中煤能源（601898.SH） | --- | --- | --- | --- | --- | --- | |----------------------|---------|---------|---------|---------|---------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 220,577 | 192,969 | 186,529 | 190,577 | 194,700 | | 增长率 yoy（%） | -8.0 | -12.5 | -3.3 | 2.2 | 2.2 | | 归母净利润（百万元） | 18,259 | 19,534 | 19,637 | 20,425 | 21,220 | | 增长率 yoy（%） | 32.9 | 7.0 | 0.5 | 4.0 | 3.9 | | ROE（%） | 15.4 | 14.1 | 13.2 | 12.3 | 11.5 | | EPS 最新摊薄（元） | 1.38 | 1.47 | 1.48 | 1.54 | 1.60 | | P/E（倍） | 9.4 | 8 ...

2024 年 08 月 28 日 中煤能源(601898.SH) 业绩稳健运行，多重分红回报股东 | --- | |---------------------------------------------------------| | 公司发布 2024 年半年度报告：2024 年上半年公司实现营业收 | | 入 929.8 亿元，同比-15.0%；归母净利润 97.9 亿元，同比 | | 扣非归母净利润 96.6 亿元，同比-17.8%。分季度看， | | 二季度公司实现营业收入 475.9 亿元，同比 | | 归母净利润 48.2 亿，同比+3.0%，环比-3.0% | | 47.6 亿元，同比+3.2%，环比-2.6%。 | | --- | |------------------------------------------------------------| | 2024H1 自产商品煤量微降，价格下降影响毛利：据公司公告， | | 1）产销量方面：2024 年上半年公司坚持能源安全稳定供应首责， | | 有序释放先进产能。大海则、东露天煤矿等持续生产，实现商品 | | 煤产量 6650 万吨（ ...

公司近一年市场表现 市场数据：2024 年 8 月 23 日 收盘价（元）： 12.96 年内最高/最低（元）： 13.68/8.04 流通A股/总股本（亿）： 91.52/132.59 流通 A 股市值（亿）： 1,186.10 总市值（亿）： 1,718.32 基础数据：2024 年 6 月 30 日 基本每股收益(元)： 0.74 摊薄每股收益(元)： 0.74 每股净资产(元)： 14.18 净资产收益率(%)： 6.81 资料来源：最闻 胡博 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 刘贵军 执业登记编码：S0760519110001 邮箱：liuguijun@sxzq.com 2024 年 8 月 26 日 公司研究/公司快报 事件描述 公司发布 2024 年半年度报告：报告期内公司实现营业收入 929.84 亿元， 同比-15.0%；实现归母净利润 97.88 亿元，同比-17.3%；扣非后归母净利润 96.56 亿元，同比-17.8%；基本每股收益 0.74 元/股，加权平均净资产收益 率 6.55%，同比减少 2.08 个百分点。经营活动产生的现金流量净 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report indicates that the company's coal business is expected to maintain stable prices and increase production, while the coal chemical business is anticipated to improve steadily. The company is progressing towards becoming a world-class energy enterprise with a strong coal industry chain [9][10] - The company's net profit attributable to shareholders for the first half of 2024 is projected to be 19 billion yuan, with an EPS of 1.43 yuan for 2024, and the valuation is set at a PE ratio of 11 to 13 times, corresponding to a reasonable value range of 15.78 to 18.65 yuan [9][10] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue and net profit of 92.98 billion yuan and 9.79 billion yuan, respectively, representing a year-on-year decrease of 15% and 17.3%. However, the net profit for Q2 showed a slight increase of 2.9% year-on-year [6][8] - The coal production for the first half of 2024 was 66.5 million tons, with self-produced coal sales of 66.19 million tons, reflecting a year-on-year decrease of 0.9% and an increase of 2.1%, respectively [6][7] Cost and Pricing - The average selling price of self-produced coal in the first half of 2024 was 584 yuan per ton, down 6.4% year-on-year, while the unit cost increased by 2.7% to 293 yuan per ton [6][7] - The coal chemical segment saw a significant reduction in costs, with net profit increasing by 24% year-on-year, driven by effective cost control and scale effects [7] Dividend Policy - The company plans to distribute a cash dividend of 29.4 billion yuan, which is 30% of the net profit attributable to shareholders for the first half of 2024, translating to a per-share dividend of 0.221 yuan [7] Future Projections - The company is expected to achieve net profits of 19 billion yuan, 21.11 billion yuan, and 21.81 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.43 yuan, 1.59 yuan, and 1.65 yuan [9][10]

