Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company's Q1 performance declined significantly due to falling coal prices and reduced production and sales volumes [2][4]. - The company's self-produced coal output was 7.5146 million tons in Q1 2024, down 15.0% quarter-on-quarter and 29.3% year-on-year [2]. - The average selling price of self-produced coal was 662 RMB/ton, a decrease of 17.1% year-on-year, while the average cost increased by 2.4% year-on-year [2]. - Recent market data indicates a slight rebound in coal prices, which may lead to improved performance for the company [2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved operating revenue of 6.356 billion RMB, a year-on-year decrease of 40.31%, and a net profit attributable to shareholders of 583 million RMB, down 65.81% year-on-year [2]. - The total market capitalization is approximately 28.131 billion RMB [2]. Production and Sales - The company reported a total coal sales volume of 9.2947 million tons in Q1 2024, with self-produced coal sales at 5.4615 million tons, reflecting a significant decline [2]. - The decline in production and sales is attributed to stricter safety regulations and operational adjustments in Shanxi province [2]. Market Outlook - Recent data shows a rebound in coal prices, with Qinhuangdao port's thermal coal price rising to 824 RMB/ton, indicating potential for improved future performance [2]. - The company is expected to see a gradual recovery in its financial performance as coal prices stabilize [2].

Company and Industry Summary Company Involved - The document pertains to a performance communication meeting of a listed company, although the specific name of the company is not mentioned in the provided content. Core Points and Arguments - The company expresses gratitude to investors for attending the meeting over the weekend, indicating a commitment to investor relations and transparency [1]. Other Important but Possibly Overlooked Content - A reminder is issued to participants that the information shared during the meeting should be used cautiously for their investment decisions, highlighting the importance of due diligence [1].

[Table_Main] 证券研究报告 | 公司点评 山煤国际(600546.SH) 2024年04月28日 山煤国际：量价齐跌业绩承 买入（维持） 所属行业：煤炭 压，分红提升凸显配置价值 当前价格(元)：14.19 证券分析师 投资要点 翟堃 资格编号：s0120523050002 事件：公司发布2024年度一季度业绩报告。公司一季度实现营业收入63.56亿，  邮箱：zhaikun＠tebon.com.cn 同比-40.31%；归母净利润5.83亿元，同比-65.81%；扣非归母净利润6.03亿元， 薛磊 同比-65.44%。 资格编号：S0120524020001 邮箱：xuelei＠tebon.com.cn 价格&成本：价格回落，成本略增。1）价格方面，2024年一季度公司煤炭综合售  研究助理 价667.17元/吨，同比-21.33%；其中自产煤售价662.31元/吨，贸易煤售价674.09 元/吨。2）成本方面，2024年一季度公司煤炭综合成本448.21元/吨，同比+0.38%； 谢佶圆 其中自产煤成本308.37元/吨，贸易煤成本647.44元/吨。 邮箱：xiejy＠tebon.com ...

证券研究报告 量价齐降盈利受挫，费用结构调整 公司研究 2024年4月28日 公司点评报告 事件：2024 年4月26日，公司发布2024年一季报。2024年一季度，公 山煤国际 (600546) 司实现营业收入63.56亿元，同比下降40.31%；归母净利润5.83亿元，同 比下降65.81%；扣非归母净利润6.03亿元，同比下降65.44%；基本每股 投资评级 买入 收益0.29元/股，同比下降66.28%。 上次评级 买入 点评： 左前明 能源行业首席分析师  自产煤销量大幅下降，毛利率同比下滑。2024 年第一季度，由于春节 执业编号：S1500518070001 假期与山西地区的安监形势等生产相关因素，公司原煤产销量同比下滑 联系电话：010-83326712 较明显。公司实现原煤产量751.46 万吨，同比下降 29.30%；公司自 邮 箱：zuoqianming@cindasc.com 产煤销量 546.15 万吨，同比下降 43.74%；自产煤售价662.31 元/吨， 同比下降 17.11%；自产煤吨煤成本 308.37 元/吨，同比增长 2.39%； 自产煤吨煤毛利 353.94 元/吨 ...

