| --- | --- | |------------------------------------|----------------| | | | | | | | | | | [Table_Title] 评级：买入（维持） | | | 市场价格： 14.63 | 元 | | | | | 分析师：杜冲 执业证书编号： | S0740522040001 | | 电话： | | Email：duchong@zts.com.cn 联系人：鲁昊 电话电话： Email：luhao@zts.com.cn | --- | --- | |---------------------------|---------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 10,040 | | 流通股本 ( 百万股 ) | 5,887 | | 市价 ( 元 ) | 14.63 | | 市值 ( 百万元 ) | 146,883 | | 流通市值 ( 百万元 ) | 86,129 | [Table_QuotePic] 股价与行业-市场走势对比 | --- | --- | --- | |-- ...

兖矿能源集团股份有限公司 2024 年中期业绩说明会会议纪要 2024 年 9 月 2 日，兖矿能源集团股份有限公司（"兖 矿能源"或"公司"）以现场、电话及网络会议的方式召 开 2024 年中期业绩说明会。公司董事长李伟先生，董事、 总经理肖耀猛先生，董事、董事会秘书黄霄龙先生，财务 总监赵治国先生，独立董事胡家栋先生和有关业务负责人 出席会议，向投资者介绍 2024 年中期经营业绩、未来市场 分析和经营措施等相关情况，并就投资者关注的问题进行 沟通和交流。现就本次会议沟通、交流的重点内容整理如 下： 一、公司 2024 年上半年商品煤产量情况；全年商品 煤产量预计 （一）上半年产量 根据国际财务报告准则，2024 年上半年公司及其附属 公司（"本集团"）商品煤产量 6,908 万吨，同比增加 1,985 万吨或 40.3%，主要是由于： 2023 年收购的鲁西矿业、新疆能化矿井产量 1,556 万吨； 陕蒙矿井产量 2,140 万吨，同比增加 226 万吨或 11.8%； 三、对 2024 年下半年国内、国际煤价走势判断 预计下半年国内、国际煤价维持在历史较高水平，波 动幅度收窄。 2 1 澳洲矿井产量 ...

证券研究报告 | 公司动态点评 2024 年 09 月 02 日 兖矿能源（600188.SH） 煤炭业务产销量增长明显，煤化工业务降本增效出色 | --- | --- | --- | --- | --- | --- | |----------------------|---------|---------|---------|---------|---------| | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 224,973 | 150,025 | 145,903 | 151,048 | 157,041 | | 增长率 yoy （ % ） | 48.0 | -33.3 | -2.7 | 3.5 | 4.0 | | 归母净利润（百万元） | 33,819 | 20,584 | 15,286 | 15,880 | 16,302 | | 增长率 yoy （ % ） | 105.7 | -39.1 | -25.7 | 3.9 | 2.7 | | ROE （ % ） | 32.0 | 22.9 | 14.0 ...

