securing coal exploration rights in Shanxi Province for 6.3 billion tons of coal resources, enhancing its resource reserves and core competitiveness [3] - The Qiyuan coal mine is set to begin trial operations in December 2024, with plans to accelerate key project construction and ensure timely commencement and completion of projects [3] - The company is focusing on high-quality development, expanding into new energy and new materials sectors, and achieving breakthroughs in sodium-ion battery production and high-performance carbon fiber projects [4]