证券代码：600348 证券简称：华阳股份 公告编号：2024-022 债券代码：155666 债券简称：19 阳股 02 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。 山西华阳集团新能股份有限公司的控股子公司山西平舒煤业有限公司于 2019 年取得国家能源局核准其生产能力由 90 万吨/年改扩建至 500 万吨/年的 批复。在改扩建项目全部竣工验收后，于近日取得山西省能源局生产能力公告 文件（[2024]第 113 号），山西省能源局已完成了对山西平舒煤业有限公司温 家庄矿生产能力等生产要素信息的变更登记和建档。至此，山西平舒煤业有限 公司温家庄矿公告生产能力为 500 万吨/年。 特此说明。 山西华阳集团新能股份有限公司董事会 2024年5月16日 第 1 页 山西华阳集团新能股份有限公司 关于山西平舒煤业有限公司生产能力 的说明 ...

山西华阳集团新能股份有限公司 2023 年年度股东大会资料 山西华阳集团新能股份有限公司 2024 年 5 月 | | | | 2023 | | | 年年度股东大会规定 3 | | --- | --- | --- | --- | | 2023 | | | 年年度股东大会表决办法 4 | | 2023 | | | 年年度股东大会议程 5 | | 议案 | | 1. 2023 | 年度董事会工作报告 1 | | 议案 | 2. | 2023 | 年度监事会工作报告 7 | | 议案 | 3. | 2023 | 年度财务决算报告 11 | | 议案 | 4. | 2023 | 年度利润分配预案 15 | | 议案 | 5. | 2023 | 年年度报告及摘要 16 | | 议案 | 6. | 关于 | 2023 年度日常关联交易执行情况和 2024 年度日常关联交易预计 | | | | | 的议案 17 | | 议案 | 7. | 2023 | 年度内部控制评价报告 43 | | 议案 | 8. | 2023 | 年度内部控制审计报告 47 | | 议案 | 9. | | 关于续聘 2024 年度审计机构的议案 5 ...

证券代码：600348 证券简称：华阳股份 公告编号：2024-021 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 关于参加山西辖区上市公司2024年投资者 网上集体接待日暨业绩说明会的公告 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。 ●会议召开时间：2024 年 5 月 20 日（周一）下午 15:00-17:00 ●会议召开地点：全景∙路演（http://rs.p5w.net） ●会议召开方式：网络互动 ●投资者可登录"全景路演"网站，根据集体接待日活动时间，选中本次 活动提问；或者于 2024 年 5 月 17 日（周五）17:00 前，通过电话、邮件等方 式将需要了解的情况和关注的问题提前反馈给公司，公司将在本次业绩说明会 上就投资者普遍关注的问题进行解答。 为进一步加强与投资者的互动交流，山西华阳集团新能股份有限公司（以 下简称"公司"）将参加由中国证券监督管理委员会山西监管局、山西省上市 公司协会与深圳市全景网络有限公司联合举办的"山西辖区上市公司 2024 年 投资者网上 ...

证券代码：600348 证券简称：华阳股份 公告编号：2024-020 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（以下简称"公司"）的控股子公司山西 平舒煤业有限公司（以下简称"平舒公司"）于近日接到山西省能源局[2024] 第 113 号文件，山西省能源局已按照国家能源局《关于建立煤矿生产能力登记 和公告制度的通知》(国能煤炭[2013]476 号)和《国家发展改革委、国家能源 局、国家煤矿安监局关于遏制煤矿超能力生产规范企业生产行为的通知》(发 改电[2014]226 号)及《山西省能源局关于加强生产煤矿生产能力公告管理工 作的通知》要求，完成了对平舒公司温家庄矿的生产能力等信息登记和生产要 素建档，该矿生产能力由 90 万吨/年核增至 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 2024年5月15日 第 1 页 山西华阳集团新能股份有限公司 关于山西平舒煤业有限公司温家庄矿产能 核增的公告 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。 ...