Investment Rating - The report maintains a "Buy" rating for Yanzhou Coal Mining Company (兖矿能源) [4] Core Views - The company's Q2 performance shows improvement compared to Q1, with future growth prospects appearing promising [1] - The coal business has stable production and sales, with a decrease in costs leading to improved performance in Q2 [1][2] - The chemical segment has shown steady growth, with an optimized product structure contributing to increased profits [2] Financial Summary - For H1 2024, the company reported revenue of 72.312 billion yuan, a year-on-year decrease of 24.07%, while net profit attributable to shareholders was 7.568 billion yuan, an increase of 31.64% [1] - In Q2 2024, revenue was 32.678 billion yuan, down 27.72% year-on-year and down 17.55% quarter-on-quarter, with net profit of 3.812 billion yuan, down 17.34% year-on-year but up 1.46% quarter-on-quarter [1] - The coal segment generated revenue of 47.351 billion yuan in H1 2024, a decrease of 21.3% year-on-year, while the chemical segment achieved a gross profit of 2.365 billion yuan, an increase of 17.84% year-on-year [1][2] Production and Sales - In Q2 2024, the company produced 34.44 million tons of coal, a decrease of 0.6% quarter-on-quarter, with sales of 33.69 million tons, down 1.4% quarter-on-quarter [1] - The average selling price of coal in Q2 2024 was 668 yuan per ton, down 8.2% quarter-on-quarter, while the comprehensive cost was 366 yuan per ton, down 17.9% quarter-on-quarter [1] Future Capacity Growth - The company plans to increase coal production capacity by over 40 million tons through new projects scheduled for completion between 2024 and 2030 [2] Profit Forecast - The report forecasts net profits for 2024, 2025, and 2026 to be 15.1 billion yuan, 17.3 billion yuan, and 19 billion yuan respectively, with corresponding P/E ratios of 9.7X, 8.5X, and 7.7X [2][3]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 兗礦能源集團股份有限公司(在中華人民共和國註冊成立的公司) 呈交日期: 2024年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600188 | 說明 | | A股（上海證券交易所） | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,592,040,720 | RMB | | 1 RMB | | 4,592,040,720 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 4,592,040,720 | RMB | | 1 RMB | | 4,592,04 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5]. Core Views - The report highlights that the company's performance is under pressure due to declining coal prices, but it maintains high dividends and growth potential. The company has set long-term development plans and is focusing on transitioning towards new energy and materials [5]. Financial Performance Summary - In H1 2024, the company achieved operating revenue of 72.31 billion yuan, a year-on-year decrease of 24.1%. The net profit attributable to shareholders was 7.57 billion yuan, down 31.6% year-on-year. The adjusted net profit was 7.30 billion yuan, a decrease of 27.4% year-on-year. In Q2 alone, the operating revenue was 32.68 billion yuan, a quarter-on-quarter decline of 17.6%, with a net profit of 3.81 billion yuan, a quarter-on-quarter increase of 1.5% [5]. Coal Business Performance - In H1 2024, the company sold 69.08 million tons of coal, an increase of 8.2% year-on-year, while the average selling price of coal decreased by 23.5% year-on-year to 698 yuan per ton. The gross profit per ton of coal was 270 yuan, down 33.8% year-on-year [5]. Growth Potential - The company has significant growth potential in coal production, with plans to produce 140 million tons of coal in 2024, a 6.0% increase from 2023. The company has also made acquisitions that add 26.6 billion tons of coal resources [5]. Dividend Commitment - The company has committed to a dividend payout ratio of no less than 60% from 2023 to 2025, with a cash dividend of at least 0.5 yuan per share. For 2023, the cash dividend is set at 1.49 yuan per share, corresponding to a dividend yield of 6.2% based on the current closing price [5].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for H1 2024 is reported at 72.312 billion yuan, a decrease of 24.07% year-on-year, while the net profit attributable to shareholders is 7.568 billion yuan, down 31.64% year-on-year [1] - The average selling price of coal decreased by 23.6% year-on-year to 697.62 yuan per ton, while the cost per ton of coal fell by 17.4% year-on-year to 372.1 yuan [2] - The chemical products segment shows a recovery with a production increase of 0.87% year-on-year, and the gross profit per ton of methanol has turned positive due to price increases [3] Financial Performance Summary - H1 2024 operating cash flow net amount is 12.62 billion yuan, an increase of 85.42% year-on-year [1] - The company's coal production for H1 2024 is 69.078 million tons, an increase of 8.2% year-on-year, with sales volume at 67.875 million tons, up 2.93% year-on-year [2] - The report adjusts the net profit forecast for 2024-2025 to 16.52 billion yuan and 16.95 billion yuan respectively, with an additional forecast for 2026 at 17.65 billion yuan [3][9]

Investment Rating - The investment rating for Yanzhou Coal Mining Company (兖矿能源) is "Buy" (maintained) [1][5][7] Core Views - The report highlights an increase in coal production and sales, with a mid-term dividend return to investors [1][4] - The company has shown resilience in its operations despite a decline in coal prices, with a focus on maintaining profitability through cost management [4][5] Financial Performance Summary - For the first half of 2024, the company achieved operating revenue of 723.12 billion yuan, a decrease of 24.1% year-on-year; net profit attributable to shareholders was 75.68 billion yuan, down 31.6% year-on-year [3][4] - The average selling price of coal in the first half of 2024 was 697.6 yuan/ton, a decrease of 24% year-on-year, while the average sales cost was 406.0 yuan/ton, down 14% year-on-year [4][5] - The company plans to distribute a cash dividend of 2.30 yuan per 10 shares, totaling 23.1 billion yuan, which represents 30.51% of the net profit for the period [5][6] Production and Sales Summary - In the first half of 2024, the company produced 69.08 million tons of commercial coal, an increase of 8.2% year-on-year, with sales reaching 67.88 million tons, up 2.93% year-on-year [4][5] - The production growth was attributed to the removal of geological constraints at Tianchi Energy and Inner Mongolia Mining, as well as increased output from Yancoal Australia [4][5] Future Growth Potential - The company has significant growth potential, with plans to produce approximately 140 million tons of commercial coal in 2024, an increase of nearly 10 million tons compared to 2023 [5][6] - The report anticipates revenue for 2024-2026 to be 1466.2 billion yuan, 1567.1 billion yuan, and 1647.9 billion yuan respectively, with net profit projections of 156.1 billion yuan, 181.3 billion yuan, and 203.8 billion yuan [5][6]

