Summary of China Energy Q3 2024 Performance Conference Call Company Overview - **Company**: China Energy - **Industry**: Energy, specifically coal and coal chemical products Key Points and Arguments Economic and Operational Performance - In the first three quarters of 2024, China Energy achieved a total production of 1.0231 million tons of coal, an increase of 1.14 million tons or 1.1% year-on-year [2][3] - The total sales volume of commercial coal was 25.51 million tons, a decrease of 4.3% [3] - The average selling price of self-produced coal was 571 RMB per ton, down 5.3% year-on-year, while the average price for purchased trade coal was 598 RMB per ton, down 9.4% [3] - The unit sales cost for self-produced coal was 286.60 RMB per ton, a decrease of 2.8% year-on-year [3] Financial Performance - Revenue for the first three quarters was 140.41 billion RMB, a decrease of 10.1% year-on-year due to falling coal prices [6] - Net profit attributable to shareholders was 14.614 billion RMB, down 12.7% year-on-year [6] - The cash flow from operating activities was 21.703 billion RMB, a decrease of 4.4% [6] - The company’s debt-to-asset ratio at the end of the period was 47%, down 0.6 percentage points year-on-year [6] Cost Management - The company reported a decrease in costs due to lower raw material prices and effective cost control measures [6][12] - Significant reductions in financial expenses contributed to profit increases [6] - The company aims to maintain a balance between cost control and operational efficiency [12] Future Outlook and Strategic Initiatives - The company plans to focus on high-quality development and safety management in Q4 2024 [7] - There is an emphasis on ensuring stable coal supply during peak demand periods and extreme weather [7] - The company is exploring opportunities for asset acquisitions in the coal sector, although no specific plans are currently in place [15][16] Market Conditions - The coal market is expected to remain stable, with average prices projected around 702 RMB per ton, compared to current prices of approximately 870 RMB [10] - The company anticipates that the coal market will not experience significant fluctuations due to macroeconomic stability [10] Coal Chemical Products - Production of major coal chemical products showed mixed results, with urea production down 22,000 tons year-on-year due to maintenance activities [4] - The average selling price for various coal chemical products varied, with some prices increasing while others decreased [5] Capital Expenditure and Investment Plans - The company has planned capital expenditures of 16 billion RMB for 2024, with a focus on coal, coal chemical, and power sectors [31][35] - Future investments will also consider potential acquisitions of coal assets to enhance operational capacity [31][32] Shareholder Returns - The company maintains a dividend policy of distributing 30% of available profits, ensuring stable returns for shareholders [36][37] Questions and Answers - Analysts raised questions regarding the coal market's pricing dynamics and the company's cost management strategies, indicating a keen interest in understanding the underlying factors affecting profitability [9][13][19][33] Additional Important Information - The company is actively pursuing technological innovations in coal chemical projects, aiming for cost reductions and efficiency improvements [28][29] - Future projects, including the expansion of existing coal mines, are in various stages of planning and regulatory approval [20][34] This summary encapsulates the key insights from the conference call, highlighting the company's performance, strategic direction, and market outlook.

Investment Rating - Investment rating is maintained at "Accumulate" [1] Core Views - The company reported third-quarter results that met expectations, with a focus on improving quality and efficiency to steadily release profits [1] - The company's coal production and sales volume showed a year-on-year recovery, and effective cost control mitigated the impact of falling coal prices on performance [1] - The company has a high proportion of long-term contracts, indicating stable operations and long-term growth potential [1][2] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 140.41 billion yuan, a year-on-year decrease of 10.11%, with third-quarter revenue of 47.43 billion yuan, a year-on-year increase of 1.2% [1] - The net profit attributable to shareholders for the first three quarters was 14.61 billion yuan, down 12.43% year-on-year, with third-quarter net profit of 4.83 billion yuan, a year-on-year decrease of 0.6% [1] - The cumulative coal production for the first three quarters was 102 million tons, up 1.1% year-on-year, while the cumulative coal sales volume was 206 million tons, down 4.3% year-on-year [1] Cost and Pricing Analysis - The self-produced coal sales price was 571 yuan per ton, a decrease of 32 yuan per ton or 5.3% year-on-year [1] - The unit sales cost was 286.60 yuan per ton, down 8.19 yuan per ton or 2.8% year-on-year [1] - The company effectively reduced total costs through improved management of labor and transportation expenses [1] Profitability Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 19.39 billion yuan, 20.39 billion yuan, and 20.71 billion yuan respectively, with corresponding P/E ratios of 9.2, 8.7, and 8.6 [2][4] - The company’s valuation is below the average of comparable companies, indicating potential for price appreciation [1][3] Comparable Company Valuation - The average P/E ratio of comparable companies is 8.2 for 2024E, while the company’s P/E ratio is 9.2, suggesting it is undervalued compared to peers [3] - The company’s current stock price is 13.41 yuan, with a 52-week price range of 8.31-15.92 yuan [1][3]

