Gelonghui on October 25th | gtja research reports that China Coal Energy (601898.SH) Q3 revenue was 47.428 billion yuan, -1.2%; net profit was 4.826 billion yuan, -0.6%, in line with market expectations. Shanxi's production recovery and Da Hai's volume increase boosted Q3 production and sales, while coal chemical operations remained stable, lifting gross profit. The bank believes that as the company's capital expenditure gradually decreases and the asset quality further solidifies, it is expected to drive the increase in the dividend ratio and the continuous optimization of cost per ton. Maintain a "shareholding" rating, raising the target price to 16.42 yuan (+1.36 yuan).