证券研究报告 中煤能源：量增价稳彰显业绩韧性，产业布局仍 公司研究 具成长空间 公司点评报告 2024年3月21日 中煤能源(601898.SH) 投资评级 买入 事件： 2024年3月20日，中煤能源发布年度报告，2023年公司实现营业 收入 1929.69 亿元，同比下降 12.52%，实现归母净利润 195.34 亿元，同 上次评级 买入 比上涨7%；扣非后净利润193.64亿元，同比上涨6.8%。经营活动现金流 量净额429.65亿元，同比下降1.5%；基本每股收益1.47元/股，同比上涨 6.5%。资产负债率为47.7%，同比下降3.8pct。 2023年第四季度，公司单季度营业收入367.60亿元，同比下降18.73%， 环比下降 21.54%；单季度归母净利润 28.46 亿元，环比下降 41.36%；单 左前明 能源行业首席分析师 季度扣非后净利润27.95亿元，环比下降41.99%。 执业编号：S1500518070001 点评： 联系电话：010-83326712  煤炭主业以量补价，成本端管控较为出色。2023 年全年完成商品煤产 邮 箱：zuoqianming@cindasc.com ...

[Table_Main] 证券研究报告 | 公司点评 中煤能源(601898.SH) 2023年3月21日 中煤能源：以量补价业绩稳健， 买入（维持） 所属行业：煤炭 产业协同稳步推进 当前价格(元)：11.81 证券分析师 投资要点 翟堃 资格编号：s0120523050002 事件：公司发布2023年度业绩报告。公司全年实现营业收入1929.69亿，同比-  邮箱：zhaikun＠tebon.com.cn 12.52%；归母净利润195.34亿元，同比+6.98%；扣非归母净利润193.64亿元， 薛磊 同比+6.8%；单季度来看，Q4公司实现营业收入 367.6 亿元，同比-18.73%，环 资格编号：S0120524020001 比-21.54%；归母净利润28.46亿，同比+261.66%，环比-41.36%；扣非归母净利 邮箱：xuelei＠tebon.com.cn 润27.95亿元，同比+249.55%,环比-41.99%。 研究助理 煤炭业务：商品煤产销大幅提升，Q4成本同比下行。1）2023年，受益于大海则 谢佶圆  矿顺利投产，公司商品煤产量/销量为 13422/28494 万吨，同比 ...

