煤炭 - 中国_供应扰动增多，对煤炭转为中性评级，上调盈利与目标价-Coal - China (H_A)_ More supply disruption, turn neutral on coal, lift earnings and POs

Accessible version Coal - China (H/A) More supply disruption, turn neutral on coal, lift earnings and POs Price Objective Change Price stabilization amid cost support in 2H25-26E YTD, China thermal/coking coal prices are at RMB680/1280 per ton, down c.50% vs. 2022 prices on the back of domestic capacity additions and import hikes. We turn neutral on the coal sector and expect prices to stabilize in 2H25-26E, given 1) net supply growth to slow to 0-1% p.a. in 2025-26E vs. 6-7% p.a. in 2021-23 and coal import ...