动力煤 山煤国际（600546.SH） 增持-A(维持) 证券研究报告 量价下行影响业绩，关注下半年产量恢复 2024 年 9 月 2 日 公司研究/公司快报 事件描述 公司近一年市场表现 山煤国际 - ·上证指数 公司发布 2024 年半年度报告：报告期内公司实现营业收入 140.57 亿元， 同比-32.01%；归母净利润 12.91 亿元，同比-58.11%；扣非后归母净利润 13.80 亿元，同比-55.68%；经营活动产生的现金流量净额 23.81 亿元，同比-16.99%； 基本每股收益为 0.65 元，同比-58.06%；加权平均 ROE 为 8.01%，同比减少 11.63 个百分点。 事件点评 上半年自产煤量、价同降，贸易煤量增价减。2024 年上半年公司实现自 市场数据：2024 年 9 月 2 日 产煤产量 1538.12 万吨，同比-27.4%；销量 2083.09 万吨，同比-22.71%，其 收盘价（元）： 11.84 中自产煤 1191.75（-38.51%），贸易煤 891.34（+17.77%）。上半年自产煤 年内最高/最低（元）： 20.33/10.90 吨煤售价 685. ...

开源证券 煤炭/煤炭开采 Q2 自产煤量价环比改善，关注新产能和高分红 山煤国际（600546.SH） 2024 年 09 月 02 日 ——公司 2024 年中报点评报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/30 | | 当前股价 ( 元 ) | 11.56 | | 一年最高最低 ( 元 ) | 20.33/10.90 | | 总市值 ( 亿元 ) | 229.17 | | 流通市值 ( 亿元 ) | 229.17 | | 总股本 ( 亿股 ) | 19.82 | | 流通股本 ( 亿股 ) | 19.82 | | 近 3 个月换手率 (%) | 57.49 | 股价走势图 山煤国际 沪深300 -48% -32% -16% 0% 16% 32% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《Q1 量价双降致业绩承压，关注新产 能和高分红分红比例有望提高—2024 一季报点评报告》-2024.4.27 《量价齐跌拖累业绩，未来有望提高 分红—公司信 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The report highlights that the company's coal production and pricing improved on a quarter-on-quarter basis in Q2 2024, with a focus on new capacity and high dividends [4]. - The company reported a significant decline in revenue and net profit year-on-year for H1 2024, but showed recovery in Q2 with a 21.2% increase in revenue and a 21.3% increase in net profit compared to Q1 2024 [4]. - The long-term investment value of the company is emphasized due to the smooth progress of capacity release and the potential increase in dividend payout ratios [4]. Financial Summary - For H1 2024, the company achieved operating revenue of 14.06 billion yuan, down 32% year-on-year, and a net profit attributable to shareholders of 1.29 billion yuan, down 58.1% year-on-year [4]. - In Q2 2024, the company reported operating revenue of 7.7 billion yuan, with a quarter-on-quarter increase of 21.2%, and a net profit of 710 million yuan, also up 21.3% quarter-on-quarter [4]. - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 3.08 billion, 3.38 billion, and 3.68 billion yuan respectively, reflecting a year-on-year change of -27.8%, +9.8%, and +8.8% [4]. Production and Sales Performance - The company's coal production in H1 2024 was 15.38 million tons, down 27.4% year-on-year, with Q2 production at 7.87 million tons, up 4.7% quarter-on-quarter [4]. - The average selling price of self-produced coal in H1 2024 was 685.9 yuan per ton, down 6.1% year-on-year, with Q2 price at 705.9 yuan per ton, up 6.6% quarter-on-quarter [4]. - The gross profit per ton of self-produced coal improved in Q2 2024 to 400.2 yuan, up 13.1% quarter-on-quarter [4]. Capacity and Dividend Outlook - The report notes that the company is accelerating the approval process for capacity expansion, with several projects expected to increase production capacity significantly [4]. - The company's dividend payout ratio is projected to increase, with plans to distribute at least 60% of the distributable profits in cash for the years 2024-2026, provided certain conditions are met [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The company has shown a recovery in production and sales in Q2, with a year-on-year revenue decline of 32.01% but a net profit increase of 58.11% in the first half of 2024 [1]. - In Q2 2024, the company achieved a revenue of 7.701 billion yuan, a year-on-year decrease of 23.20%, but a quarter-on-quarter increase of 21.30% in net profit [1][2]. - The company’s coal production and sales have gradually recovered, with Q2 2024 coal production at 7.87 million tons, up 4.7% quarter-on-quarter, and sales at 11.54 million tons, up 24.1% quarter-on-quarter [2]. - The average selling price of self-produced coal increased to 706 yuan per ton, a quarter-on-quarter rise of 6.6%, while the cost decreased by 0.9% to 306 yuan per ton, resulting in a gross profit of 400 yuan per ton, up 13.1% [2]. - The company’s coal business achieved a gross profit of 2.645 billion yuan in Q2 2024, a quarter-on-quarter increase of 29.98% [2]. Financial Summary - For the first half of 2024, the company reported a revenue of 14.057 billion yuan and a net profit of 1.291 billion yuan [1]. - The projected net profits for 2024-2026 are estimated at 3.062 billion yuan, 3.276 billion yuan, and 3.464 billion yuan respectively, with corresponding P/E ratios of 7.7, 7.2, and 6.8 [2][3]. - The company’s total resources amount to 2.12 billion tons, with a recoverable reserve of 760 million tons [2]. Industry Overview - The company operates in the coal mining industry, primarily selling to large steel and power generation enterprises [2]. - The report indicates a downward adjustment in coal prices, impacting the company's profit forecasts [2].

