煤炭/煤炭开采 公 司 研 究 煤价回调致业绩承压，关注煤矿成长与电力布局 盘江股份（600395.SH） 2024 年 04 月 25 日 ——2023 年报及 2024 年一季报点评报告 投资评级：买入（维持） | --- | --- | |-------------------------|-----------| | 日期 | 2024/4/24 | | 当前股价 ( 元 ) | 5.73 | | 一年最高最低 ( 元 ) | 7.23/5.31 | | 总市值 ( 亿元 ) | 123.00 | | 流通市值 ( 亿元 ) | 123.00 | | 总股本 ( 亿股 ) | 21.47 | | 流通股本 ( 亿股 ) | 21.47 | | 近 3 个月换手率 (%) | 71.65 | 股价走势图 -30% -20% -10% 0% 10% 20% 2023-04 2023-08 2023-12 盘江股份 沪深300 数据来源：聚源 相关研究报告 《煤价下跌致盈利下滑，关注焦煤反 弹及新项目投产—公司中报点评报 告》-2023.8.28 张绪成（分析师） zhangxucheng@kysec.cn ...

Summary of Conference Call Company/Industry Involved - The conference call was focused on Open Source Securities, targeting professional investment institutions [1] Core Points and Arguments - The call emphasized the importance of transparency and innovation in the financial services sector, particularly in relation to open-source technologies [1] - Discussion included the potential for increased efficiency and reduced costs through the adoption of open-source solutions in trading and investment processes [1] - The company highlighted its commitment to enhancing client engagement and providing tailored solutions to meet the evolving needs of investors [1] Other Important but Possibly Overlooked Content - The call addressed the competitive landscape, noting that traditional financial institutions are increasingly adopting open-source methodologies to stay relevant [1] - There was mention of regulatory challenges that may impact the adoption of open-source technologies in the financial sector, which could pose risks to growth [1] - The potential for partnerships with technology firms was discussed as a strategy to leverage expertise and accelerate innovation [1]

本电话会议仅面向信达证券签署服务协议的签约客户或收邀客户在任何情况下本电话会议的信息或所表述的意见不构成对任何人的投资建议也没有考虑到客户特殊的投资目标财务状况或需求会议中如设计第三方专家发言其内容仅代表专家个人观点根据监管规定未经信达证券说明授权严禁任何机构或 各位投资者上午好我是信达证券的刘波盘墙股份作为西南地区的类交易龙头整体的煤炭主业这两年表现出了非常突出的成长性 包括近些年公司也继续持续推进中高火属一体化发展给公司的未来业绩带来了比较突出的成长性我们也持续看好公司未来的发展潜力今天呢我们也特别有幸邀请到了公司的证人证券事务代表董贯副主任梁东平梁总为大家讲解一下公司近期的一些发展状况首先呢我代表投资者请教一下梁总一些问题梁总好 嗯你好大家好我先来请教您一下这个最近关于消费市场的一些价格方面的情况首先是我们看到近两周呢其实从铁水日产数据来看的话整体上环比有小幅的抬升啊但是呢虽然同比处于历史的同期地位啊但是呢啊完毕的话还是有些编制改善的公司如何看待当前十点这个下游的这个钢铁的需求啊包括对之后的煤价是如何判断的表总嗯 对于需求还是立足于我们公司所处的区域而言这么来说吧我们只要能够生产出商品出来销售是不存在问 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% within the next 6 to 12 months [18]. Core Views - The company is projected to experience a decline in revenue and profit due to falling coal prices, with revised revenue forecasts for 2024-2026 at 87.97 billion, 104.38 billion, and 117.31 billion respectively [2][7]. - The expected net profit for the same period is adjusted to 7.52 billion, 8.75 billion, and 9.33 billion, with earnings per share estimated at 0.35, 0.41, and 0.43 [2][7]. - The current stock price of 5.85 yuan corresponds to price-to-earnings ratios of 16.7X, 14.4X, and 13.5X for the years 2024, 2025, and 2026 respectively [2][7]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 94.03 billion yuan, a year-on-year decrease of 20.60%, and a net profit of 7.32 billion yuan, down 66.62% [1][2]. - The operating cash flow for 2023 was 1.446 billion yuan, reflecting a significant decline [17]. Revenue and Profit Forecast - The company anticipates a revenue decline in 2024 to 87.97 billion yuan, followed by a slight recovery in subsequent years [2][7]. - The net profit is expected to recover gradually, reaching 9.33 billion yuan by 2026 [2][7]. Dividend Policy - The company has announced a cash dividend payout ratio of 82.06%, translating to a dividend yield of 4.79% based on the current stock price [2][7]. Market Position - The report highlights challenges in the coal business due to production disruptions and price declines, but notes potential improvements as coal prices stabilize [2][7].