Investment Rating - The investment rating for the company is "Accumulate - A" with a target price of 10.58 CNY for the next six months [5]. Core Views - The company has significantly increased its cash dividend payout ratio, with a planned distribution of 0.718 CNY per share for 2023, amounting to 25.90 billion CNY, which represents 50.01% of the net profit [8]. - The company is focusing on the development of both traditional and new energy sectors, with ongoing projects in sodium-ion batteries and photovoltaic components [8]. - Revenue and profit are expected to decline in 2024, with projected revenues of 24.70 billion CNY and net profits of 3.91 billion CNY, reflecting a decrease of 24.6% [8]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 28.52 billion CNY, down 18.63% year-on-year, and a net profit of 5.18 billion CNY, down 26.26% [3]. - For Q1 2024, the company reported a revenue of 6.16 billion CNY, a decrease of 26.51% year-on-year, and a net profit of 0.87 billion CNY, down 49.78% [3][4]. Coal Business - The coal production volume in 2023 was 45.91 million tons, a slight increase of 1.50%, while sales volume decreased by 11.68% to 41 million tons [3]. - The average selling price of coal was 605.82 CNY per ton, down 14.64%, while the average cost was 295.64 CNY per ton, down 18.90%, resulting in a gross margin of 51.20%, an increase of 2.56 percentage points [3]. New Energy Initiatives - The company has successfully launched the mass production of square sodium-ion battery cells and has completed the testing by a third-party authority [8]. - The photovoltaic production lines are fully operational, with the N-type production line achieving a maximum daily output of 5.56 MW [8]. Dividend Policy - The company has set a dividend payout ratio of at least 30% of the distributable profits for the years 2024-2026, with a projected dividend yield of 7.6% as of April 29, 2024 [8]. Future Projections - Revenue projections for 2024-2026 are 24.70 billion CNY, 25.58 billion CNY, and 26.16 billion CNY, with corresponding net profits of 3.91 billion CNY, 4.17 billion CNY, and 4.41 billion CNY [8].

[Table_Page] 季报点评|煤炭开采 证券研究报告 [华Table_阳Title] 股份（600348.SH） [公Tab司le_I评nve级st] 买入 当前价格 9.45元 煤矿新建及核增项目稳步推进，23年度分红比例提升至 50% 合理价值 10.96元 前次评级 买入 [Table_Summary] 核心观点： 报告日期 2024-05-06  Q1业绩环比下降4.5%，费用控制较好。公司发布一季报，Q1营业收 [相Tab对le_P市icQ场uote表] 现 入 61.6 亿元，同比-26.5%/环比-10.3%；归母净利润 8.7 亿元，同比 -49.8%/环比-4.5%；扣非归母净利润7.8亿元，同比-54.6%/环比-7.8%。 22% 受山西煤矿三超治理影响，Q1公司煤炭产量受限，煤价也有下降，但 13% 成本费用管控力度在加大，其中税金及期间费用同比-20%/环比-44%。 4% -4%05/23 07/23 09/23 10/23 12/23 02/24 04/24  Q1煤炭量价下降，吨煤净利达94元。根据公司财报，公司23年煤炭 -13% 产量和销量分别为4591和4100 ...

