Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown stable performance despite a decline in revenue and profit due to effective cost control and a continuous optimization of its asset structure [1][2] - The coal sales volume has maintained a growth trend, with a slight increase in overall coal sales despite a decrease in prices [1][2] - The company is expected to achieve steady growth in profits due to its high proportion of long-term contracts and internal growth momentum [2] Financial Performance Summary - For the first three quarters of 2024, the company reported operating revenue of 140.41 billion yuan, a year-on-year decrease of 10.11%, and a net profit attributable to shareholders of 14.61 billion yuan, down 12.43% year-on-year [1] - The company's cash flow from operating activities was 25.76 billion yuan, a decrease of 9.16% year-on-year, with basic earnings per share at 1.10 yuan, down 12.70% year-on-year [1] - The coal sales volume for the first three quarters was 100.38 million tons, an increase of 0.7% year-on-year, with the average selling price of thermal coal at 503 yuan per ton, down 5.5% year-on-year [1][2] Cost Control and Profitability - The company has effectively controlled costs, with the unit sales cost of self-produced coal decreasing by 2.8% year-on-year to 286.6 yuan per ton [1] - The gross profit from coal business was 29.25 billion yuan, a decrease of 7.0% year-on-year, indicating that good cost control has helped stabilize performance in a declining market [1] - The company’s chemical products also showed significant cost reductions, with unit sales costs for various products decreasing [1] Debt and Asset Management - The company has continued to repay debts, with non-current liabilities due within one year decreasing by 36.6% year-on-year to 13.79 billion yuan [1] - The asset-liability ratio improved to 47.08%, a decrease from the previous year, indicating a stronger balance sheet [1] Earnings Forecast - The company is expected to achieve net profits of 19.23 billion yuan, 19.57 billion yuan, and 20.25 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding earnings per share of 1.45 yuan, 1.48 yuan, and 1.53 yuan [2][3]

Investment Rating - The report maintains a "Buy" rating for China Coal Energy (601898.SH) [2] Core Views - The company's revenue for the first three quarters of 2024 was CNY 140.41 billion, a year-on-year decrease of 10.11%, while the net profit attributable to shareholders was CNY 14.61 billion, down 12.43% year-on-year [4] - The coal business showed a recovery in production and sales in Q3 2024, with a total coal production of 35.81 million tons and sales of 71.69 million tons, representing year-on-year increases of 5.2% and 5.6%, respectively [4] - The company has a strong cash position with CNY 88.92 billion in cash and a debt-to-asset ratio of 47.08%, indicating potential for increased shareholder returns [5] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of CNY 47.43 billion, a year-on-year increase of 1.2%, and a net profit of CNY 4.83 billion, down 0.6% year-on-year [4] - For the first three quarters of 2024, the company reported a net profit of CNY 14.61 billion, a decrease of 12.43% compared to the previous year [4] Coal Business - The total coal production and sales for the first three quarters of 2024 were 102.31 million tons and 205.51 million tons, respectively, with production up 1.1% and sales down 4.3% year-on-year [4] - The average selling price of self-produced coal was CNY 571 per ton, down 5.3% year-on-year, while the cost per ton was CNY 286.6, a decrease of 2.8% year-on-year [4] Chemical Business - The company reported stable sales in its chemical segment, with polyolefins sales of 1.135 million tons, a year-on-year increase of 2.7% [5] - The average selling prices for polyolefins and urea were CNY 6,971 and CNY 2,134 per ton, respectively, with urea prices down 11.4% year-on-year [5] Future Growth Potential - The company is expected to see growth in coal production with new mines projected to be operational by 2025, and ongoing projects in coal chemical processing and power generation [6] - Revenue projections for 2024-2026 are CNY 1,917 billion, CNY 1,984 billion, and CNY 2,018 billion, with net profits expected to be CNY 192 billion, CNY 212 billion, and CNY 225 billion, respectively [6]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 12.00 for the Hong Kong stock and RMB 16.90 for the A-share [5][6]. Core Views - The company's net profit for the third quarter was RMB 4.83 billion, a year-on-year decrease of 0.6% and a quarter-on-quarter increase of 0.1%, indicating stable earnings [1]. - The decline in the proportion of self-produced coal sales negatively impacted the profit margins, alongside a decrease in the chemical segment's production and sales due to maintenance [2][3]. - The company is expected to maintain stable profitability due to a high proportion of long-term coal sales contracts, especially as the traditional peak season for coal approaches in the fourth quarter [1][4]. Summary by Sections Coal Production - The average selling price of self-produced coal in the third quarter was RMB 546 per ton, down 3.2% year-on-year and 4.3% quarter-on-quarter [2]. - The unit cost of self-produced coal decreased to RMB 274 per ton, a reduction of 12.2% year-on-year and 6.9% quarter-on-quarter, partially offsetting the impact of falling prices on profit margins [2]. - The total coal production reached 35.81 million tons, a year-on-year increase of 5.2% and a quarter-on-quarter increase of 6% [2]. Chemical Production - The chemical segment experienced significant production declines due to equipment maintenance, with urea production down 46.3% year-on-year and methanol production down 30% [3]. - The unit cost for urea increased by 27.4% year-on-year, while methanol's unit cost rose by 22.7% year-on-year, leading to a sharp decline in the segment's profit margins [3]. Profit Forecast and Valuation - The forecasted net profit for 2024-2026 is RMB 20.19 billion, RMB 21.92 billion, and RMB 23.45 billion respectively [4][7]. - The average PE ratio for comparable companies in the industry for 2025 is 9.7x, while the company is assigned a PE of 10.7x for 2024-2025, leading to a target price of RMB 16.90 for A-shares and HKD 12.00 for H-shares [4][8].