本电话会议仅面向信达证券签署服务协议的签约客户或收邀客户在任何情况下本电话会议的信息或所表述的意见不构成对任何人的投资建议也没有考虑到客户特殊的投资目标财务状况或需求会议中如设计第三方专家发言其内容仅代表专家个人观点根据监管规定未经信达证券说明授权严禁任何机构或 各位投资者上午好我是信达证券的刘波盘墙股份作为西南地区的类交易龙头整体的煤炭主业这两年表现出了非常突出的成长性 包括近些年公司也继续持续推进中高火属一体化发展给公司的未来业绩带来了比较突出的成长性我们也持续看好公司未来的发展潜力今天呢我们也特别有幸邀请到了公司的证人证券事务代表董贯副主任梁东平梁总为大家讲解一下公司近期的一些发展状况首先呢我代表投资者请教一下梁总一些问题梁总好 嗯你好大家好我先来请教您一下这个最近关于消费市场的一些价格方面的情况首先是我们看到近两周呢其实从铁水日产数据来看的话整体上环比有小幅的抬升啊但是呢虽然同比处于历史的同期地位啊但是呢啊完毕的话还是有些编制改善的公司如何看待当前十点这个下游的这个钢铁的需求啊包括对之后的煤价是如何判断的表总嗯 对于需求还是立足于我们公司所处的区域而言这么来说吧我们只要能够生产出商品出来销售是不存在问 ...

杨山矿（120 万吨/年）兼并重组技改项目进展顺利，马依西一井二采区 （120 万吨/年）建设有序推进，杨山煤矿露天开采项目（100 万吨/年） 于 2023 年 12 月开始建设，马依东一井项目（240 万吨/年）前期工作 正在加快推进，争取早日具备开工条件。此外，盘江股份将作为现贵州 能源集团煤炭、电力业务整合的唯一平台，资产注入空间较大，2021 年 6 月，控股股东发布《关于实际控制人避免同业竞争承诺的公告》，集团 承诺在承诺出具之日起五年内将满足资产注入条件的煤炭业务资产通 过股权转让、资产出售或其他合法方式注入盘江股份。到"十四五"末， 公司煤炭产能力争达到 2520 万吨/年，在炼焦煤板块整体新增资源、矿 井较少的大背景下格外珍贵。 ➢ 当前安全事故影响或逐步消除，2024 年业绩有望企稳回升。2023 年 9 月 24 日上午，贵州盘江精煤股份有限公司所属山脚树煤矿（产能 310 万吨/年，主产 1/3 焦煤、肥煤、气肥煤）发生一起事故，造成 16 人遇 难。事故后，事故矿井及公司其他矿井均停止作业。2023 年 10 月 7 日，除事故煤矿继续停产外，其余煤矿已经有序复产。2024 年 1 ...

