动力煤龙头兖矿能源（600188）(600188.SH、01171.HK)将获控股股东注入煤炭资源。 4月8日晚间，兖矿能源发布资产收购计划。公司拟以现金140.66亿元收购控股股东山东能源集团权属公 司山东能源集团西北矿业有限公司(简称"西北矿业")51%股权，其中以现金47.48亿元受让西北矿业26% 股权，以现金93.18亿元向西北矿业增资。 实施百亿元级收购，兖矿能源将减少与山东能源集团之间的同业竞争问题。同时，通过对山东能源集团 优质煤炭资源的整合，兖矿能源将进一步增厚其在西北地区的煤炭资源储备，进而增强盈利能力。 长江商报记者注意到，由于煤炭市场震荡下行，商品煤价格下跌致煤炭业务盈利下滑，2024年，兖矿能 源实现营业收入1391.24亿元，同比减少7.29%；归属于上市公司股东的净利润144.25亿元，同比减少 28.39%。 报告期内，兖矿能源(合并口径，下同)的煤炭销售价格为672.18元/吨，同比减少约16.3%。 本次交易中，西北矿业现有股东方作出业绩承诺，2025年至2027年，西北矿业对应的经审计的扣除非经 常性损益后归母净利润累计不低于71.22亿元。 拟140亿取得西北矿业51% ...

Investment Rating - The investment rating for Yanzhou Coal Mining Company is "Buy" [3] Core Views - The acquisition of a 51% stake in Northwest Mining Company for CNY 14.066 billion is a strategic move to enhance growth and resource base [3][4] - Northwest Mining has rich coal resource reserves with a total approved capacity of 61.05 million tons per year, and it operates in key regions such as Shaanxi, Gansu, Shanxi, and southern Inner Mongolia [3] - The company is expected to see a rebound in profitability in 2024, excluding non-recurring losses, with an adjusted net profit of approximately CNY 2.4 billion, indicating growth compared to 2023 [3] - The acquisition is projected to increase Yanzhou Coal's revenue and net profit by approximately 12.37% and 7.68% respectively in 2024 [4] - The deal is characterized by low cash outflow and attractive valuation metrics, with a price-to-earnings ratio of 7.69, which is lower than Yanzhou Coal's A-share PE of 8.8 [6] Financial Summary - For 2023, total revenue is reported at CNY 150.1 billion, with a projected decline to CNY 139.1 billion in 2024, followed by a slight recovery in subsequent years [5] - The net profit attributable to the parent company is expected to decrease from CNY 20.1 billion in 2023 to CNY 14.4 billion in 2024, with a gradual recovery thereafter [5] - The gross margin is forecasted to decline from 40.6% in 2023 to 35.8% in 2024, stabilizing around 34% in the following years [5] - The company aims to achieve a coal production target of 300 million tons, with the acquisition being a crucial step towards this goal [4][6]

值得注意的是，就在4月8日晚，兖矿能源刚公告称，拟以现金140.66亿元收购山东能源集团西北矿业有 限公司（以下简称"西北矿业"）51%股权，其中以现金47.48亿元收购西北矿业现有股东26%股权，以现 金93.18亿元向西北矿业增资。而西北矿业下辖矿井正是山东能源的优质煤炭资产，该项交易将进一步 落实山东能源在西北区域的优质煤矿资产注入兖矿能源，也是兖矿能源向3亿吨原煤当量目标迈进的重 要一步。 兖矿能源有关负责人对《证券日报》记者表示，公司未来还将持续强化资源支撑体系，在加快落实控股 股东所属西北、内蒙古等区域优质煤矿资产注入的同时，积极获取陕蒙、新疆等国家能源战略基地"核 心产区"优质煤炭资源，同时密切关注境外焦煤、有色金属等资产并购机会。 （文章来源：证券日报） 公告显示，兖矿能源4月9日收到控股股东山东能源发来的《关于支持上市公司高质量发展的函》，山东 能源坚定看好中国资本市场发展前景和兖矿能源的长期投资价值，并做出如下承诺： 一是除因法律法规、规章及规范性文件、国家政策和监管机构另有要求外，山东能源自本承诺函出具之 日起12个月内，将不主动减持所持有的兖矿能源股份。而且在上述承诺期间内，如兖矿能源 ...

Investment Rating - The investment rating for Yanzhou Coal Mining Company is "Buy" [3] Core Views - The acquisition of a 51% stake in Northwest Mining Company for 14.066 billion yuan is a strategic move to enhance growth and resource reserves [3][4] - Northwest Mining has rich coal resource reserves with a total approved capacity of 61.05 million tons per year, and it operates in key regions such as Shaanxi, Gansu, Shanxi, and southern Inner Mongolia [3] - The company is expected to see a growth in profitability in 2024, excluding non-recurring losses, with an adjusted net profit of approximately 2.4 billion yuan [3] - The acquisition is projected to increase Yanzhou Coal's revenue and net profit by approximately 12.37% and 7.68% respectively in 2024 [4] Financial Summary - In 2023, total revenue was 150.1 billion yuan, with a projected decline to 139.1 billion yuan in 2024, followed by a slight recovery in subsequent years [5] - The net profit attributable to the parent company is expected to decrease from 20.1 billion yuan in 2023 to 14.4 billion yuan in 2024, with a gradual recovery thereafter [5] - The gross margin is projected to decline from 40.6% in 2023 to 35.8% in 2024, reflecting the impact of market conditions [5] - The company is expected to maintain a low P/E ratio of 9.59 in 2025, indicating potential undervaluation [5][6] Strategic Focus - Yanzhou Coal will continue to focus on its coal business and accelerate the implementation of its goal to reach 300 million tons of raw coal production [6] - The acquisition is seen as a key step towards achieving this production target and enhancing the company's profitability [4][6] - The company plans to actively seek high-quality coal resources in strategic energy bases such as Shaanxi, Inner Mongolia, and Xinjiang, while also exploring overseas acquisition opportunities [6]

