华阳股份将及时披露上述项目的后续进展情况，敬请投资者关注，注意投 资风险。 | 证券代码：600348 | 证券简称：华阳股份 | 公告编号：2024-045 | | --- | --- | --- | | 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 | | 债券代码：241972 | 债券简称：24 | 华阳 Y4 | 山西华阳集团新能股份有限公司 关于七元公司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。 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"），于 2024 年 12 月 15 日进入联合试运转。 七元公司井田面积 207 平方公里，地质储量 20.26 亿吨，设计生产能力 500 万吨/年，服务年限 140 年，主采 8#、15#煤， ...

3、注重绿色矿山建设，"双碳"作引领，"绿色"满矿山：坚持以"双 碳"目标为引领，坚定不移走绿色发展道路，以"绿"为底、向"绿"而行， 标本兼治、远近兼顾，降碳、减污、扩绿、增长协同推进，以发展的"含绿量" 提升增长的"含金量"，全力打造绿色华阳。强化日常矸石山巡查、补土修复 及绿化养护工作，治理后的矸石山物种多样性和生物量不断增加，茅草、白羊 草、长芒草、苔草和蒿草等常见草种遍布其中，最终形成一个稳定、多元化的 生态系统。2024 年初至今，矸石处置、矸山治理等方面，累计投资 4900 万元。 二、加速新能源产业布局，推动新质生产力发展 | 证券代码：600348 | 证券简称：华阳股份 | | 公告编号：2024-044 | | --- | --- | --- | --- | | 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 | | 债券代码：241972 | 债券简称：24 | ...

Investment Rating - The report assigns an "Accumulate" rating to the company, marking the first coverage of the stock [1]. Core Insights - The company reported a net profit improvement in Q3 2024, with new production capacity expected to ramp up [1]. - For the first three quarters of 2024, the company achieved 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. In Q3 2024, the company recorded 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 for Q3 was 520 million yuan, a significant year-on-year decline of 58.72% but a quarter-on-quarter increase of 20.51% [4]. Summary by Sections Recent Performance - The company's coal sales volume improved quarter-on-quarter, indicating potential marginal performance recovery. The decline in performance was primarily due to reduced coal sales and falling coal prices during the reporting period. The total raw coal production for the first three quarters was 28.7422 million tons, down 17.6% year-on-year, while the sales volume of commercial coal was 26.5818 million tons, down 15.9% year-on-year. In Q3, raw coal production was 10.0822 million tons, down 9.33% year-on-year and 0.73% quarter-on-quarter, with commercial coal sales at 9.4818 million tons, down 5.47% year-on-year but up 7.55% quarter-on-quarter [5]. Cost and Profitability - The cost per ton of coal decreased quarter-on-quarter, leading to a recovery in gross profit. The average selling price of coal for the first three quarters was 564.33 yuan/ton, down 7.1% year-on-year. The selling price in Q3 was 550 yuan/ton, down 2.5% year-on-year but up 1.4% quarter-on-quarter. The cost per ton was 319 yuan/ton, up 21.1% year-on-year but down 8.0% quarter-on-quarter, resulting in a gross profit of 230 yuan/ton, down 23.2% year-on-year but up 9.6% quarter-on-quarter [6]. Project Development - The company has ongoing coal mine projects progressing smoothly, ensuring energy reserves are secure. The approved production scale for the Qiyuan and Bolin coal mines is 5 million tons/year each, totaling an additional 10 million tons/year. Additionally, the company acquired coal exploration rights in Shouyang County for 6.3 billion tons, further enhancing its coal resource reserves and optimizing resource allocation [7]. Investment Outlook - The report suggests that as the impact of the "three excesses" regulation in Shanxi Province diminishes, the company's coal production and sales are expected to gradually improve, leading to marginal performance recovery. The steady advancement of coal mine projects and active acquisition of coal exploration rights will further increase the company's coal resource reserves, potentially benefiting from increased capacity and opening up growth opportunities in the future. The projected net profits for 2024-2026 are 3.376 billion, 3.590 billion, and 3.918 billion yuan, respectively, with corresponding EPS of 0.94, 1.00, and 1.09 yuan, leading to PE ratios of 8.24x, 7.75x, and 7.10x [9].

