Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company achieved a revenue of 26.39 billion yuan in the first three quarters of 2024, a year-on-year decrease of 46.8% [3] - The net profit attributable to shareholders for the same period was 2 billion yuan, down 58.7% year-on-year [3] - The report anticipates a recovery in net profit in 2025 and 2026, projecting 6.53 billion yuan and 7.10 billion yuan respectively, with a year-on-year growth of 48.3% and 8.6% [3] - The company is expected to maintain a high dividend of 0.7 yuan per share for 2024, resulting in a dividend yield of 8.8% based on the closing price on October 30 [3] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 9.14 billion yuan, a quarter-on-quarter increase of 26.9% [3] - The net profit for Q3 was 550 million yuan, a quarter-on-quarter decrease of 15.5% [3] - The company adjusted its profit forecasts for 2024-2026, now expecting net profits of 4.40 billion yuan, 6.53 billion yuan, and 7.10 billion yuan respectively [3][4] Coal Production and Sales - The company’s coal production and sales volume for the first three quarters of 2024 reached 21.65 million tons and 25.51 million tons, representing year-on-year increases of 32.8% and 36.1% respectively [3] - In Q3, the coal production and sales volume were 11.89 million tons and 12.12 million tons, with significant quarter-on-quarter increases of 206.7% and 117.3% [3] Natural Gas and Chemical Products - The natural gas production and sales volume for the first three quarters of 2024 were 48.51 million cubic meters and 320.70 million cubic meters, with a year-on-year increase of 8.9% and a decrease of 50.6% respectively [3] - The report noted a decline in chemical product sales, particularly in methanol and ethylene glycol, with Q3 sales down 35.8% and 37.7% quarter-on-quarter [3] Dividend and Share Buyback - The company has committed to a high dividend policy, promising a dividend of 0.7 yuan per share for 2022-2024 [3] - The company has initiated a share buyback program, repurchasing 16.94 million shares for a total of 100 million yuan, which is expected to enhance market confidence [3] Market Position and Outlook - The report emphasizes the company's strong market position as a private enterprise with diversified resources in coal, oil, and gas [3] - The anticipated recovery in profitability and the commitment to high dividends are expected to attract investor interest [3]

