Summary of the Conference Call Company Overview - The conference call involved Huayang Group, which recently released its Q3 financial report, indicating significant growth in the third quarter compared to the second quarter [1][2]. Key Financial Highlights - Q3 revenue increased by 5.99% from Q2, rising from 6 billion to 6.4 billion [1]. - Coal sales revenue in Q3 was 5.2 billion, up from 4.9 billion in Q2, marking a 20% increase [2]. - The overall production capacity is projected to reach 45 million tons in the next three to five years [3]. Production and Capacity - The company operates eight coal mines, with a total resource volume of approximately 6.3 billion tons [2][3]. - The production capacity is expected to increase with the commissioning of new mines, including the Qiliang Mine, which is anticipated to contribute significantly to production in the coming years [5][7]. Market Conditions - The coal market remains stable, with recent price increases for certain coal types, while others maintain steady pricing [5]. - The company is focusing on improving coal quality to enhance pricing power [5]. Safety and Operational Efficiency - The company reported a safety record of 270 days without incidents until October, although there were two accidents reported in October [6]. - Cost control measures have led to a decrease in production costs, with Q3 costs reported at 319, down 28% from Q2 [11]. New Energy Initiatives - The company is advancing its new energy initiatives, particularly in sodium-ion battery technology, despite market challenges [3][4]. - Contracts worth over 50 million have been signed for the installation of transport cables in coal mines [4]. Future Outlook - The company anticipates stable production levels in Q4, with plans to ramp up production in 2025 [5][12]. - The management is optimistic about the long-term growth potential of the company, supported by ongoing investments in both traditional coal and new energy sectors [19][20]. Shareholder Engagement - The company is committed to increasing shareholder returns, with a focus on dividend policies and potential share buybacks in response to favorable market conditions [15][21]. Research and Development - There has been a significant increase in R&D expenditures, driven by government incentives and the need for innovation in coal mining and energy transition technologies [18][19]. Conclusion - Overall, Huayang Group is positioned for growth with a dual focus on traditional coal production and new energy initiatives, while maintaining a strong commitment to safety, cost control, and shareholder value [22].

Investment Rating - The report maintains a "Buy" rating for Huayang Co., Ltd. [2] Core Views - The third quarter performance shows a sequential improvement in sales and a decrease in costs, leading to better quarterly results despite a year-on-year decline in profits [3][4] - The company's coal production and sales volumes have decreased year-on-year, but there was a sequential increase in sales in Q3 2024 [3] - The overall market conditions, including slight increases in coal prices, suggest potential for improved performance in Q4 [3] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 18.6 billion yuan, a year-on-year decrease of 14.1%, and a net profit attributable to shareholders of 1.82 billion yuan, down 57.4% [3] - In Q3 2024, the company achieved revenue of 6.4 billion yuan, a sequential increase of 6.0% and a year-on-year increase of 2.6% [3] - The net profit for Q3 was 520 million yuan, reflecting a sequential increase of 20.5% but a year-on-year decline of 58.7% [3] Coal Business Overview - In the first three quarters of 2024, coal production was 28.74 million tons, down 17.6% year-on-year, while sales volume was 26.58 million tons, down 15.9% [3] - The average selling price of coal was 564 yuan per ton, a decrease of 7.0% year-on-year, while unit costs increased by 12.2% to 342 yuan per ton [3] - The gross profit margin improved by 10.4 percentage points to 39.5% despite the challenges faced [3] Earnings Forecast and Valuation - The revenue projections for 2024-2026 are 24.27 billion yuan, 27.07 billion yuan, and 28.55 billion yuan respectively, with net profits expected to be 2.37 billion yuan, 2.74 billion yuan, and 3.02 billion yuan [4][6] - The earnings per share (EPS) estimates for the same period are 0.66 yuan, 0.76 yuan, and 0.84 yuan, with corresponding price-to-earnings (P/E) ratios of 11.55, 10.01, and 9.08 [4][6]

