证券代码：600348 证券简称：华阳股份 公告编号：2024-018 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 第八届董事会第六次会议决议公告 （五）公司董事长王永革先生主持本次会议，公司监事、高管列席会议。 二、董事会会议审议情况 2024 年第一季度报告 表决结果：9 票同意，0 票反对，0 票弃权，审议通过本议案。 （三）本次董事会会议于2024年4月28日（星期日）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结合通讯方式召开。 （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。 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4月22日以电子邮件和书面 方式发出。 本议案已由公司第八届董事会审计委员会 2024 年第二次会议审议，委员 发表了同意的审核意见。 公司 202 ...

证券代码：600348 证券简称：华阳股份 公告编号：2024-019 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 第八届监事会第十一次会议决议公告 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。 2.公司2024年第一季度报告的内容和格式符合中国证监会和证券交易所 的各项规定，所披露的信息真实地反映了公司当期经营管理和财务状况等事项。 （二）本次监事会会议的通知和资料于 2024 年 4 月 22 日以电子邮件和书 面方式发出。 （三）本次监事会会议于 2024 年 4 月 28 日（星期日）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。 （四）本次监事会会议应出席的监事人数为 7 人，实际出席会议的监事人 数为 7 人。 （五）公司监事会主席陆新先生主持本次会议，公司高管列席会议。 二、监事会会议审议情况 2024 年第一季度报告 表决结果： ...

股 票 研 究 [Table_industryInfo] 煤炭/能源 [ Table_Main[华ITnaf 阳bol]e 股_Ti份tle]( 600348) [评Tab级le_：Inv est] 增持 上次评级： 增持 分红率提升，新能源新材料拓展顺利 目标价格： 12.32 上次预测： 10.78 公 ——2023年年报点评 当前价格： 9.19 司 黄涛(分析师) 邓铖琦(分析师) 2024.04.24 更 021-38674879 010-83939825 [交Ta易bl数e_M据a rket] 新 huangtao@gtjas.com dengchengqi024452@gtjas.co 报 证书编号 S0880515090001 mS0 880523050003 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 7.37 3- 31 ,4 1. 54 30 告 本报告导读： 总股本/流通A股（百万股） 3,608/3,608 流通 B股/H股（百万股） 0/0 煤炭销量、价格齐跌导致业绩下行；新能源、新材料产业逐步推进；分红率提升至50%。 流通股比例 100% 日均成交量（百万股） 5 ...

[Table_MainInfo] 公司研究/煤炭 证券研究报告 华阳股份（600348）公司年报点评 2024年04月23日 [Table_InvestInfo] 投资评级 优于大市 维持 煤炭业务降本提效，分红比例大幅提升 股票数据 [Table_Summary] 0[4Ta月b2le2_日S收to盘ck价（In元fo）] 9.74 投资要点： 52周股价波动（元） 7.33-14.61 总股本/流通A股（百万股） 3608/3608  23 年归母净利同比-26%，分红比例提升至 50%。公司 23 年实现营业收入/ 总市值/流通市值（百万元） 35137/35137 归母净利285.2/51.8亿元，同比-18.6%/-26.3%，扣非净利50.8亿元，同比 相关研究 -31%。Q4单季，公司归母净利9.1亿元，同/环比-56%/-27.9%。23年公司 [《Ta公b司le钠_R离e子p产or品tI首nf批o]通 过权威机构测评，有 拟每10股派息7.18元（含税），合计分红25.9亿元，分红比例50%（21/22 望率先落地大规模储能应用示范项目》 年分红比例34%/30%），按4月22日收盘价计算 ...

无烟煤 华阳股份（600348.SH） 增持-A(维持) 分红比例超预期提高，在建产能及转型持续推进 2024年4月22日 公司研究/公司快报 公司近一年市场表现 事件描述  公司发布2023年年度报告。2023年公司实现营业收入285.18亿元，同 比-18.63%；实现归母净利润51.79亿元，同比-26.26%；扣非后归母净利润 50.83亿元，同比-30.95%；经营活动流量净额69.38亿元，同比-30.41%。基 本每股收益1.44元/股，加权平均净资产收益率19.45%，同比减少11.94个 百分点。 事件点评  2023 年煤价中枢回落导致业绩下滑。公司 2023 年煤炭板块营收占比 市场数据：2024年4月19日 87.1%，同比减少6.91个百分点；但毛利占比99.32%，同比提高0.83个百 收盘价（元）： 10.15 分点；煤炭板块是影响公司业绩主要因素。2023年各煤种价格中枢均有所回 年内最高/最低（元）： 14.61/7.33 落，秦皇岛港动力煤长协年度均价714元/吨，同比-1.09%；阳泉末煤坑口价 流通A股/总股本（亿）： 36.08/36.08 年度均价932元/吨， ...

