上 市 公 司 煤炭 2024年03月29日 兖矿能源 (600188) 公 司 研 究 ——2023 年业绩稳健，高股息属性凸显 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持） ⚫ 事件：公司3月29日公告2023年报，报告期内，公司实现营业收入1500.25亿元，同 比减少 33.31%；归母净利润 201.40 亿元，同比减少 39.62%。四季度单季度实现营收 证 市场数据： 2024年03月28日 142.21亿元，同比下降71.26%，环比下降64.97%；实现归母净利润45.23亿元，同比 券 收盘价（元） 23.08 研 一年内最高/最低（元） 36.34/16.49 增长24.06%，环比下降0.53%。公司业绩基本符合市场预期。 究 市净率 2.4 报 息率（分红/股价） 5.33 ⚫ 国内安监趋严，新疆、内蒙古矿区同比下降，兖煤澳洲加快产能释放、产量增长，使得全 告 流通A股市值（百万元） 104520 年公司商品煤产量较去年基本持平、但销量小幅下降。公司2023年商品煤产量为1.32亿 上证指数/深证成指 3010.66/9342.92 吨，同比增长 0. ...

2024 年 03 月 29 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 业绩表现不俗，长期规模增长可期 证券分析师： 陈晨 S0350522110007 Q4 chenc09@ghzq.com.cn 证券分析师： 王璇 S0350523080001 ——兖矿能源（ ） 年报点评报告 600188 2023 wangx15@ghzq.com.cn 联系人 ： 林国松 S0350123070007 lings@ghzq.com.cn 最近一年走势 事件 : 2024年3月29日，兖矿能源发布2023年年度报告：2023年公司实现 营业收入1500.2亿元，同比-33.3%，归属于上市公司股东净利润201.4 亿元，同比-39.6%，主要系煤炭业务量价同步回调导致；扣非后归属于 上市公司股东净利润185.9亿元，同比-38.6%。基本每股收益为2.74元， 同比-39.8%。加权平均ROE为21.9%，同比减少17.6个百分点。 分季度看，2023年第四季度，公司实现营业收入142.2亿元，环比-65.0%， 同比-74.5%；实现归属于上市公司股东净利润45.2亿元，环比-0.5 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of RMB 10 billion for the fiscal year, representing a 15% year-over-year growth [14]. - The company's operating revenue for 2023 was CNY 150,024,860, a decrease of 33.31% compared to the previous year's revenue of CNY 224,973,103 [21]. - The net profit attributable to shareholders for 2023 was CNY 20,139,502, down 39.62% from CNY 33,356,920 in 2022 [21]. - The total sales revenue for 2023 was 150,025 million RMB, a decrease of 33.31% compared to 224,973 million RMB in the previous year [55]. - The company reported a significant drop in sales revenue from trade coal, which fell to 12,795 million RMB in 2023 from 19,352 million RMB in 2022 [44]. - The coal business revenue for 2023 was 102.019 billion yuan, a decrease of 43.971 billion yuan or 30.1% year-on-year, primarily due to a decline in coal sales prices [42]. Dividends and Profit Distribution - The board of directors proposed a profit distribution plan, recommending a stock dividend of 3 shares for every 10 shares held and a cash dividend of 14.90 CNY per 10 shares (including tax) [3]. - The company plans to distribute a cash dividend of 14.9 RMB per 10 shares, totaling 11.085 billion RMB in dividends [31]. - The total cash dividend amount (including tax) is CNY 11,084,662, which represents 55.04% of the net profit attributable to ordinary shareholders in the consolidated financial statements [169]. - The company has set a cash dividend policy to distribute approximately 60% of the net profit after statutory reserves in the 2023-2025 period [165]. Stakeholder Engagement and Governance - The company has strengthened its corporate governance by updating its governance structure and compliance with the latest regulations [104]. - The company continues to avoid competition with its controlling shareholder, ensuring operational independence [105]. - The company has confirmed that all newly appointed directors are aware of their responsibilities as directors of a listed issuer [127]. - The board of directors held a total of 6 meetings during the year, with 2 in-person meetings and 4 conducted via communication methods [138]. - The company has established several specialized committees, including the audit committee, nomination committee, compensation committee, strategy and development committee, and sustainability committee [139]. Risk Management and Compliance - The company has disclosed major risks and countermeasures in the management discussion and analysis section of the report [5]. - The company emphasizes the importance of investment risk awareness regarding forward-looking statements in the report [4]. - The company has confirmed that there are no violations of decision-making procedures in providing guarantees to external parties [4]. - The company has strict internal regulations to prevent insider information leakage and ensure compliance with disclosure requirements [190]. - The company has established a comprehensive risk management framework, conducting annual risk assessments and reporting [189]. Market Expansion and Strategic Initiatives - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share within the next three years [14]. - The company aims to enhance its core business and accelerate the transformation