Financial Performance - The net profit attributable to shareholders for the year ended December 31, 2023, was CNY 20,183,598,000 under IFRS and CNY 19,534,049,000 under Chinese GAAP, with a proposed cash dividend of CNY 5,860,214,700, representing 30% of the net profit under Chinese GAAP, equating to CNY 0.442 per share[4]. - The company's operating revenue for 2023 was CNY 192,968,833, a decrease of 12.5% compared to CNY 220,576,859 in 2022[15]. - The net profit attributable to shareholders for 2023 was CNY 19,534,049, representing a 7.0% increase from CNY 18,259,055 in 2022[15]. - The net cash flow from operating activities for 2023 was CNY 42,965,340, a decline of 1.5% from CNY 43,634,064 in 2022[15]. - The basic earnings per share for 2023 was CNY 1.47, up 6.5% from CNY 1.38 in 2022[17]. - The company achieved a total profit of 33.049 billion yuan in 2023, a 0.5% increase from the previous year and a 26.8% increase compared to 2021, with a three-year compound growth rate of 12.6%[27]. - Net profit attributable to shareholders reached 19.534 billion yuan, up 7.0% year-on-year and 42.2% compared to 2021, with a three-year compound growth rate of 19.2%[27]. - The company maintained a strong cash flow with net cash inflow from operating activities at 42.965 billion yuan, consistently above 40 billion yuan over the past three years[27]. Production and Sales - The production of self-produced commercial coal was 134.22 million tons, an increase of 15.05 million tons or 12.6% year-on-year[24]. - The sales volume of self-produced commercial coal was 133.91 million tons, an increase of 13.57 million tons or 11.3% year-on-year[24]. - The total coal production for the year was 133.42 million tons, with sales volume at 133.91 million tons, generating sales revenue of 80.62 billion RMB[98]. - The company achieved a record coal production of 134.22 million tons in 2023, an increase of 12.6% from 119.17 million tons in 2022[30]. - Total coal sales volume reached 284.94 million tons, up 8.4% from 262.95 million tons in 2022, with self-produced coal sales increasing by 11.3% to 133.91 million tons[33]. Cost Management - The unit sales cost of self-produced commercial coal decreased by 16 RMB per ton, a decline of 4.9%, contributing an additional profit of 2.1 billion RMB[25]. - The company’s asset-liability ratio decreased by 3.8 percentage points to 47.7%, reflecting improved financial stability[24]. - The company’s coal business operating costs were CNY 122.14 billion, a decrease of CNY 20.34 billion or 14.3% compared to CNY 142.49 billion in 2022[59]. - The gross profit for the coal business in 2023 was CNY 40.54 billion, down CNY 7.89 billion or 16.3% from CNY 48.43 billion in 2022, with a gross margin of 24.9%[63]. Investments and Projects - The company is advancing the construction of a 900,000-ton polyolefin project in Yulin, Shaanxi, and has completed investment decisions for the "Liquid Sunshine" project, which is included in the national energy innovation plan[26]. - The Dahu Coal Mine project has been approved to increase its construction scale from 15 million tons/year to 20 million tons/year, with a total investment of RMB 17.066 billion, and completed an investment of RMB 2.249 billion in 2023, totaling RMB 16.964 billion[105]. - The company’s capital expenditure for 2023 was planned at 18.02 billion RMB, with actual spending reaching 15.76 billion RMB, achieving 87.44% of the target[102]. - The company plans to allocate a capital expenditure of 16.009 billion yuan for 2024, representing a 1.6% increase from the 15.757 billion yuan completed in 2023[123]. Environmental and Social Responsibility - The company is actively participating in carbon peak and carbon neutrality initiatives, aligning with national environmental goals[179]. - The company has invested in ecological restoration projects, adhering to environmental red line regulations and focusing on land reclamation and soil conservation[184]. - The company has been recognized as a national "Green Factory" for its commitment to ecological and environmental responsibilities[179]. - The company invested CNY 32.6714 million in rural revitalization projects, benefiting over 30,470 people[196]. Governance and Compliance - The company established a governance structure consisting of the shareholders' meeting, party committee, board of directors, supervisory board, and management, ensuring clear responsibilities and regulatory compliance[134]. - The company has implemented a comprehensive internal control system, ensuring effective management and supervision of significant decisions and financial transactions[174]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties, nor any violations in decision-making procedures for external guarantees[5]. - The company plans to continue strict compliance with laws and regulations to protect the interests of shareholders in 2024[133]. Future Outlook and Strategy - The company plans to produce and sell over 129 million tons of coal in 2024, with polyolefin products and urea production targets set at 1.45 million tons and 1.85 million tons, respectively[114]. - The company aims to enhance coal supply capacity and industry leadership by optimizing production and marketing strategies, focusing on efficient collaboration between production and sales[115]. - The company is committed to achieving a "zero death" safety goal and will strengthen risk management and safety culture to support high-quality development[115]. - The company aims to create a world-class energy enterprise by 2035, focusing on multi-energy complementarity and green low-carbon development[113].

