证券代码：600546 证券简称：山煤国际 编号：2024-002 山煤国际能源集团股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------------|----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 showed a recovery in production and sales, leading to improved financial results [4] - The average coal price for the first three quarters of 2024 was 650 RMB/ton, a year-on-year decrease of 9.9% [5] - The company is expected to benefit from a slight rebound in coal prices in Q4, which may enhance its performance [5] Summary by Sections Recent Performance - In Q3 2024, the company achieved operating revenue of 7.91 billion RMB, a quarter-on-quarter increase of 2.7% but a year-on-year decrease of 3.84% [3] - The net profit attributable to shareholders was 790 million RMB, with a quarter-on-quarter increase of 11.82% and a year-on-year decrease of 13.56% [3] Production and Sales - For the first three quarters of 2024, the company produced 24.5 million tons of raw coal, a year-on-year decrease of 18.7%, and sold 33.11 million tons, a year-on-year decrease of 16.0% [4] - In Q3, the company produced 9.12 million tons of raw coal, a quarter-on-quarter increase of 16.0% and a year-on-year increase of 1.8% [4] Financial Forecasts - The company is projected to have operating revenues of 30.87 billion RMB, 32.85 billion RMB, and 33.91 billion RMB for 2024, 2025, and 2026 respectively [6] - The net profit attributable to shareholders is expected to be 3.01 billion RMB, 3.52 billion RMB, and 3.78 billion RMB for the same years [6] - The estimated EPS for 2024, 2025, and 2026 is 1.52 RMB, 1.78 RMB, and 1.91 RMB respectively [6]

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The company's coal production and sales are gradually recovering, with Q3 performance showing improvement compared to Q2 [2]. - The impact of the unresolved lawsuit related to Changchun Xing has been eliminated, contributing to the improved net profit in Q3 [2]. - The company has adjusted its profit forecast downward due to a decrease in coal prices, projecting net profits of 2.945 billion, 3.276 billion, and 3.464 billion yuan for 2024, 2025, and 2026 respectively [2]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 21.965 billion yuan, a year-on-year decrease of 23.99%, and a net profit of 2.082 billion yuan, down 47.91% year-on-year [1]. - In Q3 2024, the company achieved revenue of 7.908 billion yuan, a year-on-year decrease of 3.84%, but a quarter-on-quarter increase of 11.82% in net profit, amounting to 791 million yuan [1][2]. - The coal production in Q3 2024 reached 9.12 million tons, up 16.0% quarter-on-quarter, while coal sales were 12.28 million tons, up 6.4% quarter-on-quarter [2]. Cost and Profitability Metrics - The cost of self-produced coal in Q3 2024 was 268 yuan per ton, down 12.2% quarter-on-quarter, while the selling price was 660 yuan per ton, down 6.5% [2]. - The gross profit per ton of self-produced coal was 392 yuan, a decrease of 2.0% quarter-on-quarter [2]. Valuation and Forecast - The current stock price corresponds to a P/E ratio of 9.0, 8.1, and 7.7 for the years 2024, 2025, and 2026 respectively [2][3]. - The company’s total market capitalization is approximately 26.605 billion yuan [4].

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company's performance met expectations, with Q3 self-produced coal production and sales improving quarter-on-quarter. It is expected that Q4 production and sales will remain stable compared to Q3. Additionally, the cost per ton of coal has significantly decreased, indicating effective cost control [3][10]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 21.965 billion yuan, a decrease of 23.99% year-on-year, and a net profit attributable to shareholders of 2.082 billion yuan, down 47.72%. In Q3 alone, revenue was 7.908 billion yuan, a year-on-year decline of 3.84% but a quarter-on-quarter increase of 2.68%. The net profit for Q3 was 791 million yuan, down 14.4% year-on-year but up 11.82% quarter-on-quarter [10]. - The company maintains its EPS forecasts for 2024-2026 at 1.51, 1.60, and 1.67 yuan respectively. Based on comparable companies' average PE of 10.75x for 2024, the target price has been raised to 16.23 yuan, an increase of 2.50 yuan [10]. Production and Sales - The company produced 24.5 million tons of raw coal in the first three quarters, a year-on-year decrease of 18.72%. The sales volume of commercial coal was 33.11 million tons, down 15.99% year-on-year. In Q3, raw coal production was 9.12 million tons, up 1.81% year-on-year and 15.96% quarter-on-quarter. The sales volume for Q3 was 12.28 million tons, down 1.46% year-on-year but up 6.44% quarter-on-quarter [10]. Cost Management - The average selling price for coal in the first three quarters was 676.52 yuan per ton, down 6.24% year-on-year. The cost per ton of coal was 292.78 yuan, with a gross profit of 383.74 yuan per ton. In Q3, the average selling price was 660.3 yuan per ton, down 6.46% year-on-year, while the cost per ton was 268.3 yuan, a decrease of 12.23% quarter-on-quarter. The gross profit per ton in Q3 was 392 yuan, down 2.05% quarter-on-quarter [10]. Trade Business - The company reported coal trading revenue of 8.794 billion yuan, a year-on-year decrease of 6.71%, with a trading volume of 14.2892 million tons, an increase of 14.72% year-on-year. The average selling price was 615.41 yuan per ton. The company has successfully developed new coal sources from Malaysia and Indonesia, optimizing its overseas coal supply structure [10].