Investment Rating - The report maintains a "Buy" rating for Huayang Energy (600348 SH) due to its leading position in the anthracite coal sector and the potential for secondary growth in new businesses [2] Core Views - Huayang Energy's 2023 revenue was 28 518 billion yuan, down 18 62% YoY, with net profit attributable to shareholders at 5 179 billion yuan, down 26 28% YoY The decline was attributed to a drop in both volume and price of coal products [1] - The company's R&D expenses reached 703 million yuan in 2023, the highest since 2018, indicating a strong focus on innovation [1] - Huayang Energy has announced a shareholder dividend plan for 2024-2026, committing to distribute at least 30% of its annual distributable profits in cash, further solidifying its investment value [1] - The company is advancing the construction of the Qiyuan and Boli coal mines, with a combined capacity of 10 million tons, expected to be operational by 2024 and 2025 respectively [1] - Huayang Energy has partnered with Keda New Energy and has successfully delivered sodium-ion battery products, with sodium-ion battery materials generating revenues of 32 57 million yuan and 21 28 million yuan for cathode and anode materials respectively in 2023 [1] - The company's photovoltaic module production reached 1GW in 2023, with sales of 1 5GW, and it aims to achieve 3GW in sales by 2024, along with a target of over 400MW in sodium-ion battery sales [2] Financial Performance - Huayang Energy's revenue for 2023 was 28 518 billion yuan, a decrease of 18 62% YoY, while net profit attributable to shareholders was 5 179 billion yuan, down 26 28% YoY [1] - The company's coal sales volume in 2023 was 41 million tons, down 11 68% YoY, with an average selling price of 605 78 yuan per ton, down 14 64% YoY However, the unit sales cost improved by 18 9% to 295 62 yuan per ton [1] - The company's gross margin in 2023 was 44 9%, with a net profit margin of 18 2% [9] - Huayang Energy's ROE (diluted) for 2023 was 18 6%, down from 26 6% in 2022 [9] Future Projections - The report forecasts Huayang Energy's net profit attributable to shareholders for 2024-2026 to be 4 5 billion yuan, 5 01 billion yuan, and 5 33 billion yuan respectively, with PE ratios of 8X, 7X, and 7X [2] - The company's photovoltaic module sales target for 2024 is 3GW, with sodium-ion battery sales expected to exceed 400MW [2] Industry and Market Data - Huayang Energy's total market capitalization is 36 616 billion yuan, with a total share capital of 3 608 billion shares [4] - The company's stock price has ranged between 7 33 yuan and 10 97 yuan over the past year, with a 3-month turnover rate of 88 33% [4]

Investment Rating - The report assigns a "Buy" rating to Huayang Co., Ltd. (600348) [1] Core Views - The company's coal production and sales have declined, negatively impacting its performance, but there remains significant growth potential in its coal business [1][2] - The company is expected to see a rebound in profitability driven by production growth in the coming years, with projected net profits of 40.12 billion, 41.53 billion, and 46.95 billion yuan for 2024-2026 [2] - The company is focusing on enhancing its coal and new energy businesses, with ongoing projects expected to increase coal production capacity by 10 million tons annually [1][2] Financial Performance Summary - In 2023, the company reported total revenue of 28.52 billion yuan, a decrease of 18.63% year-on-year, and a net profit attributable to shareholders of 5.18 billion yuan, down 26.26% year-on-year [1][3] - The company's coal production in 2023 was 41.57 million tons, a decline of 11.6% year-on-year, with sales of 41 million tons, down 11.68% year-on-year [1] - The average selling price of coal in 2023 was 606 yuan per ton, a decrease of 14.64% year-on-year, while the total revenue from coal business was 24.8 billion yuan, down 24.61% year-on-year [1][3] Future Projections - The company forecasts a continued decline in coal production and sales in 2024, with production expected to be 32.90 million tons and sales at 32 million tons, representing decreases of 20.9% and 22% respectively [1] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.11, 1.15, and 1.30 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 9.13, 8.82, and 7.80 [2][3]