证券研究报告 | 季报点评 2024年04月27日 山煤国际（600546.SH） 量价齐跌困境期，业绩底部已现 事件：公司发布2024年一季度业绩报告。公司2024年一季度实现营业收 增持（维持） 入63.56亿元，同比下滑40.31%；归母净利润5.83亿元，同比下滑65.81%。 股票信息 煤炭业务：量价齐跌，拖累业绩。 行业 煤炭开采 前次评级 增持 ➢ 2024Q1，公司原煤产量 751 万吨，同比-29.3%，环比-15.0%，商品 4月26日收盘价(元) 14.19 煤销量929万吨，同比-25.1%，环比-29.0%；其中自产煤销量546万 总市值(百万元) 28,131.05 吨，同比-43.7%，环比-30.9%。 总股本(百万股) 1,982.46 其中自由流通股(%) 100.00 ➢ 2024Q1，公司吨煤综合售价 667 元/吨（含贸易），同比-21.3%，环 30日日均成交量(百万股) 42.05 比+5.6%；吨煤成本448元/吨（含贸易），同比+0.8%，环比+5.3%； 股价走势 吨煤毛利219元/吨（含贸易），同比-45.7%，环比+6.1%。 山煤国际 沪深300 煤种 ...

煤炭/煤炭开采 公 司 研 山煤国际（600546.SH） Q1 量价双降致业绩承压，关注新产能和高分红 究 2024年04月27日 ——2024 一季报点评报告 投资评级：买入（维持） 张绪成（分析师） zhangxucheng@kysec.cn 日期 2024/4/26 证 书编号：S0790520020003  Q1量价双降致业绩承压，关注新产能和高分红，维持“买入”评级 当前股价(元) 14.19 公司发布2024年一季报，2024Q1公司实现营业收入63.56亿元，同比-40.3%， 公 一年最高最低(元) 20.33/13.09 环比-25%；实现归母净利润5.83亿元，同比-65.81%，环比+110%；实现扣非后 司 归母净利润6.03亿元，同比-65%，环比+71.9%。我们维持2024-2026年公司盈 信 总市值(亿元) 281.31 利预测，预计 2024-2026 年公司实现归母净利润 41.2/47.8/54.5 亿元，同比- 息 更 流通市值(亿元) 281.31 3.2%/+15.9%/+14.0%；EPS 分别为 2.08/2.41/2.75 元；对应当前股价 PE 为 总 ...

山煤国际（600546.SH）2024年一季报点评 量价双降致业绩低于预期，静待产销恢复 2024年04月27日 ➢ 事件：2024年4月26日，公司发布2024年一季报。2024年一季度，公 推荐 维持评级 司实现营业收入63.56亿元，同比下降40.31%；归母净利润5.83亿元，同比下 当前价格： 14.19元 降65.81%；扣非归母净利润6.03亿元，同比下降65.44%；基本每股收益0.29 元/股，同比下降66.28%。 [Table_Author] ➢ 煤价下滑、自产煤产销减少致业绩受损。24Q1公司受煤炭市场价格下跌、 自产煤产销量减少双重因素叠加影响，致使盈利受损。费用方面，24Q1公司四 费合计减少 0.21 亿元，降幅 3.61%，其中销售/管理/研发/财务费用分别- 0.67/+0.24/+0.31/-0.09亿元，同比-41.52%/+7.27%/+87.99%/-15.95%。 ➢ 煤炭产销同环比均降，吨煤毛利率环比略有抬升。2024 年一季度，公司实 分析师 周泰 现原煤产量 751.46 万吨，同比下降 29.30%，环比下降 14.96%；商品煤销量 执业证书： S0100 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 6,355,858,003.39, a decrease of 40.31% compared to CNY 10,648,152,708.39 in the same period last year[4]. - Net profit attributable to shareholders was CNY 583,216,922.91, down 65.81% from CNY 1,686,163,291.98 year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 602,908,012.46, a decline of 65.44% compared to CNY 1,724,561,434.26 in the previous year[4]. - Basic and diluted earnings per share were both CNY 0.29, representing a decrease of 66.28% from CNY 0.85 in the same period last year[5]. - Net profit for Q1 2024 was CNY 855,668,527.61, a decline of 69.0% from CNY 2,765,699,141.30 in Q1 2023[20]. - Earnings per share for Q1 2024 was CNY 0.29, compared to CNY 0.86 in Q1 2023, reflecting a decrease of 66.9%[20]. - Tax expenses for Q1 2024 were CNY 342,214,736.05, a decrease of 65.3% compared to CNY 988,678,503.15 in Q1 2023[20]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 545,332.86, a significant drop of 99.95% compared to CNY 1,264,090,834.04 in the previous year[5]. - In Q1 2024, the company reported cash inflows from operating activities of approximately CNY 7.44 billion, a decrease of 33.4% compared to CNY 11.16 billion in Q1 2023[21]. - The net cash flow from operating activities was CNY 545.33 thousand, significantly down from CNY 1.20 billion in the same period last year[21]. - Cash and cash equivalents at the end of Q1 2024 totaled CNY 6.45 billion, down from CNY 9.98 billion at the end of Q1 2023, reflecting a decrease of 35.4%[22]. - The company experienced a net cash inflow from financing activities of CNY 3.12 billion, a substantial increase from CNY 127.53 million in Q1 2023[22]. - Cash outflows for purchasing goods and services amounted to CNY 4.56 billion, down from CNY 5.66 billion in Q1 2023, indicating a reduction of 19.5%[21]. - The cash received from tax refunds was CNY 291.68 thousand, a decrease of 56.0% from CNY 660.77 thousand in the previous year[21]. - The total cash outflow for financing activities was CNY 267.36 million, up from CNY 112.27 million in Q1 2023, indicating an increase of 138.0%[22]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 43,455,410,500.98, an increase of 6.99% from CNY 40,617,227,413.35 at the end of the previous year[5]. - Current liabilities decreased to RMB 10.97 billion from RMB 12.51 billion, a reduction of approximately 12.2%[16]. - Long-term borrowings surged to RMB 8.08 billion, up from RMB 4.65 billion, reflecting an increase of about 73.5%[16]. - The total liabilities decreased to RMB 11.49 billion from RMB 12.51 billion, a decline of about 8.2%[16]. - The total liabilities increased to CNY 21,989,779,915.57 in Q1 2024 from CNY 20,085,327,228.81 in Q1 2023, representing an increase of 9.5%[19]. - The company reported a total equity of RMB 32.49 billion as of March 31, 2024, compared to RMB 28.11 billion at the end of 2023, indicating a growth of approximately 15.5%[16]. - Total equity attributable to shareholders rose to CNY 16,316,612,135.10 in Q1 2024 from CNY 15,678,004,049.06 in Q1 2023, an increase of 4.1%[19]. Operational Changes and Market Conditions - The decline in revenue and profit was primarily due to a drop in coal market prices and a decrease in self-produced coal sales volume[8]. - The company completed the acquisition of 100% equity in a subsidiary, enhancing its operational capacity in the coal industry[5]. - The company expanded its financing scale, resulting in a significant increase in long-term borrowings by 73.71%[8]. - There are no new product launches or technological advancements mentioned in the report for the first quarter of 2024[13]. - The company has not reported any significant changes in shareholder structure or major new strategies during the reporting period[13]. Research and Development - Research and development expenses increased to CNY 65,586,794.72 in Q1 2024, up 88.0% from CNY 34,887,602.18 in Q1 2023[19].