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [2][7]. Core Views - The company faced significant pressure in 2023, with a 20.60% year-on-year decline in revenue to 9.4 billion yuan and a 66.62% drop in net profit to 732 million yuan. The first quarter of 2024 also showed a decline in revenue by 31.91% year-on-year to 1.949 billion yuan and a 93.92% decrease in net profit to 21.32 million yuan [1]. - The company is gradually forming an integrated coal, electricity, and new energy structure, with significant production plans for 2024, including a target of 15.6 million tons of raw coal production, which is a 1.93% increase [1]. - The company plans to distribute cash dividends amounting to 6.01 billion yuan, representing 82.06% of the 2023 net profit, resulting in a dividend yield of 4.37% [1]. Summary by Sections Financial Performance - In 2023, the company produced 11.27 million tons of coal, a decrease of 3.6% year-on-year, and sold 11.53 million tons, down 9.61%. The average selling price of coal was 782.16 yuan per ton, a decline of 13.61% [1]. - The first quarter of 2024 saw coal production drop to 203.73 million tons, a 35.72% decrease, and sales fell to 190.07 million tons, down 45.67%. The average selling price increased by 12.1% to 894.41 yuan per ton, but costs also rose by 16.7% to 665.61 yuan per ton [1]. Future Outlook - The company expects total revenue of 10.13 billion yuan in 2024, a 7.73% increase, and a profit of 1.1 billion yuan, up 19.24% [1]. - The projected net profit for 2024-2026 is estimated at 805 million yuan, 979 million yuan, and 1.204 billion yuan, respectively, with corresponding EPS of 0.37, 0.46, and 0.56 yuan per share [1][4]. Integrated Development - The company is advancing its coal and electricity integration strategy, with new coal production capacity of 2.1 million tons per year and significant progress in renewable energy projects, including over 1 million kilowatts of installed capacity [1].

Financial Performance - Revenue for 2023 was 9,403,366,126.51 RMB, a decrease of 20.60% compared to 2022[18] - Net profit attributable to shareholders was 732,488,482.93 RMB, a decrease of 66.62% compared to 2022[18] - Basic earnings per share decreased by 69.196% to 0.341 RMB in 2023[18] - Weighted average return on equity (ROE) decreased by 15.836 percentage points to 6.389% in 2023[18] - Operating cash flow decreased by 59.09% to 1,446,037,784.22 RMB in 2023[18] - The company achieved operating revenue of 2.86 billion RMB in Q1 2023, 2.43 billion RMB in Q2, 2.32 billion RMB in Q3, and 1.78 billion RMB in Q4[42] - Net profit attributable to shareholders was 350.47 million RMB in Q1, 268.81 million RMB in Q2, 153.55 million RMB in Q3, and -40.34 million RMB in Q4[42] - Operating cash flow was 601.32 million RMB in Q1, 194.67 million RMB in Q2, 436.41 million RMB in Q3, and 213.63 million RMB in Q4[42] - The company's annual revenue decreased by 20.60% to 9.403 billion yuan, with a reduction of 2.439 billion yuan compared to the previous year[62] - The company produced 15.30 million tons of raw coal and sold 11.53 million tons of commercial coal in 2023, generating revenue of 94.03 billion yuan and a net profit of 732.49 million yuan[86] - Operating revenue in 2023 was 94.03 billion yuan, a decrease of 20.60% compared to the same period last year, while operating costs decreased by 5.47%[87] - Total operating revenue for 2023 was 9,202,768,790.89 yuan, a decrease of 21.26% year-over-year[118] - The company's revenue decreased by 21.91% to 9.02 billion yuan, and gross profit decreased by 45.54% to 2.52 billion yuan in 2023[186] - The company's gross margin decreased by 12.13 percentage points to 27.94% in 2023[186] Dividend Distribution - Cash dividend distribution proposed at 2.80 RMB per 10 shares, totaling 601,055,000 RMB, representing 82.06% of 2023 net profit[4] Asset and Liability Changes - Total assets increased by 17.36% to 35,259,119,613.92 RMB at the end of 2023[18] - Other equity instrument investments increased by 131,695,784.64 RMB to 597,438,958.64 RMB at the end of 2023[25] - Net