14.4万吨同比增加3.2万吨累计完成居心销量113.5万吨同比增加3万吨其中完成尿素质量131.2万吨那么受到图科厂区8月份按计划进行大剧影响那么同比减少22万吨累计完成尿素的销售量151万吨这年包含了集中销售中美集团所有平时网络公司所生产的尿素8.5万吨 那么总体销量同比减少了19.4万吨累计完成甲酸产量121.3万吨同比减少22.2万吨主要是受到了中美远星核能化公司图克厂区装置按计划大修的影响累计完成销量120.6万吨同比减少25.8万吨累计完成硝胺产量42.3万吨同比增加1.1万吨 统计完成销售量42.2万吨 同比增长0.7万吨至于煤化和产品的售价情况最新产品的销售均价为6171元每吨同比增长58苗素销售均价为2134元每吨同比价格是11.4甲醇销售价格为1767元每吨同比增长0.9 销安销售定价为2101元每吨同比下降11.7%主要煤化工产品单位销售成本情况受到原料煤成本下降因此综合影响聚气瓶产品单位销售成本6015元每吨同比下降1900尿素产品单位销售成本1527元每吨同比下降6%甲醇产品单位销售成本1781元每吨同比下降3.7% 肖安单位销售成本1288元每吨同比下降20%公司装备业务的情况前三 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights continuous cost optimization and excellent performance in the third quarter, with a focus on the company's coal production and sales metrics [1][3] - The company has shown resilience in its coal business despite a decrease in sales prices, with a notable improvement in gross margins due to cost management strategies [4][6] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 140.41 billion yuan, a year-on-year decrease of 10.1%, and a net profit attributable to shareholders of 14.61 billion yuan, down 12.4% year-on-year [3] - In Q3 2024, the company reported operating revenue of 47.43 billion yuan, a slight decrease of 0.3% quarter-on-quarter but an increase of 1.2% year-on-year [3] Coal Business - The company produced 35.81 million tons of commodity coal in Q3 2024, representing a 6.0% increase quarter-on-quarter and a 5.2% increase year-on-year [1][4] - The average selling price of self-produced coal decreased by 4.7% quarter-on-quarter, while the unit cost fell by 6.9%, leading to a gross profit of 270.1 yuan per ton and a gross margin of 49.6% [1][4] Coal Chemical Business - The report indicates that the coal chemical segment has seen improvements in gross margins due to cost optimization, with polyethylene and polypropylene sales volumes increasing by 2.8% and 2.6% respectively [4][5] - The overall unit gross profit for coal chemical products has improved compared to the previous year, despite some price declines [5] Future Outlook - The company is expected to see revenue of 179.82 billion yuan in 2024, with a projected net profit of 18.40 billion yuan, reflecting a stable outlook supported by high long-term contract ratios and upcoming production from new mines [6][7] - The company plans to enhance shareholder returns through increased dividends, maintaining a positive growth trajectory in the coming years [6]

Q3 公司自产煤销售收入为 186.67 亿元（同比-5.07%，环比-3.46%），销售 | --- | |-------------------------------------------------------------------------------| | | | 成本为 93.84 亿元（同比 -13.82% ，环比 -6.01% ），吨煤售价为 545.98 | | 吨（同比 -3.32% ，环比 -4.34% ），吨煤成本为 274.46 元 / 吨（同比 -12.23% | | 环比 -6.86% ）。 | 中煤能源（601898.SH） 24Q3 业绩符合预期，高分红性质凸显 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------|------------------------------|-------------------|--------------------- ...