Group 1: Dividend and Profit Distribution - The company has distributed a total of 11.816 billion yuan in dividends since its listing [1] - The dividend plan from 2021 to 2026 includes a minimum annual cash distribution of 30% of the available profit [1] - In 2024, the company plans to distribute 2.590 billion yuan in cash dividends, with a payout ratio of 50.1% [1] Group 2: Cash Flow Status - As of the end of Q3 2024, the company has a cash and cash equivalents balance of 8.953 billion yuan, indicating sufficient cash flow [2] - The company aims to maintain reasonable cash flow through adjustments in financing structure and asset optimization [2] Group 3: Share Buyback and Market Value - The company is considering utilizing favorable financial policies for share buybacks to enhance its market value [2] - Recent policies from financial authorities are expected to help reduce financing costs and improve investor confidence [2] Group 4: Innovation and Research Incentives - The company has established a technology innovation system focusing on grassroots enterprises as the main innovation entities [3] - A robust incentive mechanism has been developed to encourage independent innovation among research personnel [3] - The company aims to create a positive cycle where knowledge creation is valued and contributors receive appropriate rewards [3]

Investment Rating - The report maintains an "Accumulate-A" investment rating with a 6-month target price of 8.07 CNY [1][5]. Core Insights - The company reported a revenue of 18.19 billion CNY for the first three quarters of 2024, a decrease of 57.42% year-on-year, with a net profit of 5.20 billion CNY in Q3 2024, down 58.72% year-on-year but up 20.51% quarter-on-quarter [2][3]. - The company is expected to see an increase in coal production and resource reserves due to ongoing construction of new mines and successful bids for exploration rights [4][5]. - Revenue projections for 2024-2026 are 21.69 billion CNY, 23.83 billion CNY, and 24.37 billion CNY, with corresponding net profits of 2.37 billion CNY, 2.88 billion CNY, and 3.02 billion CNY, indicating a significant decline in 2024 followed by recovery in subsequent years [4][6]. Financial Performance Summary - For Q3 2024, the company achieved a coal production of 10.08 million tons, a decrease of 9.4% year-on-year, while the coal sales volume was 9.48 million tons, down 5.5% year-on-year [3]. - The average selling price of coal in Q3 2024 was 550 CNY per ton, a decrease of 2.5% year-on-year, while the cost per ton increased by 20.8% year-on-year to 319 CNY [3]. - The company’s financial forecasts indicate a net profit margin of 10.9% for 2024, improving to 12.1% in 2025 and 12.4% in 2026 [6][7].

| 证券代码：600348 | 证券简称：华阳股份 | | 公告编号：2024-043 | | --- | --- | --- | --- | | 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 关于召开2024年第三季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： 会议召开时间：2024 年 11 月 15 日(星期五)上午 09:00-10:00。 会议召开地点： 上海证券 交易所上证路演中心（ 网 址 ： https://roadshow.sseinfo.com/）。 会议召开方式：上证路演中心网络互动。 投资者可于 2024 年 11 月 8 日(星期五) 至 11 月 14 日(星期四)16:00 前 登录上证路演中心网站首 ...

Investment Rating - The report maintains an "Accumulate-A" investment rating for Huayang Co., Ltd. (600348.SH) [1] Core Views - The company's performance has been impacted by a decline in coal prices and volumes, but the upcoming production from the Qiyuan coal mine is expected to provide a boost [4] - Despite a challenging first three quarters in 2024, improvements in both volume and price are anticipated in the fourth quarter, alongside the expected contribution from the Qiyuan mine [4] Financial Performance Summary - For the first nine months of 2024, the company reported revenue of 18.602 billion yuan, a year-on-year decrease of 14.09% [1] - The net profit attributable to shareholders was 1.819 billion yuan, down 57.42% year-on-year, with a basic earnings per share of 0.5 yuan [1] - The average selling price of coal was 564 yuan per ton, a decrease of 7.03% year-on-year, while the cost per ton increased by 12.24% to 342 yuan [2] - The gross profit margin for coal was 39.46%, down 10.39 percentage points year-on-year [2] Production and Sales Summary - The company produced 28.74 million tons of raw coal, a decrease of 17.6% year-on-year, and sold 26.58 million tons, down 15.88% year-on-year [2] - In Q3 2024, coal production was 10.08 million tons, with sales of 9.48 million tons, showing a significant improvement in sales volume compared to Q2 [3] Future Outlook - The company expects earnings per share (EPS) to be 0.71, 0.81, and 0.96 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 10.5, 9.2, and 7.8 [4] - The anticipated production from the Qiyuan coal mine (5 million tons/year) and the ongoing construction of the Bolin coal mine (5 million tons/year) are expected to secure the company's coal business continuity [3]

