Investment Rating - The report maintains a "Buy" rating for Yancoal Australia with a target price of 34.78 HKD [3][11]. Core Insights - The company reported a strong start to 2024 with coal sales volume reaching 8.3 million tons, a significant year-on-year increase of 41%, despite a quarter-on-quarter decline of 18% [1][11]. - The average coal price in Q1 was 180 AUD/ton, with thermal coal averaging 159 AUD/ton (down 12% quarter-on-quarter) and metallurgical coal at 334 AUD/ton (up 14% quarter-on-quarter) [1][11]. - The company has maintained a competitive cash operating cost guidance of 89-97 AUD/ton, indicating strong profit margins [1][11]. - The dividend policy is attractive, committing to pay at least 50% of net profit or free cash flow [1][11]. Production and Sales - The Q1 coal production was 8.8 million tons, a 49% increase year-on-year, while it decreased by 9% quarter-on-quarter due to mining continuity and seasonal wet weather [1][11]. - The annual production guidance remains unchanged at 35-39 million tons, with expectations for higher production in the second half of the year [1][11]. Financial Projections - The report forecasts 2024 and 2025 EPS at 1.05 AUD and 1.04 AUD respectively, with a P/E ratio of 6.5x for 2024 [1][11]. - Revenue projections show a decline from 7,778 million AUD in 2023 to 7,231 million AUD in 2024, reflecting a decrease of 7% [2][11]. - Net profit is expected to decrease from 1,819 million AUD in 2023 to 1,380 million AUD in 2024, a decline of 24% [2][11]. Cost Structure - The cash operating cost per ton is projected to be 93 AUD in 2024, down from 95 AUD in 2023 [9][11]. - The total production cost, including depreciation and amortization, is expected to be 137 AUD per ton in 2024 [9][11]. Market Conditions - The report notes that despite a softening in coal prices, the overall market remains relatively balanced due to strong export supplies from Australia and Indonesia [1][11]. - The average coal price is expected to stabilize throughout the year, with thermal coal prices projected to be 173 AUD/ton in 2024 [8][11].

在主讲一讲讲结束后下面有请主持人讲话主持人您可以开始了 你好主持人可以听到吗啊黄总喂那个各位投资者那个中午好那我们看到这个眼眶澳大利亚 昨天公布了整个一季度的一个经营业绩可以看到这个公司整个一季度其实销量出现了非常强劲的一个增长我们今天非常有幸的请到了公司的相关领导来跟大家交流一下公司一季度取得的一些经营成果和对整个后续的展望有请公司的一个财务总监苏林苏总来给大家稍微介绍一下 谢谢黄总黄总能听到吗可以的可以的可以的好的谢谢黄总谢谢国泰军业证券感谢线上参加本次野蛮澳洲2024年第一季度生产报告电话会的各位投资者我先简要的概括介绍一下 一季度的生产经营活动然后我们可以进入问答环节今天的介绍主要是基于昨晚在澳交所联交所发布的季度生产报告那么先说一下公司的一个整体的现金情况我们因为这个报告按照澳交所的惯例我们并没有 做一个财务的记报它更多是一个生产报告那么一季度呢我们的现金余额增加了2.61澳元那这个现金的增加了呢是一个金额它是扣除掉了所有的运营资本支出啊公司的成本而且这里面也包括了大家会比较关注的有一个每个月 税款的定期缴税的这么一个性格吧截至一季度季末眼媒澳洲共持有现金将近17亿澳元我们在四月底将支付全额免税的2 ...

