Financial Performance - For the six months ended June 30, 2024, total revenue from ordinary operations was 3,138 million AUD, a decrease of 21% compared to 3,976 million AUD for the same period in 2023[3]. - Profit before tax, excluding non-recurring items, was 571 million AUD, down 59% from 1,388 million AUD in the previous year[3]. - Net profit attributable to shareholders after tax, excluding non-recurring items, was 420 million AUD, a decrease of 57% from 973 million AUD in 2023[3]. - Basic earnings per share, excluding non-recurring items, was 31.9 AUD cents, down 57% from 73.7 AUD cents in the prior year[4]. - Operating revenue for the first half of 2024 was AUD 3,099 million, a decrease of 21% compared to AUD 3,924 million in the first half of 2023[42]. - The company's operating profit before interest, tax, depreciation, and amortization (EBITDA) was AUD 990 million, down 46% from AUD 1,821 million in the previous year[38]. - The company's net profit attributable to shareholders decreased by 57% from AUD 973 million in the first half of 2023 to AUD 420 million in the first half of 2024[40]. - The company's operating profit before tax was AUD 590 million, down 58% from AUD 1,410 million in the previous year[38]. - The company experienced a 64% increase in income tax expenses, rising from AUD 415 million in the first half of 2023 to AUD 151 million in the first half of 2024[38]. Dividends - The company declared a final dividend of 429 million AUD (32.50 AUD cents per share) for the year ended 2023, which was paid on April 30, 2024[5][6]. - The company did not propose or declare any interim dividends for the six months ended June 30, 2024[6]. - The company paid dividends totaling 429 million AUD during the period, compared to 924 million AUD in the previous half-year[78]. Production and Sales - The company expects stronger production performance in the second half of 2024, with an 18% increase in equity commodity coal production compared to the first half of 2023[11]. - The overall average selling price of self-produced coal dropped by 37% from AUD 278 per ton in the first half of 2023 to AUD 176 per ton in the first half of 2024, mainly due to a decline in global coal prices[20]. - The total sales volume of self-produced coal decreased by 26% to 2,980 million tons in the first half of 2024 from 4,003 million tons in the first half of 2023[42]. - Self-produced coal sales volume increased by 17% from 14.4 million tons in H1 2023 to 16.9 million tons in H1 2024, driven by an 18% increase in equity commodity coal production[43]. - The company's full-year attributable saleable coal production guidance is between 35.0 million tons and 39.0 million tons, with significant increases expected in H2 2024[24]. Costs and Expenses - The average cash operating cost per ton decreased from AUD 109 in the first half of 2023 to AUD 101 in the first half of 2024, primarily due to increased saleable coal production[21]. - The total production cost per ton of coal decreased from AUD 163 in H1 2023 to AUD 140 in H1 2024[49]. - Employee benefits expenses rose by 15% from AUD 348 million in the first half of 2023 to AUD 401 million in the first half of 2024, primarily due to redundancy provisions and increased pension contributions[53]. - Transportation costs increased by 3% from AUD 401 million in the first half of 2023 to AUD 412 million in the first half of 2024, while the cost per ton of coal transported decreased from AUD 25 to AUD 22[54]. - Government royalties decreased by 28% from AUD 365 million in the first half of 2023 to AUD 261 million in the first half of 2024, primarily due to a 26% drop in self-produced coal sales revenue[54]. Shareholder Information - As of June 30, 2024, the company’s directors and senior executives hold a total of 5,859,701 shares, representing approximately 0.44377% of the company[13]. - The largest shareholder, Yancoal Australia Ltd, holds 822,157,715 shares, accounting for 62.26% of the total shares[17]. - Cinda International HGB Investment (UK) Limited holds 101,601,082 shares, representing 7.69% of the total shares[17]. Environmental and Sustainability Initiatives - The company has spent AUD 35 million on purchasing Australian Carbon Credit Units (ACCUs) to meet regulatory obligations under the emissions reduction plan[29]. - Yancoal Australia is actively reviewing recommendations from the Task Force on Climate-related Financial Disclosures to incorporate into its sustainability strategy[28]. - The company is focusing on reducing Scope 1 emissions, particularly from diesel consumption and fugitive emissions, by identifying reduction opportunities at key mines[29]. - The 2023 sustainability report is available on the company's website, detailing progress on environmental, social, and governance (ESG) issues[28]. - The company is committed to improving its sustainability performance through strict governance processes and risk management frameworks[32]. Risk Management and Compliance - The company confirms that all directors complied with the share trading policy during the reporting period[15]. - The audit and risk management committee reviewed the interim financial statements for the six months ending June 30, 2024, which were not audited but reviewed by the auditors[17]. - The company has implemented necessary internal controls to ensure the financial statements are free from material misstatement due to fraud or error[147]. - The auditors did not find any matters that would indicate the half-year financial statements do not comply with the Corporations Act 2001[147]. Future Outlook - The company plans to focus on operational adjustments and cost management strategies to improve financial performance in the upcoming periods[39]. - The company is exploring potential acquisitions to enhance its operational capabilities, with a budget allocation of AUD 200 million for strategic investments[154]. - The company has initiated a long-term incentive plan aimed at aligning executive performance with shareholder interests, with a target of achieving a 20% return on equity by 2026[154].