兖矿能源集团股份有限公司 关于控股股东支持上市公司高质量发展自愿承诺的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完 整性承担法律责任。 2025 年 4 月 9 日，兖矿能源集团股份有限公司（"兖矿能源" "本公司"）收到控股股东山东能源集团有限公司（"山东能源"） 发来的《关于支持上市公司高质量发展的函》，现将有关情况公告如 下。 山东能源坚定看好中国资本市场发展前景和本公司的长期投资 价值。为贯彻落实国务院《关于进一步提高上市公司质量的意见》要 求，维护广大投资者利益，提升兖矿能源中长期投资价值，助力中国 资本市场稳定和经济高质量发展，山东能源承诺： 股票代码：600188 股票简称：兖矿能源 编号：临 2025-023 1 3. 山东能源将继续积极支持兖矿能源深耕主责主业，增强核心 竞争力，并将在综合考虑相关资产的质量、本公司的资金安排等情况 的基础上，持续向本公司注入优质主业资产，实现优质资产向本公司 集聚，支持本公司持续、稳定、健康发展，优化提升投资者回报。 本公司董事会将督促山东能源严格遵守上述承诺，并按照相关法 律法规以 ...

兖矿能源（600188.SH）事件点评 收购西北矿业股权，3 亿吨规划更进一步 2025 年 04 月 09 日 ➢ 事件：2025 年 4 月 8 日，公司公告，公司拟以现金 140.66 亿元收购控股 股东山能集团权属公司西北矿业 51%股权，其中以现金 47.48 亿元受让西北矿 业 26%股权，以现金 93.18 亿元向西北矿业增资。此次收购及增资后，公司将以 51%的持股比例取得西北矿业控制权。 ➢ 收购价格对应约 11 倍 PE（2024 年）。据公告，西北矿业 2023 年和 2024 年 1 月至 11 月净利润分别为 22.66 亿元、14.74 亿元。但 2024 年业绩下降是 有特殊原因的：一是五举煤矿开始试生产，核定 300 万吨的煤矿仅贡献 90 余万 吨商品煤产量，而各项固定成本及费用较高导致当年亏损 6.89 亿元，该矿 2025 年达产后将实现盈利；二是为客观公允反映资产价值，以 2024 年 11 月 30 日为 评估基准日开展评估时，对西北矿业下属资产计提 2.8 亿元减值，抵减了 2024 年利润。若剔除上述 9.26 亿元非经常性亏损，调整后净利润约 24 亿元，同比呈 ...

每经记者 彭斐 每经编辑 陈俊杰 4月8日晚间，兖矿能源（SH600188，股价12.65元，市值1270.0亿元）公告披露，拟采用股权收购及现 金增资相结合的方式，以140.66亿元现金收购控股股东山东能源集团旗下西北矿业有限公司（以下简 称"西北矿业"）51%股权。 对于此次交易的原因与目的，4月9日上午，《每日经济新闻》记者致电兖矿能源方面，公司相关人士表 示，此次收购一方面是为了解决与控股股东间的同业竞争问题，另一方面，距离公司的"3亿吨煤炭产量 计划"又近了一步。 不过，对于此次交易的风险，兖矿能源也做出提醒：受国际能源供需形势错综复杂、煤炭行业周期变动 等因素影响，若未来煤炭价格下行，则存在西北矿业经营业绩不达预期的风险。 资源扩张与行业波动的双重博弈 交易价款接近兖矿能源去年归母净利润 根据兖矿能源发布的关联交易公告，此次拟以47.48亿元现金受让西北矿业现有股东26%的股权，涉及 淄博矿业集团有限责任公司（淄矿集团）、龙口矿业集团有限公司（龙矿集团）、新汶矿业集团有限责 任公司（新矿集团）、肥城肥矿煤业有限公司（肥城煤业）等。另外，再以93.18亿元现金向西北矿业 增资。 《每日经济新闻》记者 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company plans to acquire a 51% stake in Northwest Mining for a total cash consideration of 14.066 billion yuan, which includes 4.748 billion yuan for a 26% stake and 9.318 billion yuan for capital increase [1] - The acquisition price corresponds to approximately 11 times the price-to-earnings (PE) ratio for 2024, with adjusted net profit expected to be around 2.4 billion yuan, showing a growth trend [2] - Northwest Mining has substantial coal reserves, with a total capacity of 61.05 million tons per year and a resource volume of 6.352 billion tons, which will enhance the company's domestic resource volume by 13.6% and annual production by approximately 21.91% post-acquisition [3] - The company has a commitment to achieve a cumulative net profit of no less than 7.122 billion yuan from 2025 to 2027, with projected net profits of 2.223 billion, 2.385 billion, and 2.513 billion yuan for the respective years [4] - The company expects significant growth in net profit for 2025-2027, with estimates of 8.717 billion, 11.522 billion, and 11.993 billion yuan, corresponding to earnings per share (EPS) of 0.87, 1.15, and 1.19 yuan [4] Summary by Sections Acquisition Details - The company is acquiring a controlling stake in Northwest Mining for 14.066 billion yuan, which includes a cash purchase and capital increase [1] Financial Metrics - The acquisition price reflects an estimated PE of 11 for 2024, with adjusted net profit expected to show growth despite a reported loss due to specific operational challenges [2] - Northwest Mining's coal production has been increasing, with projected production figures of 29.5 million tons, 28.3 million tons, and 31.2 million tons for 2022, 2023, and 2024 respectively [3] Growth Potential - The company anticipates significant production increases from Northwest Mining's ongoing projects, with a potential contribution of 25 million tons per year from new mining operations [3] - The commitment to net profit growth and the projected financial performance indicate a positive outlook for the company's future profitability [4]