证券研究报告 | 2024年08月27日 中煤能源（601898.SH） 优于大市 业绩保持稳健，派发中期分红积极回报投资者 公司发布 2024 年半年报：2024H1 公司实现营收 929.8 亿元，同比-15.0%， 归母净利润 97.9 亿元，同比-17.3%。其中 2024Q2 公司实现营收 475.9 亿元， 同比-5.2%，归母净利润 48.2 亿元，同比+3.0%。 煤炭板块：自产煤产销量稳定，受煤价下行及成本上升影响，煤炭板块毛利 下滑。2024H1 商品煤产量 6650 万吨，同比-0.9%；商品煤销售量 13355 万吨， 同比-8.9%，其中自产商品煤销量 6619 万吨，同比+2.1%，买断贸易煤销量 6437 万吨，同比-15.5%。2024H1 自产动力煤、炼焦煤销售均价分别为 511 元/吨、1371 元/吨，分别同比下降 37 元/吨、41 元/吨。自产商品煤单位销 售成本 292.9 元/吨，同比增加 7.7 元/吨，主要系人工成本同比+33.4%；但 相比2023年全年水平低14.1元/吨。综合看，2024H1煤炭板块实现毛利198.5 亿元，同比减少 26.7 亿元，其中 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.96 CNY [5] Core Views - The company reported a year-on-year increase in net profit for Q2, with a single-quarter net profit of 48.18 billion CNY, up 2.96% year-on-year, despite a 15% decline in revenue for the first half of 2024 [1] - The company's self-produced coal sales volume increased by 2.1% year-on-year, while the overall coal sales volume decreased by 8.9% [2] - The gross profit margin for polyolefins expanded due to a decrease in procurement costs, with a gross profit of 1,089 CNY per ton, up 241 CNY per ton year-on-year [3] - The forecast for net profit for 2024-2026 has been adjusted upwards to 193.9 billion CNY, 198.6 billion CNY, and 205.2 billion CNY, respectively, with corresponding EPS of 1.46 CNY, 1.50 CNY, and 1.55 CNY [3] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 929.84 billion CNY, down 15% year-on-year, and a net profit of 97.88 billion CNY, down 17.3% year-on-year [1] - Q2 saw a reduction in various expenses, with management expenses down 0.96%, R&D expenses down 17.5%, and financial expenses down 25.06% [1] Coal Production and Sales - The total coal production for the first half of 2024 was 66.5 million tons, a decrease of 0.9% year-on-year, while self-produced coal sales reached 66.19 million tons, an increase of 2.1% [2] - The unit sales cost of coal was 292.88 CNY per ton, reflecting a slight increase of 2.7% year-on-year [2] Polyolefins and Cost Structure - The average price of polyolefins was 6,955 CNY per ton, up 0.8% year-on-year, while the cost was 5,866 CNY per ton, down 3.1% year-on-year [3] - The overall operating cost for the coal chemical sector decreased by 7.8% year-on-year, with material costs dropping by 13.1% [3] Valuation Metrics - The company’s total market capitalization is approximately 118.61 billion CNY, with a total share capital of 9,152 million shares [4] - The company’s price-to-earnings ratio (P/E) for 2024 is projected at 8.86, indicating a favorable valuation compared to historical performance [8]