Investment Rating - The report maintains a "BUY" rating for Yancoal Australia with a target price revised down to HK$42 from HK$45, indicating a potential upside of 17% from the current price of HK$35.90 [2][11]. Core Insights - Yancoal's 1H24 net profit decreased by 57% year-over-year to A$420 million, primarily due to higher-than-expected unit costs and a significant decline in blended coal average selling price (ASP) [2][3]. - The company has a strong net cash position of A$1.42 billion as of the end of June 2024, which may facilitate potential M&A activities [2][3]. - Despite the challenges, Yancoal maintains its full-year guidance for production and operating cash costs, with expectations for a unit cash cost reduction in the second half of 2024 [2][3]. Financial Performance - Revenue for 1H24 was A$3.1 billion, down 21% year-over-year, with coal sales volume growth of 16.9 million tonnes being offset by lower prices [2][3]. - The unit cash operating cost in 1H24 was A$101 per tonne, a decrease of 7% year-over-year but an increase of 17% quarter-over-quarter [2][3]. - The report projects a full-year revenue of A$7.138 billion for FY24, reflecting an 8.2% decline compared to FY23 [14]. Production and Cost Guidance - Yancoal's full-year production guidance remains unchanged at 35-39 million tonnes, with operating cash costs expected to be between A$89-97 per tonne [2][3]. - The report anticipates a 7% year-over-year reduction in unit cash costs in the second half of 2024, despite the current higher cost assumptions [2][3]. Market Conditions - The blended coal ASP fell by 37% year-over-year to A$176 per tonne, contributing to the decline in revenue and profit [2][3]. - The report highlights the potential for Yancoal to benefit from product diversification and long-term growth strategies, particularly in light of its strong cash position [2][3]. Valuation Metrics - The report provides a valuation based on net present value (NPV) with key assumptions including long-term thermal and metallurgical coal prices starting in 2027 at A$130 and A$200 per tonne, respectively [11][12]. - The projected P/E ratio for FY24 is 6.6, indicating a relatively attractive valuation compared to historical performance [14].

