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]

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 ...