cash flow from investment activities in 2023 was -6,742.47 million yuan, a decrease of 1,781.18 million yuan (35.90%) compared to the same period last year, mainly due to increased cash payments for fixed assets and reduced cash management product investments[65] - Asset impairment losses in 2023 were 175.94 million yuan, an increase of 174.60 million yuan (12,984.39%) compared to the same period last year, primarily due to a 175.61 million yuan impairment provision for construction in progress at Shouqian Company[66] - Other income in 2023 was 160.63 million yuan, a decrease of 45.65 million yuan (22.13%) compared to the same period last year, mainly due to a reduction in coal reward funds from Guizhou Province[66] - Investment income in 2023 was 172.14 million yuan, a decrease of 41.48 million yuan (19.42%) compared to the same period last year, mainly due to reduced equity method investment income[66] - The company's monetary funds decreased by 2.20 billion yuan, a drop of 48.10%, mainly due to reduced coal sales revenue[132] - Fixed assets increased by 2.02 billion yuan, a rise of 29.12%, due to the transfer of construction in progress and equipment purchases[134] - Long-term loans increased by 4.43 billion yuan, a surge of 133.89%, as the company accelerated the integration of coal power and new energy projects[136] - Total assets increased by 5.21 billion yuan, a growth of 17.36%, while total liabilities rose by 5.28 billion yuan, an increase of 30.25%[138] - Cash and cash equivalents decreased by 48.10% to 2,372,514,226.83 yuan, accounting for 6.73% of total assets[149] - Notes receivable decreased by 68.63% to 908,555,228.44 yuan, accounting for 2.58% of total assets[149] - Construction in progress increased by 64.62% to 12,013,806,745.74 yuan, accounting for 34.06% of total assets, due to accelerated coal-power-new energy integration projects[149][154] - Long-term loans increased by 133.89% to 7,738,736,070.99 yuan, accounting for 21.94% of total assets[149] - Contract liabilities decreased by 46.92% to 171,087,836.19 yuan, accounting for 0.49% of total assets, due to lower coal sales prices and volumes[149][155] - Taxes payable decreased by 52.07% to 87,851,597.66 yuan, accounting for 0.39% of total assets, due to lower coal sales revenue and total profits[149][155] - The company's capital-debt ratio increased by 15.83 percentage points to 45.21%, mainly due to increased project loans for coal-power-new energy integration projects[159] - Other equity instrument investments increased by 28.28% to 597,438,958.64 yuan, mainly due to the rise in the stock price of Huachuang Yunxin[149][153] - Total assets increased by 17.36% to 35,259,119,613.92 yuan[149] Coal Production and Sales - The company added 2.1 million tons/year of coal production capacity with the successful commissioning of Mayixi No. 1 Mine (1.2 million tons/year) and Fa'er No. 2 Mine West Shaft Phase I (900,000 tons/year)[27] - The company's first open-pit mining project, Yangshan Coal Mine (1 million tons/year), received approval from the provincial energy bureau[27] - The company's coal production in Guizhou Province reached 153 million tons, a year-on-year increase of 10.8%[52] - The average sales price of refined coal decreased by 324.01 yuan per ton, resulting in a revenue reduction of 1.315 billion yuan[62] - The sales volume of self-produced commercial coal decreased by 518,400 tons, leading to a revenue reduction of 545.5179 million yuan[62] - The company produced 15.30 million tons of raw coal and sold 11.53 million tons of commercial coal in 2023, generating revenue of 94.03 billion yuan and a net profit of 732.49 million yuan[86] - The company's coal production decreased by 3.60% to 11.27 million tons, and coal sales decreased by 9.61% to 11.53 million tons in 2023[186] - The company added 2.1 million tons of coal production capacity through the successful operation of new mining areas in 2023[188] Energy and New Energy Projects - The company is accelerating the development of its power industry, with the Panjiang Xinguang 2×660 MW ultra-supercritical