Investment Rating - The report maintains a "Buy" rating for Yanzhou Coal Mining Company [4] Core Views - Yanzhou Coal Mining Company is progressing towards its goal of 300 million tons of production capacity through the acquisition of a 51% stake in Northwest Mining for a cash consideration of 14.066 billion yuan [1][11] - The acquisition is expected to significantly enhance the company's coal resource volume, reserves, and production capacity, adding approximately 6.35 billion tons of resources and 3 million tons of commodity coal production [11] - The company anticipates achieving net profits of 9.895 billion yuan, 11.902 billion yuan, and 13.755 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 12.8X, 10.7X, and 9.2X [9] Summary by Sections Acquisition Details - Yanzhou Coal plans to acquire 51% of Northwest Mining, with cash payments of 4.09 billion yuan for a 2.24% stake and 93.18 billion yuan for capital increase [1] - The acquisition will increase Northwest Mining's registered capital from 5 billion yuan to 7.551 billion yuan [1] Resource and Production Capacity - Northwest Mining has a total of 12 coal enterprises and holds 14 mining rights, with a total mining resource of 4.86 billion tons and a recoverable reserve of 2.69 billion tons [7] - The company has a current production capacity of approximately 33.8 million tons per year for thermal coal and 2.25 million tons per year for coking coal [7] Financial Performance - The report projects a decline in revenue from 150.068 billion yuan in 2023 to 127.382 billion yuan in 2025, with a subsequent recovery in 2026 and 2027 [10] - The net profit is expected to decrease from 20.144 billion yuan in 2023 to 9.895 billion yuan in 2025, before recovering in the following years [10] Valuation Metrics - The report provides a valuation with P/E ratios projected to decrease from 6.3 in 2023 to 9.2 in 2027, indicating a potential for growth in the company's earnings [10]

Investment Rating - The report maintains a "Buy" rating for Yanzhou Coal Mining Company [4] Core Views - Yanzhou Coal Mining Company aims to integrate high-quality coal resources and strengthen its core business by acquiring a 51% stake in Northwest Mining for a total cash consideration of 14.066 billion yuan [1] - The acquisition is expected to significantly enhance the company's coal resource volume, reserves, and production capacity, adding approximately 6.35 billion tons of resources and 3 million tons of commodity coal production [11] - The company is projected to achieve net profits of 9.895 billion yuan, 11.902 billion yuan, and 13.755 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 12.8X, 10.7X, and 9.2X [9] Summary by Sections Acquisition Details - Yanzhou Coal plans to acquire 51% of Northwest Mining through cash payments of 14.066 billion yuan, which includes 4.09 billion yuan for a 2.24% stake and 93.18 billion yuan for capital increase [1] - The acquisition will increase Northwest Mining's registered capital from 5 billion yuan to 7.551 billion yuan [1] Financial Performance - The company reported revenues of 150.068 billion yuan in 2023, with a projected decline to 127.382 billion yuan in 2025, followed by a recovery to 144.699 billion yuan in 2027 [10] - The net profit for 2023 was 20.144 billion yuan, expected to decrease to 9.895 billion yuan in 2025, before rising to 13.755 billion yuan in 2027 [10] Resource and Production Capacity - Northwest Mining has a total resource volume of 4.86 billion tons and a recoverable reserve of 2.69 billion tons, with a planned production capacity of 15 million tons per year [7] - The company is expected to enhance its production capacity by 2.5 million tons per year from ongoing projects [7] Valuation Metrics - The report provides a projected P/E ratio of 12.8X for 2025, indicating a favorable valuation compared to historical performance [9] - The company's net asset return is projected to decline from 27.7% in 2023 to 11.4% in 2025, before gradually improving [10]