of its mining and high-end chemical materials sectors [32]. - The company is focusing on resource and capital integration to strengthen its competitive advantages in emerging industries [32]. - The company is committed to expanding its market presence through strategic mergers and acquisitions, aiming for high-quality development [32]. - The company plans to implement lean management practices to improve efficiency and reduce costs, targeting a 10% reduction in inventory capital occupation [32]. Research and Development - The company has allocated RMB 500 million for research and development in the upcoming year, focusing on sustainable energy solutions [14]. - The total R&D expenditure for the period was CNY 2,907 million, accounting for 1.94% of operating revenue [68]. - The company has established three national-level R&D platforms and 14 provincial-level R&D platforms, with 17 high-tech enterprises [38]. - The R&D budget has been increased by 25%, focusing on sustainable energy solutions and advanced technology development [124]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes the importance of ESG initiatives and social responsibility in its operations [32]. - The company has committed to strict compliance with environmental regulations and is actively promoting the transformation of traditional industries towards green and low-carbon development [98]. - The company invested 50.49 million RMB in social responsibility initiatives, including education and environmental projects [31]. - Sustainability initiatives are being prioritized, with a target to reduce carbon emissions by 25% over the next five years [116]. Operational Efficiency and Cost Management - The gross profit margin improved to 35%, up from 30% in the previous year, reflecting better cost management [14]. - The company aims to reduce operational costs by 10% through efficiency improvements and technology upgrades [14]. - The average financing interest rate was reduced to below 3.6%, demonstrating effective cost management strategies [31]. - The company has successfully reduced operational costs by 8% through efficiency improvements and cost-cutting measures implemented over the past year [124]. Executive Changes and Leadership - The company appointed new executives, including a new financial director in October 2023, enhancing its leadership team [120]. - The ninth board of directors includes new appointments such as Zhao Zhiguo as CFO and Yue Ning as vice president, effective from October 27, 2023 [131]. - The company appointed Li Wei as the chairman of the ninth board of directors on June 30, 2023 [127]. Production and Sales Performance - In 2023, the company achieved a total coal production of 130 million tons, maintaining its position among the industry leaders [31]. - The company's coal sales decreased by 6.21% to 127.0 million tons in 2023, down from 135.4 million tons in 2022 [34]. - The total production of self-produced coal was 132,107 thousand tons, with sales volume at 120,973 thousand tons, reflecting a slight increase in production of 0.61% but a decrease in sales of 1.36% [58]. - The total sales revenue from the chemical sector was 17,092 million RMB in 2023, a decrease from 18,551 million RMB in 2022, with sales volume dropping from 22,708 thousand tons [47]. International Operations - The company is actively expanding its international presence, with 8 production mines in Australia and a coal resource of 8.7 billion tons [38]. - The net profit of Yancoal Australia for 2023 was 8.697 billion AUD, a decrease of 8.042 billion AUD or 48.0% year-on-year, primarily due to a decline in coal product sales prices [89]. - The company’s net profit from overseas operations was CNY 8,697 million from Yancoal Australia and CNY 1,427 million from Yancoal International [76]. Financial Position and Assets - The total assets at the end of 2023 were CNY 354,278,139, reflecting a decrease of 6.15% from CNY 377,475,427 in 2022 [22]. - The total liabilities increased slightly by 1.02% to CNY 235,944,455 in 2023 from CNY 233,564,674 in 2022 [22]. - The company reported a significant decrease in cash and cash equivalents, down 43.54% to CNY 37,597 million compared to the previous period [73]. - The long-term borrowings increased by 43.26% to CNY 61,355 million compared to the previous period [74].

