Investment Rating - The report maintains a "Buy" rating for Panjiang Coal and Electric Power (600395 SH) [2] Core Views - The company's coal business is expected to recover gradually, with improved profitability in Q3 2024 despite a significant decline in sales volume [3] - The power generation business showed strong growth in Q3 2024, with a 7877 64% YoY increase in power generation and the successful grid connection of the Puding 1 unit [3] - The report forecasts revenue growth of 17 5% in 2025 and 11 2% in 2026, with net profit expected to increase by 87 6% in 2025 [6] Financial Performance - In 2024 Q3, the company reported revenue of 2 403 billion yuan (+3 50% YoY, +14 60% QoQ) and a net loss of 2 million yuan (-101 36% YoY, -113 10% QoQ) [3] - For the first three quarters of 2024, revenue was 6 449 billion yuan (-15 36% YoY) with net profit of 35 million yuan (-95 45% YoY) [3] - The company's coal sales volume in Q3 2024 was 1 85 million tons (-33 11% YoY, -14 97% QoQ) [3] Business Segments Coal Business - Coal production in Q3 2024 was 2 44 million tons (-13 61% YoY, +0 40% QoQ) [3] - The average coal price in Q3 2024 was 815 yuan/ton (+2 38% YoY, +4 01% QoQ) with a cost of 644 yuan/ton (+18 23% YoY, +2 96% QoQ) [3] - Gross profit per ton of coal was 172 yuan (-31 88% YoY, +8 15% QoQ) [3] Power Business - Power generation in Q3 2024 reached 2 417 billion kWh (+7877 64% YoY, +161 80% QoQ) [3] - The average grid electricity price was 0 363 yuan/kWh (-8 79% YoY, -0 92% QoQ) [3] - The Puding 2*660MW coal-fired power project's first unit was successfully connected to the grid on September 30, 2024 [3] Financial Projections - Revenue is projected to be 8 844 billion yuan in 2024, 10 393 billion yuan in 2025, and 11 553 billion yuan in 2026 [1][3] - Net profit attributable to parent company is expected to be 380 million yuan in 2024, 712 million yuan in 2025, and 740 million yuan in 2026 [1][3] - EPS is forecasted at 0 18 yuan in 2024, 0 33 yuan in 2025, and 0 34 yuan in 2026 [1][3] Valuation Metrics - The current P/E ratio is 31 4x for 2024, 16 8x for 2025, and 16 1x for 2026 [1][3] - The P/B ratio remains at 1 0x across all forecast years [1][3] - ROE is expected to improve from 3% in 2024 to 6% in 2025-2026 [1] Capital Structure - The debt-to-equity ratio is projected to increase from 144% in 2024 to 187 8% in 2026 [6] - The asset-liability ratio is expected to rise from 64 7% in 2024 to 70 4% in 2026 [6] - Current ratio is forecasted to decline from 0 6 in 2024 to 0 4 in 2026 [6]

Core Viewpoint - The National Mine Safety Supervision Bureau's Guizhou branch conducted a systematic research visit to several companies, focusing on safety and operational improvements in mining practices [1] Group 1: Research Visit Details - The research visit took place from October 30 to November 1, involving key personnel from the National Mine Safety Supervision Bureau and China University of Mining and Technology [1] - The research team visited Songhe Company, Pannan Company, and Jinjia Mine to assess safety measures and operational practices [1] Group 2: Areas of Focus - Discussions at Songhe Company included topics such as roof support, gas management, and coal selection processes [1] - The research team conducted on-site inspections of specific mining areas, including the 123202 transport drainage lane and the 131602 transport lane [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance was impacted by a decline in coal sales, but power projects are progressing steadily. The company reported a revenue of 6.45 billion yuan for the first three quarters of 2024, a year-on-year decrease of 15.4%, and a net profit attributable to shareholders of 35 million yuan, down 95.5% year-on-year [1][2] - The report anticipates a recovery in net profit for 2025 and 2026, projecting net profits of 373 million yuan and 548 million yuan respectively, with corresponding EPS of 0.17 yuan and 0.26 yuan [1][3] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.4 