证券研究报告 | 季报点评 2024年04月26日 广汇能源（600256.SH） 业绩底部已现，关注煤炭业务增量空间 公司发布2024年一季度业绩公告。2024年第一季度公司实现营收100.41 买入（维持） 亿元，同比下降49.44%；归母净利润8.07亿元，同比下降73.15%。 股票信息 煤炭业务稳步经营。2024年Q1公司煤炭产量674.85万吨，同比-13.79%， 行业 炼化及贸易 其中原煤产量 589.17 万吨，同比-13.0%；商品煤销量 902 万吨，同比 前次评级 买入 +1.97%，其中原煤销量780.3万吨，同比-1.09%。马朗煤矿手续持续推进， 4月25日收盘价(元) 7.32 2023年10月17日，自治区矿产资源储量评审中心同意《新疆巴里坤—伊 总市值(百万元) 48,061.33 吾县淖毛湖煤矿区马朗一号井田勘探报告》报告通过评审；2023年11月3 总股本(百万股) 6,565.76 日取得空白区探矿权证。我们预计2024年下半年马朗煤矿有望贡献煤炭产 其中自由流通股(%) 100.00 销量。 30日日均成交量(百万股) 109.43 股价走势 天然气业维持布局。20 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a Q1 2024 revenue of 10.04 billion yuan, a year-on-year decrease of 49.4% and a quarter-on-quarter decrease of 15.7%. The net profit attributable to the parent company was 810 million yuan, down 73.1% year-on-year but up 150.2% quarter-on-quarter [1] - The company's profitability improved alongside a rebound in coal sales, with Q1 coal sales totaling 9.02 million tons, a year-on-year increase of 2.0% and a quarter-on-quarter increase of 11.3%. The sales volume of raw coal was 7.8 million tons, down 1.1% year-on-year but up 9.3% quarter-on-quarter [1] - National coal demand is expected to grow steadily, with the company’s coal production capacity approval processes ongoing. The company has a total coal resource reserve of 6.597 billion tons across its mining areas [1] - The company’s LNG receiving station in Qidong has enhanced its throughput capacity, expected to reach 10 million tons per year by 2025, which will likely boost the scale of its natural gas business [1] - The company is actively exploring new energy sources, with its hydrogen energy project entering trial production, expected to produce 660 tons of hydrogen annually, contributing to significant CO2 emissions reduction [1] Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 68.347 billion yuan, 75.604 billion yuan, and 87.295 billion yuan, respectively, with year-on-year growth rates of 28.26%, 14.42%, and 21.42% [1] - The net profit attributable to the parent company is expected to be 6.635 billion yuan, 7.592 billion yuan, and 9.219 billion yuan for the same years, with corresponding growth rates [1] - The earnings per share (EPS) are projected to be 1.01 yuan, 1.16 yuan, and 1.40 yuan, with price-to-earnings (PE) ratios of 7.24, 6.33, and 5.21 times [1]

Investment Rating - The investment rating for Guanghui Energy (600256.SH) is "Buy," maintaining the previous rating of "Buy" [1]. Core Views - The report highlights that Guanghui Energy's Q1 2024 performance was significantly impacted by the decline in prices of coal, natural gas, and reduced sales volumes, resulting in a 49.44% year-on-year decrease in revenue to 10.041 billion yuan and a 73.15% drop in net profit attributable to shareholders to 0.807 billion yuan [1][2]. - Despite the short-term challenges, the company is expected to benefit from ongoing capacity expansions in coal, oil, and gas production, which will support long-term growth [2]. Summary by Sections Financial Performance - In Q1 2024, Guanghui Energy reported a revenue of 10.041 billion yuan, a decrease of 49.44% year-on-year, and a net profit of 0.807 billion yuan, down 73.15% year-on-year [1]. - The company's cash flow from operating activities was 1.711 billion yuan, reflecting a decline of 20.58% year-on-year [1]. Coal Business - The coal production in Q1 2024 was 5.8917 million tons, a decrease of 12.96% year-on-year, while the sales volume was 9.0183 million tons, an increase of 1.97% year-on-year [1]. - The average selling price of coal was 798.87 yuan per ton, down 17.76% year-on-year [1]. Natural Gas Business - The LNG production was 1.88 billion cubic meters (approximately 134,300 tons), down 4.61% year-on-year, and the sales volume was 11.81 billion cubic meters (approximately 843,600 tons), down 44.12% year-on-year [1]. - The average selling price of LNG was 4,451.78 yuan per ton, a decrease of 25.05% year-on-year [1]. Capacity Expansion and Future Prospects - The company is progressing with capacity expansions, particularly in coal mining, which is expected to enhance production significantly in the coming years [2]. - The report anticipates that coal production will reach over 50 million tons in 2024, 60 million tons in 2025, and 70 million tons in 2026 [2]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is adjusted to 5.54 billion yuan, 6.87 billion yuan, and 8.15 billion yuan, respectively, with corresponding EPS of 0.84, 1.05, and 1.24 yuan [2].

