ST 证券研究报告 公司近一年市场表现 资料来源：最闻 市场数据：2024 年 9 月 4 日 H1 煤炭产销减量，毛利率下降。2024 年 1-6 月，公司原煤产量（不含 自用煤）976.67 万吨，同比-17.8%（其中 Q1：589.17，同比-12.96%；Q2： 387.5，同比-24.1%，环比-34.2%）；H1 原煤销量 1338.1 万吨，同比-3.11% （其中 Q1：780.3，同比-1.09%；Q2：557.8，同比-5.8%，环比-28.5%）；产 销量下滑主要受上半年安检压力及白石湖临时性地质变化影响，Q2 影响较 大。价格方面，公司主要目标市场甘肃、宁夏等区域煤炭价格下行，靖远电 煤 Q5000 车板价 H1 均价 733 元/吨，同比-13.52%；宁夏石嘴山动力煤 Q5000 车板价 H1 均价 672 元/吨，同比-13.38%；哈密地销煤价也随之降低，哈密 动力煤 Q6000 坑口价 H1 均价 380 元/吨，同比-19.97%。由于公司煤炭开采 成本较低，H1 煤炭业务毛利率约 26.22%，与 2023 年平均毛利率 34.68%相比 减少 8.46pct，但仍处于 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 9.02 based on a 2024 EPS of RMB 0.82 and a PE of 11x [3][11]. Core Insights - In H1 2024, the company reported a revenue of RMB 17.25 billion, a decrease of 50.84% year-on-year, and a net profit attributable to shareholders of RMB 1.46 billion, down 64.7% year-on-year [8][11]. - The natural gas segment faced significant challenges, with total sales of 2.18 billion cubic meters, a decline of 57.00% year-on-year, while LNG production increased by 18.51% to 0.37 billion cubic meters due to project advancements [8][10]. - Coal sales slightly decreased, with raw coal production at 9.77 million tons, down 17.80% year-on-year, and total coal sales at 15.71 million tons, down 2.66% year-on-year [9][10]. - The Malang Coal Mine project received approval and is expected to contribute significantly in H2 2024, with an approved capacity of 10 million tons/year [9][10]. - The hydrogen energy demonstration project is operational, meeting design standards with a hydrogen production capacity of 1000Nm³/h and a refueling station capacity of 2000kg/d [10][11]. Financial Summary - The company’s revenue for 2024 is projected to be RMB 50.43 billion, reflecting an 18.0% decrease from 2023, with a gradual recovery expected in subsequent years [4][6]. - Net profit is expected to recover to RMB 5.42 billion in 2024, with EPS projected at RMB 0.82, increasing to RMB 1.24 by 2026 [3][4]. - The gross margin is anticipated to improve from 16.3% in 2023 to 22.4% in 2025, indicating a positive trend in profitability [4][6].

证券研究报告 | 公司动态点评 2024 年 09 月 03 日 广汇能源（600256.SH） 马朗煤矿获批投产，公司下半年煤炭产量有望大幅增长 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------|--------|--------|--------|--------|-----------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 59,409 | 61,475 | 48,625 | 56,220 | 63,804 | 股票信息 | | | 增长率 yoy （ % ） | 138.9 | 3.5 | -20.9 | 15.6 | 13.5 | | | | 归母净利润（百万元） | 11,337 | 5,173 | 5,041 | 6,231 | 7,235 ...

[Table_MainInfo] 公司研究/石油天然气/石油天然气 证券研究报告 广汇能源（600256）公司半年报点评 2024 年 09 月 04 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|------------------| | 股票数据 | | | 09 [ Table_StockInfo 月 02 日收盘价（元） ] | 6.23 | | 52 周股价波动（元） | 5.66-8.65 | | 总股本 / 流通 A 股（百万股） | 6566/6566 | | 总市值 / 流通市值（百万元） | 40905/40905 | | 相关研究 | | | [Table_ReportInfo] 《全力推进重点项目建设，加强公司的核心竞 | | | 争力》 2024.04.29 | | | 《煤、气价格下跌影响 23 | 年业绩，增加资本 | | 支出助力未来成长》 2024.01.28 | | | 《三季度业绩承压，油气项目 ...

