Investment Rating - The investment rating for Huayang Co., Ltd. is maintained at "Buy" [2][5][11] Core Views - The company's performance is under pressure due to declining coal prices and production volumes, but there are growth opportunities in coal mining and high dividend potential [5] - The company reported a significant decrease in revenue and net profit for H1 2024, with revenue at 12.199 billion yuan, down 20.85% year-on-year, and net profit at 1.299 billion yuan, down 56.87% year-on-year [5] - Future growth is expected from 10 million tons of coal mines under construction and advancements in new energy and materials businesses [5] Financial Performance Summary - For H1 2024, the company achieved a coal production of 18.66 million tons, a decrease of 21.5% year-on-year, and coal sales of 17.1 million tons, down 20.7% year-on-year [5] - The average selling price of coal was 572 yuan per ton, down 8.7% year-on-year, while the cost per ton increased by 9.5% to 354 yuan [5] - The company plans to enhance its coal production capacity and has successfully launched several new energy projects, including sodium-ion batteries and photovoltaic components [5][6] Future Outlook - The company has 10 million tons of coal mines under construction, with expected production increases starting in 2024 [5] - The dividend payout ratio has increased significantly, with a proposed cash dividend of 7.18 yuan per 10 shares, reflecting a 50% payout of the net profit, which enhances the investment value [5] - The projected earnings per share (EPS) for 2024-2026 are 0.75, 0.86, and 0.94 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 9.6, 8.4, and 7.7 [5][6]

Investment Rating - The investment rating for Huayang Co., Ltd. (600348) is "Buy" [1] Core Views - The coal business is expected to stabilize in the second half of 2024, with significant growth potential in the coming years due to capacity increases and resource acquisitions [1][2] - The company reported a revenue of 12.199 billion yuan in the first half of 2024, a decrease of 20.85% year-on-year, while the net profit attributable to shareholders was 1.299 billion yuan, an increase of 56.87% year-on-year [1] - The company successfully acquired coal exploration rights in the Yujiazhuang area for 6.3 billion tons of resources at a price of 10.8 yuan per ton, enhancing its profitability [1][2] Financial Summary - In the first half of 2024, the company achieved a coal production of 18.66 million tons, down 21.46% year-on-year, and coal sales of 17.1 million tons, down 20.73% year-on-year [1] - The average coal price in the first half of 2024 was 573 yuan per ton, a decrease of 8.71% year-on-year [1] - The company’s projected net profits for 2024-2026 are 2.422 billion, 2.731 billion, and 3.162 billion yuan respectively, with corresponding EPS of 0.67, 0.76, and 0.88 yuan per share [2][3] Production and Cost Analysis - The company’s coal production in Q2 2024 was 10.16 million tons, an increase of 19.5% quarter-on-quarter, while coal sales were 8.82 million tons, an increase of 6.4% quarter-on-quarter [1] - The coal sales cost in the first half of 2024 was 354 yuan per ton, an increase of 9.59% year-on-year [1] - The company is expected to stabilize production in the second half of 2024, aligning with the production levels of the first half [1]