Investment Rating - The investment rating for Huayang Co., Ltd. is maintained as "Buy" [1] Core Views - The report highlights a significant quarter-on-quarter increase in Q3 performance, focusing on coal mine growth and high dividend potential [1] - The company reported a total revenue of 18.6 billion yuan for the first three quarters of 2024, a year-on-year decrease of 14.1%, and a net profit attributable to shareholders of 1.82 billion yuan, down 57.4% year-on-year [1] - The report maintains profit forecasts for 2024-2026, expecting net profits of 2.71 billion yuan, 3.10 billion yuan, and 3.39 billion yuan respectively, with corresponding EPS of 0.75, 0.86, and 0.94 yuan [1] Summary by Sections Q3 Performance - In Q3, the company achieved a revenue of 6.4 billion yuan, a quarter-on-quarter increase of 6.0%, and a net profit of 520 million yuan, up 20.5% quarter-on-quarter [1] - The coal production for the first three quarters was 28.74 million tons, down 17.6% year-on-year, while coal sales were 26.58 million tons, down 15.9% year-on-year [1] Coal Business Insights - The average selling price of coal was 564 yuan per ton, a decrease of 7.0% year-on-year, while the cost per ton increased by 12.2% to 342 yuan [1] - The gross profit per ton of coal was 223 yuan, down 26.4% year-on-year, with the coal segment contributing a gross profit of 5.92 billion yuan, down 38.1% year-on-year [1] Non-Coal Business Development - The company has successfully launched its Yanqing Thermal Power Project, which is expected to enhance its power generation business significantly [1] - The sodium-ion battery and photovoltaic component businesses are progressing well, with the first commercial sodium-ion battery electric two-wheeler launched [1] Future Growth and Dividend Potential - The company has substantial coal production capacity under construction, with two mines expected to contribute 5 million tons per year each [1] - A cash dividend of 7.18 yuan per 10 shares is proposed, totaling 2.59 billion yuan, which is 50% of the company's net profit for the year, significantly higher than the previous year's 30% [1]

Investment Rating - The investment rating for Huayang Co., Ltd. is maintained at "Buy" [4][9]. Core Views - The company's performance slightly missed expectations, but both volume and profit increased sequentially in Q3. The pressure on production decline has passed, and coal prices are expected to rise in Q4. The resource reserve advantage ensures continued production growth [2][9]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 18.602 billion yuan, down 14.09% year-on-year, and a net profit attributable to shareholders of 1.819 billion yuan, down 57.42%. In Q3 alone, revenue was 6.403 billion yuan, up 2.63% year-on-year and 5.99% sequentially, with a net profit of 520 million yuan, down 58.72% year-on-year but up 20.51% sequentially [9][10]. - The company has adjusted its EPS forecasts for 2024-2026 to 0.67, 0.76, and 0.89 yuan, respectively, down by 0.07 yuan for each year [9]. Production and Sales - The total production for the first three quarters was 28.7422 million tons, down 17.6% year-on-year, with purchased coal of 2.5192 million tons and sales of 26.5818 million tons, down 15.9% year-on-year. In Q3, the raw coal production was 10.08 million tons, down 9.3% year-on-year and 0.7% sequentially, while sales were 9.48 million tons, down 5.5% year-on-year but up 7.5% sequentially [9][10]. Cost and Pricing - The average coal price for the first three quarters of 2024 was 564.33 yuan per ton, down 7.1% year-on-year. In Q3, the price was 550 yuan per ton, down 2.5% year-on-year but up 1.4% sequentially. The cost per ton was 319 yuan, up 21.1% year-on-year but down 8.0% sequentially, resulting in a gross profit of 230 yuan per ton, down 23.2% year-on-year but up 9.6% sequentially [9][10]. Resource Reserves - On August 22, 2024, the company acquired coal exploration rights in Shouyang County for 6.8 billion yuan, adding approximately 630 million tons of coal resources. The total coal resource reserves now amount to nearly 7 billion tons, primarily consisting of rare coal types such as anthracite, providing substantial resource security for the company's development [9][10].