Investment Rating - The investment rating for Shanmei International (600546) is "Buy," maintaining the previous rating of "Buy" [1]. Core Views - The report indicates that in the third quarter of 2024, Shanmei International's production and sales volumes continued to recover, with a decrease in costs leading to a sequential increase in profitability [1]. - The company achieved a revenue of 21.965 billion yuan in the first three quarters of 2024, a year-on-year decrease of 23.99%, and a net profit attributable to shareholders of 2.082 billion yuan, down 47.72% year-on-year [1]. - The report anticipates further recovery in production for the fourth quarter of 2024, supported by strong demand for coal [1]. Financial Performance Summary - For the first three quarters of 2024, Shanmei International's coal production revenue was 12.733 billion yuan, down 33.03% year-on-year, with raw coal production of 24.503 million tons, a decrease of 18.72% year-on-year [1]. - The average selling price of self-produced coal was 676.52 yuan per ton, with a cost of 292.78 yuan per ton [1]. - In the third quarter of 2024, the company reported a single-quarter revenue of 7.908 billion yuan, a year-on-year decrease of 3.84%, but a sequential increase of 2.68% [1]. Profitability and Forecast - The report projects net profits attributable to shareholders for 2024-2026 to be 2.843 billion, 3.184 billion, and 3.283 billion yuan, respectively, with EPS of 1.43, 1.61, and 1.66 yuan per share [1]. - The report highlights that the coal market is expected to maintain support for long-term contract prices, making significant price declines unlikely [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Views - The report highlights that the company's Q3 performance improved sequentially due to increased coal production and sales, despite a year-on-year decline in revenue and net profit. The company reported a revenue of 21.96 billion yuan for the first three quarters of 2024, down 24% year-on-year, and a net profit of 2.08 billion yuan, down 47.9% year-on-year. However, Q3 alone saw a revenue of 7.91 billion yuan, up 2.7% quarter-on-quarter, and a net profit of 790 million yuan, up 11.8% quarter-on-quarter [2][3]. - The report emphasizes the stable release of coal production capacity and the company's commitment to high dividends from 2024 to 2026, which enhances its long-term investment value [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved an operating income of 21.96 billion yuan, a decrease of 24% year-on-year. The net profit attributable to shareholders was 2.08 billion yuan, down 47.9% year-on-year, and the net profit after deducting non-recurring gains and losses was 2.19 billion yuan, down 46.1% year-on-year. In Q3 alone, the operating income was 7.91 billion yuan, up 2.7% quarter-on-quarter, and the net profit was 790 million yuan, up 11.8% quarter-on-quarter [2][3]. - The coal production for the first three quarters was 24.5 million tons, down 18.7% year-on-year, with Q3 production at 9.12 million tons, up 16% quarter-on-quarter. The total coal sales for the first three quarters were 33.11 million tons, down 16% year-on-year, with Q3 sales at 12.28 million tons, up 6.4% quarter-on-quarter [2][3]. Price and Cost Analysis - The average selling price of coal for the first three quarters was 650 yuan per ton, down 9.9% year-on-year. In Q3, the average selling price was 633 yuan per ton, down 3.3% quarter-on-quarter. The cost per ton of coal also decreased, leading to a relatively stable gross profit margin [2][3]. - The gross profit per ton of coal for the first three quarters was 226 yuan, down 24.8% year-on-year, with Q3 gross profit per ton at 229 yuan, down 0.1% quarter-on-quarter [2][3]. Capacity and Dividend Outlook - The company is progressing with capacity expansion, with several projects underway that could further increase coal production capacity. The report mentions specific projects and their expected output increases [2][3]. - The company has committed to distributing at least 60% of its distributable profits as cash dividends from 2024 to 2026, with a current dividend yield of 6.9% based on the October 25, 2024 closing price [2][3].