coal-fired power project progressing smoothly[27] - The company's Guansu County Panjiang 1 million kW photovoltaic base project is under construction, aiming for full grid connection by the end of April[27] - The company is focusing on coal-electricity-new energy integrated development and deepening corporate governance reforms[26] - The company's photovoltaic power generation projects are expected to reduce carbon dioxide emissions by 970,000 tons annually[48] - The company's new energy power generation projects have achieved a grid-connected capacity of over 1 million kilowatts, with planned new energy power generation capacity exceeding 1.5 million kilowatts[57] - The company is accelerating the integration of coal and new energy, promoting the complementary development of traditional and new energy sources, and building a comprehensive energy base[85] - The company is accelerating the construction of photovoltaic and coal-fired power generation projects, including the Panjiang Puding 2×660 MW coal-fired power project[188] - Guanling New Energy Company built a total installed capacity of 870MWp, with 420MWp connected to the grid by the end of 2023[198] Research and Development - R&D expenses in 2023 were 216.69 million yuan, an increase of 16.99% compared to the same period last year, reflecting increased investment in technological innovation[87] - The company implemented 67 R&D projects, obtained 109 patents, and built a 5G wireless communication system for mines, advancing intelligent mining technology[75] - The company completed the automation upgrade of auxiliary transportation systems in all production mines, achieving 100% mechanization in coal mining and over 85% in tunneling[75] - R&D expenses increased by 16.99% to 216.69 million yuan in 2023, driven by the company's intensified focus on technological innovation[90] - R&D expenses increased by 31.47 million yuan to 216.69 million yuan, a year-on-year increase of 16.99%, driven by the company's focus on technological innovation[128] - The company's R&D investment totaled 216.69 million yuan, accounting for 2.30% of total revenue, with no capitalised R&D investment[130] Subsidiary Performance - Guizhou Panjiang New Energy Power (Panzhou) Co., Ltd. achieved revenue of 29.46 million yuan and net profit of 6.78 million yuan in 2023[178] - Guizhou Panjiang Mine Machinery Co., Ltd. achieved revenue of 714.63 million yuan and net profit of 85.44 million yuan in 2023[177] - Guizhou Energy Group Finance Co., Ltd. achieved revenue of 87.35 million yuan and net profit of 39.05 million yuan in 2023[180] - Guizhou Panjiang Hengpu Coal Industry Co., Ltd. has a registered capital of 875.21 million yuan and a paid-in capital of 828.58 million yuan[175] - Panjiang New Energy (Puding) Co., Ltd. has a registered capital of 40 million yuan and a paid-in capital of 10 million yuan, focusing on photovoltaic and wind power projects[179] - Panjiang Xinguang Power Generation Company achieved revenue of RMB 26.83 million and net profit of RMB 1.99 million in 2023[197] - Panjiang Puding Power Generation Company completed an investment of RMB 856.42 million by the end of 2023[197] - Guotou Panjiang Power Generation Company achieved revenue of RMB 1.04 billion and net profit of RMB 81.55 million in 2023[199] - Panjiang Xiyi Coal Mine Company achieved revenue of RMB 38.57 million and a net loss of RMB 235.98 million in 2023[195] - Shouqian Resources Development Company achieved revenue of RMB 237.93 million and a net loss of RMB 200.35 million in 2023[195] Cost and Expense Management - The company's management expenses decreased by 29.18% to 1.110 billion yuan, with a reduction of 457.4584 million yuan compared to the previous year[63] - Total operating costs for coal, power, and machinery businesses decreased by 5.32% to 7.06 billion yuan in 2023[101] - Power business costs increased by 27.03% to 53.87 million yuan, mainly due to higher material costs and depreciation expenses[102] - Machinery business costs decreased by 8.59% to 444.06 million yuan, primarily due to reduced material