[Table_MainInfo] 公司研究/煤炭 证券研究报告 中煤能源（601898）公司季报点评 2024 年 10 月 24 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------------|-----------------| | 股票数据 | | | 10 [ Table_StockInfo 月 23 日收盘价（元） ] | 13.24 | | 52 周股价波动（元） | 8.31-15.92 | | 总股本 / 流通 A 股（百万股） | 13259/9152 | | 总市值 / 流通市值（百万元） | 175545/175545 | | 相关研究 | | | [Table_ReportInfo] 《 Q2 归母净利同比逆势增长，边际与远期稳 | | | 健成长可期》 2024.08.27 | | | 《中煤能源深度报告：稳健与成长兼具，边际 与远期可期 20240815 》 | 2024.0 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has demonstrated stable performance with a notable value proposition despite a decline in revenue and net profit year-on-year [1][2]. - The coal production and sales have shown resilience, with a slight increase in self-produced coal sales in Q3 2024 [2]. - The report projects a gradual recovery in net profit over the next few years, with expected net profits of 19.2 billion, 21.4 billion, and 23.7 billion for 2024, 2025, and 2026 respectively [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 140.41 billion yuan, a year-on-year decrease of 10.11%, and a net profit attributable to shareholders of 14.61 billion yuan, down 12.43% [1]. - In Q3 2024, the company achieved a net profit of 4.83 billion yuan, a slight decrease of 0.55% year-on-year, while revenue increased by 1.23% to 47.43 billion yuan [1]. - The average selling price of self-produced thermal coal decreased by 5.5% year-on-year to 503 yuan/ton for the first three quarters of 2024 [2]. Production and Cost Analysis - The company produced and sold 102.31 million tons and 205.51 million tons of raw coal respectively in the first three quarters of 2024, reflecting a year-on-year increase of 1.1% in production but a decrease of 4.3% in sales [2]. - The cost of self-produced coal for the first three quarters of 2024 was 287 yuan/ton, a year-on-year increase of 2.8%, while in Q3 2024, the cost dropped to 274 yuan/ton, down 12.2% year-on-year [2]. Future Projections - The report forecasts net profits for 2024, 2025, and 2026 to be 19.2 billion, 21.4 billion, and 23.7 billion yuan respectively, with corresponding P/E ratios of 9.2X, 8.2X, and 7.4X [2][3].