兖煤澳大利亚24年一季报交流240419国君_原文 2024年04月19日 14:07 发言人1 00:43 感谢大家参加本次电话会议，会议即将开始，请稍后。 发言人1 01:33 感谢大家参加本次电话会议，会议即将开始，请稍后。 发言人1 02:22 感谢大家参加本次电话会议，会议即将开始，请稍后。 发言人1 03:12 感谢大家参加本次电话会议，会议即将开始，请稍后。 发言人1 04:01 感谢大家参加本次电话会议，会议即将开始，请稍后。 发言人1 04:51 发言人1 05:40 感谢大家参加本次电话会议，会议即将开始，请稍后。 发言人1 06:30 感谢大家参加本次电话会议，会议即将开始，请稍后。 发言人1 07:19 感谢大家参加本次电话会议，会议即将开始，请稍后。 发言人1 08:09 感谢大家参加本次电话会议，会议即将开始，请稍后。 发言人2 08:22 本次电话会议仅服务于国泰君安证券正式签约客户，会议音频及文字记录的内容仅供国泰君安证券客户 内部学习使用，不得外发，并且必须经国泰君安证券研究所审核后方可留存。国泰君安证券未授权任何 媒体转发此次电话会议相关内容，未经允许和授权转载、转发均属侵 ...

兖煤澳大利亚交流240419广发_原文 2024年04月19日 14:03 发言人1 00:05 和声明，本次电话会议内容仅供广发证券客户参考。在任何情况下，本次电话会议内容不构成对任何人 的投资建议，除非法律法规有明确规定。在任何情况下，广发证券不对因使用本次电话会议内容而引致 的任何损失承担任何责任。相关人员不应以本次电话会议内容取代其独立判断或仅根据本次电话会议内 容作出决策。 发言人1 00:35 未经广发证券事先书面许可，任何机构或个人不得以任何形式复制、刊登、传播和引用本次电话会议内 容，包括未经授权对会议内容进行录音复制。未经授权制作或传播会议纪要内容等，否则，由此造成的 一切不良后果及法律责任由私自复制、刊登、传播和引用者承担。广发证券将对未经授权复制、制作、 刊登、传播电话会议内容的人员暂停白名单权限，事情可暂停所在机构白名单权限，直至相关不良影响 得以消除。 发言人2 01:22 各位投资者，大家下午好，欢迎参加广发煤炭的电话会议。昨天晚上也没澳洲发布了一季度的经营数 据。我们再次邀请到公司的管理层，第一时间来跟大家做个线上的交流。今天线上参与我们电话会议的 领导包括CFO苏苏总，公司秘书 ...

Core Viewpoint - Yancoal Australia reported a decrease in equity sales volume and average selling prices for both thermal and metallurgical coal in Q1 2024 compared to previous periods [1] Sales Volume and Production - In Q1 2024, Yancoal Australia's equity sales volume was 8.3 million tons, a decrease of 0.5 million tons compared to the previous period, offsetting prior inventory consumption [1] Price Indices - The average API5 index price in Q1 2024 was $93 per ton, down from $96 per ton in Q4 2023, while the GCNewc index average fell from $136 per ton to $126 per ton [1] - The metallurgical coal indices also saw declines, with the low volatile pulverized coal index dropping from $185 per ton to $164 per ton, and the semi-soft coking coal index decreasing from $161 per ton to $150 per ton [1] Sales Price Structure - The sales price structure is diverse, reflecting previous coal price indices due to sales delays, with factors influencing prices including market premiums or discounts, washing and product specification capabilities, and available coal for blending [1] Average Selling Prices - Converted to Australian dollars, the average selling price for thermal coal in Q1 2024 was AUD 159 per ton, and for metallurgical coal, it was AUD 334 per ton [1] - The overall average selling price for Yancoal Australia in Q1 2024 was AUD 180 per ton, down from AUD 196 per ton in the previous quarter and AUD 347 per ton in Q1 2023 [1]

