Glory Times November 8th | Huachuang Securities research report pointed out that shaanxi coal industry (601225.SH) Q3 net income attributable to mother was 5.39 billion yuan, +17.1% /-8.8% year-on-year/quarterly. Q3 quarterly production/self-produced coal sales volume was 41.367/40.611 million tons, -8.0%/-8.7% quarter-on-quarter. In the past, Q4 was the peak period for coal mine safety accidents. The strengthening of local safety supervision efforts led to a decrease in the company's coal production and sales volume in Q3. With the start of heating demand in mid-September, power plant restocking demand released, coupled with the favorable impact of Daqin maintenance, driving the price rebound. Looking ahead to the fourth quarter, the thermal coal price may run steadily, and the demand side downstream power plant inventory levels will to some extent suppress the peak-winter demand, while the supply side is approaching the end of the year or limited increase in production release due to maintenance increase. The company's controlling stake in Shaanxi Coal and Power will be a strong move to build "coal-electricity integration," significantly improving the company's profit stability; based on the consensus expectation of Wind in 2024 and a 60% dividend ratio, the current dividend yield of the company is about 5.4%. Considering comparable company valuations and expectations of company asset injection, a 12x PE ratio for the company in 2025 gives a target price of 29.04 yuan, maintaining a "strong recommendation" rating.