Investment Rating - The investment rating for Huayang Co., Ltd. is maintained at "Buy" [4][9]. Core Views - The company's performance slightly missed expectations, but both volume and profit increased sequentially in Q3. The pressure on production decline has passed, and coal prices are expected to rise in Q4. The resource reserve advantage ensures continued production growth [2][9]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 18.602 billion yuan, down 14.09% year-on-year, and a net profit attributable to shareholders of 1.819 billion yuan, down 57.42%. In Q3 alone, revenue was 6.403 billion yuan, up 2.63% year-on-year and 5.99% sequentially, with a net profit of 520 million yuan, down 58.72% year-on-year but up 20.51% sequentially [9][10]. - The company has adjusted its EPS forecasts for 2024-2026 to 0.67, 0.76, and 0.89 yuan, respectively, down by 0.07 yuan for each year [9]. Production and Sales - The total production for the first three quarters was 28.7422 million tons, down 17.6% year-on-year, with purchased coal of 2.5192 million tons and sales of 26.5818 million tons, down 15.9% year-on-year. In Q3, the raw coal production was 10.08 million tons, down 9.3% year-on-year and 0.7% sequentially, while sales were 9.48 million tons, down 5.5% year-on-year but up 7.5% sequentially [9][10]. Cost and Pricing - The average coal price for the first three quarters of 2024 was 564.33 yuan per ton, down 7.1% year-on-year. In Q3, the price was 550 yuan per ton, down 2.5% year-on-year but up 1.4% sequentially. The cost per ton was 319 yuan, up 21.1% year-on-year but down 8.0% sequentially, resulting in a gross profit of 230 yuan per ton, down 23.2% year-on-year but up 9.6% sequentially [9][10]. Resource Reserves - On August 22, 2024, the company acquired coal exploration rights in Shouyang County for 6.8 billion yuan, adding approximately 630 million tons of coal resources. The total coal resource reserves now amount to nearly 7 billion tons, primarily consisting of rare coal types such as anthracite, providing substantial resource security for the company's development [9][10].

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].

山西华阳集团新能股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：600348 证券简称：华阳股份 山西华阳集团新能股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 本报告期比 | --- | --- | --- | --- | --- | |-----------------------------------------------|------------------|---------------------------|-------------------|------------------- ...

| 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 ...

（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：2024-040 | | --- | --- | --- | --- | | 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 ...