billion yuan, a quarter-on-quarter increase of 14.6%, but a net loss of 2 million yuan, a quarter-on-quarter decline of 113.1% [1] - The average selling price of coal for the first three quarters was 829 yuan per ton, up 7.2% year-on-year, while the cost per ton increased by 19.2% to 644 yuan [1][3] Coal and Power Business - Coal production and sales significantly declined due to safety regulations, with production and external sales of 6.91 million tons and 5.92 million tons respectively for the first three quarters, down 25.1% and 37.7% year-on-year [1] - The company’s power generation capacity is expanding, with a significant increase in power generation and grid-connected electricity in Q3 2024, achieving 241.66 million kWh, a quarter-on-quarter increase of 161.8% [1][2] Future Outlook - The company has a total production capacity of 23.1 million tons per year, with ongoing projects expected to add 2.2 million tons of capacity by 2026 [1] - The integration of coal, electricity, and renewable energy projects is progressing, with a total installed capacity of 1.32 million kW for coal-fired power and approximately 1.22 million kW for renewable energy [1][3]

Investment Rating - The report maintains a "Buy" rating for Panjiang Co Ltd (600395) [1] Core Views - Panjiang Co Ltd's Q3 2024 revenue was 2.403 billion yuan, up 3.49% YoY and 14.59% QoQ, but net profit attributable to shareholders was -2 million yuan, down 101.3% YoY and 112.29% QoQ [1] - The company's coal production in Q3 2024 was 2.44 million tons, down 13.61% YoY, with coal prices rising 4.01% QoQ to 815 yuan/ton [1] - Panjiang's coal production capacity is expected to reach 25.2 million tons/year by the end of the 14th Five-Year Plan period [1] - The company's power generation business saw significant growth, with 3.902 billion kWh generated in the first three quarters of 2024, up 7379.53% YoY [2] Financial Performance - In Q3 2024, Panjiang's revenue was 2.403 billion yuan, with a net loss of 2 million yuan [1] - For the first three quarters of 2024, the company reported revenue of 6.449 billion yuan, down 15.36% YoY, and net profit of 34 million yuan, down 95.47% YoY [1] - The company's debt-to-asset ratio reached 70.78% in Q3 2024, up 6.22 percentage points from 2023 [1] Business Development - Panjiang is accelerating the construction of coal-fired power projects, including the 2×660MW Panjiang Xinguang project and 2×660MW Panjiang Puding project [2] - The company's new energy projects have achieved grid-connected capacity of 1.22GW, with 2.35GW under construction or planned [2] - Panjiang is the only platform for coal and power business integration under Guizhou Energy Group, with significant potential for asset injection [1] Industry Outlook - The report is optimistic about the fundamentals of the coking coal industry and the company's development potential under energy reform and transformation [2] - Panjiang's position as a leading coking coal producer in Southwest China is expected to strengthen with its expanding production capacity [1] Financial Projections - The report forecasts Panjiang's net profit attributable to shareholders to be 56 million yuan in 2024, 734 million yuan in 2025, and 1.065 billion yuan in 2026 [2] - EPS is projected to be 0.03 yuan/share in 2024, 0.34 yuan/share in 2025, and 0.50 yuan/share in 2026 [2] - The company's P/E ratio is expected to be 219.76x in 2024, 16.68x in 2025, and 11.49x in 2026 [2]

证券代码：600395 证券简称：盘江股份 编号：临 2024-063 贵州盘江精煤股份有限公司 第七届董事会第二次会议决议公告 表决结果：7 票同意，0 票反对，0 票弃权。内容详见上海证券交易所 网站（http://www.sse.com.cn）公司公告（临 2024-064）。 会议同意聘请中审众环会计师事务所（特殊普通合伙）为公司 2024 年 - 1 - 表决结果：7 票同意，0 票反对，0 票弃权。内容详见上海证券交易所 网站（http://www.sse.com.cn）。 会议认为：公司《2024 年第三季度报告》的内容和格式符合中国证监 会和上海证券交易所的各项规定，报告的内容真实、准确、完整地反映了 公司 2024 年第三季度的财务状况和经营成果。因此，会议同意公司《2024 年第三季度报告》。 本议案已经公司第七届董事会审计委员会 2024 年第一次会议审议通过， 并同意提交公司董事会审议。 二、关于聘请 2024 年度财务审计机构和内控审计机构的议案 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。 贵州盘 ...