Investment Rating - The report maintains an "Accumulate" rating for Yancoal Australia [3][10]. Core Views - The company's production continues to recover in H1 2024, but sales prices have decreased year-on-year, impacting profit performance. Looking ahead to H2 2024, sales volume recovery is expected to accelerate, and the impact of price year-on-year comparisons is anticipated to diminish [3]. - Total revenue for H1 2024 was AUD 3.138 billion, a decrease of 21.08% year-on-year, while net profit attributable to shareholders was AUD 420 million, down 56.83% year-on-year, which was below market expectations. Consequently, net profit forecasts for 2024-2026 have been revised down to AUD 1.285 billion, AUD 1.570 billion, and AUD 1.722 billion, reflecting changes of -5.18%, +2.41%, and +0.89% respectively [3]. - The average selling price for coal in H1 2024 was AUD 176 per ton, a year-on-year decrease of 37%. The average price in Q2 was around AUD 180, down 20% year-on-year, but this decline has narrowed compared to Q1's 48% drop. It is expected that the year-on-year price decline will continue to narrow in H2 2024 [3]. Production and Sales - The company's coal production rights in H1 2024 reached 16.9 million tons, a year-on-year increase of 17%, with thermal coal production at 14.9 million tons (up 24% year-on-year) and metallurgical coal sales at 2 million tons. Q2 production was 8.2 million tons, a 4% year-on-year decline, attributed to slight fluctuations in quarterly production scheduling [3]. - The company expects to maintain a full-year production target of 35-39 million tons, representing an increase of 6-56 million tons year-on-year (2-17% growth), with continued production recovery anticipated in H2 2024 [3]. Financial Health - As of the report date, the company reported operating cash flow of AUD 851 million, a significant increase of 856% year-on-year, primarily due to tax payments made in H1 2023. The company has maintained a net cash position since 2022, with a net asset liability ratio of zero and cash holdings of AUD 1.546 billion [3].

澳洲證券交易所、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，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 Yancoal Australia Ltd ACN 111 859 119 兗煤澳大利亞有限公司* （於澳大利亞維多利亞州註冊成立的有限公司） （香港股份代號: 3668） （ 澳洲股份代號: YAL） 截至 2024 年 6 月 30 日止半年度 之半年業績公告 兗煤澳大利亞有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司及其附屬公司截至 2024 年 6 月 30 日止半年度之半年業績。該半年業績已由本公司審計與風險管理委員會審閱，其認 為有關業績的編製符合適用會計準則及規定，並已作出充足披露。 本公告列載本公司截至 2024 年 6 月 30 日止半年度的半年財務報告全文，符合香港聯合交易所有限 公司證券上市規則（「上市規則」）中有關中期業績公告的披露要求。 本公告於香港聯合交易所有限公司的網站（「披露易網站」）www.hkexnews.hk 及本公司的網 站 www.yan ...

Investment Rating - The report maintains a "Buy" rating for Yancoal Australia with a target price of 43.2 HKD [3][11]. Core Insights - The company reported a stable operational performance in Q2 2024, with an average coal price of 181 AUD/ton, remaining relatively flat quarter-on-quarter. The total coal sales volume reached 8.6 million tons, a 3% increase from the previous quarter [1][2]. - The company is expected to maintain a balanced coal price throughout the year, with a cash operating cost guidance of 89-97 AUD/ton, indicating strong profit margins [1][9]. - The dividend policy is attractive, with a commitment to distribute at least 50% of net profit or free cash flow, excluding non-recurring items [1][10]. Financial Performance Summary - Revenue for 2024 is projected at 7,231 million AUD, a decrease of 7% from 2023, while net profit is expected to be 1,380 million AUD, down 24.1% [2][10]. - The earnings per share (EPS) forecast for 2024 and 2025 is 1.05 AUD and 1.19 AUD, respectively [1][10]. - The company maintains a competitive advantage in the Australian coal industry with a strong cash position of 1.55 billion AUD as of June 30, 2024 [1][9]. Production and Sales Outlook - The total coal production guidance for the year remains unchanged at 35-39 million tons, with expectations for recovery in output from the Hunter Valley and Morabbin mines in the second half of the year [1][8]. - The average coal price is expected to stabilize, with the metallurgical coal market also showing signs of balance [1][8]. Cost Structure and Profitability - The cash operating cost is projected to remain at the lower end of the guidance, indicating robust profitability [1][9]. - The company has a competitive edge in terms of cost structure, with no interest-bearing debt and a significant cash reserve [1][9].