Financial Performance - The company's operating revenue for the first half of 2024 was ¥12,198,928,752.69, a decrease of 20.85% compared to the same period last year[18]. - The net profit attributable to shareholders was ¥1,298,886,234.29, down 56.87% year-on-year[18]. - The net cash flow from operating activities was ¥140,094,169.67, reflecting a significant decline of 95.44% compared to the previous year[18]. - The basic earnings per share for the first half of 2024 was ¥0.36, a decrease of 56.63% from ¥0.83 in the same period last year[19]. - The total profit decreased to 1.92 billion RMB, a significant drop of 57.16% year-on-year, with net profit attributable to shareholders at 1.30 billion RMB, down 56.87%[28]. - The company reported a net loss of approximately ¥2.59 billion for the first half of 2024, compared to a profit in the same period last year[172]. - The total comprehensive income for the first half of 2024 amounted to ¥1,104,651,132.34, reflecting a significant financial performance[174]. Revenue and Sales - Operating revenue was 12.20 billion RMB, a decline of 20.85% compared to the previous year, primarily due to decreased coal sales revenue of 9.79 billion RMB, down 27.63%[29][31]. - The total sales of coal amounted to 17.10 million tons, down 20.73% year-on-year, with the average selling price of coal at 572.47 RMB/ton, a decrease of 8.71%[27][28]. - In the first half of 2024, the company's raw coal production reached 18.66 million tons, a year-on-year decrease of 21.46%[27]. Assets and Liabilities - The company's total assets increased by 3.50% to ¥74,077,740,358.20 compared to the end of the previous year[18]. - The company's total liabilities reached CNY 39.75 billion, slightly up from CNY 39.40 billion, reflecting a growth of about 0.9%[156]. - The company's total current assets at the end of the reporting period were 19.76 billion RMB, up from 18.12 billion RMB at the end of the previous year[155]. Investments and Financing - The company successfully issued ¥3 billion of perpetual bonds at a historical low interest rate of 2.57%, effectively reducing its debt ratio[24]. - The company has provided guarantees for various loans, including CNY 500 million for Kaiyuan Company and CNY 500 million for Huashu Photovoltaic Company, as of June 30, 2024[86]. - The company has approved a guarantee for a loan of 12.96 billion for the Ping Shu Railway project, with a loan term not exceeding 15 years[85]. Research and Development - Research and development expenses surged by 126.38% to 240.84 million RMB, reflecting the company's commitment to innovation[29]. - The company is focusing on the development of sodium-ion battery technology, with products like modular energy storage cabinets and sodium battery emergency power supplies entering trial operation[44]. - The company is actively investing in technology and safety measures to mitigate risks associated with coal mining, including a five-year plan for gas management[43]. Environmental and Safety Measures - The company has completed ultra-low emission renovations and is operating normally without any environmental pollution incidents[55]. - The company has established emergency response plans for environmental incidents, with all relevant power plants completing the necessary filings[57]. - The company has implemented effective dust suppression measures at coal storage sites[62]. Corporate Governance and Management - The company held its first extraordinary general meeting on February 28, 2024, with 32 shareholders representing 2,109,449,172 shares, accounting for 58.47% of the total share capital[46]. - The company appointed new directors and supervisors, including the election of Lu Xin as the chairman of the supervisory board[49]. - The company has undergone several management changes, including the election of new board members and the appointment of a new deputy general manager, Liu Yabing[50]. Market and Strategic Focus - The company is focusing on expanding its renewable energy initiatives, including solar power and energy storage technologies[24]. - The company is exploring strategic partnerships and potential acquisitions to enhance its market position[173]. - The company plans to optimize its product structure and market layout to effectively reduce market risks and ensure stable operations[43]. Compliance and Legal Matters - The company has no significant litigation or arbitration matters during the reporting period[76]. - The company has no major related party transactions that have not been disclosed in temporary announcements[78]. - The company has not faced any risks related to the termination of bond trading during the reporting period[99].

| 证券代码：600348 | 证券简称：华阳股份 | | 公告编号：2024-035 | | --- | --- | --- | --- | | 债券代码：155666 | 债券简称：19 | 阳股 02 | | | 债券代码：240807 | 债券简称：华阳 | YK01 | | | 债券代码：240929 | 债券简称：华阳 | YK02 | | 山西华阳集团新能股份有限公司 第八届董事会第十次会议决议公告 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材料于 2024 年 8 月 19 日以电子邮件和书 面方式发出。 （三）本次董事会会议于 2024 年 8 月 29 日（星期四）上午 9:00 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。 （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。 （五）公司董事长王永革先生主持本次会 ...

山西华阳集团新能股份有限公司 在阳泉煤业集团财务有限责任公司存款风险 预防处置预案 （2024年 8月修订） 第四条 领导工作组作为风险应急处理机构，一旦财务公司发生风 险，立即启动应急预案，并按照规定程序开展工作。 第一章 总 则 第一条 为有效防范、及时控制和化解山西华阳集团新能股份有限 公司及控股子公司（以下简称"公司"或"子公司"）在控股股东华阳新 材料科技集团有限公司（以下简称"华阳集团"）控股的阳泉煤业集团财 务有限责任公司（以下简称"财务公司"）存款的风险，保证资金的独立性、 安全性、流动性、盈利性，特制定本预案。 第二条 存款风险的预防处置应遵循以下原则： （一）统一领导，分级负责。存款风险的预防处置工作由领导组 统一领导，对董事会负责，具体负责存款风险的防范和处置工作； （二）及早预警，及时处置。对存款风险做到早发现、早报告， 并采取果断措施，及时控制和化解，防止风险扩散和蔓延，将存款风 险降到最低； （三）各司其职，团结协作。有关部门按照职责分工，积极筹划 落实各项防范化解风险措施，相互协调，共同控制和化解风险； （四）防化结合，重在防范。有关部门应加强对风险的监测，督 促财务公司及时提供 ...