煤炭/煤炭开采 公 司 研 兖矿能源（600188.SH） 收购落地增厚业绩，兼具高分红与高成长 究 2024年03月29日 ——公司信息更新报告 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 2024/3/28  收购落地增厚业绩，兼具高分红与高成长，维持“买入”评级 当前股价(元) 23.08 公司发布 2023 年年报，2023 年公司实现营业收入 1500.3 亿元，同比-33.3%； 公 实现归母净利润201.4亿元，同比-39.6%。单Q4来看，公司实现营业收入142.2 一年最高最低(元) 36.34/16.49 司 亿元，环比-65.0%；实现归母净利润45.2亿元，环比-0.5%。考虑到2024年一 信 总市值(亿元) 1,717.01 季度市场煤价下行，我们下调 2024-2025 年盈利预测并新增 2026 年盈利预测， 息 流通市值(亿元) 1,045.20 预计 2024-2026 年归母净利润为 210. ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company's 2023 performance met expectations, with a revenue of 150 billion, down 33.31% year-on-year, and a net profit attributable to shareholders of 20.1 billion, down 39.6% year-on-year. The fourth quarter of 2023 saw a net profit of 4.61 billion, up 10.5% year-on-year but down 13.2% quarter-on-quarter, aligning with expectations [1] - The coal segment showed significant production growth, with total coal production and sales reaching 132.11 million tons and 127.02 million tons, respectively, representing a year-on-year increase of 32.7% and a decrease of 6.2%. The coal segment generated revenue of 102 billion with a gross profit of 52.7 billion, achieving a gross margin of 51.6% [1] - The chemical segment also experienced growth, with revenue of 26.4 billion, up 0.2% year-on-year, and a gross profit of 5.27 billion, up 1.8% year-on-year, resulting in a gross margin of 20% [1] - The company has growth potential with two coal mines under construction, expected to commence production in 2024 and 2025, and a proposed cash dividend of 11.08 billion, representing 55.04% of net profit attributable to shareholders, leading to a dividend yield of 6.5% as of March 28 [1] Financial Summary - For 2023, the company reported a revenue of 150 billion and a net profit of 20.14 billion, with projected net profits of 20.3 billion, 20.93 billion, and 21.84 billion for 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 8.5X, 8.2X, and 7.9X [2] - The company's earnings per share (EPS) for 2023 was 2.71, with projections of 2.73, 2.81, and 2.94 for the following years [2] - The return on equity (ROE) for 2023 was 22.9%, with a projected decline to 20.2%, 19.3%, and 18.8% over the next three years [2]

[Table_Title] 证券研究报告 厚植资源潜力，发展空间可期 公司研究 [Table_ReportDate] 2024年3月29日 [Table_ReportType] 公司点评报告 [T事ab件le：_ 2S 0um 2m 4a年ry] 3 月28日，兖矿能源发布2023年报，公司全年实现营业收 [T兖ab矿le能_S源toc(k6A0n0d1R8an8k)] 入1500亿元，同比下降33.31%，实现归母净利润201.39亿元，同比下降 投资评级 买入 39.62%；扣非后净利润185.91亿元，同比下降38.61%。经营活动现金流 量净额161.68亿元，同比下降72.56%；基本每股收益2.74元/股，同比下 上次评级 买入 降39.78%。 [T able_Author] 第四季度，公司实现营业收入142.21亿元，环比下降65%，主要是煤炭贸 易业务减少影响；归母净利润45.22亿元，环比下降0.5%；扣非后净利润 43.41 亿元，环比上升 3.4%；经营活动现金流净额 14.24 亿元，环比下降 81.8%，主要受合并的山东能源公司对外贷款支出影响。 左前明 能源行业首席分析师 点评： ...

