中国神华:煤炭龙头 能源航母

西部证券
Dec 08, 2025

【核心结论】基于模型分析,我们预计公司2025-2027 年归母净利润分别为543.88 亿、558.78 亿、575.04 亿,EPS 分别为2.74、2.81、2.89 元,同比增长-7.30%、2.74%、2.91%。考虑DDM 估值方法,给予公司目标价48.96元/股。首次覆盖,给予“增持”评级。【报告亮点】市场认为煤炭行业已开始呈现过剩的格局,供需宽松下煤价可能出现较明显下滑;且认为公司...

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