证券研究报告 | 2024年04月28日 广汇能源（600256.SH） 买入 主营产品量价下滑影响一季度盈利，静待煤炭产能释放 核心观点 公司研究·财报点评 2024年一季度营收利润同比下降。2024年4月25日晚，公司发布2024年 石油石化·炼化及贸易 一季报，2024年一季度，公司实现营业收入100亿元，同比下降49%，实现 证券分析师：杨林 联系人：张歆钰 归母净利润8亿元，同比下降73%，实现扣非后归母净利润8亿元，同比下 010-88005379 yanglin6@guosen.com.cn zhangxinyu4@guosen.com.cn 降74%。受公司营业外支出减少影响，2024年一季度公司盈利环比提升。 S0980520120002 主营产品价格回调及销量下滑，短期内公司盈利承压。公司是我国唯一一家 基础数据 同时具备煤炭、天然气、石油资源的民营企业，产品布局于新疆、南通、中 投资评级 买入(维持) 合理估值 亚区域，产能体量位于全国民营企业前列。2024年一季度，受天气、下游需 收盘价 7.25元 求同比下降等因素影响，煤炭、天然气价格均低于去年同期水平，影响了公 总市值/流通市值 ...

Investment Rating - The report has adjusted the investment rating to "Cautious Recommendation" due to a decline in performance [2][3]. Core Views - In Q1 2024, the company reported a revenue of 10.041 billion yuan, a year-on-year decrease of 49.44%, and a net profit attributable to shareholders of 807 million yuan, down 73.15% year-on-year [2]. - The coal production decreased by 12.96% to 5.8917 million tons, while coal sales increased by 1.97% to 9.0183 million tons [2]. - Natural gas production and sales saw a decline, with self-produced LNG at 188 million cubic meters, down 4.61%, and natural gas sales at 1.181 billion cubic meters, down 44.12% [2]. - The prices of coal chemical products are under pressure, with methanol prices in the Northwest averaging 2,101.54 yuan per ton, down 6.55% year-on-year [2]. - The company is advancing hydrogen-related projects, including a green hydrogen production project that is expected to produce 660 tons of hydrogen annually, reducing CO2 emissions by 5,800 tons per year [2]. Summary by Sections Financial Performance - For Q1 2024, the company achieved a revenue of 10.041 billion yuan, a decrease of 49.44% year-on-year, and a net profit of 807 million yuan, down 73.15% year-on-year [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is 4.516 billion, 4.833 billion, and 5.254 billion yuan, respectively, with corresponding EPS of 0.69, 0.74, and 0.80 yuan per share [3]. Production and Sales - Coal production in Q1 2024 was 5.8917 million tons, a decrease of 12.96%, while coal sales were 9.0183 million tons, an increase of 1.97% [2]. - The company’s LNG production was 188 million cubic meters, down 4.61%, and natural gas sales were 1.181 billion cubic meters, down 44.12% [2]. Pricing and Market Conditions - The average price of LNG in Northeast Asia was 11.94 USD per million British thermal units, a decrease of 54.14% year-on-year, and the domestic LNG ex-factory price was 4,451.78 yuan per ton, down 25.05% [2]. - The prices of coal chemical products are under pressure, with methanol prices averaging 2,101.54 yuan per ton, down 6.55% year-on-year [2]. Project Developments - The company is progressing with the Marang coal mine project, having received necessary approvals and currently processing further permits [2]. - The hydrogen production project has successfully produced hydrogen with a purity of 99.998%, and the project is expected to significantly contribute to CO2 reduction upon completion [2].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][15]. Core Views - The company's Q1 2024 revenue decreased by 49.44% year-on-year to 10.041 billion yuan, with a net profit of 808 million yuan, down 73.15% year-on-year [1]. - The decline in revenue is attributed to reduced production and weak product prices, particularly in coal and natural gas sectors [1]. - The company is accelerating its green energy transformation, with successful operations in hydrogen energy and CCUS projects [1]. - The company plans to distribute a cash dividend of 0.7 yuan per share, reflecting a high dividend yield of 9.6%, indicating long-term investment value [1]. Financial Summary - Q1 2024 financial performance: - Revenue: 10.041 billion yuan, down 49.44% year-on-year - Net profit: 808 million yuan, down 73.15% year-on-year - Gross margin: 17.48%, up 6.05 percentage points year-on-year - Net margin: 7.67%, down 7.31 percentage points year-on-year [1]. - Profit forecasts for 2024 have been adjusted to 5.504 billion yuan, with expected EPS of 0.84 yuan [2][8]. - The company’s market capitalization is approximately 48.061 billion yuan, with a current price of 7.32 yuan and a target price of 8.40 yuan [4][5]. Strategic Developments - The company is focusing on green energy projects, with a successful hydrogen energy demonstration project and ongoing CCUS initiatives [1]. - The hydrogen energy project has achieved significant milestones, including the successful operation of hydrogen production facilities [1].

石油石化/炼化及贸易 公 司 广汇能源（600256.SH） Q1 产品量价齐跌拖累业绩，关注马朗煤矿及高分红 研 究 2024年04月26日 ——2024 一季报点评报告 投资评级：买入（维持） 张绪成（分析师） zhangxucheng@kysec.cn 日期 2024/4/25 证 书编号：S0790520020003  Q1产品量价齐跌拖累业绩，关注马朗煤矿及高分红，维持“买入”评级 当前股价(元) 7.32 公司发布2024年一季报，2024年一季度公司实现营收100.41亿元，同比-49.4%， 公 一年最高最低(元) 9.55/6.20 环比-15.7%；实现归母净利润 8.07 亿元，同比-73.1%，环比+150.2%；实现扣 司 非后归母净利润 7.74 亿元，同比-74%，环比+8.5%。我们维持 2024-2026 年 总市值(亿元) 480.61 信 公司盈利预测，预计 2024-2026 年公司归母净利润为 65.5/84.6/95.6 亿元， 息 流通市值(亿元) 480.61 同比分别+26.5%/+29.3%/+13%，EPS 分别为 1.00/1.29/1.46 元，对应 ...

广汇能源股份有限公司（600256） （证券代码：600256） 广汇能源股份有限公司 2023 年年度股东大会 会议材料 二○二四年五月十日 1 广汇能源股份有限公司（600256） 目 录 | 广汇能源股份有限公司 | 2023 | 年年度股东大会会议议程 | 3 | | --- | --- | --- | --- | | 广汇能源股份有限公司 | 2023 | 年年度股东大会会议须知 | 5 | | 广汇能源股份有限公司 | 2023 | 年度董事会工作报告 | 6 | | 广汇能源股份有限公司 | 2023 | 年度独立董事述职报告 | 29 | | 广汇能源股份有限公司 | 2023 | 年度监事会工作报告 | 30 | | 广汇能源股份有限公司 | 2023 | 年年度报告及 2023 年年度报告摘要 | 36 | | 广汇能源股份有限公司 | 2023 | 年度利润分配预案 | 37 | | 广汇能源股份有限公司 | 2023 | 年度财务决算报告 | 39 | | 广汇能源股份有限公司关于董事、高级管理人员 | | 2023 年度薪酬领取 | | | 情况及 2024 年度薪酬标准的议案 | ...

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 ...