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]

兖煤澳大利亚（3668） 更新报告 买入 2024年4月2日 产量逐季度恢复，公司业绩 符合预期  全年业绩符合预期，下半年产量回升：2023 年国际煤炭市场达到新的供需平 邹瀚逸 衡 ，煤炭价格回购理性，公司全年业绩同比下降。全年录得收入 77.8 亿澳元， 852-69539760 同比-26%。归母净利润为 18.2 亿澳元，同比-49%。主要受煤价下跌所至，公司 Robin.zou@firstshanghai.com.hk 全年动力煤均价为 211 澳元/吨，冶金煤为 356 澳元/吨，平均煤价为 232 澳元/ 吨，同比-39%。2023年公司积极恢复产能，H2煤炭产量恢复至历史高位。 陈晓霞  全年现金成本增长，下半年明显改善：由于公司产量减少原材料和用工成本 增长及公司额外增加机器和人员进行复产，公司全年现金成本为 96 澳元/吨， 852-25321956 同比增长 2%。其中中原材料基本持平为 33 澳元/吨；员工福利基本持平 22 澳 xx.chen@firstshanghai.com.hk 元/吨，同时运输费用及合约服务费分别上涨 1 澳元至 21 澳元/吨及 16 澳元/ 吨。虽然 ...

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 ...

智通财经APP获悉，国泰君安发布研究报告称，首予兖煤澳大利亚(03668)“增持”评级，预测2024至2026年纯利分别为18.03、18.11、18.11亿澳元，目标价42.09港元。 该行指出，去年下半年，产销量恢复带动成本下行，兖煤澳大利亚吨煤成本大幅下降至每吨86澳元，较上半年下降每吨23澳元。公司今年恢复工作的重点将转移到优化成本及最大化经营利润率方面，吨煤成本有望进一步下行。 截至2023年底，公司资产负债率降低至25%的低水平，现金及等价物账面余额13.39亿澳元，2023年利息支出仅0.2亿澳元；公司维持较高的分红派息率(50%)，目前公司在手现金充足，当前暂无重大资本开支项目，预计未来仍将维持较高分红派息率，去年公司合计每股派息3.55港元，按当前股价测算股息率11.3%。 ...

股 票 研 究 [Table_industryInfo] 煤炭 [ Table_Main[兖I Tnaf 煤bol]e 澳_Ti大tle]利 亚（3668） [评Tab级le_：Inv est] 增持 当前价格（港元）： 31.40 澳洲优质煤企，资源稀缺价值凸显 2024.02.26 海 [ 交Ta易bl数e_M据a rket] 外 黄涛(分析师) 邓铖琦(分析师) 52周内股价区间（港元） 22.25-36.00 当前股本（百万股） 1,320 公 021-38674879 010-83939825 当前市值（百万港元） 41,462 司 huangtao@gtjas.com dengchengqi024452@gtjas.co 证书编号 S0880515090001 mS0 880523050003 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 兖矿能源重要海外布局，澳洲第三大煤炭生产商；气候影响煤炭产量，24 年有望恢 兖煤澳大利亚 恒生指数 复；煤价回归低波动，成本有望下行；在手现金充沛，高分红价值凸显。 香 21% 摘要： 港 11% [首Ta次ble覆_S盖u ...

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].

智通财经APP获悉，安信国际发布研究报告称，维持兖煤澳大利亚(03668)“买入”评级，认为其全年运营数据符合预期和指引，煤炭价格在去年下半年相对稳定，2024年有望产量进一步提升为公司贡献增量。对2023/2024年EPS预测分别为1.44/1.15澳元，目标价33.37港元。公司四季度平均煤炭价格为196澳元/吨，权益煤销量10.1百万吨。全年煤炭销售价格为232澳元/吨，同比下降39%;全年煤炭权益销量为33.1百万吨，同比增加13%。 报告主要观点如下： 四季度煤炭销量录得同环比大幅提升，经营符合预期。 公司2023年煤炭产量逐季恢复增长，Q4煤炭权益产量9.7百万吨，环比增加4%，同比增加47%;权益销量10.1百万吨，环比增加17%，同比增加46%。公司Q4权益销量较权益产量多40万吨，消减了前期累计的库存。全年煤炭销量33.1百万吨，同比增加13%，落在年初指引31-36百万吨中间，完成全年指引。公司Q4向新南威尔士州内发电厂提供22万吨煤炭。新南威尔士州煤炭储备政策自2023年4月1日起直至2024年6月30日，为期15个月。 四季度价格平稳运行，全年销售价格符合该行预期。 公司在四季度实现煤 ...

2023 中期報 告 進 取 兗煤澳大利亞有限公司 兗煤澳大利亞有限公司 ABN 82 111 859 119 半年度財務報告 截至2023年6月30日止半年度 本公告原版为英文，如果英文版本和中文版本出现差异，以英文版本为准。 1 董事會報告 董事會報告 董事謹此呈交兗煤澳大利亞有限公司（「本公司」）及其所控制 實體組成的合併集團 (「兗煤澳洲」或「本集團」)截至2023年6 月30日或截至該日止六個月（「報告期內」）的報告 。 董事 報告期內及截至到本報告日期，以下人士為兗煤澳大利亞有限公 司董事： 董事長 • 張寶才（於2012年6月26日成為董事） 聯席副董事長 董事 於年內退任之董事 公司秘書 於報告期內及直至本報告日期，現任公司秘書為張凌。 商業活動回顧 在2023年3月31日, 兗煤澳洲提前償還333百萬美元的債務，詳情 載於日期為2023年2月27日的2022年財務業績內。提前還款將使 貸款期間的總財務費用減少約43百萬美元。還款後，兗煤澳洲無 任何計息貸款。 截至2023年6月30日止六個月中, 兗煤澳洲或其任何附屬公司都 無購買、出售或贖回兗煤澳洲的上市證券。但是，如2022年財務 報告提 ...

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 2023 年 6 月 30 日止半年度 半年業績公告、中期分派及記錄日期 截至 2023 年 6 月 30 日止半年度之半年業績 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 2023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核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 2023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。 隨附公告簡體中文版可在兗煤澳洲網站參閱， 網址 - w ...