证券代码：600395 证券简称：盘江股份 编号：临 2024-064 贵州盘江精煤股份有限公司 关于聘任会计师事务所的公告 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： 拟聘任的会计师事务所名称：中审众环会计师事务所（特殊普通合 伙）（以下简称"中审众环"） 原聘任的会计师事务所名称：大信会计师事务所（特殊普通合伙）（以 下简称"大信"） 变更会计师事务所的简要原因及前任会计师的异议情况：根据《国 有企业、上市公司选聘会计师事务所管理办法》等相关规定，鉴于大信已 连续六年为贵州盘江精煤股份有限公司（以下简称"公司"）提供审计服务， 为充分保证公司年审会计师事务所的独立性和公正性，同时考虑公司业务 发展及整体审计工作需要，基于审慎原则，公司拟聘请中审众环为公司 2024 年度财务审计机构和内控审计机构。公司已就本次变更会计师事务所的相 关事宜与大信进行了充分沟通，大信对变更事宜无异议。 本次聘请会计师事务所事项尚需提交公司股东大会审议。 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 中审众环 ...

Revenue and Profit Performance - Revenue for the third quarter was RMB 2,402,841,556.35, a year-on-year increase of 3.50%, while cumulative revenue for the first three quarters was RMB 6,448,710,436.17, a year-on-year decrease of 15.36%[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB -2,088,837.91, a year-on-year decrease of 101.36%, and cumulative net profit for the first three quarters was RMB 35,185,949.97, a year-on-year decrease of 95.45%[2] - Total revenue for the first three quarters of 2024 was RMB 6,448,710,436.17, a decrease of 15.36% compared to RMB 7,619,013,273.55 in the same period of 2023[15] - Net profit for the first three quarters of 2024 was RMB 49,800,142.21, a significant decline of 93.64% compared to RMB 783,422,171.98 in the same period of 2023[16] - Revenue for the first nine months of 2024 was 4,296,824,604.60 RMB, a decrease from 6,202,772,324.29 RMB in the same period of 2023[23] - Net profit for the first nine months of 2024 was 130,564,042.98 RMB, down from 978,470,031.36 RMB in the same period of 2023[24] Assets and Liabilities - Total assets as of the end of the third quarter were RMB 41,558,750,566.20, a year-on-year increase of 17.87%[2] - Total assets as of September 30, 2024, amount to RMB 41,558,750,566.20, an increase from RMB 35,259,119,613.92 at the end of 2023[12] - Total liabilities increased by 29.32% to RMB 29,413,351,020.72 in Q3 2024, compared to RMB 22,744,062,873.66 in the same period of 2023[13] - Total assets increased to 24,093,226,193.28 RMB, up from 22,497,029,185.88 RMB in the previous period[22] - Total liabilities rose to 12,805,469,938.33 RMB, compared to 10,966,047,323.56 RMB previously[22] - Total equity decreased to 11,287,756,254.95 RMB, compared to 11,530,981,862.32 RMB previously[22] - Total equity attributable to owners of the parent company decreased by 3.10% to RMB 11,059,279,392.89 in Q3 2024, compared to RMB 11,413,582,825.27 in the same period of 2023[14] Cash Flow - The company's operating cash flow for the first three quarters was RMB -123,977,514.42, a year-on-year decrease of 110.06%[2] - Net cash flow from operating activities was -123,977,514.42 yuan, compared to 1,232,403,907.32 yuan in the previous year[18] - Net cash flow from investing activities was -4,994,055,219.29 yuan, a significant decrease from -3,336,087,603.12 yuan in the same period last year[19] - Net cash flow from financing activities was 5,035,414,277.26 yuan, an increase from 2,462,082,594.56 yuan in the previous year[19] - Cash and cash equivalents at the end of the period were 2,205,719,823.82 yuan, down from 3,784,310,978.77 yuan at the end of the previous year[19] - Total cash inflow from operating activities was 3.96 billion yuan, down 31.16% from 5.76 billion yuan in the previous year[25] - Net cash flow from operating activities was 213.62 million yuan, a significant drop of 81.51% from 1.15 billion yuan in 2023[25] - Cash received from investments was 501.03 