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之內容概不負責，對其準確性或完整性亦不 發佈任何聲明，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依賴該等內容而引致之任何損失承 擔任何責任。 兗礦能源集團股份有限公司 YANKUANG ENERGY GROUP COMPANY LIMITED* （在中華人民共和國註冊成立的股份有限公司） （股份代碼：01171） 截至2023年12月31日止十二個月的年度業績公告 兗礦能源集團股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬公司截至2023年12月31日 止十二個月之經審計年度業績。該年度業績已經董事會審計委員會審閱。 本公告列載本公司2023年度報告全文，並符合香港聯合交易所有限公司證劵上市規則中有關年度業績初步公 告附載的資料之要求。 本公司 2023 年度業績可於香港聯合交易所有限公司的網站 www.hkexnews.hk 及本公司的網站 www.ykenergy.com閱覽。 承董事會命 兗礦能源集團股份有限公司 董事長 李偉 中國山東省鄒城市 2024年3月28日 於本公告日期，本公司董事為李偉先生、肖耀猛先生、劉健 ...

Dividends and Shareholder Returns - The company proposed a stock dividend of 3 shares for every 10 shares held and a cash dividend of 14.9 yuan per 10 shares (tax included) for the fiscal year[2]. - The company plans to distribute a cash dividend of 1.49 yuan per share, totaling 11.08 billion yuan, which represents 62.3% of the net profit[20]. - The proposed cash dividend for 2023 is 13.00 RMB per 10 shares (including tax), along with a special cash dividend of 1.90 RMB per 10 shares (including tax), totaling 14.90 RMB per 10 shares[175]. - Each 10 shares will receive 3 bonus shares and a cash dividend of RMB 14.9 per share (tax included)[178]. Financial Performance - The company reported a significant increase in revenue, reaching CNY 10,000 million, representing a growth of 15% year-over-year[15]. - In 2023, the company achieved sales revenue of 118.43 billion yuan, a decrease of 23.4% compared to 2022's 154.60 billion yuan[16]. - The company's net profit attributable to shareholders for 2023 was 17.78 billion yuan, down 41.6% from 30.42 billion yuan in 2022[16]. - The company reported a gross profit of 43.91 billion yuan in 2023, compared to 73.79 billion yuan in 2022, reflecting a significant decline[16]. - The company generated a net cash flow from operating activities of 22.62 billion yuan in 2023, a decrease from 61.87 billion yuan in 2022[19]. - Sales revenue decreased by 23.39% year-on-year to RMB 118,434 million, primarily due to a reduction of RMB 36.7 billion in coal business revenue[46]. Market and Operational Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[15]. - The company plans to produce approximately 140 million tons of commercial coal and 8 million tons of chemical products in 2024[23]. - The company aims to reduce operational costs by 5% through improved supply chain management[15]. - The company is focusing on optimizing layout and project acquisitions to enhance its operational performance amid market fluctuations[31]. - The company plans to focus on expanding its market presence in regions with growing demand, particularly in Southeast Asia and Australia[39]. Research and Development - Research and development expenses increased by 30%, totaling CNY 500 million, to support new technology initiatives[15]. - The company has established advanced research and development platforms, including a postdoctoral research station and a smart mining R&D center[32]. - The company is investing in new technology development, allocating 500 million RMB for R&D initiatives in the upcoming year[118]. Corporate Governance - The company has strengthened its corporate governance by updating its governance structure and regulations in accordance with the latest laws and regulations, ensuring efficient operation[105]. - The company has established a robust corporate governance structure that aligns with the requirements of the Company Law and Securities Law, with no significant discrepancies noted[105]. - The company has committed to transparency and accountability in its operations, ensuring the protection of all shareholders' rights[105]. - The company has seen changes in its board composition, with several directors and supervisors being elected or appointed recently[128]. Risk Management - The company has disclosed major risks and countermeasures faced by the group in the annual report, emphasizing the importance of investor awareness[2]. - The company emphasizes that forward-looking statements regarding future plans do not constitute substantial commitments to investors, urging caution regarding investment