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company's coal production and sales are recovering, leading to a significant increase in performance on a quarter-over-quarter basis. The forecasted net profit for 2024-2026 is estimated at 30.05 billion, 34.45 billion, and 35.67 billion CNY, respectively, with corresponding EPS of 1.52, 1.74, and 1.80 CNY per share, resulting in PE ratios of 9, 8, and 7 times based on the closing price on October 25, 2024 [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company reported operating revenue of 21.965 billion CNY, a year-on-year decrease of 23.99%, and a net profit attributable to shareholders of 2.082 billion CNY, down 47.72% year-on-year [1]. - In Q3 2024, the company achieved operating revenue of 7.908 billion CNY, a year-on-year decline of 3.84% but a quarter-over-quarter increase of 2.68%. The net profit for the same period was 0.791 billion CNY, down 12.20% year-on-year but up 11.82% quarter-over-quarter [1][2]. - The company's coal production in Q3 2024 was 9.1218 million tons, with a year-on-year increase of 15.96% and a quarter-over-quarter increase of 1.81%. The sales volume of traded coal also saw a quarter-over-quarter increase of 9.99% [1][2]. Cost and Profitability Analysis - The average selling price of coal in Q3 2024 was 632.9 CNY per ton, reflecting a year-on-year decrease of 3.33%. The cost of self-produced coal was 268.3 CNY per ton, down 12.23% year-on-year, contributing to an increase in gross margin [1][2]. - The gross margin for coal business in Q3 2024 was 36.18%, with a quarter-over-quarter increase of 1.16 percentage points [1]. Dividend Policy - The company has set a dividend payout ratio of no less than 60% for 2024, consistent with its historical payout rates [2].

证券代码：600546 证券简称：山煤国际 公告编号：临 2024-036 号 此外，由于受国家宏观政策调整、国内外市场环境变化、恶劣天气及灾害、 环境保护及新能源替代、设备检修维护和安全检查等诸多因素的影响，公司所公 1 告生产经营数据在季度之间可能存在较大差异。 山煤国际能源集团股份有限公司 2024 年第三季度主要生产经营数据公告 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 年第三季度主要生产经营数据 | 项目 | 2024 | 年第三季度 | 2023 年第三季度 | 变动比例（%） | | --- | --- | --- | --- | --- | | 原煤产量（万吨） | | 912.18 | 895.96 | 1.81 | | 商品煤销量（万吨） | | 1,227.91 | 1,246.14 | -1.46 | | 其中：自产煤销量 | | 690.33 | 757.39 | -8.85 | | 贸易煤销量 | | 537.58 | 488.75 | 9.99 | | 煤炭营业收入（万元） | | ...