million yuan, a decrease of 70.58% compared to 1.70 billion yuan in 2023[25] - Net cash flow from investment activities was -1.43 billion yuan, a 174.34% increase in negative cash flow from -521.46 million yuan in 2023[25] - Cash received from financing activities was 3.14 billion yuan, a 136.27% increase from 1.33 billion yuan in 2023[25] - Net cash flow from financing activities was 1.17 billion yuan, a significant improvement from -626.47 million yuan in 2023[25] - The company's cash and cash equivalents at the end of the period were 1.61 billion yuan, a decrease of 33.33% from 2.41 billion yuan at the end of 2023[26] Coal and Electricity Business - The company's coal production for the first three quarters was 6.9144 million tons, a year-on-year decrease of 25.07%, and coal sales revenue was RMB 49,094,778, a year-on-year decrease of 37.70%[7] - The company's electricity generation for the first three quarters was 3,902,259,500 kWh, a year-on-year increase of 7,379.53%, and the average grid electricity price was RMB 0.3648/kWh, a year-on-year decrease of 6.49%[7] - The company's gross profit from coal business for the first three quarters was RMB 1,096,404,300, a year-on-year decrease of 50.57%[7] Government Subsidies and R&D Expenses - Government subsidies received during the reporting period amounted to RMB 15,637,555.30, with cumulative subsidies for the first three quarters reaching RMB 32,426,829.39[3] - R&D expenses increased by 31.79% to RMB 230,263,032.44 in the first three quarters of 2024, compared to RMB 174,720,627.75 in the same period of 2023[16] - Research and development expenses for the first nine months of 2024 were 140,123,877.69 RMB, down from 148,026,641.83 RMB in the same period of 2023[23] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period is 45,252[8] - Guizhou Energy Group Co., Ltd. holds 961,050,600 shares, representing 44.77% of the total shares[8] - Guizhou Qiansheng State-owned Assets Management Co., Ltd. holds 84,269,662 shares, representing 3.93% of the total shares[8] Financial Ratios and Earnings - The company's weighted average return on equity (ROE) for the first three quarters was 0.299%, a year-on-year decrease of 6.358 percentage points[2] - The company's basic earnings per share (EPS) for the third quarter was RMB -0.001, a year-on-year decrease of 101.39%, and cumulative EPS for the first three quarters was RMB 0.016, a year-on-year decrease of 95.556%[2] - Basic and diluted earnings per share were both 0.016 yuan per share[17] Operating Costs and Expenses - Total operating costs for the first three quarters of 2024 were RMB 6,549,636,800.61, a decrease of 2.85% compared to RMB 6,742,030,891.42 in the same period of 2023[15] - Operating costs for the first nine months of 2024 were 3,197,305,761.68 RMB, down from 4,147,215,706.16 RMB in the same period of 2023[23] - Interest expenses surged by 143.63% to RMB 206,795,589.50 in the first three quarters of 2024, compared to RMB 84,896,754.89 in the same period of 2023[16] Inventory and Receivables - Inventory as of September 30, 2024, amounts to RMB 770,245,581.06, a significant increase from RMB 244,608,541.85 at the end of 2023[11] - Accounts receivable as of September 30, 2024, amount to RMB 733,768,015.42, an increase from RMB 393,552,606.88 at the end of 2023[11] - Inventory rose to 120,298,088.55 RMB, compared to 101,759,481.47 RMB previously[20] - Accounts receivable were 231,805,620.02 yuan, a decrease from 