·源证券 石油石化/炼化及贸易 公 司 研 究 马朗煤矿正式核准批复，关注煤矿成长性与高分红 广汇能源（600256.SH） 2024 年 09 月 02 日 ——公司 2024 年中报点评报告 投资评级：买入（维持） 日期 2024/8/30 | --- | --- | |---------------------|-----------| | | | | 当前股价 ( 元 ) | 5.96 | | 一年最高最低 ( 元 ) | 8.65/5.66 | | 总市值 ( 亿元 ) | 391.32 | | 流通市值 ( 亿元 ) | 391.32 | | 总股本 ( 亿股 ) | 65.66 | | 流通股本 ( 亿股 ) | 65.66 | | 3 个月换手率 (%) | 55.63 | 股价走势图 广汇能源 沪深300 -24% -12% 0% 12% 24% 36% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《Q1 产品量价齐跌拖累业绩，关注马 朗煤矿及高分红—2024 一季报点评报 告》-2024.4.26 《煤炭&天然气量增价跌，成长性与高 分 红 可 期 — 公 ...

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。 | 回购方案首次披露日 | 2024/7/23 | | --- | --- | | 回购方案实施期限 | 公司股东大会审议通过后 12 个月 | | 预计回购金额 | 40,000 万元~80,000 万元 | | 回购用途 | √减少注册资本 | | | □用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 6,684,200 股 | | 累计已回购股数占总股本比例 | 0.1018% | | 累计已回购金额 | 40,009,575.00 元 | | 实际回购价格区间 | 5.92 元/股~6.04 元/股 | 重要内容提示： 一、回购股份的基本情况 证券代码：600256 证券简称：广汇能源 公告编号：2024-073 广汇能源股份有限公司 关于以集中竞价交易方式回购股份的进展公告 国证券报》披露的 2024-054、055、056、057、058、059、061、062、 063 及 064 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][2]. Core Views - The approval of the Marang coal mine is expected to release performance elasticity, with a projected annual production capacity of 10 million tons, enhancing profitability as production ramps up [2]. - The report indicates a significant increase in the transportation capacity of the Hongnao Railway, which is expected to alleviate previous performance commitments that negatively impacted the company [2]. - Due to a downward adjustment in coal prices, the company's profit forecasts for 2024-2026 have been revised to 4.05 billion, 4.78 billion, and 5.38 billion yuan respectively, with corresponding P/E ratios of 9.7, 8.2, and 7.3 times [2]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 17.249 billion yuan, a decrease of 50.84% year-on-year, and a net profit of 1.455 billion yuan, down 64.70% year-on-year [1]. - Coal production for the first half of 2024 was 11.51 million tons, a decline of 17.78% year-on-year, while coal sales were 15.71 million tons, down 2.66% year-on-year [1]. - The average selling price of coal increased slightly to 455 yuan per ton, up 1.77% year-on-year, despite rising costs which increased to 336 yuan per ton, an 8.28% increase from the previous year [1]. - The natural gas segment saw a significant decline, with sales volume dropping 57% year-on-year to 1.5153 million tons, and the average selling price decreased by 27.05% to 4479 yuan per ton [1]. Future Outlook - The report anticipates that the company's net profit will recover gradually, with estimates of 4.05 billion yuan for 2024, 4.78 billion yuan for 2025, and 5.38 billion yuan for 2026, reflecting a stable growth trajectory [2][3]. - The company is expected to benefit from the operational improvements in the Hongnao Railway, which recorded a 187% year-on-year increase in transport volume in the first half of 2024 [2].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][21][24] Core Views - The company has experienced a significant decline in revenue and profit due to falling prices and sales volumes of its main products, with a 50.84% year-on-year decrease in revenue for the first half of 2024 [2][6][12] - The approval of the Marang coal mine by the National Development and Reform Commission is expected to strengthen the company's position as a leading coal producer in Xinjiang [2][20] - The company is adjusting its sales strategy in response to the narrowing price gap between domestic and international natural gas, leading to a reduction in trading volumes [2][12][22] Financial Forecasts and Indicators - Revenue (in million yuan) is projected to be 45,221 in 2024, 58,615 in 2025, and 72,257 in 2026, reflecting a decrease of 26.4% in 2024 followed by growth of 29.6% and 23.3% in the subsequent years [1][23] - The net profit (in million yuan) is expected to be 4,888 in 2024, 5,774 in 2025, and 6,917 in 2026, with a decline of 11% in 2024 and growth of 18.1% and 19.8% in the following years [4][23] - Earnings per share (EPS) is forecasted to be 0.74 in 2024, 0.88 in 2025, and 1.05 in 2026, with a decrease of 11% in 2024 and subsequent increases [4][23] Business Segmentation - The coal business is projected to generate revenue of 192.98 billion yuan in 2024, with a growth rate of 31.06% [23] - The natural gas business is expected to see a significant decline in revenue to 175.56 billion yuan in 2024, reflecting a decrease of 54.24% [23] - The coal chemical business is forecasted to generate revenue of 74.47 billion yuan in 2024, with a slight decline of 2.81% [23]