| 项目 | 2024 | 年第一季度 | 2023 年第一季度 | 变动比例（%） | | --- | --- | --- | --- | --- | | 原煤产量（万吨） | | 751.46 | 1062.83 | -29.30 | | 商品煤销量（万吨） | | 929.47 | 1240.86 | -25.09 | | 其中：自产煤销量 | | 546.15 | 970.73 | -43.74 | | 贸易煤销量 | | 383.32 | 270.13 | 41.90 | | 煤炭营业收入（万元） | | 620,114.32 | 1,052,378.89 | -41.07 | | 其中：自产煤营业收入 | | 361,722.30 | 775,616.07 | -53.36 | | 贸易煤营业收入 | | 258,392.02 | 276,762.82 | -6.64 | | 煤炭营业成本（万元） | | 416,594.04 | 551,987.14 | -24.53 | | 其中：自产煤营业成本 | | 168,417.35 | 292,366.70 | -42.40 | | 贸易煤营业成本 ...

北京市金杜律师事务所 关于山煤国际能源集团股份有限公司 2023 年年度股东大会的法律意见书 致：山煤国际能源集团股份有限公司 北京市金杜律师事务所（以下简称本所）接受山煤国际能源集团股份有限公 司（以下简称公司）的委托，根据《中华人民共和国证券法》（以下简称《证券 法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管 理委员会（以下简称中国证监会）《上市公司股东大会规则（2022 年修订）》 （以下简称《股东大会规则》）等中华人民共和国境内（以下简称中国境内，为 本法律意见书之目的，不包括中国香港特别行政区、中国澳门特别行政区和中国 台湾地区）现行有效的法律、行政法规、部门规章、规范性文件和现行有效的《山 煤国际能源集团股份有限公司章程》（以下简称《公司章程》）的规定，指派律 师出席了公司于 2024 年 4 月 26 日召开的 2023 年年度股东大会（以下简称本次 股东大会），并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年第三次临时股东大会审议通过并于 2023 年 11 月 16 日刊 登于 ...