| 证券代码：600348 | 证券简称：华阳股份 | | 公告编号：2024-039 | | --- | --- | --- | --- | | 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 关于七元公司选煤厂进入联合试运转的公告 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。 2024 年 9 月 28 日 山西华阳集团新能股份有限公司全资子公司阳泉煤业集团七元煤业有限 责任公司（简称"七元公司"）投资的选煤厂建设项目于 2024 年 9 月 25 日进 入联合试运转。 七元公司选煤厂是七元煤矿的配套项目，于 2023 年 2 月取得山西省发改 委项目备案证，建设规模 500 万吨/年。 特此公告。 山西华阳集团新能股份有限公司董事会 ...

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 年第四次临时股东大会的 法律意见书 国枫律股字[2024]A0494 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 年第四次临时股东大会（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：2024-038 | | --- | --- | --- | --- | | 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 2024 年第四次临时股东大会决议公告 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。 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 09 月 23 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 (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： 3、董事会秘书逯新保出席本次会议；部分高级管理人员列席本次会议。 二、 议案审议情况 (一)非累积投票议案 1、议案名称：关于缴纳于家庄探矿权出让金向商业银行申请融资的议案 | 1、出席会议的股东 ...

山西华阳集团新能股份有限公司 山西华阳集团新能股份有限公司 2024 年第四次临时股东大会资料 2024 年 9 月 山西华阳集团新能股份有限公司 2024 年第四次临时股东大会会议资料 目 录 | 2024 | 年第四次临时股东大会会议须知 1 | | --- | --- | | 2024 | 年第四次临时股东大会表决办法 3 | | 2024 | 年第四次临时股东大会议程 4 | | 议案 | 1. 关于缴纳于家庄探矿权出让金向商业银行申请融资的议案 5 | 山西华阳集团新能股份有限公司 2024 年第四次临时股东大会会议资料 山西华阳集团新能股份有限公司 2024 年第四次临时股东大会会议须知 一、公司负责大会的程序安排和会务工作，出席会议人员应当听从公司 工作人员安排，共同维护好大会秩序。 二、为保证股东大会的正常秩序，除出席会议的股东或者股东代理人、 董事、监事、董事会秘书、其他高级管理人员、见证律师以及董事会邀请的 人员以外，公司有权拒绝其他人员进入会场。对于影响股东大会秩序和损害 其他股东合法权益的行为，公司将按规定予以制止。 三、出席股东大会的股东、股东代表应当持身份证或者营业执照复印件、 授 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights a significant decline in net profit for the first half of 2024, down 57% year-on-year, with revenues and net profit attributable to the parent company at 12.99 billion and 1.299 billion yuan respectively, reflecting a year-on-year decrease of 20.85% and 56.87% [6] - Coal production is gradually recovering, with Q2 2024 coal production and sales reaching 1,016 and 882 million tons respectively, showing a year-on-year decline of 16.7% and 18.8% but a quarter-on-quarter increase of 19.5% and 6.4% [6] - The company is expanding its coal resources, having acquired exploration rights for approximately 630 million tons of coal in Shanxi province, increasing total coal reserves to nearly 7 billion tons [6] - The company is also focusing on strategic transformation in the renewable energy sector, with significant advancements in solar and sodium-ion battery production [6] Summary by Sections Financial Performance - For H1 2024, the company reported a net profit of 1.299 billion yuan, down 56.87% year-on-year, with a Q2 net profit of 432 million yuan, down 66.4% year-on-year [6][7] - The average selling price of coal in H1 2024 was 572 yuan per ton, a decrease of 8.7% year-on-year [6] - The company’s gross profit from coal operations was 3.73 billion yuan, down 43% year-on-year, with a gross margin of 38.2% [6] Production and Sales - The company’s coal production and sales for H1 2024 were 18.66 million and 17.10 million tons, respectively, down 21.5% and 20.7% year-on-year [6] - The company is expected to increase coal production capacity with new mines coming online, including two 5 million ton mines [6] Future Outlook - The company forecasts net profits of 3.08 billion, 4.05 billion, and 4.74 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.85, 1.12, and 1.31 yuan [6][10] - The report assigns a valuation range of 8.54 to 10.25 yuan based on a PE ratio of 10 to 12 times for 2024 [6] Comparables and Valuation - The report includes a comparison with peer companies in the coal and lithium-ion battery sectors, indicating a favorable valuation outlook for the company [9][10]