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [1] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 17.249 billion yuan, down 50.84% year-on-year, and net profit at 1.455 billion yuan, down 64.70% year-on-year [1] - The coal production and sales have decreased, but the approval of the Malang coal mine project is expected to lead to production growth in the second half of the year [1] - The company's natural gas sales have declined due to strategic adjustments, despite stable operations in self-produced gas [1] - The methanol production has increased, and the profitability of coal chemical products has improved [1] - The company is making steady progress in its heavy oil development projects, further solidifying its energy layout strategy [1] Financial Forecasts - The company is projected to achieve net profits of 4.444 billion yuan, 4.901 billion yuan, and 5.533 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 0.68, 0.75, and 0.84 yuan per share [2][7] - The PE ratios for the years 2024, 2025, and 2026 are expected to be 9, 8, and 7 respectively [2][8] - The revenue for 2024 is forecasted to be 40.212 billion yuan, a decrease of 34.6% compared to 2023 [2][7] Production and Sales Performance - In the first half of 2024, the company's coal production was 11.5087 million tons, down 17.78% year-on-year, and coal sales were 15.7101 million tons, down 2.66% year-on-year [1] - The average selling price of coal in the first half of 2024 was 455.36 yuan per ton, a slight increase of 1.77% year-on-year [1] Strategic Developments - The company has received approval for the Malang No. 1 coal mine project, which has a construction scale of 10 million tons per year, including 8 million tons of conventional capacity and 2 million tons of reserve capacity [1] - The company is actively adjusting its business structure at the Qidong LNG receiving station, reducing trade scale in response to falling international gas prices [1]

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, with total revenue reaching 1.2 billion CNY, representing a 15% year-over-year growth[1]. - The company's operating revenue for the first half of 2024 was approximately ¥17.25 billion, a decrease of 50.84% compared to the same period last year[14]. - The net profit attributable to shareholders of the listed company was approximately ¥1.46 billion, down 64.70% year-on-year[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥1.49 billion, a decrease of 63.61% compared to the previous year[14]. - Basic earnings per share decreased by 64.70% to CNY 0.2216 compared to the same period last year[15]. - The company reported a total comprehensive income of approximately ¥1,428.59 million for the first half of 2024, compared to ¥4,170.79 million in the same period of 2023, reflecting a decrease of 65.7%[166]. - The total profit for the first half of 2024 was approximately ¥1,768.02 million, down 65.2% from ¥5,088.72 million in the first half of 2023[165]. Market Outlook and Growth Strategies - The company has provided a positive outlook for the second half of 2024, projecting a revenue growth of 10% to 12%[1]. - New product launches are expected to contribute an additional 200 million CNY in revenue by the end of the fiscal year[1]. - Market expansion plans include entering two new provinces, which are projected to increase market share by 5%[1]. - The company is considering strategic acquisitions to bolster its logistics capabilities, with a budget of 300 million CNY allocated for potential deals[1]. - The company is focusing on expanding its market presence in regions such as Ningxia, Sichuan, Chongqing, Yunnan, Guizhou, and