Financial Performance - The company's operating revenue for Q3 2024 was approximately CNY 7.91 billion, a decrease of 3.84% compared to CNY 8.22 billion in the same period last year[3]. - Net profit attributable to shareholders was approximately CNY 791.09 million, down 13.56% from CNY 924.22 million year-on-year[3]. - The net profit after deducting non-recurring gains and losses was approximately CNY 806.50 million, a decrease of 14.68% compared to CNY 945.27 million in the previous year[3]. - The basic earnings per share for the period was CNY 0.40, down 13.04% from CNY 0.47 in the same period last year[3]. - The weighted average return on equity decreased to 4.89%, down 1.17 percentage points from 6.10% year-on-year[3]. - The company experienced a 47.91% decrease in net profit attributable to shareholders from the beginning of the year to the end of the reporting period, primarily due to a decline in coal prices and production volume[6]. - The company reported a 27.88% decrease in net cash flow from operating activities year-to-date, attributed to falling coal prices and reduced production and sales[6]. - Total operating revenue for the first three quarters of 2024 was CNY 21.96 billion, a decrease of 23.9% compared to CNY 28.90 billion in the same period of 2023[15]. - Net profit for the first three quarters of 2024 was CNY 3.00 billion, a decline of 52.0% compared to CNY 6.26 billion in 2023[16]. - Basic earnings per share for the first three quarters of 2024 were CNY 1.05, down from CNY 2.02 in the same period of 2023[16]. - Total profit for the first three quarters of 2024 was CNY 4.27 billion, a decrease of 50.1% compared to CNY 8.52 billion in 2023[16]. - Tax expenses for the first three quarters of 2024 were CNY 1.27 billion, down 44.1% from CNY 2.27 billion in the same period of 2023[16]. Revenue and Sales - The company reported coal production revenue of 12.733 billion RMB, a year-on-year decrease of 33.03%[10]. - The company's coal trading revenue was 8.794 billion RMB, a year-on-year decrease of 6.71%, with a trading volume of 14.2892 million tons[10]. - The sales volume in Q3 2024 was 537.58 million tons, an increase of 5.82% compared to the previous quarter[11]. - Cash received from sales of goods and services was CNY 26.08 billion, down 21.3% from CNY 33.12 billion in 2023[17]. Production and Operations - The raw coal output was 24.503 million tons, down 18.72% year-on-year, while self-produced coal sales were 18.821 million tons, a decrease of 30.18%[10]. - In Q3 2024, the company's coal production and sales indicators showed a quarter-on-quarter improvement, with a production increase of 15.96% compared to Q2 2024[10]. - The average selling price of coal was 676.52 RMB per ton, with a cost of 292.78 RMB per ton[10]. - The gross profit margin for Q3 2024 improved to 59.36%, an increase of 2.67 percentage points compared to Q2 2024[10]. - The company faced a challenging external environment but noted improvements in production demand indicators in September 2024[10]. Assets and Liabilities - Total assets at the end of the reporting period were approximately CNY 40.62 billion, an increase of 7.10% compared to the previous year[3]. - Current assets totaled ¥11,507,884,885.33 as of September 30, 2024, compared to ¥8,500,176,452.47 at the end of 2023, indicating significant growth[12]. - Long-term borrowings rose to ¥8,499,490,105.94, up from ¥4,651,242,638.52 in the previous period[14]. - Total liabilities increased to ¥23,162,059,361.59 from ¥20,085,327,228.81, reflecting a rise in financial obligations[14]. - The company's total assets reached ¥43,502,182,534.03, compared to ¥40,617,227,413.35 at the end of 2023[13]. Research and Development - The company increased its R&D expenses by 17.97% year-to-date, reflecting a rise in investment in research projects[6]. - Research and development expenses increased to CNY 317.82 million, up 17.9% from CNY 269.40 million year-over-year[15]. Cash Flow and Financing - The net cash flow from financing activities was 425,165,098.09 CNY, a significant improvement compared to the previous year's negative cash flow of -7,084,752,976.25 CNY[18]. - The total cash and cash equivalents at the end of the period increased to 6,567,224,370.68 CNY, up from 5,638,879,295.06 CNY in the previous year[18]. - Cash inflow from borrowing amounted to 3,902,437,252.22 CNY, compared to 2,215,025,106.03 CNY in the same period last year, indicating a 76% increase[18]. - Cash outflow for debt repayment was 253,300,000.00 CNY, significantly lower than the previous year's 2,953,150,000.00 CNY[18]. - The net cash flow from investment activities was -1,466,123,551.96 CNY, slightly worse than -1,308,617,636.54 CNY in the previous year[18]. - The total cash outflow from financing activities was 3,477,272,154.13 CNY, down from 9,299,778,082.28 CNY in the previous year, showing a reduction of approximately 63%[18]. - The company reported a net increase in cash and cash equivalents of 2,551,103,866.73 CNY, contrasting with a decrease of -3,412,541,307.60 CNY in the previous year[18]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 61,168[7]. - The largest shareholder, Shanxi Coal Import and Export Group Co., Ltd., held 1,148,006,282 shares, accounting for 57.91% of the total shares[7]. Economic Context - The total domestic GDP for the first three quarters was 94.9746 trillion RMB, with a year-on-year growth of 4.8%[10]. Accounting Standards - The company did not apply new accounting standards or interpretations for the first time in 2024[19].

审议通过《关于<2024 年第三季度报告>的议案》 证券代码：600546 证券简称:山煤国际 公告编号：临 2024-035 号 山煤国际能源集团股份有限公司 第八届董事会第二十九次会议决议公告 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。 山煤国际能源集团股份有限公司（以下简称"公司"）第八届董事会第二十 九次会议（以下简称"本次会议"）通知于2024年10月14日以送达、邮件形式向 公司全体董事发出，本次会议于2024年10月24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。本次会议应到董事11人，实到董事11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 议由公司董事长孟君先生主持，公司监事及高级管理人员列席了本次会议，经与 会董事认真审议，形成董事会决议如下： 山煤国际能源集团股份有限公司 董事会 2024 年 10 月 24 日 1 本议案已经公司董事会审计委员会审议通过。 表决结果：11 票同意，0 票反对，0 票弃权。 特此公告。 ...