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 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 14,057,199,366.29, a decrease of 32.01% compared to the same period last year[17]. - Net profit attributable to shareholders was CNY 1,290,654,965.89, down 58.11% year-on-year[17]. - The basic earnings per share decreased to CNY 0.65, a decline of 58.06% compared to CNY 1.55 in the same period last year[18]. - The company reported a coal production volume of 15.38 million tons, a decrease of 27.40% year-on-year, with coal production business revenue of CNY 8.174 billion, down 42.27%[21]. - The coal trading business revenue was CNY 5.580 billion, a decrease of 10.13%, while the trading volume increased by 17.77% to 8.9134 million tons[22]. - The second quarter of 2024 saw a 15.95% increase in operating revenue compared to the first quarter, indicating a recovery trend[23]. - The net profit attributable to shareholders was 1.291 billion yuan, down 58.11% year-on-year[49]. - The company's raw coal production reached 15.3812 million tons, a year-on-year decrease of 27.40%[52]. - The company achieved a coal trading volume of 8.9134 million tons, representing a year-on-year increase of 17.77%, with imports accounting for 5.3624 million tons, up 27.91% year-on-year[53]. Risk Management - The company has identified market risks and safety risks, and has taken measures to mitigate these risks, although it cannot guarantee the elimination of all adverse effects[6]. - The company emphasizes the importance of risk awareness for investors regarding forward-looking statements and potential discrepancies with actual results[4]. - The company has implemented measures to manage risks associated with natural disasters, including developing emergency response plans and resource allocation[73]. - The company is committed to reducing the impact of climate change and natural disasters on its operations through advanced risk management strategies[73]. Governance and Compliance - The board of directors confirmed that all members attended the board meeting, ensuring the authenticity and completeness of the semi-annual report[3]. - The semi-annual report has not been audited, but the responsible persons have confirmed the accuracy and completeness of the financial report[3]. - The company has not faced any violations in decision-making procedures regarding external guarantees[5]. - The company held two shareholder meetings in the reporting period, with all proposed resolutions approved, indicating strong governance practices[75]. - The company has appointed a new independent director, ensuring compliance with governance requirements following the resignation of a previous director[76]. Environmental Management - The company has established a comprehensive management system for safety and environmental protection, enhancing operational efficiency[51]. - The company is committed to complying with environmental regulations and investing in new technologies to minimize pollution[70]. - The company has established wastewater treatment facilities capable of processing 3,000 m³ of mine wastewater and 500 m³ of domestic wastewater daily, with real-time monitoring of key pollutants[83]. - The company has constructed various pollution prevention facilities, including fully enclosed coal storage areas and dust control equipment, ensuring compliance with emission standards[83]. - The company is actively monitoring environmental compliance, with no instances of exceeding emission standards reported during the period[82]. - The company’s coal production enterprises have implemented pollution prevention facilities, including wastewater treatment stations and closed coal storage sheds, all of which are operating normally[91]. - The company received environmental impact assessment approvals for capacity increases of 6 million tons/year and 2.4 million tons/year for its coal production enterprises during the reporting period[91]. Financial Position - The total assets increased by 7.73% to CNY 43,758,395,733.57 compared to the end of the previous year[17]. - The company's current assets totaled CNY 11.89 billion, up from CNY 8.50 billion, indicating a significant increase of about 39.5%[123]. - The company's total equity rose to CNY 21.19 billion from CNY 20.53 billion, an increase of about 3.2%[125]. - The company reported a significant increase in contract liabilities, which rose to CNY 2.11 billion from CNY 1.90 billion, reflecting a growth of approximately 11.1%[124]. - The company’s long-term borrowings increased to CNY 8.20 billion from CNY 4.65 billion, indicating a substantial rise of about 76.5%[125]. Investment and Development - The company completed the acquisition of 100% equity in Puxian Energy, enhancing its operational capacity[18]. - Research and development expenses increased by 24.25% to CNY 186,106,489.07, up from CNY 149,778,654.64 in the previous year[56]. - The company is focusing on high-quality development and implementing measures to improve production efficiency and cost control[49]. - The company aims to optimize coal sources and improve the coal type structure to meet user demands more effectively[22]. - The company plans to enhance research on the political and economic situations of trade countries to better predict potential risks and implement effective risk prevention measures[72]. Shareholder Information - The largest shareholder, Shanxi Coal Import and Export Group Co., Ltd., holds 1,148,006,282 shares, representing 57.91% of total shares[119]. - The company has a total of 54,573 ordinary shareholders as of the end of the reporting period[117]. - The company has not reported any changes in its share capital structure during the reporting period[117]. - The company has not granted any stock incentives to directors, supervisors, or senior management during the reporting period[121]. Cash Flow and Financing - The net cash flow from operating activities was CNY 2,380,857,146.17, down 16.99% from CNY 2,868,210,373.03 year-on-year[56]. - The company’s cash and cash equivalents increased by 52.78% to CNY 9,734,523,725.03, compared to CNY 6,371,715,955.41 at the end of the previous year[59]. - The company raised ¥3,170,000,000.00 through borrowings in the first half of 2024, with total cash inflow from financing activities reaching ¥3,170,000,000.00[139]. - The net cash flow from financing activities was ¥1,537,483,403.23, a recovery from a net outflow of ¥4,097,527,424.45 in the first half of 2023[139]. Special Reserves and Profit Distribution - The total comprehensive income for the period was 319,017,442.65 CNY, indicating a positive performance despite the overall loss[146]. - The company reported a net loss of 1,288,596,491.00 CNY in profit distribution for the first half of 2024[146]. - The ending balance of special reserves was 991,228,070.00 CNY, reflecting the company's ongoing commitment to reserve management[145]. - The company did not distribute profits or increase capital reserves in the reporting period, with no dividends or stock bonuses declared[78].