Shandong[26]. Research and Development - The company is investing 150 million CNY in R&D for new technologies aimed at enhancing operational efficiency[1]. - Research and development expenses increased by 23.05% to approximately ¥130.18 million, driven by new projects in coal blending and gasification technology[66]. - The company is focusing on a strategic transformation towards clean energy, including hydrogen energy and carbon capture technologies[20]. Sustainability Initiatives - The management highlighted a focus on sustainability initiatives, aiming to reduce carbon emissions by 25% by 2025[1]. - The company is also developing a CCUS project for carbon capture and utilization, aiming to enhance its sustainability efforts[8]. - The company is focusing on clean energy initiatives, including a green hydrogen production project integrated with renewable energy[7]. - The company has established a carbon emission management system and is actively responding to the "dual carbon" policy by enhancing its carbon emission management capabilities[117]. Financial Position - The company has maintained a strong balance sheet, with total assets reported at 5 billion CNY, a 10% increase from the previous year[1]. - The total assets at the end of the reporting period were approximately ¥55.22 billion, a decrease of 5.70% from the end of the previous year[14]. - The net assets attributable to shareholders of the listed company were approximately ¥25.92 billion, down 10.52% compared to the end of the previous year[14]. - The company’s cash and cash equivalents decreased by 26.77% to approximately ¥3.49 billion from ¥4.76 billion year-on-year[67]. Operational Efficiency - The company is investing in multiple LNG projects, including a 150,000 Nm³/d LNG project in Shanshan and a 1 million tons/year coal-to-chemical project in Hami[7]. - The company achieved a raw coal production of 9.77 million tons in the first half of 2024, a decrease of 17.80% year-on-year[49]. - The company reported a 98% recovery rate in open-pit mining operations at the Baishihu coal mine, supported by advanced mechanization[25]. Environmental Compliance - The company emphasizes a "zero tolerance" policy towards safety and environmental risks, aiming for "zero accidents" in its operations[8]. - The company has implemented strict emission standards for both wastewater and air pollutants, ensuring compliance with national regulations[94]. - The company has completed the construction and acceptance of four VOCs treatment devices, which are operating well[92]. Related Party Transactions - The company reported a significant related party transaction amounting to approximately ¥640.41 million with Xinjiang Hongnao San Railway Co., Ltd. for railway freight and sales payments[135]. - Total related party transactions for the period reached approximately ¥1.28 billion, indicating substantial intercompany dealings[136]. - The company confirmed performance commitments for Hongnao Railway Co. with net profits of no less than ¥159.32 million, ¥350.98 million, and ¥496.28 million for the years 2022, 2023, and 2024 respectively[138]. Legal and Regulatory Risks - The company faces industry cyclical risks, particularly in the coal and natural gas sectors, which are sensitive to macroeconomic conditions[77]. - Regulatory and tax policy risks may impact the company's operations, as government policies in the energy sector are subject to change[77]. - The company is involved in a significant arbitration case against Zigong Yingmao Limited for unpaid payments, with a claim amount of approximately ¥70.2 million[129]. Community Engagement - The company invested 7.99 million yuan in purchasing beef, lamb, and various agricultural products from local poverty alleviation cooperatives to support rural revitalization efforts[121]. - The company provided 600,000 yuan in donations to impoverished villages and public welfare organizations in the first half of 2024[122]. - A total of 818 individuals were employed through the company's initiatives in the first half of 2024, contributing to local economic stability[123].