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][12][13]. Core Views - The company's revenue for the first three quarters of 2024 was CNY 26.39 billion, a year-on-year decrease of 46.76%, with a net profit attributable to shareholders of CNY 2.00 billion, down 58.72% year-on-year. In Q3 alone, revenue was CNY 9.14 billion, down 36.87% year-on-year but up 26.85% quarter-on-quarter [1]. - The decline in performance is attributed to maintenance activities in the coal chemical sector, which affected production and sales. However, the company is expected to benefit from the gradual release of capacity in its three major mining areas [1][2]. - The company plans to invest CNY 16.5 billion in a new coal chemical project, which is expected to generate an average annual net profit of CNY 1.64 billion [1]. Financial Summary - For 2023A, the main revenue is projected at CNY 61.48 billion, with a year-on-year growth rate of 3.5%. The net profit attributable to shareholders is expected to be CNY 5.17 billion, down 54.4% year-on-year [3]. - The earnings per share (EPS) for 2024E is projected at CNY 0.55, with a price-to-earnings (P/E) ratio of 14 times [3]. - The company’s total assets are estimated to be CNY 58.56 billion in 2023A, with a debt-to-asset ratio of 53.14% [3]. Production Capacity and Projects - The company has increased the production capacity of its Baishihu open-pit coal mine from 18 million tons per year to 35 million tons per year as of June 2024, which is expected to contribute to production in the second half of 2024 [1]. - The Marang coal mine has received approval for a construction scale of 10 million tons per year, with a total resource of 1.8 billion tons, which will accelerate the release of high-quality capacity [1]. - The company has initiated a second coal chemical project, which will enhance the conversion of coal resources and increase the added value of its products [1].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue at CNY 26.39 billion, down 46.76% year-on-year, and net profit at CNY 2.00 billion, down 58.72% year-on-year [1]. - The increase in coal resource tax in Xinjiang is identified as a factor negatively impacting the company's profitability in Q3 2024 [1]. - The company has seen a notable increase in coal production and sales, with total coal production reaching 24.04 million tons, up 23.8% year-on-year, and coal sales at 28.61 million tons, up 25.0% year-on-year [1]. - Strategic investment in the eastern mining area is expected to accelerate development, with a cash consideration of CNY 2.05 billion for a 40% stake in a subsidiary [1]. Financial Summary - For 2024E, the company is projected to achieve revenue of CNY 40.40 billion, a decrease of 34.3% year-on-year, and a net profit of CNY 3.29 billion, down 36.4% year-on-year [2]. - The earnings per share (EPS) for 2024E is estimated at CNY 0.50, with a price-to-earnings (P/E) ratio of 15.8 [2]. - The company’s net asset return (ROE) is projected to be 11.8% for 2024E, increasing to 21.8% by 2026E [2]. Stock Information - The company operates in the refining and trading industry, with a market capitalization of CNY 52.07 billion and a closing price of CNY 7.93 as of October 30, 2024 [3]. - The stock has a total share count of 6,565.76 million, with 100% free float [3]. Price Performance - The stock has shown a fluctuating price trend, with a notable decline of approximately 20% from October 2023 to October 2024 [4]. Analyst Insights - The report highlights the potential for earnings recovery in the coming years, with projected net profits of CNY 33 billion, CNY 52 billion, and CNY 64 billion for 2024, 2025, and 2026 respectively [1]. - The company is expected to benefit from the release of high-quality coal production capacity and strategic partnerships [1].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][16][17] Core Views - The company reported a significant year-on-year increase in coal sales by 91%, despite a 37% decline in revenue due to falling coal prices [1][4] - The company achieved a revenue of 26.39 billion yuan in the first three quarters of 2024, down 46.76% year-on-year, with a net profit attributable to shareholders of 2.002 billion yuan, down 58.72% year-on-year [1][4] - The company is the only private enterprise in China with coal, natural gas, and oil resources, with a significant production capacity located in Xinjiang and Central Asia [1][8] Financial Performance - In Q3 2024, the company reported a revenue of 9.142 billion yuan, a decrease of 36.87% year-on-year but an increase of 26.85% quarter-on-quarter [1][4] - The gross margin and net margin for the first three quarters of 2024 were 17.95% and 7.25%, respectively, with a year-on-year change of +1.10 and -2.29 percentage points [1][4] - The company’s coal production reached 11.8863 million tons in Q3 2024, a year-on-year increase of 168.67%, and total coal sales were 12.8963 million tons, up 91.05% year-on-year [1][8] Future Outlook - The company is expected to see an increase in revenue and profit in Q4 2024 due to the upcoming winter heating season and increased coal production and sales [1][8] - The company plans to invest in a 15 million tons per year coal quality utilization demonstration project, with an estimated investment of 16.48 billion yuan and an expected annual after-tax profit of 1.64 billion yuan [12][16] - The company has entered into a strategic partnership with Xinjiang Shun'an Energy to accelerate the development of the eastern mining area [15][16]

