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。 ...

山煤国际能源集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 证券代码：600546 证券简称：山煤国际 公告编号：临 2024-034 号 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： 会议召开时间：2024 年 10 月 28 日（星期一）下午 15:00-16:00。 会议召开地点： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）。 会议召开方式：上证路演中心网络互动。 投资者可于 2024 年 10 月 21 日(星期一)至 10 月 25 日(星期五)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 smzqb@shanxicoal.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 山煤国际能源集团股份有限公司（以下简称"公司"）将于 2024 年 10 月 26 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度 ...

编号：2024-001 证券代码：600546 证券简称：山煤国际 山煤国际能源集团股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------------|------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | ...

[Table_Title] 评级：买入（维持） [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 46,391 37,371 33,670 32,164 30,969 增长率 yoy% -3% -19% -10% -4% -4% 净利润（百万元） 6,981 4,260 2,981 3,237 3,449 增长率 yoy% 41% -39% -30% 9% 7% 每股收益（元） 3.52 2.15 1.50 1.63 1.74 每股现金流量 6.81 3.02 3.02 3.48 3.54 净资产收益率 37% 21% 13% 13% 13% P/E 3.3 5.4 7.7 7.1 6.6 P/B 1.5 1.5 1.5 1.5 1.4 备注：股价为 2024 年 8 月 30 日收盘价 市场价格：11.56 元 [Table_Profit] 基本状况 总股本(百万股) 1,982 流通股本(百万股) 1,982 市价(元) 11.56 市值(百万元) 22,917 流通市值(百万元) 22,917 山煤国际（6005 ...

[Table_MainInfo] 公司研究/煤炭 证券研究报告 山煤国际（600546）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 05 日收盘价（元） ] | 11.63 | | 52 周股价波动（元） | 10.90-20.33 | | 总股本 / 流通 A 股（百万股） | 1982/1982 | | 总市值 / 流通市值（百万元） | 23056/23056 | | 相关研究 | | | [Table_ReportInfo] 《安监致 23 年盈利下滑， 24 | 年高分红可期》 | | 2024.04.06 | | 市场表现 [Table_QuoteInfo] 山煤国际 海通综指 -40.41% -25.41% -10.41% 4.59% 19.59% 34.59% 2023/9 202 ...

证券研究报告 | 公司动态点评 2024 年 09 月 03 日 山煤国际（600546.SH） 24Q2 吨煤毛利环比增长，下半年煤炭产销有望修复 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------|-----------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 46,394 | 37,371 | 29,384 | 30,594 | 31,825 | | | | 增长率 yoy （ % ） | -3.5 | -19.4 | -21.4 | 4.1 | 4.0 | 股票信息 | | | 归母净利润（百万元） | 6,929 | 4,260 | 2,617 | 2,848 | 3,070 | 行业 | 煤炭 | | 增长率 yoy （ ...

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. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] 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 [5] - 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 [5] - 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 [5] Financial Performance 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 [5] - 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 [5] - The coal production volume for H1 2024 was 15.38 million tons, down 27.4% year-on-year, while Q2 production was 7.87 million tons, up 4.7% quarter-on-quarter [5] - The average selling price of self-produced coal in Q2 2024 was 705.9 yuan per ton, reflecting a 6.6% increase from Q1 2024 [5] Capacity and Dividend Outlook - The report notes that the company is accelerating the approval process for capacity expansion, with several projects expected to enhance coal production capacity in the future [5] - The company plans to distribute at least 60% of its distributable profits as cash dividends from 2024 to 2026, contingent on meeting certain financial conditions [5]

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].