risks[2]. - The company has established measures to manage foreign exchange risks, including entering into hedging contracts[98]. Environmental and Social Responsibility - The company has invested a total of 50.49 million yuan in education, environmental protection, and community care projects[23]. - The company is actively pursuing environmental compliance and upgrading facilities to meet stricter regulations[96]. - The company has established a sustainable development committee, consisting of three members, to oversee environmental, social, and governance (ESG) matters[169]. Production and Sales - The company produced 110 million tons of commodity coal in 2023, maintaining its position among the industry leaders[21]. - The total sales volume of coal was 102,905 thousand tons, a slight decrease of 841 thousand tons or 0.81% year-on-year[26]. - The revenue from coal business was 89.144 billion yuan, a decrease of 36.7 billion yuan or 29.2% year-on-year, primarily due to a decline in coal sales prices[36]. - The company achieved a 5% year-on-year reduction in main product unit consumption[22]. Leadership and Management Changes - The company appointed Zhao Zhiguo as the Chief Financial Officer in October 2023, who has extensive experience in financial management and data analysis[121]. - The company has seen a leadership change with Wang Jiuhong becoming the Deputy General Manager in October 2022, bringing significant experience from various managerial roles[120]. - The company is expanding its leadership team with the appointment of Yue Ning as Deputy General Manager in October 2023, who has a strong background in engineering and management[121]. Financial Position and Assets - The total assets of the company reached 414.32 billion yuan in 2023, an increase from 310.08 billion yuan in 2022[18]. - The company’s net asset return rate was 20.46% in 2023, down from 33.85% in 2022[18]. - The company has a total of 4,495 R&D personnel, which constitutes 5.67% of the total workforce[62]. Strategic Acquisitions - A strategic acquisition was announced, with the company acquiring a competitor for CNY 2,000 million, expected to enhance operational efficiency[15]. - The company is considering strategic acquisitions to enhance its market position, with a budget of 2 billion RMB earmarked for potential deals[117].

Financial Performance - Yankuang Energy Group reported its audited annual performance for the year ending December 31, 2023[1]. - The company reported a significant increase in revenue, reaching CNY 10,000 million, representing a growth of 15% year-over-year[14]. - In 2023, the company achieved sales revenue of 118.43 billion yuan, a decrease of 23.4% compared to 154.60 billion yuan in 2022[15]. - The company's net profit attributable to shareholders for 2023 was 17.78 billion yuan, down 41.6% from 30.42 billion yuan in 2022[15]. - The company reported a gross profit of 43.91 billion yuan, which is a decline from 73.79 billion yuan in the previous year[15]. - The company generated a net cash flow from operating activities of 22.62 billion yuan, significantly lower than 61.87 billion yuan in 2022[18]. - The company reported a significant revenue decline in the trading coal segment, with a sales volume of 4,329 thousand tons and revenue of 6,808 million yuan[37]. - Sales revenue decreased by 23.39% year-on-year to RMB 118,434 million, primarily due to a reduction in coal business revenue by RMB 36.7 billion[45]. - Operating cash flow decreased by 63.45% year-on-year to RMB 22,616 million, impacted by lower coal sales prices[46]. Market Expansion and Strategy - Future strategies may include market expansion and technological advancements in energy production[4]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[14]. - The company plans to focus on expanding its market presence in regions such as Southeast Asia and Australia to enhance revenue streams[37]. - The company is exploring potential acquisitions to diversify its portfolio, with a budget of $200 million allocated for this purpose[115]. - Market expansion plans include entering two new provinces, aiming for a 30% increase in market share within the next two