证券研究报告 | 2024年10月25日 中煤能源（601898.SH） 优于大市 降本增量对冲煤价下行影响，业绩稳健性凸显 公司发布 2024 年三季报：2024 年前三季度公司实现营收 1404.1 亿元，同比 -10.1%，归母净利润 146.1 亿元，同比-12.4%。其中 2024Q3 公司实现营收 474.3 亿元，同比+1.2%，归母净利润 48.3 亿元，同比-0.6%。 煤炭板块：自产煤产销量环比增长，同时成本下降对冲煤价下行影响，盈利 能力保持稳健。2024Q3 商品煤产量 3581 万吨，同比+5.2%/环比+6.0%；商品 煤销售量 7196 万吨，同比+5.6%，环比+3.3%，其中自产商品煤销量 3419 万 吨，同比-1.8%，环比+0.9%，买断贸易煤销量 3677 万吨，同比+10.8%，环 比+6.1%。2024Q3 自产动力煤、炼焦煤销售均价分别为 488 元/吨、1176 元 /吨，分别同比下降 15 元/吨、90 元/吨，环比下降 21 元/吨、62 元/吨。自 产商品煤单位销售成本 274 元/吨，同比下降 38 元/吨，环比下降 20 元/吨， 主要系折旧摊销、运 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 本报告导读： 业绩符合市场预期，山西产量恢复及大海则放量，助力 Q3 产销双升，同时煤化工 经营稳定，毛利抬升。 投资要点： 请务必阅读正文之后的免责条款部分 经营稳健，国改排头兵 中煤能源(601898) [Table_Industry] 煤炭/能源 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|---------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | [table_Authors] 黄涛 ( 分析师 ) | 王楠瑀 ( 研究助理 ) | | | | | | | | 021-38674879 | 021-38032030 | | | | | | | | huangtao@gtjas.com | wangnanyu028176@gtjas.com | | | | | | | 登 ...

中煤能源（601898.SH） 煤炭开采 证券研究报告/公司点评报告 2024 年 10 月 24 日 Q3 业绩符合预期，降本增利显著 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------- ...

干源证券 煤炭/煤炭开采 Q3 盈利保持稳健，关注高分红潜力和主业成长性 中煤能源（601898.SH） 2024 年 10 月 24 日 投资评级：买入（维持） 张绪成（分析师） ——公司信息更新报告 | --- | --- | |-------------------------|------------| | 日期 | 2024/10/23 | | 当前股价 ( 元 ) | 13.24 | | 一年最高最低 ( 元 ) | 15.92/8.31 | | 总市值 ( 亿元 ) | 1,755.45 | | 流通市值 ( 亿元 ) | 1,211.72 | | 总股本 ( 亿股 ) | 132.59 | | 流通股本 ( 亿股 ) | 91.52 | | 近 3 个月换手率 (%) | 15.44 | 股价走势图 -24% 0% 24% 48% 72% 96% 2023-10 2024-02 2024-06 中煤能源 沪深300 数据来源：聚源 相关研究报告 《深度系列二：低估值央煤，高分红 与高成长潜力足—公司深度报告》 -2024.9.19 《中报分红加大回馈股东，煤化一体 高成长—2024 年中报点评 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company's Q3 2024 net profit attributable to shareholders increased by 0.17% quarter-on-quarter, attributed to effective cost control, with a decrease in various expenses [1] - The coal business revenue for the first three quarters of 2024 was 117.85 billion yuan, down 11% year-on-year, primarily due to falling coal prices [2] - The company maintained its profit forecast for 2024-2026, with net profit estimates of 19.39 billion yuan, 19.86 billion yuan, and 20.52 billion yuan respectively, corresponding to EPS of 1.46, 1.50, and 1.55 yuan [3] Financial Performance Summary - In Q3 2024, the company's operating revenue was 47.428 billion yuan, a year-on-year increase of 1.2%, while the net profit attributable to shareholders was 4.826 billion yuan, a year-on-year decrease of 0.6% [1] - The coal production for the first three quarters of 2024 was 102 million tons, a year-on-year increase of 1.1%, with a slight decrease in mining costs [2] - The company's EBITDA for 2024 is projected to be 49.03 billion yuan, with a P/E ratio of 9.05 and a P/B ratio of 1.12 [7][10] Cost Management - The unit sales cost of self-produced coal for the first three quarters of 2024 was 286.6 yuan/ton, down 2.8% year-on-year, mainly due to reductions in depreciation, maintenance, transportation, and other costs [2] - The gross profit margin for polyolefins increased by 13.4% year-on-year, while the gross profit margin for urea decreased by 25.7% [3] Market Position - The company's total A-share market capitalization is approximately 121.17 billion yuan, with a total A-share capital of 9.152 billion shares [4] - The stock price has shown fluctuations, with a peak of 15.92 yuan and a low of 8.31 yuan over the past year [4]