煤炭/煤炭开采 中报分红加大回馈股东，煤化一体高成长 中煤能源（601898.SH） 2024 年 08 月 26 日 ——2024 年中报点评报告 投资评级：买入（维持） | --- | --- | |--------------------|------------| | 日期 | 2024/8/23 | | 当前股价(元) | 12.96 | | 一年最高最低(元) | 13.68/7.89 | | 总市值(亿元) | 1,718.32 | | 流通市值(亿元) | 1,186.10 | | 总股本(亿股) | 132.59 | | 流通股本(亿股) | 91.52 | | 近 3 个月换手率(%) | 14.92 | 股价走势图 中煤能源 沪深300 -20% 0% 20% 40% 60% 80% 2023-08 2023-12 2024-04 2024-08 数据来源：聚源 相关研究报告 《特别派息和中期分红，煤炭央企彰 显 价 值 性 — 公 司 信 息 更 新 报 告 》 -2024.5.31 《煤价下行拖累 Q1 业绩，关注煤与煤 化工成长性—公司 2024年一季报点评 报告》-2024.4. ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated excellent performance and increased dividends, positioning itself as an undervalued leader in the thermal coal sector [1] - The company reported a revenue of 929.8 billion yuan for the first half of 2024, a decrease of 15% year-on-year, with a net profit attributable to shareholders of 97.9 billion yuan, down 17.3% year-on-year [3] - The company is expected to maintain stable performance due to its high long-term contract ratio and upcoming production from new mines [6] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 475.9 billion yuan, a quarter-on-quarter increase of 4.8% but a year-on-year decrease of 5.2% [3] - The net profit for Q2 2024 was 48.18 billion yuan, reflecting a quarter-on-quarter decrease of 3.0% but a year-on-year increase of 3.0% [3] Coal Business - The company produced 66.5 million tons of commodity coal in the first half of 2024, a decrease of 0.9% year-on-year, while sales volume was 133.55 million tons, down 8.9% year-on-year [4] - The average selling price for self-produced coal was 584 yuan per ton, a decrease of 40 yuan per ton (-6.4%) [4] Dividend Policy - The company distributed a cash dividend of 29.4 billion yuan for the first half of 2024, amounting to 0.221 yuan per share, and an additional special dividend of 15 billion yuan [5] - The total dividend for 2023 reached 73.6 billion yuan, representing 38% of the net profit attributable to shareholders [5] Future Outlook - Revenue projections for 2024-2026 are 1798.2 billion yuan, 1872.8 billion yuan, and 1931.8 billion yuan, with expected net profits of 184.0 billion yuan, 204.2 billion yuan, and 227.7 billion yuan respectively [6][7] - The company is expected to benefit from the commissioning of new coal mines and the expansion of its coal chemical business [6]

Investment Rating - The investment rating for China Coal Energy Co., Ltd. (601898.SH) is "Buy," maintaining the previous rating of "Buy" [1]. Core Views - The report highlights that the company's coal sales structure advantage mitigates the impact of coal price fluctuations on performance. The company achieved a stable increase in coal production and sales, with self-produced coal sales reaching 66.19 million tons, a year-on-year increase of 2.1% [1][2]. - The report anticipates that the demand for coal in the second half of the year will provide strong support for long-term contract prices, and the market prices are not expected to decline significantly. The company's high proportion of long-term contracts and internal growth momentum are expected to bring stable upward performance expectations [2]. Financial Performance Summary - In the first half of 2023, the company reported total operating revenue of 92.984 billion yuan, a year-on-year decrease of 14.97%, and a net profit attributable to shareholders of 9.788 billion yuan, down 17.30% [1]. - The company's operating cash flow was 14.890 billion yuan, a decrease of 12.59% year-on-year, with basic earnings per share of 0.74 yuan, down 16.85% [1]. - The asset-liability ratio stood at 47.97%, a decrease of 1.91 percentage points year-on-year [1]. - For the second quarter of 2024, the company reported a single-quarter operating revenue of 47.589 billion yuan, a year-on-year decrease of 5.20%, but a quarter-on-quarter increase of 4.84% [1]. Dividend Policy - The company plans to distribute a special dividend and a mid-year dividend for 2024, proposing a cash dividend of 0.113 yuan per share, with a total distribution of 7.36 billion yuan for the 2023 fiscal year, resulting in a dividend payout ratio of 37.7% [2]. - The mid-year profit distribution plan for 2024 suggests a cash dividend of 0.221 yuan per share, corresponding to a dividend yield of approximately 1.7% based on the stock price as of August 23, 2024 [2]. Earnings Forecast - The report projects that the company will achieve net profits attributable to shareholders of 19.847 billion yuan, 20.697 billion yuan, and 21.455 billion yuan for the years 2024, 2025, and 2026, respectively, with earnings per share of 1.50 yuan, 1.56 yuan, and 1.62 yuan [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 中國中煤能源股份有限公司 （於中華人民共和國成立之股份有限公司） （股份代號：01898） 截至2024年6月30日止6個月之中期業績 財務摘要： 董事會宣佈本集團根據國際會計準則第34號「中期財務報告」編製的本集團截至 2024年6月30日止6個月的中期業績。本集團的中期業績未經審計，但已經本公司 核數師安永會計師事務所審閱。 * 僅供識別 1 • 2024年上半年本集團的收入為人民幣929.84億元，較2023年同期減少人民 幣163.73億元（即-15.0%）。 • 2024年上半年本公司股東應佔利潤為人民幣106.95億元，較2023年同期減 少人民幣20.37億元（即-16.0%）。 • 2024年上半年本公司每股基本盈利為人民幣0.81元，較2023年同期減少人 民幣0.15元。 • 2024年上半年息稅折舊攤銷前利潤為人民幣231.07億元，較2023年同期減 少人民幣32.70億元（即- ...