证券代码：600256 证券简称：广汇能源 公告编号：2024-035 广汇能源股份有限公司 关于 2024 年 3 月担保实施进展的公告 一、2024 年担保预计情况 为确保广汇能源股份有限公司（简称"公司"或"广汇能源"）生产经 营持续、稳健的发展，满足公司及控股子公司和参股公司的融资担保需求， 公司在运作规范和风险可控的前提下，结合 2023 年担保实施情况，经召开董 事会第九届第二次会议和 2024 年第一次临时股东大会，审议通过了《广汇能 源股份有限公司关于 2024 年度对外担保额度预计的议案》，同意 2024 年预 计公司提供的担保总额不超过 200 亿元，预计净新增担保额度不超过 60 亿元， 其中：对控股子公司预计净新增担保额度 57 亿元，对参股公司（包含合营、 联营、参股 50%实现共同控制的公司及其它参股公司）预计净新增担保额度 3 亿元。 为最近一期资产负债率 70%以上的所属公司预计提供净新增担保额度 27.50 亿元，为资产负债率 70%以下的所属公司预计提供净新增担保额度 32.50 亿元。（具体内容详见公司 2024-001、003 及 017 号公告） 本公司董事会及全体董 ...

重要内容提示： 无董事对本次董事会议案投反对或弃权票。 本次董事会议案全部获得通过。 一、董事会会议召开情况 （一） 本次董事会会议的召开符合《公司法》《证券法》和《公司章 程》的有关规定。 （二） 本次会议通知于 2024 年 4 月 14 日以通讯方式向各位董事发 出。 证券代码：600256 证券简称：广汇能源 公告编号：2024-030 广汇能源股份有限公司 董事会第九届第四次会议决议公告 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。 二、董事会会议审议情况 审议通过了《广汇能源股份有限公司 2024 年第一季度报告》，表决结 果：同意 11 票、反对 0 票、弃权 0 票。 公司根据《上海证券交易所上市公司定期报告业务指南》《上海证券 交易所上市公司自律监管指南第 1 号——公告格式》等相关法律、法规及 指引性文件的规定编制了《2024 年第一季度报告》，内容真实、准确、完 整，客观反映了公司当期生产经营情况。 1 本议案已经公司董事会审计委员会 2024 年第三次会议审议通过。 具体内容详见公司于 2024 年 ...