Investment Rating - The report maintains a "Recommended" rating for Huayang Co., Ltd. (600348.SH) [5] Core Views - The company reported a decline in revenue and net profit for the first three quarters of 2024, with revenue at 18.602 billion yuan, down 14.09% year-on-year, and net profit at 1.819 billion yuan, down 57.42% year-on-year. However, there was a quarter-on-quarter increase in net profit of 21% in Q3 2024 [1][2] - The coal sales volume increased quarter-on-quarter, and the cost reduction led to a quarter-on-quarter increase in gross profit per ton of coal [2] - The commissioning of the Qiyuan coal mine's washing plant in September 2024 is expected to contribute to further production growth [3] - The company is expected to see a gradual increase in net profit from 2.394 billion yuan in 2024 to 3.560 billion yuan in 2026, with corresponding EPS of 0.66 yuan, 0.84 yuan, and 0.99 yuan respectively [3] Financial Performance Summary - For Q3 2024, the company achieved operating revenue of 6.403 billion yuan, a year-on-year increase of 2.63% and a quarter-on-quarter increase of 5.99%. The net profit attributable to shareholders was 520 million yuan, down 58.72% year-on-year but up 20.51% quarter-on-quarter [1] - The coal production and sales for the first three quarters of 2024 were 28.74 million tons and 26.58 million tons respectively, down 17.60% and 20.73% year-on-year [2] - The average selling price of coal was 550 yuan per ton, with a gross profit margin of 41.92% in Q3 2024, reflecting a quarter-on-quarter increase [2][3] - The company’s financial forecasts indicate a revenue decline in 2024, with expected revenues of 23.999 billion yuan, followed by growth in subsequent years [4][6]

Investment Rating - The report maintains a "Buy" rating for Huayang Co., Ltd. (600348.SH) [6][3] Core Views - The company has shown signs of recovery in production and sales, with a decrease in costs, indicating potential for continued growth in resource acquisition [3][2] - The company’s Q3 2024 performance showed a slight improvement in revenue and a significant decrease in net profit compared to the previous year, attributed to stable coal prices and increased sales volume [1][2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 186.02 billion yuan, a year-on-year decrease of 14.09%, and a net profit of 18.19 billion yuan. In Q3 2024, the main revenue was 64.03 billion yuan, a year-on-year increase of 2.63%, with a net profit of 5.20 billion yuan, down 58.72% year-on-year but up 20.51% quarter-on-quarter [1][2] - The coal production for Q1-3 2024 was 28.74 million tons, down 17.6% year-on-year, while coal sales were 26.58 million tons, down 15.9% year-on-year. In Q3 2024, production was 10.08 million tons, down 9.3% year-on-year, and sales were 9.48 million tons, down 5.5% year-on-year but up 7.5% quarter-on-quarter [2][3] Pricing and Cost Analysis - The average selling price of coal for Q1-3 2024 was 564 yuan/ton, down 7.0% year-on-year, while the cost was 342 yuan/ton, up 12.2% year-on-year. The gross profit per ton was 223 yuan, down 26.4% year-on-year. In Q3 2024, the selling price was 550 yuan/ton, down 2.5% year-on-year, and the cost was 319 yuan/ton, up 21.1% year-on-year, leading to a