Investment Rating - The report assigns a "Buy" rating for Yancoal Australia (3668) with a target price of HKD 37.2, indicating a potential upside from the current price of HKD 26.25 [1]. Core Views - The company's performance in 2023 met expectations despite a year-on-year revenue decline of 26%, attributed to falling coal prices. The total revenue recorded was AUD 7.78 billion, with a net profit of AUD 1.82 billion, down 39% year-on-year [1]. - The report anticipates a recovery in production and cash costs in the second half of 2023, with cash costs expected to stabilize between AUD 92-102 per ton in 2024 as production ramps up [1]. - The international coal market is expected to reach a new balance, with coal prices stabilizing in the second half of 2023. The average price for 2024 is projected at AUD 183 per ton [1]. Summary by Sections Financial Performance - In 2023, Yancoal Australia reported a total revenue of AUD 7.78 billion, a decrease of 26% from the previous year. The net profit was AUD 1.82 billion, reflecting a 39% decline [1][2]. - The average cash cost for the year was AUD 96 per ton, with significant increases in costs during the first half, which improved in the second half due to increased production [1]. Production and Costs - The company is actively restoring production capacity, with coal production expected to return to historical highs. The average coal price for 2023 was AUD 232 per ton [1]. - Cash costs are projected to decrease in 2024 as production increases, with expectations of maintaining costs within the guidance range of AUD 92-102 per ton [1]. Market Outlook - The report highlights a rebalancing in the international coal market, with prices expected to stabilize. The NEWC6000K index is projected to average USD 126 per ton in 2024 [1]. - The anticipated recovery in coal prices is linked to global economic factors and the reopening of the Australian coal market [1]. Dividend and Debt Management - The company has successfully repaid its interest-bearing debts, enhancing its investment value. It declared a fully franked dividend of AUD 0.33 per share for 2023, with a total dividend payout of AUD 9.18 billion [1]. - As of the end of 2023, Yancoal Australia held AUD 1.65 billion in cash and had no interest-bearing debt, only lease liabilities [1].

Table_Title Table_BaseInfo 2024 年 2 月 27 日 公司动态分析 兖煤澳大利亚（3668.HK） 证券研究报告 全年业绩符合预期，股息率达 14% xxxx 煤炭 xxxx 事件：公司发布2023年年度业绩，实现收入77.78亿澳元，同比减少26%；实现税后利润 投资评级： X 买入 xx 18.19亿澳元，同比减少49%，符合我们预期。公司此前已发布全年运营数据，符合管理层 年初指引。公司分派期末股息0.3250澳元/股，实现全年派息率50%。基于公司指引，我们 目标价格： 35.52 元 略微上调今年的现金运营成本和产量预测，维持对今年煤价相对平衡的看法，预计公司今年 仍有望实现不错的利润率水平。公司贷款余额为零，料今年有不错的现金流表现。另外，公 现价 (2024-2-27)： 29.70港元 司优秀的管理水平、珍贵的资源禀赋以及较高的分红水平对投资者仍然较为吸引，继续维持 “买入”评级。 报告摘要 总市值(百万港元) 39,217.05 公司全年业绩符合预期，利润率仍然优秀。公司全年实现收入77.78亿澳元，同比减少26%； H股市值(百万港元) 39,217.04 ...

Core Viewpoint - Guotai Junan has initiated a "Buy" rating for Yancoal Australia (03668), forecasting net profits of AUD 1.803 billion, AUD 1.811 billion, and AUD 1.811 billion for 2024 to 2026, with a target price of HKD 42.09 [1] Group 1: Financial Performance - In the second half of last year, production and sales recovery led to a significant decrease in costs, with Yancoal Australia's coal cost dropping to AUD 86 per ton, a reduction of AUD 23 per ton compared to the first half [1] - By the end of 2023, the company's debt-to-asset ratio is expected to decrease to a low level of 25%, with cash and cash equivalents amounting to AUD 1.339 billion [1] - The company maintained a high dividend payout ratio of 50%, with a total dividend of HKD 3.55 per share last year, resulting in a current dividend yield of 11.3% based on the current share price [1] Group 2: Operational Focus - The company's focus for this year will shift towards optimizing costs and maximizing operating profit margins, with further reductions in coal costs anticipated [1] - Interest expenses for 2023 are projected to be only AUD 20 million, indicating strong financial health and capacity for continued dividends [1]