Investment Rating - The report maintains a BUY rating for Yancoal Australia with a target price of HK$45, indicating a potential upside of 23.1% from the current price of HK$36.55 [4][12]. Core Insights - Yancoal's 2Q24 sales volume increased by 1% year-on-year, with a total attributable sales volume of 8.6 million tonnes. The company remains confident in achieving its full-year sales volume target of 37.3 million tonnes [2][12]. - The average selling price (ASP) for thermal coal decreased by 17% year-on-year to A$163 per tonne, while metallurgical coal ASP dropped by 21% to A$318 per tonne. The blended ASP fell by 20% to A$181 per tonne [2][12]. - Yancoal's financial position is solid, with a gross cash balance of A$1.55 billion as of the end of June 2024, indicating a strong net cash position moving forward [2][12]. Sales Volume and Revenue - In 2Q24, attributable sales volume for thermal coal was 7.5 million tonnes, up 3% year-on-year, while metallurgical coal sales volume was 1 million tonnes, down 17% year-on-year. Total attributable sales volume for 1H24 grew 17% year-on-year to 16.8 million tonnes [2][6]. - The estimated revenue for 2Q24 was approximately A$1.5 billion, reflecting a 20% decrease year-on-year but a 3% increase quarter-on-quarter [2][14]. Financial Performance - The report projects a full-year revenue of A$7.133 billion for 2024, with a net profit forecast of A$1.477 billion, down from A$1.819 billion in 2023 [14][17]. - The earnings per share (EPS) for 2024 is estimated at A$1.12, with a price-to-earnings (P/E) ratio of 6.2x [14][17]. Cost and Production Guidance - Yancoal's operating cash cost is projected to be between A$89 and A$97 per tonne, reflecting a year-on-year change of -7% to +1% [2][12]. - The company maintains its full-year guidance for attributable saleable production at 35-39 million tonnes, which represents a year-on-year increase of 5% to 17% [2][12].

Investment Rating - The report maintains a BUY rating for Yancoal Australia with a revised target price (TP) of HK$45, up from HK$40, indicating a potential upside of 17.3% from the current price of HK$38.35 [2][12]. Core Insights - The suspension of the Grosvenor metallurgical coal mine due to a fire incident is expected to last several months, leading to a reduction in global metallurgical coal export volume by approximately 0.8%. This situation is anticipated to drive up met coal prices, positively impacting Yancoal's average selling price (ASP) in the second half of 2024 and the first half of 2025 [2]. - The earnings forecast for Yancoal has been revised upwards by 7% for 2024 and 9% for 2025, reflecting the expected increase in ASP due to higher coal prices [2]. - The report highlights that Yancoal is trading at a price-to-earnings (P/E) ratio of 6.5x for 2024E and offers a yield of 7.7%, making it attractive for investors seeking safety and high dividends [2]. Financial Summary - Revenue for FY24E is projected at AUD 7,133 million, down 8.3% year-on-year, while net profit is expected to be AUD 1,477.1 million, a decline of 18.8% [3]. - The earnings per share (EPS) for FY24E is estimated at AUD 1.12, with a P/E ratio of 6.5x and a return on equity (ROE) of 16.8% [3]. - The company’s net gearing is projected to improve to -25.5% in FY24E, indicating a strong balance sheet position [3]. Market and Production Insights - The report notes that the benchmark semi-soft coking coal price has dropped approximately 28% year-on-year to US$152 per tonne in Q1 2024, but is expected to stabilize following the Grosvenor incident [2]. - Yancoal's total marketable coal production for 2024E is estimated at 49.5 million tonnes, with a sales volume of 37.3 million tonnes, including 32.1 million tonnes of thermal coal and 5.2 million tonnes of metallurgical coal [5][6]. - The average selling price for thermal coal is projected to be AUD 170 per tonne, while metallurgical coal is expected to average AUD 270 per tonne in FY24E [5]. Valuation and Assumptions - The valuation is based on net present value (NPV) calculated from future cash flows of reserves, with long-term price assumptions for thermal and metallurgical coal set at AUD 130/t and AUD 200/t respectively starting in 2027E [12]. - The report assumes a weighted average cost of capital (WACC) of 6.9% and an AUD/HKD exchange rate of HK$5.27 [12]. Share Performance - Yancoal's share price has shown significant performance, with a 1-month increase of 18.0% and a 3-month increase of 42.8% [3]. - The company has a market capitalization of HK$50,638.9 million, with an average turnover of HK$69.9 million over the past three months [3]. Peer Comparison - Yancoal's P/E ratio of 6.5x for FY24E is competitive compared to peers, with Whitehaven Coal at 9.0x and New Hope Corporation at 8.0x [14]. - The dividend yield for Yancoal is projected at 7.7%, which is attractive compared to the average yield of 5.0% for its peers [14].