Investment Rating - The report maintains a "Buy" rating for the company [5][18]. Core Views - The company reported a significant improvement in coal production and sales in Q2, with expectations for Q3 production to remain stable year-on-year. Cost control measures are showing initial results, and the company anticipates a dividend payout ratio of 60% for the year [3][4]. - For the first half of 2024, the company achieved revenue of 14.057 billion yuan, a decrease of 32.01% year-on-year, and a net profit attributable to shareholders of 1.291 billion yuan, down 57.79% year-on-year. Q2 revenue was 7.701 billion yuan, down 23.2% year-on-year but up 21.17% quarter-on-quarter, with a net profit of 707 million yuan, down 48.42% year-on-year but up 21.3% quarter-on-quarter [3][4]. - The report indicates a downward adjustment in the company's EPS forecasts for 2024-2026 due to significant downward pressure on coal prices, with new EPS estimates of 1.51, 1.60, and 1.67 yuan respectively [3][4]. Summary by Sections Production and Sales - The company produced 15.3812 million tons of raw coal in H1 2024, a decrease of 27.4% year-on-year, with sales of 11.9175 million tons, down 38.51% year-on-year. Q2 production was 7.8666 million tons, up 4.68% quarter-on-quarter, and sales were 6.456 million tons, up 18.21% quarter-on-quarter [3][4]. - The improvement in Q2 production is attributed to the easing of high-pressure policies in Shanxi province that affected production in Q1, and the expected elimination of year-on-year effects from capacity reductions starting in Q3 [3][4]. Pricing and Cost Control - The average selling price in H1 was 685.92 yuan per ton, down 6.11% year-on-year, while unit costs were 306.95 yuan per ton, resulting in a gross profit of 378.97 yuan per ton. In Q2, the selling price was 705.89 yuan per ton, up 6.58% quarter-on-quarter, and the cost per ton was 305.74 yuan, down 0.85% quarter-on-quarter, leading to a gross profit of 400.15 yuan per ton, up 13.06% quarter-on-quarter [3][4]. Coal Trading Business - The company reported coal trading revenue of 5.580 billion yuan in H1, down 10.13% year-on-year, with trading volume of 8.9134 million tons, up 17.77% year-on-year. The average selling price was 626.02 yuan per ton. The company has successfully developed new coal sources from Malaysia and Indonesia, optimizing its import structure [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights a recovery in net profit attributable to shareholders and emphasizes the value of dividends [2] - The company has faced significant declines in revenue and profit, but there are expectations for recovery in production and sales in the second half of the year [6][7] Financial Performance - For the first half of 2024, the company achieved operating revenue of 14.057 billion, a year-on-year decrease of 32.01%, and a net profit of 1.291 billion, down 58.11% year-on-year [6] - In Q2 2024, the company reported operating revenue of 7.701 billion, a year-on-year decrease of 23.2%, but a quarter-on-quarter increase of 21.17% [6] - The average selling price of coal in H1 2024 was 660 yuan/ton, down 12.63% year-on-year, while the cost of coal was 436 yuan/ton, up 3.71% year-on-year [6][7] Production and Sales - In H1 2024, the company produced 15.38 million tons of coal and sold 20.83 million tons, representing year-on-year decreases of 27.4% and 22.71%, respectively [7] - Q2 2024 saw production and sales recover significantly, with production at 7.87 million tons and sales at 11.54 million tons, showing quarter-on-quarter increases of 4.68% and 24.12% [7] Dividend Policy - The company has committed to distributing no less than 60% of its distributable profits in cash dividends from 2024 to 2026, indicating a high dividend yield of 6.8% based on annualized profits for H1 2024 [7] Earnings Forecast - The company is expected to generate revenues of 33.1 billion, 33.5 billion, and 34.3 billion for 2024, 2025, and 2026, respectively, with net profits of 2.9 billion, 3.1 billion, and 3.3 billion [7][9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with operating income of 14.057 billion yuan, down 32.01% year-on-year, and a net profit attributable to shareholders of 1.291 billion yuan, down 57.79% year-on-year [1][2] - The report anticipates a recovery in production and profitability in the second half of 2024, supported by strong demand for long-term contract prices in the coal market [2] Financial Performance Summary - For the first half of 2024, the company achieved a coal production volume of 15.3812 million tons, a decrease of 27.40% year-on-year, and coal sales revenue of 8.174 billion yuan, down 42.27% year-on-year [1][2] - The average selling price of coal was 685.92 yuan per ton, reflecting a decrease in sales volume of 38.51% year-on-year [1] - The company’s cash flow from operating activities was 2.381 billion yuan, down 17.57% year-on-year [1] - The second quarter of 2024 saw a recovery in sales volume, with self-produced coal sales reaching 6.456 million tons, an increase of 21.17% quarter-on-quarter [1][2] Profitability and Forecast - The report forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 2.663 billion yuan, 2.746 billion yuan, and 2.827 billion yuan respectively, with EPS of 1.34, 1.39, and 1.43 yuan per share [2][3] - The gross profit margin is expected to decline from 39.1% in 2023 to 35.5% in 2024, reflecting the impact of rising resource taxes and market conditions [3] Market and Operational Insights - The company has successfully developed new coal sourcing channels in Malaysia and Indonesia, optimizing its supply structure [2] - The report highlights the importance of maintaining high inventory levels at power plants, which supports coal demand [2]