Financial Performance - The company's operating revenue for Q3 2024 was ¥9,142,604,571.67, a decrease of 36.87% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥547,516,789.96, down 24.90% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥512,036,484.83, a decrease of 29.81% compared to the previous year[2] - For the first three quarters of 2024, total revenue reached CNY 26,391,147,532.75, a decline of 46.76% compared to the same period last year[11] - Total operating revenue for the first three quarters of 2024 reached CNY 26,391,147,532.75, compared to CNY 49,568,709,187.22 in the same period of 2023, indicating a significant decrease[34] - Operating profit for the first three quarters of 2024 was CNY 2,475,444,023.75, compared to CNY 6,004,848,153.17 in the previous year, reflecting a decline in profitability[35] - The total profit for the period is approximately CNY 2.41 billion, compared to CNY 5.99 billion in the previous period, indicating a significant decrease[36] - The net profit attributable to shareholders of the parent company is CNY 2.00 billion, down from CNY 4.85 billion year-over-year[36] - The total comprehensive income for the period is approximately CNY 1.90 billion, down from CNY 4.82 billion in the previous year[36] Assets and Liabilities - Total assets at the end of Q3 2024 were ¥54,849,149,998.45, a decline of 6.34% from the end of the previous year[3] - The equity attributable to shareholders decreased by 8.98% to ¥26,364,593,495.79 compared to the end of the previous year[3] - The company's total assets amounted to CNY 54,849,149,998.45, a decrease from CNY 58,563,493,722.06 in the previous year[34] - Total liabilities were reported at CNY 29,149,147,060.25, down from CNY 30,192,463,545.94 in the previous year[34] - Non-current liabilities totaled CNY 8,637,196,860.33, compared to CNY 8,495,277,660.29 in the previous year, indicating an increase[34] Cash Flow - The company's net cash flow from operating activities was CNY 4,066,844,476.52, an increase of 1.63% year-on-year[11] - Cash inflow from operating activities is CNY 25.38 billion, a decrease from CNY 50.46 billion in the previous year[39] - Cash outflow from investing activities resulted in a net cash flow of approximately -CNY 675.89 million, compared to -CNY 1.24 billion last year[40] - Cash inflow from financing activities totaled CNY 16.49 billion, slightly down from CNY 16.95 billion in the previous year[40] - The net cash flow from financing activities is -CNY 4.92 billion, compared to -CNY 3.86 billion in the same period last year[40] - The cash and cash equivalents at the end of the period amount to CNY 2.50 billion, down from CNY 2.77 billion at the end of the previous year[40] Production and Sales - The company achieved LNG production of 11,867.60 million cubic meters in Q3 2024, a decrease of 12.80% year-on-year[14] - LNG sales in Q3 2024 were 102,853.42 million cubic meters, down 27.73% year-on-year[14] - The company’s total LNG sales for the first three quarters were 320,698.22 million cubic meters, a decrease of 50.58% year-on-year[14] - The company’s coal production in Xinjiang increased by 17.4% year-on-year, reaching 37.3 million tons in the first three quarters[15] - In Q3 2024, the company achieved raw coal production of 11.8863 million tons, a year-on-year increase of 168.67%[18] - Coal sales in Q3 2024 reached 12.8963 million tons, representing a year-on-year growth of 91.05%[18] - For the first three quarters of 2024, raw coal production totaled 21.6530 million tons, up 32.80% year-on-year[18] - The company’s premium coal production decreased by 35.34% year-on-year in Q3 2024, totaling 649,000 tons[18] - The company’s methanol production in Q3 2024 was 186,400 tons, down 16.23% year-on-year[21] - The company’s coal-based oil product output in Q3 2024 was 105,900 tons, a decrease of 35.58% year-on-year[22] - The company’s coal chemical product sales in Q3 2024 were 481,200 tons, down 62.53% year-on-year[24] Market Conditions - The decline in revenue was primarily due to significant decreases in sales volume and prices of natural gas and coal chemical products[6] - The average domestic LNG ex-factory price was CNY 4,823.04 per ton, up 19.49% year-on-year[12] - The average price of Newcastle coal was USD 88.27 per ton, a decrease of 1.28% year-on-year[15] - The average price of Brent crude oil in Q3 2024 was $78.71 per barrel, down 8.4% year-on-year[20] - The average price of methanol in Inner Mongolia was 2067.73 yuan/ton in Q3 2024, a slight decrease of 0.06% year-on-year[20] Government and Projects - The company received government subsidies amounting to ¥39,162,332.74 during the reporting period[4] - The Marang coal mine project has received the mining license with an annual production capacity of 10 million tons, approved in October 2024[28] - The Kazakhstan Zhaisan oil and gas development project has injected a total of 240,380 cubic meters of nitrogen aerosol as of October 23, 2024, completing the scheduled injection work[28] - The company has been approved for a non-state trade import quota of 300,000 tons of crude oil for 2024[28] - The second phase of the carbon dioxide capture and utilization project aims for a capacity of 500,000 tons per year, with project notifications received in November 2023[31] - The company is actively developing a hydrogen energy industry, with a focus on establishing hydrogen production and application projects by 2025-2027[31] - The company is progressing with the 15 million tons per year coal quality utilization demonstration project, with various approvals and assessments underway[30] - The Jiangsu Nantong Port LNG receiving station project has completed the feasibility study report and is awaiting further evaluations[29] - The company has completed the drilling of two deep wells in the Zhaisan oil field, both showing good oil layer conditions for commercial development[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 160,790[7] - The basic earnings per share for the year-to-date period was ¥0.3050, reflecting a decrease of 58.72% year-on-year[2] - Basic and diluted earnings per share are both CNY 0.3050, compared to CNY 0.7388 in the same period last year[38]