Investment Rating - The report assigns an "Accumulate" rating to the company [1]. Core Views - The company is a significant player in the Australian coal market, being the third-largest coal producer in Australia, with a focus on high-quality coal production and sales [7][15]. - The report forecasts a recovery in coal production in 2024, following a decline due to climate impacts and operational challenges in previous years [28][31]. - The company is expected to maintain a stable coal price environment, with cost reductions anticipated due to improved operational efficiencies [43][48]. - The company has a strong cash position and a high dividend payout ratio, indicating robust financial health and shareholder returns [7][20]. Summary by Sections 1. Climate Impact on Coal Production - The company has faced production challenges due to climate conditions, particularly the La Niña phenomenon, which has affected output from 2020 to 2022. However, production is expected to recover in 2024, with a projected increase in coal output of 6 to 56 million tons year-on-year [31][33]. 2. Coal Price Stability and Cost Reduction - The coal pricing is linked to market indices, and after a period of volatility, prices are expected to stabilize around AUD 180 per ton in 2024. The company has also seen a reduction in production costs, which fell to AUD 86 per ton in the second half of 2023, down from higher levels earlier in the year [43][46]. 3. Strong Cash Position and High Dividend Value - As of the end of 2023, the company reported a low debt ratio of 25% and cash reserves of AUD 1.339 billion. The company maintains a high dividend payout ratio of 50%, with an expected dividend of AUD 3.55 per share, translating to a dividend yield of 11.3% based on current share prices [7][20]. 4. Profit Forecast and Valuation - The report projects net profits for the company to be AUD 18.03 million, AUD 18.11 million, and AUD 18.11 million for the years 2024 to 2026, respectively. The target price is set at HKD 42.09, based on a PE ratio of 6 times for 2024 [7][20].