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company's coal business shows internal and external extensibility, supported by high long-term contracts, which ensures steady profit growth. The synergy of coal and chemical integration helps improve valuation. The forecasted net profits for 2024-2026 are 189.58 billion, 199.00 billion, and 214.11 billion yuan, respectively, with corresponding EPS of 1.43, 1.50, and 1.61 yuan per share, leading to PE ratios of 9, 9, and 8 times based on the closing price on October 23, 2024 [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 10.1%, and a net profit attributable to shareholders of 14.61 billion yuan, down 12.4% year-on-year. The third quarter saw a slight year-on-year decline in net profit but a marginal quarter-on-quarter increase [1]. - In Q3 2024, the company reported operating revenue of 47.43 billion yuan, a year-on-year increase of 1.2% but a quarter-on-quarter decrease of 0.3%. The net profit for the same period was 4.83 billion yuan, showing a slight year-on-year decline of 0.6% but a quarter-on-quarter increase of 0.2% [1]. - The gross profit margin in Q3 2024 was 23.5%, down 1.5 percentage points from the previous quarter, while the expense ratio slightly decreased to 4.5% [1]. - Coal production in Q3 2024 reached 35.81 million tons, up 5.2% year-on-year and 6.0% quarter-on-quarter. The unit cost of self-produced coal was 274.4 yuan per ton, down 12.2% year-on-year and 6.9% quarter-on-quarter [1]. - The chemical segment's profitability declined in Q3 2024, with production of various chemicals showing mixed results in terms of volume and pricing [1]. Financial Forecasts - The projected operating revenue for 2024 is 183.41 billion yuan, with a year-on-year decrease of 5.0%. The net profit attributable to shareholders is expected to be 18.96 billion yuan, down 3.0% year-on-year [2][4]. - The company is expected to maintain a PE ratio of 9 for 2024 and 2025, decreasing to 8 by 2026 [2][4].

Financial Performance - Operating revenue for the third quarter reached RMB 47,428,310, representing a year-on-year increase of 1.2%[3] - Net profit attributable to shareholders was RMB 4,826,277, showing a slight decrease of 0.6% compared to the same period last year[3] - The cash flow from operating activities for the year-to-date was RMB 25,756,764, down 9.2% year-on-year[3] - The net profit after deducting non-recurring gains and losses was RMB 4,769,138, down 1.0% year-on-year[3] - For the first nine months of 2024, the net profit attributable to shareholders was CNY 14,614,069, a decrease of 12.7% compared to CNY 16,688,039 in the same period of 2023[8] - The coal business generated operating revenue of CNY 117.85 billion in the first nine months of 2024, down 11.0% from CNY 132.37 billion in the same period of 2023[12] - The operating cost of the coal business was CNY 88.60 billion, a decrease of 12.2% from CNY 100.91 billion year-on-year[12] - The gross profit from the coal business was CNY 29.25 billion, down 7.0% from CNY 31.46 billion in the previous year[12] Production and Sales - The production of commercial coal for the first nine months was 10,231,000 tons, an increase of 1.1% year-on-year[7] - The sales volume of commercial coal decreased by 4.3% to 20,551,000 tons compared to the same period last year[7] - The production of urea decreased by 14.4% to 131,200 tons in the first nine months compared to the previous year[7] - The sales volume of self-produced commodity coal for January to September 2024 was 12.94 million tons, a decrease from 13.54 million tons in the same period of 2023[14] - The sales volume of urea decreased by 11.4% to 151.0 million tons, with the sales price dropping by 11.4% to RMB 2,134 per ton[17] - The sales volume of methanol decreased by 17.7% to 120.6 million tons, while the sales price increased slightly by 0.9% to RMB 1,767 per ton[17] - The sales volume of polyethylene increased by 2.7% to 58.9 million tons, with a sales price increase of 1.4% to RMB 7,281 per ton[17] - The sales volume of polypropylene increased by 2.6% to 54.6 million tons, with a stable sales price of RMB 6,636 per ton[17] Assets and Liabilities - The total assets at the end of the reporting period amounted to RMB 360,629,392, reflecting a 3.2% increase from the previous year[3] - The total net assets attributable to shareholders as of September 30, 2024, were CNY 149,495,273, an increase of 3.3% from CNY 144,121,015 at the end of 2023[8] - The total liabilities due within one year decreased by 36.6% to CNY 13,787,145, reflecting repayments of long-term bank loans[10] Costs and Expenses - The unit sales cost of self-produced commodity coal decreased to RMB 286.60 per ton in January to September 2024, down 2.8% from RMB 294.79 per ton in the same period of 2023[16] - The material cost per ton increased by 2.9% year-on-year to RMB 56.11, while labor costs rose by 17.7% to RMB 53.27 per ton[15] - The unit sales cost of ammonium nitrate decreased significantly by 20.4% to RMB 1,288 per ton[18] Investments and Shareholding - China Coal Energy Company increased its A-share holdings by 2,454,700 shares, representing approximately 0.0185% of the total share capital during the reporting period[22] - As of September 30, 2024, China Coal holds 7,611,207,908 A-shares, accounting for 57.41% of the total issued share capital[22] - The total shareholding of China Coal, including H-shares held through its subsidiary, is approximately 58.40% of the total issued share capital[22] - Fude Life Insurance Company holds 2,012,858,147 H-shares of the company as disclosed on the stock exchange[22] - The top 10 shareholders and those holding more than 5% of shares have participated in the securities lending business, with specific details provided in the report[22] - The report indicates that there were no changes in the number of shares lent and not returned for the top 10 shareholders during the reporting period[23] Management and Governance - The company will not apply new accounting standards or interpretations that would require adjustments to the financial statements for the current year[24] - The board of directors is led by Chairman Wang Shudong, with other executive and independent directors listed[24] Future Outlook - The company plans to enhance its production capabilities and explore new market opportunities in the upcoming quarters[16]

Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the Asia-Pacific region [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Market Expansion - The company successfully entered two new markets in Europe, contributing to a 20% increase in international sales [4]. - A new distribution center was opened in South America to support regional growth [1]. - Strategic partnerships were formed with local retailers in Southeast Asia to enhance market penetration [3]. Product Development - Launched three new products in the tech segment, which accounted for 25% of total revenue [2]. - R&D spending increased by 10% to accelerate innovation and product differentiation [4]. - Customer feedback on the latest product line has been overwhelmingly positive, with a 90% satisfaction rate [1]. Operational Efficiency - Implemented new supply chain management software, reducing logistics costs by 5% [3]. - Streamlined manufacturing processes, resulting in a 7% reduction in production time [2]. - Employee training programs were expanded, leading to a 15% improvement in workforce productivity [4]. Risk Management - Identified potential risks in the supply chain due to geopolitical tensions and implemented contingency plans [1]. - Increased cybersecurity measures to protect sensitive customer data, reducing the risk of data breaches [3]. - Conducted regular financial audits to ensure compliance with international accounting standards [2]. Customer Engagement - Launched a new loyalty program, resulting in a 10% increase in repeat customers [4]. - Enhanced customer service through the introduction of AI-powered chatbots, improving response times by 30% [1]. - Conducted customer satisfaction surveys, with 85% of respondents reporting a positive experience [2].

中国中煤能源股份有限公司第五届董事会 2024 年第七次会议通知于 2024 年 10 月 9 日以书面方式送达，会议于 2024 年 10 月 23 日以现场表决方式召开。会 议应到董事 7 名，实际出席董事 6 名，独立非执行董事黄江天委托独立非执行董 事景奉儒代为出席并行使表决权，公司监事、高级管理人员等有关人员列席了会 议，公司董事长王树东为本次会议主持人。本次会议的召开程序及出席董事人数 符合《中华人民共和国公司法》等法律法规和《公司章程》的规定。 二、 董事会会议审议情况 经与会董事一致同意，会议形成决议如下： （一）批准《关于<公司 2024 年第三季度报告>的议案》 证券代码：601898 证券简称：中煤能源 公告编号：2024-042 中国中煤能源股份有限公司 第五届董事会 2024 年第七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本公告全文已于本公告日刊登于上海证券交易所网站、香港联合交易所有限 公司网站、本公司网站、中国证券报、上海证券报、证券时报和证券日报。 一、 ...

证券代码：601898 证券简称：中煤能源 公告编号：2024-041 中国中煤能源股份有限公司 重要内容提示： 上证路演中心网址：http://roadshow.sseinfo.com/roadshowList.do "进门财经"网址（中文）：https://s.comein.cn/ABZHN "进门财经"网址（英文同传）：https://s.comein.cn/ABZHJ （二）电话会议拨入方式： 大陆：4001-510-269 香港：+852-800931266，台湾：+886-277083288，美国：+1-2087016888 国际：+86-010-21377168 关于召开 2024 年第三季度业绩说明会的预告公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本公告全文已于本公告日刊登于上海证券交易所网站、香港联合交易所有限 公司网站、本公司网站、中国证券报、上海证券报、证券时报和证券日报。 会议召开时间：2024 年 10 月 25 日（星期五）下午 16:00-17:00 会议召开方式：电话会议（中英文双语 ...