新南威爾士州辛格爾頓沃克山礦 凝心聚力 共創佳績 慶祝在澳20載 2023年度報告 日 °3870.131 S °0694.28 PT 19 and Hijman 新南威爾士州獵人谷艾詩頓礦 兗煤澳洲 2023 年度報告 1 砥礪前行 慶祝在澳20載 2024年，兗煤澳洲將迎來在澳耕 耘二十週年慶典，二十載風雨見證 了公司從2004年的單一煤礦業務發 展至今的輝煌成就。通過戰略收購 和有機擴張，公司已發展成為澳大 利亞最大的煤炭生產商和出口商之 一。我們向廣泛客戶銷售優質動力 煤和冶金煤，現有客戶主要來自亞 洲市場。對於過去二十年兗煤澳洲 取得的成就，我們深感自豪：我們 在澳投資資產已超過100億澳元； 成功建立安全、盈利且可持續發展 的業務；基於中澳共同價值觀構建 強大公司文化；並為社區的繁榮與 韌性貢獻綿薄之力。展望未來，兗 煤澳洲目標明確——仍然矢志成為 助力全球社會發展與建設的可靠能 源及資源供應商。 32°36'56"S 151°05'57"E 新南威爾士州辛格爾頓沃克山礦 「兗煤澳洲熱烈慶祝在澳耕耘20周年。 自2004年創立至今，從單一煤礦業務起步， 化挑戰為機遇，取得了非凡的成績。」 茹剛 董 ...

Table_Title Table_BaseInfo 2024 年 4 月 25 日 公司动态分析 兖煤澳大利亚（3668.HK） 证券研究报告 产量恢复态势不变，利润率仍然处于高位 xxxx 煤炭 xxxx 事件：公司发布一季度运营报告，一季度平均煤炭价格为180澳元/吨，其中动力煤 投资评级： X 买入 xx 平均销售价格159澳元/吨，环比下降12%；冶金煤平均销售价格334澳元/吨，环 比上涨14%。实现煤炭销量8.3百万吨，同比大幅增加41%，环比下降18%，总体 目标价格： 34.78 元 为 2024 年实现了良好开局。虽然一季度煤炭价格有所疲软，但是总体公司仍然保 现价 (2024-4-24)： 27.9港元 持比较高的盈利水平和创造现金的能力。我们适当下调对公司全年的实现煤价预测， 基于公司低成本煤矿良好的利润率水平、稳健的财务状况和吸引人的分红政策，给 予24年P/E倍数6.5x，目标价34.78元，维持买入评级。 总市值(百万港元) 36,840.26 报告摘要 流通市值(百万港元) 36,840.25 一季度煤炭产量同比大幅上升，环比有所下降。公司 2024 年第一季度商品煤权益 总股 ...

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 ...