【券商聚焦】环球富盛首予首钢资源(00639)“收集”评级指其受益于煤价企稳回升

金吾财讯

Nov 19, 2025

金吾财讯 | 环球富盛研报指出，首钢资源(00639)受益于煤价企稳回升。截至2025年11月18日，炼焦煤(柳林车板4)价格为1710元/吨，同比上涨8.2%，相比年内低点上涨51.3%；炼焦煤(柳林车板9)价格为1490元/吨，同比下跌1.3%，相比年内低点上涨53.6%。2025H1，煤炭市场供应显著增加，需求提振有限，焦煤价格大幅下行，公司所售精焦煤综合平均实现（含税）售价同比下跌45%至1067元/吨，贴合市场走势。2025H2，期货市场率先领涨，带动现货价格逐步回归。与此同时，供应增速放缓，共同助力焦煤价格收复2025H1失地。该机构指出，2025H1，公司实现原焦煤产量264万吨，同比增长17%；实现精焦煤产量154吨，同比增长19%；实现精焦煤销量155万吨，同比增长16%；公司实现煤产品贸易量57万吨，开辟贸易新赛道。公司在产量同比增长17%并持续投资环保、安全与智能化项目的同时，公司2025H1仍实现可控现金生产成本（不含折摊及资源税等销售税金）同口径大幅下降31%，凸显首钢资源在材料、人工、电力、管理等各个环节成本管控的卓越成效。该机构给予公司2025-2027年归母净利润分别为8.37亿元、13.71亿元、15.31亿元。结合可比公司估值，给予公司2026年12倍PE，对应目标价为3.55港币，首次覆盖给予“收集”评级。

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