gross profit of 230 yuan/ton, down 23.2% year-on-year but up 9.6% quarter-on-quarter [2][3] Resource Acquisition and Capacity Expansion - The company actively participated in mineral rights auctions, successfully acquiring coal exploration rights in Shanxi Province for 6.3 billion tons of coal resources, enhancing its resource reserves and competitive edge [3][2] - The company is accelerating the construction of its Qiyuan and Bolin mines, with Qiyuan expected to enter joint trial operation in 2024 and Bolin by the end of 2025, each with a production capacity of 5 million tons per year [3][2] Investment Forecast - The report adjusts the earnings forecast for the company, estimating net profits of 2.3 billion yuan, 4.1 billion yuan, and 4.7 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 11.8X, 6.7X, and 5.9X [3][5]

Investment Rating - The investment rating for Huayang Co., Ltd. is "Buy" [1]. Core Views - The report highlights that the coal business has shown a quarter-on-quarter improvement in gross profit, supported by new resource acquisitions that enhance the company's growth potential [1][2]. - The company successfully acquired coal exploration rights in the Yujiazhuang block at a low cost, which is expected to strengthen its resource reserves and core competitiveness [1][2]. - The construction of Qiyuan and Poli coal mines is progressing steadily, with significant production increases anticipated in the coming years [2]. Financial Performance Summary - For the first three quarters of 2024, the company reported operating revenue of 18.602 billion yuan, a year-on-year decrease of 14.09%, and a net profit attributable to shareholders of 1.819 billion yuan, down 57.42% year-on-year [1]. - The third quarter of 2024 saw a single-quarter operating revenue of 6.403 billion yuan, a year-on-year increase of 2.63% and a quarter-on-quarter increase of 5.99% [1]. - The average selling price of coal for the first three quarters of 2024 was 564 yuan per ton, a decrease of 7% year-on-year, while the unit sales cost increased by 12.2% [1][2]. - The report forecasts net profits attributable to the parent company for 2024-2026 to be 2.241 billion, 2.440 billion, and 2.709 billion yuan respectively, with corresponding EPS of 0.62, 0.68, and 0.75 yuan per share [2][3]. Operational Highlights - The company achieved a raw coal production of 28.74 million tons in the first three quarters of 2024, a year-on-year decrease of 17.6%, while the sales volume of commercial coal was 26.58 million tons, down 15.9% year-on-year [1]. - The report indicates that the company has successfully completed the construction of key infrastructure at the Poli coal mine, which is expected to be operational by December 2025 [2].

（四）本次董事会会议应出席的董事人数为 9 人，实际出席会议的董事人 数为 9 人。 | 证券代码：600348 | 证券简称：华阳股份 | | 公告编号：2024-041 | | --- | --- | --- | --- | | 债券代码：240807 | 债券简称：华阳 | YK01 | | | 债券代码：240929 | 债券简称：华阳 | YK02 | | | 债券代码：241770 | 债券简称：24 | 华阳 Y1 | | | 债券代码：241771 | 债券简称：24 | 华阳 Y2 | | 山西华阳集团新能股份有限公司 第八届董事会第十一次会议决议公告 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。 一、董事会会议召开情况 （一）本次董事会会议的召开符合有关法律、行政法规、部门规章、规范 性文件和《公司章程》的规定。 （二）本次董事会会议的通知和资料于 2024 年 10 月 18 日以电子邮件和 书面方式发出。 （三）本次董事会会议于 2024 年 10 月 30 日（星期三）上午 9:00 在山西 华阳集 ...