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 ...

证券代码：600546 证券简称：山煤国际 公告编号：临 2024-033 号 山煤国际能源集团股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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： 会议召开时间：2024 年 9 月 9 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 9 月 2 日(星期一)至 9 月 6 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"）已于 2024 年 8 月 31 日发布公司 2024 年半年度报告，为便于广大投资者更全面 ...

山煤国际能源集团股份有限公司 第八届董事会独立董事专门会议 2024 年 第三次会议决议 山煤国际能源集团股份有限公司（以下简称"公司"）第八届董事会独立董 事专门会议2024年第三次会议于2024年8月28日以现场方式召开。本次会议应到 独立董事4人，实到独立董事4人。本次会议的召集、召开及表决程序符合《上市 公司独立董事管理办法》《公司章程》及公司《独立董事工作制度》《独立董事专 门会议工作细则》的规定。经与会独立董事认真审议，形成决议并发表审核意见 如下： 独立董事专门会议认为： 经审核《山煤国际能源集团股份有限公司与山西焦煤集团财务有限责任公司 之间关联存贷款等金融业务的风险持续评估报告》，该报告充分反映了财务公司 的经营资质、内部控制、经营管理和风险管理状况，结论客观、公正。财务公司 作为非银行金融机构，具有合法有效的《营业执照》《金融许可证》，其业务范围、 业务内容和流程、内部风险控制制度和管控流程等均受到中国银行保险监督管理 委员会的严格监管，经营业绩良好，2024 年 1-6 月，未发现财务公司的风险管理 存在重大缺陷，不存在损害本公司及股东尤其是中小股东利益的情况。 表决结果：4 票同意，0 ...

证券代码：600546 证券简称:山煤国际 公告编号：临 2024-031 号 山煤国际能源集团股份有限公司 关于新增 2024 年度日常关联交易预计的公告 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： 本次新增2024年度日常关联交易预计事项无需提交公司股东大会审议。 本次新增2024年度日常关联交易预计事项，是根据公司经营活动实际情 况确定，是公司生产经营及业务发展的客观需要，不会对公司本期以及未来的财 务状况和经营成果产生重大影响。关联交易的定价原则遵循公平公正原则，不存 在损害公司和中小股东利益的情形，不影响公司的独立性。 一、日常关联交易基本情况 （一）新增日常关联交易预计履行的审议程序 1.董事会审议情况 2024 年 8 月 29 日，山煤国际能源集团股份有限公司（以下简称"公司"） 召开的第八届董事会第二十八次会议审议通过了《关于新增 2024 年度日常关联 交易预计的议案》，关联董事回避表决，其他 4 名非关联董事对本议案进行了表 决。表决结果：4 票同意，0 票反对，0 票弃权。根据《上海 ...