广汇能源(600256.SH) 白石湖煤矿产能核增,稳产保供能力提升 公司研究·公司快评 石油石化·炼化及贸易 投资评级:优于大市(维持) 证券分析师: 杨林 010-88005379 yanglin6@guosen.com.cn 执证编码:S0980520120002 联系人: 张歆钰 021-60375408 zhangxinyu4@guosen.com.cn 事项: 公司公告:公司于近日收到新疆维吾尔自治区应急管理厅(简称"自治区应急管理厅")下发的《关于核 定伊吾广汇矿业有限公司白石湖露天煤矿生产能力的复函》(新应急函【2024】47 号),复函要点内容如下: "1、经现场核查,伊吾广汇矿业有限公司所属白石湖露天煤矿符合生产能力核增条件。经研究决定,同 意白石湖露天煤矿生产能力由 1800 万吨/年核增至 3500 万吨/年。 2、请伊吾广汇矿业有限公司严格落实安全生产主体责任,深入研判安全风险,制定并落实管控措施,合 理安排生产计划,均衡组织生产等。"。 请务必阅读正文之后的免责声明及其项下所有内容 证券研究报告 | 2024年06月24日 国信化工观点:1)公司是我国唯一一家同时具备煤炭、天然气、 ...

证券代码：600256 证券简称：广汇能源 公告编号：2024-046 广汇能源股份有限公司 关于"白石湖露天煤矿生产能力核增 至3500万吨/年"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。 广汇能源股份有限公司（简称"公司"）于近日收到新疆维吾尔自治区 应急管理厅（简称"自治区应急管理厅"）下发的《关于核定伊吾广汇矿业 有限公司白石湖露天煤矿生产能力的复函》（新应急函【2024】47 号），复 函要点内容如下： "1、经现场核查，伊吾广汇矿业有限公司所属白石湖露天煤矿符合生 产能力核增条件。经研究决定，同意白石湖露天煤矿生产能力由 1800 万吨 /年核增至 3500 万吨/年。 2、请伊吾广汇矿业有限公司严格落实安全生产主体责任，深入研判 安全风险，制定并落实管控措施，合理安排生产计划，均衡组织生产等。" 伊吾广汇矿业有限公司历来坚持以"安全生产、高效管理、绿色开采、 可持续发展"为核心，全力以赴做好区域煤炭稳产稳供工作，有序释放煤 炭先进产能；白石湖露天煤矿已被列入国家自然资源部绿色矿山名录和国 家发改委保 ...

北京浩天(乌鲁木齐)律师事务所 Hylands law firm urumqi office 北京浩天(乌鲁木齐)律师事务所 关于广汇能源股份有限公司 差异化分红事项的法律意见书 致:广汇能源股份有限公司 本所接受广汇能源股份有限公司(以下简称"公司")的委托, 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股 份回购规则》（以下简称"《回购规则》"）、《上海证券交易所交 易规则》、《上海证券交易所上市公司自律监管指引第 7 号 -- 回购 股份》、《上海证券交易所上市公司自律监管指南第2号 -- 业务办 理》之《第五号 --- 权益分派》等有关法律、法规和其他规范性文件 以及《广汇能源股份有限公司章程》（以下简称"《公司章程》"） 的规定,就公司 2023 年度利润分配差异化分红（以下简称"本次差异 化分红"）相关事宜出具本法律意见书。 日话:(0991) 4666001 电子邮箱:URUMQI@HYLADSLAW.C 地址：岛鲁木齐市水磨沟区红光山路 888 号绿城广场写字楼 16 座 37 层 2 / 8 1 / 8 北京浩天(乌 ...

证券代码：600256 证券简称：广汇能源 公告编号：2024-045 广汇能源股份有限公司 2023 年年度 权益分派实施公告 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： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息） | 现金红利发 | | --- | --- | --- | --- | --- | | | | | 日 | 放日 | | Ａ股 | 2024/6/26 | － | 2024/6/27 | 2024/6/27 | 差异化分红送转： 是 一、通过分配方案的股东大会届次和日期 本次利润分配方案经广汇能源股份有限公司（简称"公司"）2024 年 5 月 10 日的 2023 年年度股东大会审议通过。（具体内容详见公司 2024-024、025 及 036 号公告） 每股分配比例 A 股每股现金红利 0.70 元（含税） 相关日期 二、分配方案 1.发放年度：2023 年年度 3.差异化分红送转方案： 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结 算有限责 ...

Group 1: Oil and Gas Development - The Zaisang oil field has proven natural gas recoverable reserves of 5.283 billion cubic meters and geological oil reserves exceeding 600 million tons. The project has transitioned from gas to oil development since 2021, with two development wells completed and undergoing injection tests [5][6] - The company aims to achieve a production target of 3 million tons of crude oil within 3-5 years, although this goal has faced delays [5][6] - As of 2023, the company has transported a cumulative total of 3.422 billion cubic meters of natural gas to domestic markets [5][6] Group 2: Financial Performance - In Q1 2024, the company experienced a significant profit decline due to falling prices of energy and chemical products, with a focus on steady operational performance in Q2 [2][3] - The company's net profit for 2023 was 5.173 billion RMB, a decrease of 54.37% year-on-year, primarily due to lower sales prices of natural gas, coal, and chemical products [28] - The operating cash flow for 2023 was 6.598 billion RMB, down 34.97% compared to the previous year, attributed to reduced cash inflow from sales [10][28] Group 3: Revenue Breakdown - In 2023, the company's total revenue reached 61.475 billion RMB, with natural gas sales contributing 38.365 billion RMB (62.41%), coal revenue at 14.725 billion RMB (23.95%), and coal chemical products at 7.662 billion RMB (12.46%) [8][26] - The gross margin for coal products was 34.68%, reflecting a year-on-year decrease of 9.52 percentage points due to market price fluctuations [17] Group 4: Dividend Policy - The company plans to distribute a cash dividend of 0.7 RMB per share for 2023, adhering to a policy of distributing at least 90% of the average distributable profit over the last three years [6][12] - The dividend distribution is scheduled to be completed by July 10, 2024 [10] Group 5: Strategic Focus and Future Plans - The company is committed to enhancing its core businesses in natural gas, coal, and coal chemical products while pursuing green and low-carbon transformation [8][12] - The company is actively working on expanding its coal mining capacity, with the Marang coal mine's approved capacity increased from 5 million tons/year to 10 million tons/year [3][15] - The company is exploring new investments in coal chemical industries to increase the added value of coal and enhance profitability [21]

