Guangfa Securities: The central price of coal may decline in 2025. Leading companies are expected to maintain overall stable profitability.

Guangfa Securities research report indicates that in April, the coal industry demand is still in the off-season, and coal prices are generally weak. However, there is an increasing expectation of stronger countercyclical adjustment policies to stabilize growth in the later period. With the recovery of industrial demand, the slowdown in production growth and the decrease in imported coal expectations, it is expected that coal prices will gradually rise after inventory decline. In terms of companies, the central point of coal prices in 2025 may decline, considering that leading companies have relatively stable long-term contract prices and strong control over cost expenses, it is expected that overall profitability will remain stable.