证券代码：600256 证券简称：广汇能源 公告编号：2024-090 2.煤化工销量包括贸易销售量。 3.煤炭生产、销售量不含自用煤。 二、风险提示 上述主要运营数据源自公司内部统计，运营数据在季度之间可能存在 差异，其影响因素包括但不限于宏观政策调整、国内外市场环境变化、行 业周期、季节性因素、恶劣天气、设备检修及安全检查等。运营数据可能 与相关期间定期报告披露的数据有差异，最终将以相关期间定期报告披露 数据为准。公司披露的运营数据仅作为初步及阶段性数据参考，存在根据 1 广汇能源股份有限公司 2024 年第三季度主要运营数据公告 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。 注： 1.天然气销量中包括终端外采销售量。 产品 计量 单位 类别 2024 年第三季度 自年初累计 数值 同比增减幅 （%） 数值 同比增减幅 （%） 天然气 万方 产量 11,867.60 -12.80 48,508.21 8.94 万方 销量 102,853.42 -27.73 320,698.22 -50.58 煤炭 万吨 原煤产量 1, ...

证券代码：600256 证券简称：广汇能源 公告编号：2024-091 广汇能源股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 一、说明会类型 重要内容提示： 会议召开时间：2024 年 12 月 04 日（星期三）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） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 27 日（星期三）至 12 月 03 日（星期二） 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。 广汇能源股份有限公司（简称"公司"）于 2024 年 10 月 31 日披露了《广 汇能源股份有限公司 2024 年第三季度报告》，为便于广大投资者更全面、深 入地了解公司 2024 年第三季度的经营成果、财 ...

证券代码：600256 证券简称：广汇能源 公告编号：2024-089 广汇能源股份有限公司 监事会第九届第十次会议决议公告 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。 （五） 本次会议由监事会主席刘光勇先生主持。 二、监事会会议审议情况 审议通过了《广汇能源股份有限公司 2024 年第三季度报告》，表决结 果：同意 5 票、反对 0 票、弃权 0 票。 监事会认为：公司 2024 年第三季度报告的编制和审核程序符合相关 法律、法规及《公司章程》等相关规定；第三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，所披露的信息能真实、完整地反映 公司 2024 年第三季度的经营情况和财务状况等；未发现参与公司第三季 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 年第三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 ...

广汇能源股份有限公司 董事会第九届第十一次会议决议公告 证券代码：600256 证券简称：广汇能源 公告编号：2024-088 （二）本次会议通知于 2024 年 10 月 19 日以通讯方式向各位董事发 出。 （三） 本次董事会于 2024 年 10 月 29 日在乌鲁木齐市新华北路 165 号中天广场 27 楼会议室以现场和通讯相结合的方式召开。 （四） 本次会议应到会董事 11 人（其中：独立董事 4 人），实际到 会董事 11 人，其中：董事长韩士发，副董事长闫军，董事、总经理蔺剑， 董事李圣君、薛小春、鞠学亮及独立董事谭学、甄卫军以通讯方式出席本 次会议。 （五） 本次会议经半数以上董事共同推举由公司董事、副总经理兼 董事会秘书阳贤先生主持。公司全部监事、高级管理人员列席了会议。 本次董事会议案全部获得通过。 一、董事会会议召开情况 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： 无董事对本次董事会议案投反对或弃权票。 （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。 2 ...

实际上也在国家在十四五内增强在末期再增加一批产能指标那么假设自治区能拿上这个产能指标末期那么我们就会搭上十四五的木班车这是第一个假设十四五内东部矿区这个就是自治区这一款新能指标没有如期落地那么我们东部矿区这个 那么就会在十五五的第一批手期会拉入到这个规划可以去做项目的手续的落地这就是东部矿区这一块手续也有了一个重要的突破这是第一个点第二个点就是关于东部矿区所产煤矿的销纳 那么消耗的问题刚那个王岭峰总说的这个实际上也是我们引进此次战略合作的合作方的一个目的那么就是一方面你就地消化另外一方面就是出张销售两条腿来并行那么就地消化的这个量合作方目前已经就煤炭产业链的延伸 拿出了一套就从公益路线方面已经拿出了几套方案但是目前还在论证那么这个论证完成之后呢那么这一块后续的煤化工的投资呢以这个战略合作方为主那么我们到时候就是实量的摊头确保我们煤炭的这个所量的这一块的销售那么剩余的煤炭呢 江外销售大家也知道煤化工作为石油化工的一个补充和替代我们国内都是做的大煤化工尤其哈密地区的煤因为是一个富油气煤实际上煤化工项目用煤量都是千万吨以上级别的这种规模所以煤化工的用煤量是一个也是主要方向但这个具体的量呢要取决于这个煤化工项目最终论 ...