| 证券代码：600348 | 证券简称：华阳股份 | | 公告编号：2024-038 | | --- | --- | --- | --- | | 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 2024 年第四次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2024 年 09 月 23 日 (二) 股东大会召开的地点：山西华阳集团新能股份有限公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份 情况： 3、董事会秘书逯新保出席本次会议；部分高级管理人员列席本次会议。 二、 议案审议情况 (一)非累积投票议案 1、议案名称：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 | 1、出席会议的股东 ...

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 ...

[Table_MainInfo] 公司研究/煤炭 证券研究报告 华阳股份（600348）公司半年报点评 2024 年 09 月 05 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 04 日收盘价（元） ] | 7.06 | | 52 周股价波动（元） | 6.72-11.36 | | 总股本 / 流通 A 股（百万股） | 3608/3608 | | 总市值 / 流通市值（百万元） | 25469/25469 | | 相关研究 | | | [Table_ReportInfo] 《煤炭业务降本提效，分红比例大幅提升》 | | | 2024.04.23 | | 市场表现 [Table_QuoteInfo] 华阳股份 海通综指 -11.31% -2.31% 6.69% 15.69% 24.69% 33.69% 2023/9 2023/12 2 ...

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]

公司代码：600348 公司简称：华阳股份 山西华阳集团新能股份有限公司 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，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。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王玉明、主管会计工作负责人崔新武及会计机构负责人（会计主管人员）崔新武 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期，公司未进行利润分配，也未进行公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内暂无可能对公司未来发展战略和经营目标的实现产生 ...

| 证券代码：600348 | 证券简称：华阳股份 | | 公告编号：2024-037 | | --- | --- | --- | --- | | 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 年第四次临时股东大会的通知 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。 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2024 年 9 月 23 日 10 点 00 分 召开地点：山西华阳集团新能股份有限公司会议室 重要内容提示： 股东大会召开日期：2024年9月23日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、召开会议的基本情况 (一)股东大会类型和届次 2024 年第四次临时股东大会 (二)股东大会召集 ...