广汇能源股份有限公司 监事会第九届第四次会议决议公告 本公司监事会及全体监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。 重要内容提示： 一、监事会会议召开情况 （一） 本次会议的召开符合《公司法》《证券法》和《公司章程》的 有关规定。 （二） 本次会议通知于 2024 年 4 月 14 日以通讯方式向各位监事发 出。 证券代码：600256 证券简称：广汇能源 公告编号：2024-031 监事会认为：公司 2024 年第一季度报告的编制和审核程序符合相关 法律、法规和《公司章程》的规定；第一季度报告的内容和格式符合中国 证监会和上海证券交易所的要求，所包含的信息能全面反映公司 2024 年 第一季度的经营管理状态和财务情况；在提出本意见前，未发现参与第一 季度报告编制的人员和审议的人员有违反保密规定的行为。 全体监事保证公司 2024 年第一季度报告所载内容不存在任何虚假性 记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和完整性承 1 无监事对本次监事会相关议案投反对或弃权票。 本次监事会议案全部获得通过。 担个别及连带责任。 （三） ...

会议召开方式：上证路演中心网络互动 投资者可于 2024 年 5 月 14 日（星期二）至 5 月 20 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （zqb600256@126.com）进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 证券代码：600256 证券简称：广汇能源 公告编号：2024-033 广汇能源股份有限公司 关于召开 2023 年度及 2024 年第一季度业绩暨 现金分红说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 5 月 21 日（星期二）上午 11:00-12:00 会 议 召 开 网 址 ： 上海证券交易所上证路演中心（网址 ： http://roadshow.sseinfo.com） 广汇能源股份有限公司（简称"公司"）分别于 2024 年 4 月 20 日、4 月 26 日披露了《广汇能源股份有限公司 2023 年年度报告》《广汇能源股份 有限公司关于 2023 年度利润分配预案的 ...

证券代码：600256 证券简称：广汇能源 公告编号：2024-034 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。 一、项目背景 在国家双碳政策鼓励推进及涉氢政策密集出台的背景下，广汇能源股 份有限公司（简称"公司"）依托企业自身优势，积极主动适应国内外能 源产业发展新形式，根据相关政策指引及企业战略发展规划，投建了"绿 电制氢及氢能一体化示范项目"（简称"氢能示范项目"），随之经审慎 研判，公司与嘉兴申能诚创股权投资合伙企业等强强联手共同签署了《股 权合作协议》，共同成立"新疆汇申新能源科技有限公司"用予在氢资源 获取、氢能产业开发、新能源开发及配套装备制造等方面开展深入合作， 并将公司氢能示范项目纳入到该合资公司进行了统一的运营管理。（具体 内容详见公司 2022-082、2023-044 号公告） 二、试运行情况 加氢装置：2024 年 3 月 16 日，氢能示范项目加氢站氢气分析纯度达 99.998%，达到车用燃料氢气的标准，随着第一辆氢能重卡加注氢气完成， 项目加氢部分进入试车。截止目前，10 辆氢能重卡牵引车 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 10,041,044,533.40, a decrease of 49.44% compared to the same period last year[5]. - The net profit attributable to shareholders was CNY 807,461,526.17, down 73.15% year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 774,279,196.29, a decline of 73.88%[5]. - The basic earnings per share were CNY 0.1230, reflecting a decrease of 73.14% compared to the previous year[5]. - The weighted average return on equity was 2.75%, a decrease of 7.15 percentage points year-on-year[5]. - The total revenue for Q1 2024 was CNY 10,041,044,533.40, a decrease of 49.5% compared to CNY 19,861,531,725.11 in Q1 2023[58]. - The total comprehensive income for Q1 2024 was CNY 783,856,247.97, down from CNY 3,000,202,188.47 in Q1 2023[62]. - Basic and diluted earnings per share for Q1 2024 were CNY 0.1230, compared to CNY 0.4580 in Q1 2023, representing a decline of 73.1%[62]. - The company reported a net profit margin decline due to reduced revenue and increased costs, impacting overall profitability[58]. Cash Flow and Assets - The net cash flow from operating activities was CNY 1,710,695,025.65, down 20.58% year-on-year[5]. - Cash and cash equivalents increased to CNY 6,231,097,607.86 as of March 31, 2024, compared to CNY 4,760,467,690.76 at December 31, 2023, representing a growth of 30.8%[50]. - Total assets increased to CNY 60,653,951,099.42 as of March 31, 2024, compared to CNY 58,563,493,722.06 at December 31, 2023, reflecting a growth of 3.6%[56]. - Total liabilities reached CNY 31,499,601,086.12 as of March 31, 2024, an increase of 4.3% from CNY 30,192,463,545.94 at December 31, 2023[54]. - The company's equity attributable to shareholders increased to CNY 29,786,185,386.57 as of March 31, 2024, compared to CNY 