中煤能源（601898.SH）2023年年报点评 煤炭产量释放驱动业绩增长，新项目赋能长期发展 2024年03月21日 [T able_Author] 分析师：周泰 分析师：李航 研究助理：王姗姗 执业证号：S0100521110009 执业证号：S0100521110011 执业证号：S0100122070013 邮箱：zhoutai@mszq.com 邮箱：lihang@mszq.com 邮箱：wangshanshan_yj@mszq.com ➢ 事件：2024年3月20日，公司发布了2023年年度报告。2023年，公司 推荐 维持评级 实现营业收入1929.7亿元，同比-12.5%；归母净利润为195.3亿元，同比+7.0%； 当前价格： 11.81元 扣非归母净利润193.6亿元，同比+6.8%。 ➢ 23Q4业绩环比下滑。23Q4，公司实现营业收入367.6亿元，同比-18.7%， 环比-21.5%；实现归母净利润28.5亿元，同比扭亏，环比-41.4%；实现扣非归 相关研究 母净利润27.9亿元，同比扭亏，环比-42.0%。 1.中煤能源（601898.SH）2023年三季报点 ➢ 2023年综合 ...

煤炭/煤炭开采 公 司 研 中煤能源（601898.SH） 量增及减值减少致业绩改善，关注煤与煤化工成长性 究 2024年03月21日 ——公司年报点评报告 投资评级：买入（维持） 张绪成（分析师） 汤悦（联系人） zhangxucheng@kysec.cn tangyue@kysec.cn 证 书编号：S0790520020003 证书编号：S0790123030035 日期 2024/3/20  量增及减值减少致业绩改善，关注煤与煤化工成长性。维持“买入”评级 当前股价(元) 11.81 公司发布2023年年报，2023公司实现营收1929.7亿元，同比-12.5%，实现归母 公 一年最高最低(元) 13.39/7.72 净利润195.3亿元，同比+7.0%。单Q4来看，公司实现营业收入367.6亿元，同 司 比-18.7%，环比-21.5%；实现归母净利润28.5亿元，同比+366.3%，环比-41.4%。 信 总市值(亿元) 1,565.85 考虑到市场煤价下行，我们下调 2024-2025 年盈利预测并新增 2026 年预测，预 息 流通市值(亿元) 1,080.85 计 2024-2026 年实 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [13]. Core Views - The company achieved a revenue of 192.97 billion yuan in 2023, a decrease of 12.52% year-on-year, while the net profit attributable to shareholders was 19.53 billion yuan, an increase of 6.98% year-on-year [7]. - The coal production and sales increased by 12.6% and 11.3% respectively, despite a decline in unit prices [8]. - The company is expected to see revenue growth in the coming years, with projected revenues of 211.25 billion yuan in 2024 and 225.38 billion yuan in 2026 [10]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2023 Revenue: 192.97 billion yuan, 2024E: 211.25 billion yuan, 2025E: 217.64 billion yuan, 2026E: 225.38 billion yuan [6][10]. - 2023 Net Profit: 19.53 billion yuan, 2024E: 21.84 billion yuan, 2025E: 23.47 billion yuan, 2026E: 25.55 billion yuan [10]. - **Earnings Per Share (EPS)**: - 2023 EPS: 1.46 yuan, 2024E: 1.65 yuan, 2025E: 1.77 yuan, 2026E: 1.93 yuan [10]. - **Valuation Ratios**: - Current P/E ratio is projected to be 7.2X in 2024, decreasing to 6.1X by 2026 [10]. Coal Business Overview - The company produced 134.22 million tons of self-produced coal in 2023, a 12.6% increase year-on-year, with a unit price decline of 15.9% [8]. - The company is expected to increase production capacity by 5 million tons annually, with projects completed in 2023 [8]. Coal Chemical Business Overview - The methanol production in 2023 was 1.901 million tons, with a unit price decrease of 9.5% [9]. - The company faced increased costs in Q4 2023, impacting profitability [10]. Dividend Policy - The company announced a cash dividend of 5.86 billion yuan for 2023, with a dividend payout ratio of 30%, resulting in a dividend yield of 3.74% based on the current stock price [10].