238,907,757.91 yuan at the end of the previous year[19] Borrowings and Investments - Short-term borrowings as of September 30, 2024, amount to RMB 4,228,163,054.70, a significant increase from RMB 1,815,116,784.46 at the end of 2023[12] - Long-term borrowings rose by 44.37% to RMB 11,172,412,585.80 in Q3 2024, compared to RMB 7,738,736,070.99 in the same period of 2023[13] - Long-term equity investments increased to 9,216,084,353.25 RMB, up from 8,105,958,511.92 RMB[20] - Short-term borrowings increased to 3,323,100,138.88 RMB, up from 1,621,453,916.64 RMB[21] Comprehensive Income and Operating Profit - Comprehensive income attributable to the parent company's owners reached 38,836,213.56 yuan, with a total comprehensive income of 53,450,405.80 yuan[17] - Operating profit for the first three quarters of 2024 was RMB 24,774,850.60, a sharp decline of 97.43% compared to RMB 965,614,104.88 in the same period of 2023[16] Sales and Cash Receipts - Sales of goods and services received cash of 3.67 billion yuan, a decrease of 31.05% compared to 5.32 billion yuan in the same period last year[25] - Cash received from selling goods and providing services was 5,587,326,179.85 yuan, a decrease from 6,879,624,845.39 yuan in the same period last year[17] Monetary Funds and Current Assets - Monetary funds as of September 30, 2024, amount to RMB 2,319,729,179.43, a decrease from RMB 2,372,514,226.83 at the end of 2023[11] - Total current assets as of September 30, 2024, amount to RMB 7,026,146,793.35, an increase from RMB 5,760,766,121.25 at the end of 2023[12] - The company's monetary funds stood at 1,677,634,676.86 yuan, slightly down from 1,699,545,896.85 yuan at the end of the previous year[19] Fixed Assets and Contract Liabilities - Fixed assets as of September 30, 2024, amount to RMB 15,719,834,405.82, a significant increase from RMB 8,935,123,312.01 at the end of 2023[12] - Contract liabilities decreased by 30.17% to RMB 119,480,721.00 in Q3 2024, compared to RMB 171,087,836.19 in the same period of 2023[13]

证券代码：600395 证券简称：盘江股份 编号：临 2024-065 贵州盘江精煤股份有限公司 第七届监事会第二次会议决议公告 1.公司《2024 年第三季度报告》的内容和格式符合中国证监会和上海 证券交易所的各项规定，报告的内容真实、准确、完整地反映了公司 2024 年第三季度的财务状况和经营成果。 2.公司《2024 年第三季度报告》的编制和审议程序符合法律法规和公 司内部控制制度的各项规定。 3.在出具本审核意见前，未发现参与编制和审议公司《2024 年第三季 度报告》的人员违反保密规定的行为。 二、关于聘请 2024 年度财务审计机构和内控审计机构的议案 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。 贵州盘江精煤股份有限公司（以下简称"公司"）第七届监事会第二次会 议于 2024 年 10 月 25 日以通讯方式召开。会议由公司监事会主席吴黎女士 主持，应参加会议监事 5 人，实际参加会议监事 5 人。会议符合《公司法》 和《公司章程》等有关规定，合法有效。 出席会议的监事经过认真审议，以记名投票的表决方式，审议通 ...

证券代码：600395 证券简称：盘江股份 编号：临 2024-062 贵州盘江精煤股份有限公司 第七届监事会第一次会议决议公告 贵州盘江精煤股份有限公司监事会 2024 年 10 月 16 日 出席会议的监事经过认真审议，采取记名投票的表决方式，以"5 票同 意、0 票反对、0 票弃权"的表决结果，审议通过了《关于选举公司第七届 监事会监事会主席的议案》，会议选举吴黎女士为公司第七届监事会监事会 主席，任期自本次监事会选举通过之日起至公司第七届监事会届满之日止。 特此公告。 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。 贵州盘江精煤股份有限公司（以下简称"公司"）第七届监事会第一次会 议于 2024 年 10 月 16 日下午在公司四楼会议室召开。应参加会议监事 5 人， 实际参加会议监事 5 人，参会监事一致推举监事吴黎女士主持会议。会议 符合《公司法》和《公司章程》等有关规定，合法有效。 ...

贵州盘江精煤股份有限公司（以下简称"公司"）第七届董事会第一次会 议于 2024 年 10 月 16 日下午在公司六楼会议室以现场结合通讯方式召开。 应参加会议董事 7 人，实际参加会议董事 7 人，参会董事一致推举董事纪 绍思先生主持会议，公司监事和部分高级管理人员列席了会议。会议符合 《公司法》和《公司章程》等有关规定，合法有效。 出席会议的董事经过认真审议，以记名投票的表决方式，审议通过了 以下议案： 一、关于选举公司第七届董事会董事长、副董事长的议案 表决结果：7 票同意，0 票反对，0 票弃权。 会议选举纪绍思先生为公司第七届董事会董事长，选举杨德金先生为 公司第七届董事会副董事长。董事长、副董事长任期自本次董事会选举通 过之日起至公司第七届董事会届满之日止。 二、关于选举公司第七届董事会专门委员会成员的议案 表决结果：7 票同意，0 票反对，0 票弃权。 证券代码：600395 证券简称：盘江股份 编号：临 2024-061 贵州盘江精煤股份有限公司 第七届董事会第一次会议决议公告 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 ...