expenses[102] - Management expenses decreased by 29.18% to 1.11 billion yuan in 2023, mainly due to reduced capitalized construction costs[106] - Coal business operating costs decreased by 5.29% year-over-year, saving 36,657.25 million yuan[122] - Employee compensation costs increased by 15.63% year-over-year, totaling 3,032,336,859.86 yuan[120] - Electricity costs increased by 11.91% year-over-year, reaching 427,365,891.10 yuan[120] - Depreciation costs increased by 46.42% year-over-year, totaling 278,911,976.32 yuan[120] - Land collapse fees decreased by 82.61% year-over-year, saving 18,889.69 million yuan[122] - Purchased coal costs decreased by 65.23% year-over-year, saving 72,787.86 million yuan[122] Safety and Environmental Initiatives - The company is actively addressing the adverse impact of safety accidents and reversing the passive situation in safety work[26] - The company's coal gangue utilization rate has steadily increased, with 100% recovery of coal slurry and 81.7% utilization rate of gas[48] - The company has built 20 intelligent mining faces, continuously improving the level of mechanization, automation, and intelligence in mining operations[56] Customer and Sales Analysis - Top 5 customers accounted for 63.50% of total sales revenue, with the largest customer contributing 32.72%[104] - The company's top five customers accounted for sales of 5.97 billion yuan, representing 63.50% of total annual sales, with related party sales of 1.57 billion yuan, accounting for 16.69% of total sales[125] - Sales revenue decreased across all regions, with the largest drop in Sichuan region at 1.06 billion yuan[97] Financing and Cash Flow - Net cash flow from financing activities increased by 34.25% to 4.16 billion yuan, driven by increased borrowing and reduced debt repayment[116] - Net cash flow from operating activities decreased by 59.09% to 1.45 billion yuan in 2023, primarily due to a decline in coal sales prices and increased employee payments[90] - The company's financial expenses increased by 13.02 million yuan to 169.96 million yuan, a year-on-year increase of 8.29%, mainly due to the formal production of the Mayixi No. 1 mine[144] - Non-operating income surged by 36.46 million yuan to 39.93 million yuan, a year-on-year increase of 1,049.84%, primarily due to compensation received for the Panan Company's old house base well area[145] Investments and Subsidiaries - Hengpu Company invested RMB 696.88 million for a 90% stake in coal production and sales[189] - Xinguang Company invested RMB 1.423 billion for a 100% stake in power production and sales[189] - Guanling New Energy Company invested RMB 258.4 million for an 85% stake in photovoltaic and wind power generation[189] - Panzhou New Energy Company invested RMB 75 million for a 100% stake in photovoltaic and wind power generation[189] Coal Resources and Reserves - The company's total coal resources amount to 8,051,228,000 tons, with recoverable reserves of 3,931,344,000 tons[165] Gas Extraction - Annual gas extraction volume reached 306 million cubic meters, a year-on-year increase of 22%[47]

贵州盘江精煤股份有限公司 审计报告 大信审字[2024]第 11-00019 号 大信会计师事务所(特殊普通合伙) WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（hmx/ / acc mo WUYIGE Certified Public Accountants LLP Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing,China,100083 日 15 [elenhone: +86 (10) 8 +86 (10) 82327668 审计报告 大信审字[2024]第 11-00019 号 贵州盘江精煤股份有限公司全体股东: 一、审计意见 我们审计了贵州盘江精煤股份有限公司(以下简称"贵公司")的财务报表,包括 2023 年 12 月 31 日的合并及母公司资产负债表,2023年度的合并及母公司利润表、合并及母公司 现金流量表、合并及母公司股东权益变动表,以及财务报表附注。 我们认为,后附的财务报表在所有重 ...

贵州盘江精煤股份有限公司 2023 年度独立董事述职报告 （赵敏） （二）是否存在影响独立性的情况说明 作为公司独立董事，本人不存在《上市公司独立董事管理办法》中规 定的可能影响独立性的情况，独立性情况自查报告已提交公司董事会。公 1 司董事会对本人独立性情况进行了评估并出具专项意见，并按规定与公司 2023 年年度报告同时披露。 二、独立董事年度履职概况 （一）出席会议及行使职权情况 作为贵州盘江精煤股份有限公司（以下简称"公司"）第六届董事会独 立董事，本人严格按照《公司法》《证券法》《上市公司独立董事管理办法》 《上海证券交易所股票上市规则》《公司章程》《公司独立董事工作制度》 等有关规定，积极勤勉履职，审慎发表独立意见，充分发挥专业优势和客 观独立作用，切实维护了公司和公司全体股东特别是中小股东的合法权益。 现将 2023 年度履职情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 本人赵敏，女，1970 年 1 月出生，2015 年毕业于中国社会科学院经济 法专业，博士研究生、高级律师。曾任贵阳第二律师事务所专职律师、争 鸣律师事务所副主任律师、泽丰律师事务所专职律师、 ...