Investment Rating - The investment rating for Huayang Co., Ltd. is "Buy" (maintained) [1] Core Views - The decline in Q1 performance is primarily due to the drop in coal market prices and the company's reduced coal production and sales volume. However, the reversal of accounts receivable impairment (CNY 110 million) and a decrease in taxes and surcharges (CNY 220 million year-on-year) provided some uplift to performance [2][3] - The coal production for Q1 was 8.5 million tons, a year-on-year decrease of 26.5%, while the sales volume of commercial coal was 8.28 million tons, down 22.6% year-on-year. The average selling price of commercial coal was CNY 589 per ton, down 13.4% year-on-year, and the unit cost was CNY 361 per ton, up 5.5% year-on-year, leading to a unit gross profit of CNY 227 per ton, down 32.7% year-on-year [5] - Future growth is anticipated as new mines are expected to increase production capacity, with the Ping Shu and Yu Shu Po mines each projected to reach 5 million tons per year, and the new Qi Yuan mine set to commence production [5] Financial Performance Summary - For Q1 2024, the company reported operating revenue of CNY 6.16 billion, a quarter-on-quarter decrease of 10.3% and a year-on-year decrease of 26.5%. The net profit attributable to shareholders was CNY 870 million, down 4.5% quarter-on-quarter and down 49.8% year-on-year. The net profit after deducting non-recurring gains and losses was CNY 780 million, down 7.8% quarter-on-quarter and down 54.6% year-on-year [2] - The company’s revenue forecasts for 2024-2026 are CNY 25.4 billion, CNY 28.3 billion, and CNY 29.8 billion, respectively, with net profits of CNY 4.016 billion, CNY 4.594 billion, and CNY 5.012 billion, reflecting a year-on-year change of -22%, +14%, and +9% [4][7] - The current price of the stock is CNY 9.32, with a projected P/E ratio of 8.37 for 2024, 7.32 for 2025, and 6.71 for 2026 [4][8]

煤炭/煤炭开采 公 司 研 华阳股份（600348.SH） 煤炭量价致业绩承压，提分红彰显投资价值 究 2024年04月29日 ——公司 2024 年一季报点评报告 投资评级：买入（维持） 张绪成（分析师） 汤悦（联系人） zhangxucheng@kysec.cn tangyue@kysec.cn 日期 2024/4/26 证 书编号：S0790520020003 证书编号：S0790123030035  煤炭量价致业绩承压，提分红彰显投资价值。维持“买入”评级 当前股价(元) 9.32 公司发布2024年一季报，实现营业收入61.6亿元，同比-26.5%，实现归母净利 公 一年最高最低(元) 14.61/7.33 润8.7亿元，同比-49.8%；实现扣非归母净利润7.8亿元，同比-54.6%。我们维 司 信 总市值(亿元) 336.22 持盈利预测不变，预计 2024-2026 年实现归母净利润 46.2/52.5/57.3 亿元，同比 息 流通市值(亿元) 336.22 -10.8%/+13.6%/+9.2%；EPS为1.28/1.45/1.59元，对应当前股价PE为7.3/6.4/5.9 更 倍。公 ...