证券研究报告 | 公司动态点评 2024 年 04月 19日 华阳股份（600348.SH） 煤炭为基钠电为翼，高分红高成长兼具 财务指标 2022A 2023A 2024E 2025E 2026E 买入（上调评级） 营业收入（百万元） 35,046 28,518 24,950 27,676 30,293 股票信息 增长率yoy（%） -7.9 -18.6 -12.5 10.9 9.5 归母净利润（百万元） 7,024 5,179 5,240 5,638 6,247 行业 煤炭 增长率yoy（%） 98.9 -26.3 1.2 7.6 10.8 2024年4月18日收盘价（元） 10.25 ROE（%） 26.9 18.8 17.4 16.6 16.4 总市值（百万元） 36,976.88 EPS最新摊薄（元） 1.95 1.44 1.45 1.56 1.73 流通市值（百万元） 36,976.88 P/E（倍） 5.3 7.1 7.1 6.6 5.9 总股本（百万股） 3,607.50 P/B（倍） 1.5 1.3 1.2 1.1 1.0 流通股本（百万股） 3,607.50 资料来源：公司财报，长城证券产 ...

Investment Rating - The report maintains a "Buy" rating for Huayang Co., Ltd. (600348.SH) [4] Core Views - In 2023, the company reported a net profit of 5.18 billion yuan, a decrease of 26.3% year-on-year, and an operating revenue of 28.52 billion yuan, down 18.6% year-on-year [1] - The coal business remains stable with a significant reduction in coal costs, achieving revenue of 24.8 billion yuan, a decrease of 24.6% year-on-year, and a gross profit of 12.7 billion yuan, down 20.6% year-on-year [1] - The company is accelerating the construction of new coal production capacities, with the Qiyuan mine expected to enter trial operation in 2024 and the Bolin mine by the end of 2025 [1] - The renewable energy business is progressing steadily, with sodium-ion battery products entering trial operation and solar module production lines achieving high efficiency [1] Financial Summary - In 2023, the company's operating revenue was 28,518 million yuan, down 18.6% year-on-year, while the net profit attributable to the parent company was 5,179 million yuan, down 26.3% year-on-year [3] - The earnings per share (EPS) for 2023 was 1.44 yuan, with a projected EPS of 1.03 yuan for 2024 [3] - The company plans to distribute a cash dividend of 0.718 yuan per share, totaling 2.59 billion yuan, which represents 50.01% of the net profit for the year [2] - The projected net profits for 2024, 2025, and 2026 are 3.73 billion yuan, 4.29 billion yuan, and 4.51 billion yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 9.9, 8.6, and 8.2 [2][3]

Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Views - The company reported a revenue of 28.518 billion yuan in 2023, a year-on-year decline of 18.63%, and a net profit attributable to shareholders of 5.179 billion yuan, down 26.26% year-on-year [1]. - The company is progressing steadily with its coal mine construction and has increased its dividend payout ratio to 50%, reflecting confidence in future business development and cash flow performance [1]. - The projected net profits for 2024-2026 are 4.475 billion yuan, 4.939 billion yuan, and 5.667 billion yuan respectively, with corresponding EPS of 1.24 yuan, 1.37 yuan, and 1.57 yuan [2][5]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 6.867 billion yuan, a year-on-year decrease of 11.27%, but a quarter-on-quarter increase of 10.07% [1]. - The coal production for 2023 was 45.91 million tons, a slight increase of 1.50% year-on-year, while sales volume decreased by 11.68% to 41 million tons [1]. - The average selling price of coal in 2023 was 606 yuan per ton, down 14.64% year-on-year, while the unit cost decreased by 18.90% to 296 yuan per ton [1]. - The company’s total revenue is expected to decline to 25.316 billion yuan in 2024, with a projected growth of 8.9% in 2025 and 11.2% in 2026 [2][5]. Business Development - The company is advancing its coal mine construction, with the Qiyuan mine expected to enter joint trial operation in 2024 and the Bolin mine projected to be ready by the end of 2025 [1]. - The electricity business saw a significant increase, with a 47.17% year-on-year growth in power generation and a 137.42% increase in revenue [1]. - The company is also making strides in the new energy sector, with sodium-ion battery production entering trial operation and solar panel production lines being upgraded [1].