山煤国际（600546.SH）2024 年半年报点评 24Q2 煤炭产销恢复，盈利环比抬升 2024 年 08 月 30 日 ➢ 事件：2024 年 8 月 30 日，公司发布 2024 年半年报。2024 年上半年，公 司实现营业收入 140.57 亿元，同比下降 32.01%；归母净利润 12.91 亿元，同 比下降 58.11%；扣非归母净利润 13.80 亿元，同比下降 55.68%。 ➢ 24Q2 盈利环比提升，非经及税费增加影响公司业绩释放。2024 年二季度， 公司实现营业收入 77.01 亿元，同比下降 23.20%，环比增长 21.17%；归母净 利润 7.07 亿元，同比下降 49.28%，环比增长 21.30%；扣非归母净利润 7.77 亿 元，同比下降 44.04%，环比增长 28.84%。24Q2 公司税金及附加环比增加 1.54 亿元，其中包含山西资源税率上调影响，四费环比增加 1.57 亿元，其中销售/管 理/研发/财务费用分别环比+0.46/+0.10/+0.55/+0.46 亿元。 ➢ 煤炭产销环比增长，毛利率环比抬升。24Q2，公司实现原煤产量 786.66 万 吨 ， 同 ...

证券代码：600546 证券简称:山煤国际 公告编号：临 2024-030 号 2、《2024 年半年度报告及摘要》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，所包含的信息真实客观反映了公司 2024 年半年度的财务状 况和经营成果。 3、未发现参与 2024 年半年度报告编制和审议的人员存在违反保密规定的行 为。 表决结果：7 票同意，0 票反对，0 票弃权。 1 山煤国际能源集团股份有限公司 第八届监事会第十一次会议决议公告 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。 山煤国际能源集团股份有限公司（以下简称"公司"）第八届监事会第十一 次会议（以下简称"本次会议"）通知于 2024 年 8 月 19 日以送达、邮件形式向 公司全体监事发出，本次会议于 2024 年 8 月 29 日在太原市小店区晋阳街 162 号三层会议室以现场方式召开。本次会议应到监事 7 人，实到监事 7 人。会议的 召集、召开及表决程序符合《中华人民共和国公司法》及《公司章程》的规定。 本次会议由公司监事会主席钟晓强先生主持，经与会监 ...

山煤国际能源集团股份有限公司 2024 年半年度报告 公司代码：600546 公司简称：山煤国际 山煤国际能源集团股份有限公司 2024 年半年度报告 1/188 山煤国际能源集团股份有限公司 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、 公司负责人孟君、主管会计工作负责人陈一杰及会计机构负责人（会计主管人员）陈一杰声 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 本报告期不进行利润分配，不实施资本公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的行业趋势、发展战略、经营计划、经营目标等前瞻性陈述,会受到合并报表 范围变化、风险、不明朗因素及假设等因素的影响，实际结果可能与该等陈述有重大差异。该等 陈述不构成公司对投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且 应当理解 ...