证券研究报告 | 季报点评 2024年04月28日 华阳股份（600348.SH） 量价齐跌拖累业绩，股息率 7.7% 事件：公司发布 2024 年 Q1 业绩公告。2024 年一季度公司实现归母净利 买入（维持） 润8.67亿元，同比减少49.78%；营业收入61.58亿元，同比减少26.51% 股票信息 量价齐跌拖累业绩。2024年一季度，公司煤炭业务实现收入48.8亿元，同 行业 煤炭开采 比降低33.0%，煤炭业务成本29.9亿元，同比降低18.4%，煤炭业务毛利 前次评级 买入 18.8亿元，同比下降47.9%。 4月26日收盘价(元) 9.32 总市值(百万元) 33,621.90 ➢ 产销方面，2024年Q1，公司煤炭产量 850 万吨，同比下降 26.5%， 总股本(百万股) 3,607.50 环比下降 22.9%，销售煤炭 828 万吨，同比降低 22.6%，环比下降 其中自由流通股(%) 100.00 11.9%。 30日日均成交量(百万股) 52.77 ➢ 价利方面，；2024年Q1，公司吨煤售价589元/吨，同比下降13.4%， 股价走势 环比-2.2%，吨煤成本361.4元/吨，同比 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥6,158,063,562.01, representing a decrease of 26.51% compared to the same period last year[4] - The net profit attributable to shareholders was ¥867,321,520.82, down 49.78% year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥779,953,016.58, reflecting a decline of 54.64% compared to the previous year[4] - Basic earnings per share were ¥0.24, down 50.00% year-on-year[4] - The weighted average return on equity was 3.06%, a decrease of 3.48 percentage points compared to the previous year[4] - Total operating revenue for Q1 2024 was ¥6,158,063,562.01, a decrease of 26.4% compared to ¥8,379,217,465.19 in Q1 2023[19] - Net profit for Q1 2024 was ¥933,800,325.27, a decline of 50.7% from ¥1,892,161,055.91 in Q1 2023[20] - Earnings per share for Q1 2024 was ¥0.24, compared to ¥0.48 in Q1 2023, indicating a 50% decrease[20] - The company reported a credit impairment loss of ¥111,172,636.07 in Q1 2024, compared to ¥64,592.00 in Q1 2023[19] - The company reported a significant increase in credit impairment losses by 172,015.18% due to the recovery of long-term receivables[7] Cash Flow and Liquidity - The net cash flow from operating activities was negative at ¥426,478,657.08, a decrease of 140.53% year-on-year[4] - In Q1 2024, the company reported a net cash flow from operating activities of -426,478,657.08 RMB, a significant decrease compared to 1,052,184,624.13 RMB in Q1 2023[22] - Total cash inflow from operating activities was 6,643,369,231.69 RMB, down from 7,664,481,317.20 RMB in the same period last year, indicating a decline of approximately 13.3%[22] - Cash outflow from operating activities increased to 7,069,847,888.77 RMB, compared to 6,612,296,693.07 RMB in Q1 2023, representing an increase of about 6.9%[22] - The company's cash and cash equivalents at the end of Q1 2024 stood at 14,092,253,532.09 RMB, compared to 16,840,394,421.40 RMB at the end of Q1 2023, indicating a decrease of approximately 16.4%[23] - The net cash flow from financing activities was 2,872,952,354.66 RMB, a significant increase from 231,511,997.02 RMB in the previous year[23] - The net increase in cash and cash equivalents for Q1 2024 was ¥1,505,395,144.66, compared to a decrease of ¥499,025,493.98 in Q1 2023[30] - The ending balance of cash and cash equivalents reached ¥9,642,950,368.37, down from ¥11,843,007,162.89 at the end of Q1 2023[30] Assets and Liabilities - The total assets at the end of the reporting period were ¥73,421,943,060.35, an increase of 2.59% from the end of the previous year[5] - The total assets as of March 31, 2024, amounted to RMB 73.42 billion, an increase from RMB 71.57 billion as of December 31, 2023[17] - The company's total liabilities decreased to ¥38,142,522,016.73 in Q1 2024 from ¥39,404,567,581.73 in Q1 2023, a reduction of 3.2%[18] - The total current liabilities decreased to RMB 23.44 billion from RMB 25.91 billion, a reduction of approximately 9.5%[17] - The total non-current liabilities increased to RMB 12.28 billion from RMB 11.04 billion, marking an increase of approximately 11.3%[17] - The company's total assets increased to ¥47,356,565,867.91 in Q1 2024, compared to ¥45,263,242,455.77 in Q1 2023, reflecting a growth of 4.6%[25] - The total liabilities decreased to ¥24,048,489,513.46 in Q1 2024 from ¥24,763,683,184.83 in Q1 2023, a reduction of 2.9%[25] - The company's total equity increased to ¥23,308,076,354.45 in Q1 2024, up from ¥20,499,559,270.94 in Q1 2023, representing a growth of 13.7%[26] Investments and Expenses - Research and development expenses rose to ¥73,037,117.70 in Q1 2024, up 97.5% from ¥36,883,229.67 in Q1 2023[19] - The company invested 1,192,046,002.28 RMB in fixed assets and intangible assets, up from 709,574,202.40 RMB in Q1 2023, marking an increase of approximately 67.8%[23] - Research and development expenses rose to ¥70,253,820.25 in Q1 2024, an increase of 94.2% compared to ¥36,185,419.04 in Q1 2023[27] - Cash paid for purchasing goods and services increased to ¥2,018,606,945.46, compared to ¥1,414,524,770.83 in the same quarter last year[29] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 102,267[8] - Total equity attributable to shareholders increased to ¥30,894,134,640.67 in Q1 2024 from ¥27,863,439,319.87 in Q1 2023, an increase of 10.9%[18]