证券研究报告 | 年报点评报告 2024年03月21日 中煤能源（601898.SH） 加强央企市值考核，公司有望厚积薄发 公司发布 2023年业绩报告。2023年营业收入约1929.69亿元，同 买入（维持） 比减少12.5%；归母净利润约195.34亿元，同比增加7%。23Q4营 股票信息 业收入约367.6亿元，同比减少18.7%；归母净利润约28.5亿元。 行业 煤炭开采 煤炭业务：以量补价，成本小幅下滑。 前次评级 买入 3月20日收盘价(元) 11.81 总市值(百万元) 156,584.81 ➢ 产销方面，公司 2023 年实现产销 13422 万吨/28493 万吨，同 总股本(百万股) 13,258.66 比+12.6%/+8.4%，其中自产动力煤产销12330万吨/12298万 其中自由流通股(%) 69.03 吨，同比+12.9%/+11.4%，自产焦煤产销1092万吨/1093万吨， 30日日均成交量(百万股) 46.03 同比+9.4%/+9.5%。分季度来看，公司23Q4单季实现产销3305 股价走势 万吨/7013万吨，环比-2.9%/+2.9%，其中自产动力煤产销3071 万吨 ...

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 （於中華人民共和國註冊成立的股份有限公司） （股份代號：01898） 截至2023年12月31日止年度業績公告 財務摘要： 中國中煤能源股份有限公司董事會欣然宣佈本集團根據國際財務報告準則編製的 本集團截至2023年12月31日止年度的經審核年度業績如下： 1 • 2023年本集團的收入為人民幣1,929.69億元，較2022年減少人民幣276.08 億元（即-12.5%）。 • 2023年本公司股東應佔利潤為人民幣201.84億元，較2022年增加人民幣 4.46億元（即2.3%）。 • 2023年本公司每股基本盈利為人民幣1.52元，較2022年增加人民幣0.03元。 • 2023年息稅折舊攤銷前盈利為人民幣447.54億元，較2022年增加人民幣 8.62億元（即2.0%）。 • 董事會建議按照每股人民幣0.442元（含稅）派發2023年年度末期股息，此項 建議尚待於20 ...

公司代码：601898 公司简称：中煤能源 中国中煤能源股份有限公司 2023 年度商誉减值测试报告 √是 □否 注：如选是请继续填写后续内容。 二、 是否在减值测试中取得以财务报告为目的的评估报告 □是 √否 | 资产组名称 | 评估机构 | 评估师 | 评估报告编号 | 评估价值类型 | 评估结果 | | --- | --- | --- | --- | --- | --- | | 固定资产、无形资产、商誉 | - | - | - | - | - | 三、 是否存在减值迹象： 请年审会计师对该报告中公司填报的内容核实并确认。 年审会计师是否已核实确认：√是 □否 年审会计师姓名：钟丽、解彦峰 会计师事务所名称：安永华明会计师事务所（特殊普通合伙） 一、 是否进行减值测试 | 资产组名称 | 是否存在减值迹象 | | 备注 | 是否计提减值 | | 备注 | 减值依据 | | 备注 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 固定资产、无形资 | 不存在减值迹象 | - | | 否 | - | | 未减值不适用 | - | ...

中国中煤能源股份有限公司 2023 年度独立非执行董事述职报告 2023 年，本人严格按照《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司独立董事管理办法》《上海证券交易 所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号 ——规范运作》等法律法规和《公司章程》等规定，依法依规履职， 忠实勤勉尽责，按时出席公司股东大会、董事会及专门委员会会议， 审慎审议各项议案，独立自主发表意见，积极为公司改革发展、管 理提升、风险防控建言献策，对促进董事会规范运作、科学决策、 推动公司高质量发展发挥了积极作用，维护了公司利益和全体股东 合法权益。现将 2023 年度履职情况报告如下： 一、基本情况 本人于 2017 年 6 月当选为第四届董事会独立非执行董事，2023 年 3 月当选为第五届董事会独立非执行董事。本人熟悉电力行业运 行情况，对该领域发展趋势有充分的了解，并具有丰富的人力资源 和企业管理经验，现兼任国家电网有限公司外部董事。本人在董事 会下设 5 个专门委员会中，分别担任提名委员会主席、战略规划委 员会和审计与风险管理委员会委员。 本人具有上市地证券监管机构所要求的独立性并向公司提供 ...