28,965,301,632.45 at December 31, 2023, marking a growth of 2.8%[55]. - Inventory decreased to CNY 925,139,235.23 in Q1 2024, down 31.5% from CNY 1,351,335,158.49 in Q1 2023[52]. - Accounts receivable rose to CNY 2,221,527,484.51 in Q1 2024, up 15.7% from CNY 1,920,168,396.34 in Q1 2023[52]. Production and Sales - The company's LNG production in Q1 2024 was 18,791.55 million cubic meters (equivalent to 134,200 tons), a decrease of 4.61% year-on-year[24]. - Total natural gas sales reached 118,140.81 million cubic meters (equivalent to 82,100 tons), down 44.12% year-on-year[24]. - In the coal sector, the company reported a raw coal production of 589.17 million tons, a decrease of 12.96% year-on-year[28]. - Coal sales volume increased by 1.97% year-on-year, totaling 901.83 million tons[28]. - The average price of LNG in Q1 2024 was CNY 4,451.78 per ton, down 25.05% year-on-year[22]. - In Q1 2024, Xinjiang Guanghui New Energy Co., Ltd. achieved a methanol production of 288,000 tons, a year-on-year decrease of 3.65%[32]. - Xinjiang Guanghui Coal Clean Refining Co., Ltd. reported a coal-based oil product output of 144,900 tons in Q1 2024, down 15.07% year-on-year[33]. - Xinjiang Guanghui Chemical Sales Co., Ltd. recorded a coal chemical product sales volume of 618,400 tons in Q1 2024, a significant decline of 39.26% year-on-year[36]. - The company's by-product output was 97,200 tons, reflecting a year-on-year decrease of 4.72%[32]. Investments and Projects - The company plans to enhance its market expansion and optimize its supply chain strategies in response to market fluctuations[22]. - The company is actively pursuing the construction of intelligent mining operations to improve safety and efficiency in coal production[27]. - The company successfully completed the first charge of its chemical plant on March 30, 2024, and began normal production of polyester-grade ethylene glycol three days ahead of schedule[34]. - The company is advancing its hydrogen energy business, with plans for a comprehensive hydrogen industry chain including production, storage, and transportation, aiming for large-scale commercial use by 2025-2027[47]. - The CCUS project has made significant progress, with a 300,000 tons/year capacity project receiving necessary approvals and completing preliminary reports[45]. - The company has initiated the construction of the Marang Coal Mine, with all supporting facilities completed and ready for coal production[41]. - The LNG receiving station project in Jiangsu has entered trial operation as of April 10, 2024, with further developments ongoing[42]. - The company’s carbon capture and oil recovery project is currently operating stably, with a demonstration project of 100,000 tons/year in progress[44]. Expenses and Financial Management - Total operating costs for Q1 2024 were CNY 9,035,321,666.26, down 43.5% from CNY 16,005,786,639.45 in Q1 2023[58]. - R&D expenses for Q1 2024 were CNY 43,890,012.75, compared to CNY 41,520,228.94 in Q1 2023, reflecting an increase of approximately 5.7%[60]. - The company incurred financial expenses of CNY 282,682,770.33 in Q1 2024, down from CNY 321,842,222.97 in Q1 2023, a decrease of 12.1%[60]. - Investment activities resulted in a net cash outflow of CNY 520,795,074.95 in Q1 2024, compared to a net outflow of CNY 1,359,700,351.27 in Q1 2023[65].