| 证券代码：600348 | 证券简称：华阳股份 | | | 公告编号：2024-042 | | --- | --- | --- | --- | --- | | 债券代码：240807 | 债券简称：华阳 | YK01 | | | | 债券代码：240929 | 债券简称：华阳 | YK02 | | | | 债券代码：241770 | 债券简称：24 | 华阳 | Y1 | | | 债券代码：241771 | 债券简称：24 | 华阳 | Y2 | | 山西华阳集团新能股份有限公司 第八届监事会第十三次会议决议公告 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。 一、监事会会议召开情况 （一）本次监事会会议的召开符合有关法律、行政法规、部门规章、规范 性文件和《公司章程》的规定。 （二）本次监事会会议的通知和资料于 2024 年 10 月 18 日以电子邮件和 书面方式发出。 （三）本次监事会会议于 2024 年 10 月 30 日（星期三）上午 10:00 在山 西华阳集团新能股份有限公司会议室以现场方式召开。 （五）公司 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥6,402,578,341.87, an increase of 2.63% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥520,075,252.20, a decrease of 58.72% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥514,829,103.86, down 58.66% from the previous year[2]. - The basic earnings per share for Q3 2024 was ¥0.14, a decline of 60.00% compared to the same period last year[2]. - Total operating revenue for the first three quarters of 2024 was approximately ¥18.60 billion, a decrease of 13.5% compared to ¥21.65 billion in the same period of 2023[15]. - Net profit for the first three quarters of 2024 was approximately ¥2.09 billion, down 57.0% from ¥4.86 billion in the same period of 2023[16]. - The company reported a basic earnings per share of ¥0.50, down from ¥1.18 in the previous year[16]. - The company’s total profit for the first three quarters of 2024 was approximately ¥2.84 billion, down 56.0% from ¥6.44 billion in 2023[15]. Assets and Liabilities - The total assets at the end of Q3 2024 were ¥76,864,579,804.72, representing a 7.40% increase from the end of the previous year[3]. - The equity attributable to shareholders at the end of Q3 2024 was ¥30,533,680,409.29, up 9.58% from the previous year[3]. - The company's current assets totaled RMB 14.45 billion, down from RMB 18.12 billion at the end of 2023, indicating a decrease of about 20.5%[12]. - The total liabilities amounted to RMB 41.83 billion, up from RMB 39.40 billion, marking an increase of approximately 6.2%[14]. - The total owner's equity reached RMB 35.03 billion, up from RMB 32.17 billion, indicating an increase of about 8.6%[14]. - The total liabilities increased to approximately ¥27.24 billion from ¥24.76 billion, indicating a rise of about 10%[21]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥1,862,094,369.27, a decrease of 56.72% compared to the same period last year[2]. - Cash flow from operating activities generated approximately ¥1.86 billion, a decrease of 56.7% from ¥4.30 billion in the same period of 2023[17]. - The company's net cash flow from financing activities was approximately ¥4.58 billion, a significant recovery from a negative cash flow of approximately ¥3.66 billion in the previous period[20]. - The company reported a net cash outflow from investment activities of approximately CNY 9.18 billion, compared to a net outflow of CNY 747.36 million in the same period last year[25]. Research and Development - Research and development expenses increased by 112.98% during the reporting period, indicating a significant investment in new projects[6]. - Research and development expenses rose significantly to approximately ¥498.90 million, an increase of 112.5% compared to ¥234.24 million in 2023[15]. - Research and development expenses increased significantly to CNY 341.81 million, up 100.9% from CNY 170.14 million in the same period last year[23]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 95,698[8]. - The largest shareholder, Huayang New Materials Technology Group Co., Ltd., held 2,003,021,367 shares, accounting for 55.52% of total shares[8]. - The company pledged 275,559,560 shares, which is 13.76% of its total holdings and 7.64% of the company's total share capital[9]. - The company had a total of 540,375,000 shares in credit accounts and 1,462,646,367 shares in ordinary accounts among the top ten shareholders[9]. - The company had 0 shares in the lending status for the top ten shareholders at the end of the reporting period[9]. Sales and Production - The company produced 28.74 million tons of raw coal and sold 26.58 million tons of commodity coal from January to September 2024[10]. - The average selling price of coal was RMB 564.33 per ton, resulting in total coal sales revenue of RMB 15.001 billion[10]. - The total coal sales cost was RMB 9.081 billion, leading to a gross profit of RMB 5.920 billion[10]. - The company reported a total of 150.1 billion yuan in coal sales revenue for the period[10]. - The company purchased 2.5192 million tons of coal for unified sales during the reporting period[10].