Investment Rating - The report maintains a "Recommended" rating for Yanzhou Coal Mining Company (600188.SH) [1][2] Core Views - In the first half of 2024, the company reported a revenue of 72.31 billion yuan, a decrease of 24.07% year-on-year, and a net profit attributable to shareholders of 7.57 billion yuan, down 31.64% year-on-year [1] - The coal production and sales increased, but the average selling price declined significantly, impacting profitability [1] - The company plans to distribute a cash dividend of 0.23 yuan per share, totaling 2.31 billion yuan, which represents 30.51% of the net profit for the period [1] Financial Performance Summary - For H1 2024, coal production reached 69.08 million tons, up 8.2% year-on-year, while coal sales were 67.88 million tons, up 2.9% year-on-year [1] - The average selling price of coal was 697.6 yuan per ton, down 23.5% year-on-year, with a cost of 406 yuan per ton, down 14.3% year-on-year [1] - The gross profit margin for coal business was 41.8%, a decrease of 6.3 percentage points year-on-year [1] - Non-coal business showed growth, with chemical business gross profit increasing by 24.9% year-on-year [1] Future Earnings Estimates - The company is expected to achieve net profits of 14.52 billion yuan, 16.00 billion yuan, and 16.84 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.45 yuan, 1.59 yuan, and 1.68 yuan [2][6] - The PE ratios for the years 2024, 2025, and 2026 are projected to be 10, 9, and 8 respectively based on the stock price as of August 30, 2024 [2][6]

Investment Rating - The investment rating for Yanzhou Coal Mining Company (兖矿能源) is "Buy" [1] Core Views - The company reported a stable operating performance with increased sales volume but decreased revenue, highlighting its investment value through dividend distribution [1][4] - The coal production and sales have shown growth, with a significant increase in production capacity expected in the coming years [3][4] - The company is positioned for long-term growth with a focus on becoming a clean energy supplier and a world-class enterprise [4] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 72.31 billion yuan, a decrease of 24.07% year-on-year, while the net profit attributable to shareholders was 7.57 billion yuan, an increase of 31.64% year-on-year [1] - The net cash flow from operating activities was 12.62 billion yuan, reflecting an increase of 85.42% year-on-year [1] - In Q2 2024, the company reported a revenue of 32.68 billion yuan, down 18.26% year-on-year and 17.55% quarter-on-quarter, with a net profit of 3.81 billion yuan, down 16.37% year-on-year but up 1.46% quarter-on-quarter [2] Coal Production and Sales - In H1 2024, the company produced 69.08 million tons of coal, an increase of 8.2% year-on-year, with sales of 67.88 million tons, up 2.9% year-on-year [2] - The average selling price of coal in H1 2024 was 698 yuan per ton, down 23.5% year-on-year [2] - The company aims to achieve a coal production target of over 140 million tons in 2024, with several new projects planned to enhance production capacity [3][4] Chemical Production - The chemical segment maintained stable production and sales, with a gross margin improvement in Q2 2024 [2] - In H1 2024, the chemical products produced were 4.18 million tons, with sales of 3.75 million tons [2] Dividend and Shareholder Value - The company plans to distribute a cash dividend of 0.23 yuan per share, totaling 2.3 billion yuan, which is approximately 30.5% of the net profit for the first half of the year [4] - The controlling shareholder and management have collectively increased their holdings, indicating confidence in the company's value [4] Earnings Forecast - The company is expected to see net profits of 16.8 billion yuan, 19.1 billion yuan, and 21 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.67, 1.90, and 2.09 yuan per share [4]