YANKUANG ENERGY(600188) 国盛证券·2025-04-26 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved a revenue of 30.31 billion yuan in Q1 2025, a year-on-year decrease of 23.5% and a quarter-on-quarter decrease of 6.7% [1] - The net profit attributable to the parent company was 2.71 billion yuan, down 27.9% year-on-year and down 10.3% quarter-on-quarter [1] - The coal business is on track to reach a production capacity target of 300 million tons [4] - The chemical business is experiencing a recovery in gross profit, with ongoing advancements in high-end chemical new materials [3] Summary by Sections Coal Business - The company reported a coal production of 36.8 million tons in Q1 2025, an increase of 6.3% year-on-year and a slight increase of 0.3% quarter-on-quarter [9] - The self-produced coal sales volume was 30.49 million tons, down 3.0% year-on-year and down 9.1% quarter-on-quarter [9] - The average selling price of coal (excluding trade) was 545 yuan per ton, a decrease of 14.4% quarter-on-quarter and 18.5% year-on-year [9] - The comprehensive cost of coal was 318 yuan per ton, a decrease of 0.8% quarter-on-quarter and a decrease of 12.9% year-on-year [9] - The company is progressing with several projects to increase coal production capacity, including the Shandong Wanfeng coal mine and the Xinjiang Wucaiwan open-pit mine [9] Chemical Business - The company produced 2.41 million tons of chemical products in Q1 2025, an increase of 11.6% year-on-year and an increase of 8.3% quarter-on-quarter [9] - The sales volume of chemical products was 2.02 million tons, up 7.3% year-on-year and up 1.3% quarter-on-quarter [9] - The comprehensive selling price of chemical products was 3,122 yuan per ton, down 6.2% year-on-year but up 6.2% quarter-on-quarter [9] - The gross profit margin for chemical products increased by 29.4% year-on-year and 16.5% quarter-on-quarter, reaching 723 yuan per ton [9] Financial Projections - The company plans to produce 155-160 million tons of commercial coal and 8.6-9 million tons of chemical products in 2025 [10] - The projected net profit attributable to the parent company for 2025-2027 is 9.9 billion, 11.9 billion, and 13.7 billion yuan, respectively, with corresponding P/E ratios of 12.6X, 10.5X, and 9.1X [10] - The company aims to reduce the sales cost per ton of coal by 3% year-on-year and to lower the debt-to-asset ratio to below 60% [10]