机构：中金公司 研究员：Yan CHEN/Lingzhi WANG What happened Our analysis indicates that the average P/B multiple for A-share thermal coal peers is approximately 1.68x, suggesting that the injection price is marginally below the sector average. In addition, we view high-quality coal assets in China as increasingly scarce. The company has achieved a material expansion of its resource base at a relatively reasonable valuation. Looking ahead, we remain constructive on the company's potential to improve cost efficiency thro ...