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].

| 证券代码：600348 | 证券简称：华阳股份 | | 公告编号：2024-040 | | --- | --- | --- | --- | | 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年半年度业绩说明会的公告 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： 投资者可于 2024 年 10 月 8 日(星期二) 至 10 月 11 日(星期五)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 hygf600348@sina.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 一、说明会类型 山西华阳集团新能股份有限公司（以下简称"公司"）已于 2024 年 8 月 30 日发布了 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年 ...

| 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 ...