Investment Rating - The report maintains an "Accumulate-A" investment rating for Huayang Co., Ltd. (600348.SH) [1][3] Core Views - The company's performance in the short term is impacted by the decline in coal volume and price, but new resource acquisitions will support future development [1][3] - The company achieved a revenue of 12.199 billion yuan in the first half of 2024, a year-on-year decrease of 20.85%, and a net profit attributable to shareholders of 1.299 billion yuan, down 56.87% year-on-year [1] - The report highlights the recovery of coal production in Shanxi province in July, which is expected to benefit the company's output in the second half of the year [1] Financial Performance Summary - For the first half of 2024, the company reported a coal production of 18.66 million tons, a decrease of 21.46% year-on-year, and coal sales of 17.1 million tons, down 20.73% year-on-year [1] - The average selling price of coal was 572 yuan per ton, down 8.72% year-on-year, while the cost per ton was 354 yuan, an increase of 9.49% year-on-year, leading to a gross profit of 218 yuan per ton, down 28.09% year-on-year [1] - The company's coal business revenue was 9.788 billion yuan, a decrease of 27.63% year-on-year, with costs amounting to 6.053 billion yuan [1] Future Outlook - The company is expected to see an increase in production capacity with ongoing projects at Qiyuan and Bolin coal mines, which have a combined capacity of 10 million tons [1][3] - The report forecasts the company's EPS for 2024-2026 to be 0.82, 0.86, and 0.98 yuan, respectively, with corresponding PE ratios of 8.7, 8.4, and 7.4 [1][4]

Investment Rating - The report maintains a "Buy" rating for Huayang Co., Ltd. (600348.SH) [1] Core Views - The company's coal business faced pressure due to declining prices despite a rebound in production and sales volumes. The average selling price of coal decreased by 8.72% year-on-year, while the average cost per ton increased by 2.01% year-on-year, leading to a significant drop in gross profit margins [1][3] - The electricity business showed a remarkable turnaround, with a 429.94% increase in power generation year-on-year, resulting in a revenue of 0.982 billion yuan, up 686.69% year-on-year [3] - The acquisition of coal exploration rights in the Yujiazhuang block is expected to enhance the company's coal resource reserves, aligning with its long-term development strategy [3] Financial Summary - Revenue for 2022 was 35,046 million yuan, which decreased to 28,518 million yuan in 2023, and is projected to decline further to 23,891 million yuan in 2024, before recovering to 26,068 million yuan in 2025 and 28,428 million yuan in 2026 [1][5] - The net profit attributable to the parent company was 7,024 million yuan in 2022, dropping to 5,179 million yuan in 2023, with an expected further decline to 2,451 million yuan in 2024, followed by slight recoveries in subsequent years [1][5] - The company's return on equity (ROE) is projected to decrease from 26.9% in 2022 to 8.8% in 2024, with a gradual recovery to 9.0% by 2026 [1][7] Business Segment Performance - The coal segment reported a revenue of 9.788 billion yuan in the first half of 2024, down 27.63% year-on-year, with a gross profit of 3.735 billion yuan, reflecting a 42.99% decline in gross profit margin [2][3] - The electricity segment achieved a revenue of 0.982 billion yuan in the first half of 2024, with a gross profit margin of 7.69%, marking a significant improvement compared to the previous year [3] Future Outlook - The report forecasts revenues of 23.891 billion yuan, 26.068 billion yuan, and 28.428 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to be 2.451 billion yuan, 2.533 billion yuan, and 2.613 billion yuan in the same years [3][5] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.68 yuan, 0.70 yuan, and 0.72 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 10.6x, 10.3x, and 10.0x [3][5]

公司快报 2024 年 09 月 02 日 华阳股份(600348.SH) 证券研究报告 无烟煤 投资评级 增持-A 维持评级 6 个月目标价 7.45 元 股价 (2024-08-30) 7.21 元 交易数据 总市值(百万元) 26,010.08 流通市值(百万元) 26,010.08 总股本(百万股) 3,607.50 流通股本(百万股) 3,607.50 12 个月价格区间 6.75/11.29 元 二季度产销环比恢复，核增及资源量竞 拍落地助力未来成长 公司发布 2024 年半年度报告：2024 年上半年公司实现营业收 入 121.99 亿元，同比-20.85%；归母净利润 12.99 亿元，同比56.87%；扣非归母净利润 12.15 亿元，同比-59.39%。分季度看， 据公司公告，2024 年第二季度公司实现营业收入 60.41 亿元，同 比-14.11%，环比-1.90%；归母净利润 4.32 亿元，同比-66.41%， 环比-50.24%；扣非归母净利润 4.35 亿元，同比-65.79%，环比44.20%。 2024Q2 产销环比恢复，价格降低成本增加带动毛利下滑：据公 告，2024H1 ...

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]