Dongxing Securities: First Awarded Shaanxi Coal Industry a "Strongly Recommended" Rating, Focusing on Building a "Coal-Electric Integration" Development Pattern.

Dongxing Securities research report pointed out that Shaanxi Coal Industry Co., Ltd. is the only large-scale listed coal enterprise owned by Shaanxi Province in Shaanxi, the largest listed coal enterprise in Shaanxi, backed by Shaanxi Coal Group. In 2024, it successfully acquired the thermal power assets of Shaanxi Coal and Electricity Group, focusing on building a "coal-electricity integration" industry linkage development pattern. The company's operating quality continues to improve, and although coal prices continued to decline in Q1 2025, the company's performance remained stable. The company has high-quality coal resources. Although facing a downward trend in coal sales prices, the company actively responds with measures such as cost reduction, efficiency improvement, and increasing production and sales, maintaining a stable business. Both production and sales volume increased in 2024, and the operating capacity remained stable. With high-quality coal resources, annual coal production continues to increase, while cost control is good, and unit total costs continue to decrease. In 2024, the company implemented the coal-electricity integration strategy through the acquisition of Shaanxi Coal and Electricity, and increased capital expenditure for the power business to promote high-quality development and potentially help increase profits. The company's dividends continue to remain high, demonstrating shareholder return confidence. The company has been given a "strong recommendation" rating in its first coverage.