| 证券代码：600348 | 证券简称：华阳股份 | | 公告编号：2024-037 | | --- | --- | --- | --- | | 债券代码：155666 | 债券简称：19 | 阳股 02 | | | 债券代码：240807 | 债券简称：华阳 | YK01 | | | 债券代码：240929 | 债券简称：华阳 | YK02 | | 山西华阳集团新能股份有限公司 关于召开 2024 年第四次临时股东大会的通知 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。 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2024 年 9 月 23 日 10 点 00 分 召开地点：山西华阳集团新能股份有限公司会议室 重要内容提示： 股东大会召开日期：2024年9月23日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、召开会议的基本情况 (一)股东大会类型和届次 2024 年第四次临时股东大会 (二)股东大会召集 ...

| 证券代码：600348 | 证券简称：华阳股份 | | 公告编号：2024-034 | | --- | --- | --- | --- | | 债券代码：155666 | 债券简称：19 | 阳股 02 | | | 债券代码：240807 | 债券简称：华阳 | YK01 | | | 债券代码：240929 | 债券简称：华阳 | YK02 | | 山西华阳集团新能股份有限公司 关于参与探矿权竞拍及其结果的公告 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。 重要内容提示： 山西华阳集团新能股份有限公司（以下简称"公司"）参与了山西省自 然资源厅网上挂牌出让的山西省寿阳县于家庄区块煤炭探矿权的竞拍，公司以 68 亿元竞得该宗煤炭探矿权。 山西省寿阳县于家庄区块煤炭探矿权勘查面积 73.2245 平方千米，煤炭 资源量 62990.5 万吨。 本次竞拍结果不会对公司的正常生产经营造成不利影响。 本次竞拍事项不构成关联交易，亦不构成重大资产重组。 一、竞拍基本情况概述 2024 年 7 月 8 日，山西省自然资源厅委托山西省自 ...

山西华阳集团新能股份有限公司董事会 2024 年 8 月 10 日 山西华阳集团新能股份有限公司（以下简称"公司"）于 2024 年 7 月 11 日召开了第八届董事会第八次会议，审议通过了《关于公司部分高级管理人员 职务调整的议案》，同意聘任王玉明先生为公司总经理，并出任公司法定代表 人，详见公司 2024-030 号公告。 公司已于 2024 年 8 月 8 日完成了法定代表人变更的工商变更登记手续， 并取得了山西省市场监督管理局换发的营业执照。 特此公告。 证券代码：600348 证券简称：华阳股份 公告编号：2024-033 债券代码：155666 债券简称：19 阳股 02 山西华阳集团新能股份有限公司 关于完成法定代表人工商变更登记的公告 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。 第 1 页 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于山西华阳集团新能股份有限公司 2024 年第三次临时股东大会的 法律意见书 国枫律股字[2024]A0406 号 致：山西华阳集团新能股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2024 年第三次临时股东大会（以下简称"本次会议"）。 本所律师根据《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》"）、《上市公司股东大会规则》（以下简 称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券 法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证 券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《山西华阳集团 新能股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开 程序、召集人资格、出席会议人员资格、会议表决程序及表决结 ...

证券代码：600348 证券简称：华阳股份 公告编号：2023-032 债券代码：155666 债券简称：19 阳股 02 山西华阳集团新能股份有限公司 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2024 年 07 月 29 日 (二) 股东大会召开的地点：山西华阳集团新能股份有限公司会议室 2024 年第三次临时股东大会决议公告 (一)非累积投票议案 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份 情况： | 1、出席会议的股东和代理人人数 | 575 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,062,276,801 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 57.1663 | (四) 表决方式是否符合《公司法》《公司章程》的规定，大会主持情况 等。 本次会议由公司董事会召集，公司董事长王永革主持。本次会议的召集、 ...