2024 年 09 月 06 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 陈晨 S0350522110007 chenc09@ghzq.com.cn [Table_Title] 马朗煤矿获得核准，进一步夯实公司成长性 ——广汇能源（600256）公司动态研究 最近一年走势 事件: 2024 年 8 月 30 日，广汇能源发布 2024 年半年度报告：2024 年上半年公司 实现营业收入 172.5 亿元，同比-50.84%，归属于上市公司股东净利润 14.55 亿元，同比-64.7%，扣非后归属于上市公司股东净利润 14.91 亿元，同比 -63.61%。基本每股收益为 0.22 元，同比-64.7%。加权平均 ROE 为 4.9%，同 比减少 8.38 个百分点。 分季度看，2024 年第二季度，公司实现营业收入 72.07 亿元，环比-28.2%， 同比-52.7%；实现归属于上市公司股东净利润 6.48 亿元，环比-19.8%，同比 -41.9%；实现扣非后归母净利润 7.17 亿元，环比-7.4%，同比-36.8%。 | --- | --- | --- | --- | |-------- ...

Investment Rating - The report maintains an "Accumulate-A" investment rating for Guanghui Energy (600256.SH) [1][3] Core Views - The company is expected to benefit from a significant increase in coal production capacity and the recovery of natural gas trade margins, leading to potential growth in profits in the second half of the year and beyond [3][2] - The report highlights that the company's coal production and sales have decreased, resulting in a decline in gross profit margins, but anticipates that the new coal production capacity will effectively expand profit margins [1][2] Financial Performance Summary - For the first half of 2024, the company reported total revenue of 17.249 billion yuan, a decrease of 50.84% year-on-year, and a net profit attributable to shareholders of 1.455 billion yuan, down 64.70% year-on-year [1] - The company's coal production for H1 2024 was 9.7667 million tons, a decrease of 17.8% year-on-year, while coal sales were 13.381 million tons, down 3.11% year-on-year [1] - The average gross profit margin for the coal business in H1 2024 was approximately 26.22%, down from an average of 34.68% in 2023 [1] Production Capacity Expansion - The company has received approval for a significant increase in coal production capacity, with the Bai Shihu mine's capacity increasing by 17 million tons per year and the Malang mine's capacity increasing from 5 million tons to 10 million tons per year [2][3] - The total new production capacity expected in the second half of the year exceeds 2.2 million tons, which is anticipated to enhance profit scales under current gross profit conditions [2] Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.70 yuan, 0.98 yuan, and 1.16 yuan, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 8.7, 6.2, and 5.2 times [3][4] - The report anticipates an increase in net profit scale in the second half of the year and beyond due to the significant increase in coal production capacity and the recovery of natural gas trade margins [3]

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]