Summary of the Conference Call Company Overview - The conference call involved Huayang Group, which recently released its Q3 financial report, indicating significant growth in the third quarter compared to the second quarter [1][2]. Key Financial Highlights - Q3 revenue increased by 5.99% from Q2, rising from 6 billion to 6.4 billion [1]. - Coal sales revenue in Q3 was 5.2 billion, up from 4.9 billion in Q2, marking a 20% increase [2]. - The overall production capacity is projected to reach 45 million tons in the next three to five years [3]. Production and Capacity - The company operates eight coal mines, with a total resource volume of approximately 6.3 billion tons [2][3]. - The production capacity is expected to increase with the commissioning of new mines, including the Qiliang Mine, which is anticipated to contribute significantly to production in the coming years [5][7]. Market Conditions - The coal market remains stable, with recent price increases for certain coal types, while others maintain steady pricing [5]. - The company is focusing on improving coal quality to enhance pricing power [5]. Safety and Operational Efficiency - The company reported a safety record of 270 days without incidents until October, although there were two accidents reported in October [6]. - Cost control measures have led to a decrease in production costs, with Q3 costs reported at 319, down 28% from Q2 [11]. New Energy Initiatives - The company is advancing its new energy initiatives, particularly in sodium-ion battery technology, despite market challenges [3][4]. - Contracts worth over 50 million have been signed for the installation of transport cables in coal mines [4]. Future Outlook - The company anticipates stable production levels in Q4, with plans to ramp up production in 2025 [5][12]. - The management is optimistic about the long-term growth potential of the company, supported by ongoing investments in both traditional coal and new energy sectors [19][20]. Shareholder Engagement - The company is committed to increasing shareholder returns, with a focus on dividend policies and potential share buybacks in response to favorable market conditions [15][21]. Research and Development - There has been a significant increase in R&D expenditures, driven by government incentives and the need for innovation in coal mining and energy transition technologies [18][19]. Conclusion - Overall, Huayang Group is positioned for growth with a dual focus on traditional coal production and new energy initiatives, while maintaining a strong commitment to safety, cost control, and shareholder value [22].

Investment Rating - The report maintains a "Buy" rating for Huayang Co., Ltd. [2] Core Views - The third quarter performance shows a sequential improvement in sales and a decrease in costs, leading to better quarterly results despite a year-on-year decline in profits [3][4] - The company's coal production and sales volumes have decreased year-on-year, but there was a sequential increase in sales in Q3 2024 [3] - The overall market conditions, including slight increases in coal prices, suggest potential for improved performance in Q4 [3] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 18.6 billion yuan, a year-on-year decrease of 14.1%, and a net profit attributable to shareholders of 1.82 billion yuan, down 57.4% [3] - In Q3 2024, the company achieved revenue of 6.4 billion yuan, a sequential increase of 6.0% and a year-on-year increase of 2.6% [3] - The net profit for Q3 was 520 million yuan, reflecting a sequential increase of 20.5% but a year-on-year decline of 58.7% [3] Coal Business Overview - In the first three quarters of 2024, coal production was 28.74 million tons, down 17.6% year-on-year, while sales volume was 26.58 million tons, down 15.9% [3] - The average selling price of coal was 564 yuan per ton, a decrease of 7.0% year-on-year, while unit costs increased by 12.2% to 342 yuan per ton [3] - The gross profit margin improved by 10.4 percentage points to 39.5% despite the challenges faced [3] Earnings Forecast and Valuation - The revenue projections for 2024-2026 are 24.27 billion yuan, 27.07 billion yuan, and 28.55 billion yuan respectively, with net profits expected to be 2.37 billion yuan, 2.74 billion yuan, and 3.02 billion yuan [4][6] - The earnings per share (EPS) estimates for the same period are 0.66 yuan, 0.76 yuan, and 0.84 yuan, with corresponding price-to-earnings (P/E) ratios of 11.55, 10.01, and 9.08 [4][6]

Investment Rating - The investment rating for Huayang Co., Ltd. is maintained as "Buy" [1] Core Views - The report highlights a significant quarter-on-quarter increase in Q3 performance, focusing on coal mine growth and high dividend potential [1] - The company reported a total revenue of 18.6 billion yuan for the first three quarters of 2024, a year-on-year decrease of 14.1%, and a net profit attributable to shareholders of 1.82 billion yuan, down 57.4% year-on-year [1] - The report maintains profit forecasts for 2024-2026, expecting net profits of 2.71 billion yuan, 3.10 billion yuan, and 3.39 billion yuan respectively, with corresponding EPS of 0.75, 0.86, and 0.94 yuan [1] Summary by Sections Q3 Performance - In Q3, the company achieved a revenue of 6.4 billion yuan, a quarter-on-quarter increase of 6.0%, and a net profit of 520 million yuan, up 20.5% quarter-on-quarter [1] - The coal production for the first three quarters 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 [1] Coal Business Insights - The average selling price of coal was 564 yuan per ton, a decrease of 7.0% year-on-year, while the cost per ton increased by 12.2% to 342 yuan [1] - The gross profit per ton of coal was 223 yuan, down 26.4% year-on-year, with the coal segment contributing a gross profit of 5.92 billion yuan, down 38.1% year-on-year [1] Non-Coal Business Development - The company has successfully launched its Yanqing Thermal Power Project, which is expected to enhance its power generation business significantly [1] - The sodium-ion battery and photovoltaic component businesses are progressing well, with the first commercial sodium-ion battery electric two-wheeler launched [1] Future Growth and Dividend Potential - The company has substantial coal production capacity under construction, with two mines expected to contribute 5 million tons per year each [1] - A cash dividend of 7.18 yuan per 10 shares is proposed, totaling 2.59 billion yuan, which is 50% of the company's net profit for the year, significantly higher than the previous year's 30% [1]