大华会计师事务所《关于广汇能源股份 有限公司 2023 年年度报告的信息披露 监管工作函》中有关财务事项的说明 大华核字[2024]0011014025 号 大华会计师事务所(特殊普通合伙) Da Hua Certified Public Accountants (Special General Partnership) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行 acc.mof.gov.cn） 大华会计师事务所 《关于广汇能源股份有限公司 2023 年年度报告 的信息披露监管工作函》中有关财务事项的说明 目录 页次 《关于广汇能源股份有限公司 2023 年年度报 1-35 告的信息披露监管工作函》中有关财务事项的 说明 上是分子師事法所 大华会计师事务所(特殊普通合伙) 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话 : 86 (10) 5835 0011 传真 : 86 (10) 5835 0006 www.dahua-cpa.com 大 华 会 计 师 事 务 所 《关于广 汇 能 源 股 份 有 限 公 ...

证券代码：600256 证券简称：广汇能源 公告编号：2024-044 广汇能源股份有限公司 关于公司2023年年度报告的信息披露监管 工作函的回复公告 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。 广汇能源股份有限公司（简称"公司"）于近期收到上海证券 交易所上市公司管理一部下发的《关于广汇能源股份有限公司2023 年年度报告的信息披露监管工作函》（上证公函【2024】0635）号） （简称"监管工作函"）。公司高度重视，认真落实《监管工作函》 的要求，积极组织公司相关部门和年审会计师共同对《监管工作函》 所述问题进行逐项分析与核查，现回复如下： 问题一：关于经营情况。年报显示，报告期内，公司实现营业 收入614.75亿元，同比增长3.48%，除天然气销售外，其他板块收入 下滑；实现归母净利润51.73亿元，同比下降54.37%；综合毛利率由 28.63%下滑至16.35%，主要产品天然气销售、煤炭、煤化工毛利率 分别下降12.76、9.53、11.09个百分点；从集中度来看，近三年公 司前五名客户销售额分别为56.53 ...

Summary of Conference Call Transcript Company and Industry Involved - The discussion revolves around the coal industry and a specific company involved in coal production and sales. Core Points and Arguments - The monthly coal sales have shown a gradual increase, indicating some improvement in performance, although the improvement is limited due to capacity constraints [1] - In April, the company reported a monthly coal sales volume of 1.93 million tons [1] - In May, the coal sales volume increased to approximately 2.3 million tons [1] - The current daily average coal sales volume is being monitored, suggesting ongoing assessment of sales performance [1] Other Important but Possibly Overlooked Content - The impact of capacity constraints on sales improvement highlights potential risks in scaling operations [1]

Group 1: Event Details - The event will be held online on June 14, 2024, from 16:00 to 18:00 [1] - Investors can participate via the "P5W Roadshow" website, WeChat public account, or the P5W Roadshow APP [1] Group 2: Company Engagement - Company executives will discuss 2023 annual performance, corporate governance, development strategy, operational status, financing plans, equity incentives, and sustainable development [1] - The company encourages active participation from investors [1] Group 3: Legal Assurance - The board of directors guarantees the announcement's content is free from false records, misleading statements, or significant omissions [1]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [3][4][5] Core Views - The company is the only private enterprise in China with coal, natural gas, and oil resources, with significant capacity located in Xinjiang, Nantong, and Central Asia. The coal production capacity is primarily concentrated in Xinjiang, with the current approved capacity at 18 million tons per year. The approval for the Marang coal mine will increase the capacity from 5 million tons per year to 10 million tons per year, which is expected to significantly enhance the company's revenue and profit [3][4][5] - The prices of the main products, coal and natural gas, have recently rebounded from a low point, which is anticipated to improve the company's profitability [4][6] - The company plans to distribute dividends before July 10, 2024, with a commitment to distribute at least 90% of the average annual profit available for distribution to ordinary shareholders over the past three years, ensuring a minimum cash dividend of 0.70 yuan per share (including tax). This results in a high dividend yield of 8.92%, highlighting the company's long-term investment value [4][8] Summary by Sections Company Overview - The company has rich resources in coal, natural gas, and oil in Xinjiang and Central Asia. The release of capacity from the Marang coal mine is expected to drive profit growth, with further capacity releases in eastern mining areas and the increase of production at the Baishihu coal mine expected to be completed by the end of the 14th Five-Year Plan [4][5] Financial Forecasts - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 5.5 billion, 6.9 billion, and 8 billion yuan respectively. The current stock price corresponds to P/E ratios of 9.3, 7.4, and 6.3 times for these years, indicating strong long-term profit growth drivers and a high dividend payout ratio [4][5][12] Market Conditions - Domestic thermal coal prices have rebounded due to increased demand from downstream users and traders, with prices rising from 801 yuan per ton in April 2024 to 874 yuan per ton by June 3, 2024, an increase of 9.11%. Similarly, LNG market prices have increased from 3935 yuan per ton to 4300.7 yuan per ton, a rise of 9.29% [6][8]