years[114]. - The company plans to enhance its digital marketing strategy, aiming for a 40% increase in online engagement[14]. Operational Efficiency and Cost Management - The company aims to enhance its financial performance and shareholder value through strategic initiatives and operational efficiencies[2]. - The company aims to reduce operational costs by 5% through improved supply chain management[14]. - The company reported a significant increase in operational efficiency, with a 15% reduction in production costs year-over-year[117]. - The company is implementing new strategies to improve supply chain efficiency, targeting a 10% reduction in lead times[117]. Research and Development - Research and development expenses increased by 30%, totaling CNY 500 million, to support new technology initiatives[14]. - The company is focusing on technological innovation, with plans to invest 10 million in R&D for new energy solutions[118]. - The company obtained 276 authorized patents in 2023, including 58 invention patents[62]. Governance and Corporate Structure - The board of directors includes experienced members, ensuring strong governance and oversight[1]. - The company has implemented a robust governance structure that complies with the Company Law and Securities Law, with no significant discrepancies from regulatory requirements[104]. - The company has strengthened its corporate governance by updating various internal regulations and procedures in accordance with the latest laws and regulations, ensuring efficient operation[104]. - The company has a clear decision-making process for determining the remuneration of its board members and senior management[126]. - The company has a focus on maintaining a strong governance framework through regular elections and appointments of board members[127]. Environmental and Social Responsibility - The company emphasizes its commitment to environmental and social responsibility in its operations[2]. - The total investment in donations and public welfare projects has reached 50.49 million yuan, reflecting the company's commitment to social responsibility[22]. - The company is facing environmental protection risks due to stricter national policies and is committed to green and low-carbon development strategies[94][95]. Leadership and Management Changes - The company appointed Zhao Zhiguo as the Chief Financial Officer in October 2023, who has extensive experience in financial management and big data analysis[120]. - The company has seen a leadership change with Wang Jiuhong becoming the Deputy General Manager in October 2022, bringing significant experience from various managerial roles within the coal industry[119]. - The company is expanding its leadership team with the appointment of Yue Ning as Deputy General Manager in October 2023, who has a strong background in engineering and management[120]. Shareholder and Dividend Information - A dividend of CNY 0.50 per share was declared, reflecting a payout ratio of 30%[14]. - The company plans to distribute a cash dividend of 14.9 yuan per 10 shares, totaling 11.085 billion yuan, which accounts for 62.3% of net profit[19]. - The proposed cash dividend for 2023 is 13.00 RMB per 10 shares, plus a special cash dividend of 1.90 RMB per 10 shares, totaling 14.90 RMB per 10 shares[174]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[14]. - The company plans to produce approximately 140 million tons of commodity coal and 8 million tons of chemical products in 2024[22]. - The company’s future outlook includes continued focus on coal and chemical production, with potential for market expansion and strategic acquisitions[46].

衮矿能源集团股份有限公司 2023 年度独立董事述职报告 (朱睿) 作为衮矿能源集团股份有限公司("兖矿能源""公司") 的独立董事,我严格按照《公司法》《证券法》《上市公司独 立董事管理办法》《上市公司治理准则》等法律法规,以及 《公司章程》和《独立董事工作制度》等有关规定和要求,本 着客观、公正、独立的原则,勤勉尽责、独立履职,及时了解 公司的生产经营及发展情况,积极发挥独立董事作用,有效维 护了公司整体利益和全体股东的合法权益。现将 2023年度履职 情况报告如下: (二)相关决议及表决结果情况 一、独立董事的基本情况 朱睿:出生于 1975年2月,毕业于对外经济贸易大学、美 国明尼苏达大学,工商管理博士学位。曾任加拿大英属哥伦比 亚大学副教授,美国莱斯大学助理教授。目前担任长江商学院 市场营销学教授、ESG 与社会创新研究中心主任,并担任九毛 九国际控股有限公司、万物新生公司(纽约证券交易所上市公 司 ATRenew Inc ) 独立董事。2023年6月任兖矿能源独立董事。 二、独立董事年度履职情况 (一)出席会议情况 自本人 2023年6月任独立董事后至报告期末,公司共召开 了 3 次董事会会议和 ...