Financial Performance - For the fiscal year ending December 31, 2023, Yancoal Australia Ltd reported total revenue of AUD 7.778 billion, a decrease of 26% compared to AUD 10.548 billion in 2022[12]. - The company's profit before tax (excluding non-recurring items) was AUD 2.583 billion, down 52% from AUD 5.406 billion in the previous year[12]. - Shareholders' net profit after tax (excluding non-recurring items) was AUD 1.819 billion, reflecting a 52% decline from AUD 3.807 billion in 2022[12]. - Basic earnings per share (excluding non-recurring items) decreased by 52% to 137.8 cents from 288.3 cents in the prior year[12]. - The total dividend distribution for the fiscal year 2023 is AUD 1.413 billion, compared to AUD 1.626 billion in 2022[14]. - The company reported a significant increase in revenue, achieving a total of $X billion for the fiscal year, representing a Y% growth compared to the previous year[1]. - The pre-tax profit for the fiscal year 2023 was AUD 5,091 million, a significant increase compared to AUD 2,583 million in fiscal year 2022[117]. - The basic earnings per share for fiscal year 2023 was AUD 1.38, up from AUD 2.72 in fiscal year 2022[123]. - The company distributed dividends totaling AUD 1.07 per share in fiscal year 2023, compared to AUD 1.23 in fiscal year 2022[127]. Dividend Information - The board declared a final cash dividend of approximately AUD 429 million, equivalent to AUD 0.3250 per share, to be paid on April 30, 2024[4]. - The final dividend is fully tax-exempt income for shareholders[5]. - A final fully franked dividend of 429 million AUD, equating to 0.3250 AUD per share, was declared for payment on April 30, 2024[28]. - The company is required to pay at least 50% of its after-tax net profit (excluding extraordinary items) or 50% of its free cash flow (excluding extraordinary items) as dividends for each fiscal year[37]. Debt Management - The company repaid 333 million USD in debt on March 31, 2023, resulting in a total financial cost reduction of approximately 43 million USD during the loan period[25]. - The company has reduced its total debt by approximately 3.1 billion USD since the end of 2021[25]. - The company achieved an outstanding financial performance in 2023, enabling it to pay over AUD 1.4 billion in fully franked dividends and repay the final external debt of USD 333 million, with a cash balance of AUD 1.4 billion at year-end[83]. Production and Operational Performance - The company achieved a total commodity coal production of 33.4 million tons in 2023, with cash operating costs at AUD 96 per ton[82]. - Total raw coal production increased by 19% from 50.5 million tons in 2022 to 60.2 million tons in 2023, with key assets contributing to a 28% increase from 41.2 million tons to 52.9 million tons[170]. - Total saleable coal production rose by 12% from 38.9 million tons in 2022 to 43.6 million tons in 2023, with key assets increasing by 18% from 32.6 million tons to 38.5 million tons[171]. - The average coal sales price was AUD 232 per ton, reflecting market conditions and pricing strategies[84]. - The company's coal production increased quarterly throughout the year, reaching 5.9 million tons, 8.5 million tons, 9.3 million tons, and 9.7 million tons respectively[165]. Safety and Environmental Performance - The Total Recordable Injury Frequency Rate (TRIFR) improved to 5.1 per million hours worked in fiscal year 2023, down from 7.9 in fiscal year 2022, indicating enhanced safety performance[131]. - The company aims to become an industry leader in health and safety, implementing core hazard controls and regularly reviewing them to ensure effectiveness[180]. - Over 90% of Yancoal Australia's employees have started or completed the "Safety Every Day" training in 2023[181]. - The company spent AUD 30 million on purchasing Australian Carbon Credit Units to meet regulatory obligations[189]. - Scope 1 emissions decreased by 9% from 2,046,795 tons CO2 equivalent in 2021/2022 to 1,860,030 tons in 2022/2023[193]. - Total Scope 1 and Scope 2 emissions decreased by 10% from 2,367,913 tons CO2 equivalent in 2021/2022 to 2,136,653 tons in 2022/2023[193]. Governance and Compliance - The financial report complies with the disclosure requirements of the Hong Kong Stock Exchange[3]. - The company confirmed compliance with the conditions and requirements set by the Hong Kong Stock Exchange for the period from January 1, 2023, to December 31, 2023[31]. - The board of directors includes experienced professionals with extensive backgrounds in finance and mining operations, enhancing the company's governance[45][46][47]. - The company has established appointment letters for each director, which can be terminated according to the terms of the appointment letters and relevant regulations[73]. Strategic Initiatives - The company is investing $I million in R&D for new technologies, aiming to improve product offerings and customer satisfaction[7]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $500 million allocated for potential deals[62]. - The company is progressing with the renewable energy center project in Stratford, which aims to provide economic and social benefits to the local area[83]. - The company plans to implement a decarbonization strategy that includes emission reduction activities[83]. Shareholder Information - Shandong Energy Group directly and indirectly holds approximately 54.69% of Yancoal Energy's shares, while Yancoal Energy holds about 62.26% of the company's shares as of December 31, 2023[72]. - The company’s public float is approximately 25.7% of its issued ordinary shares as of December 31, 2023[30]. - The company has maintained a minimum public float of approximately 15.37% in compliance with Hong Kong Listing Rules[30]. Executive Compensation - The total remuneration for executives in 2023 is AUD 8,778,229, with a breakdown showing 60% related to performance[146]. - The short-term incentive plan for executives was rewarded at 103.5% of the target, emphasizing the importance of financial and non-financial priorities[84]. - The long-term incentive plan includes performance-based equity that vests after three years, with 60% based on earnings per share and 40% based on cost targets[91]. - The short-term incentive plan allows executives to earn up to 200% of their fixed annual salary based on performance metrics[101].