Investment Rating - The report maintains an "Outperform" rating for Shanxi Coal International Energy Group (600546) [2] Core Views - The company's Q3 2024 production has significantly recovered, with net profit attributable to parent company increasing by 12% QoQ [3] - The company's self-produced coal business saw a 16% increase in production and a 7% increase in sales volume QoQ in Q3 2024, with a 7% decrease in comprehensive selling price and a 12% decrease in cost QoQ [4] - The company's coal trading business maintained a gross margin of around 3% in Q3 2024, with a 6% increase in trading volume QoQ [5] - The company is expected to achieve a dividend payout ratio of 60% in 2024, with a dividend yield of 7.4% [5] Financial Performance - The company's revenue for the first three quarters of 2024 was 21.96 billion yuan, a year-on-year decrease of 24%, and net profit attributable to the parent company was 2.08 billion yuan, a year-on-year decrease of 47.9% [3] - In Q3 2024, the company's net profit attributable to the parent company was 791 million yuan, a year-on-year decrease of 13.6% and a quarter-on-quarter increase of 11.8% [3] - The company's self-produced coal business generated a gross profit of 7.22 billion yuan in the first three quarters of 2024, a year-on-year decrease of 37%, with a gross profit of 2.71 billion yuan in Q3 2024, a year-on-year increase of 0.5% and a quarter-on-quarter increase of 4.7% [4] Business Segments - The company's self-produced coal output in the first three quarters of 2024 was 24.5 million tons, a year-on-year decrease of 18.7%, with a sales volume of 18.82 million tons, a year-on-year decrease of 16% [4] - The company's coal trading sales volume in the first three quarters of 2024 was 14.29 million tons, a year-on-year increase of 14.7%, with a sales volume of 5.38 million tons in Q3 2024, a year-on-year increase of 10% and a quarter-on-quarter increase of 5.8% [5] Valuation and Forecast - The company's net profit attributable to the parent company is expected to be 2.81 billion yuan in 2024, 3.10 billion yuan in 2025, and 2.96 billion yuan in 2026, with EPS of 1.42 yuan, 1.56 yuan, and 1.49 yuan respectively [6] - The report gives the company a PE ratio of 10-11 times for 2024, corresponding to a reasonable value range of 14.19-15.61 yuan [6] Industry Comparison - The average PE ratio for comparable companies in the industry is 9.6 times for 2024, 8.9 times for 2025, and 8.5 times for 2026 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's production and sales have improved while costs have decreased, leading to a quarter-on-quarter growth in Q3 performance [1][3] - The company is expected to face a decline in revenue and profit margins in the coming years, with projected revenues of 336.70 billion, 321.64 billion, and 309.69 billion for 2024, 2025, and 2026 respectively [3][4] - The report indicates that the coal business has seen a decrease in revenue but has managed to maintain a growth trend in production and sales volume [3] Summary by Relevant Sections Financial Performance - In Q3 2024, the company achieved operating revenue of 79.08 billion, a year-on-year decrease of 3.84% but a quarter-on-quarter increase of 2.68% [1] - The net profit attributable to the parent company for Q3 was 7.91 billion, down 14.40% year-on-year but up 11.82% quarter-on-quarter [1] - The average coal price in Q3 was 633 yuan/ton, reflecting a year-on-year decrease of 2.25% and a quarter-on-quarter decrease of 3.33% [3] Production and Sales - The coal production for the first three quarters of 2024 was 24.5 million tons, a year-on-year decrease of 18.72%, while sales volume was 33.11 million tons, down 15.99% [3] - In Q3 2024, coal production was 9.12 million tons, showing a year-on-year increase of 1.81% and a quarter-on-quarter increase of 15.96% [3] Cost and Profitability - The average unit cost in Q3 was 404 yuan/ton, a year-on-year decrease of 3.70% and a quarter-on-quarter decrease of 5.05% [3] - The gross profit margin for the company is projected to be 39.1% in 2023, decreasing to 33.6% in 2024 [4] Earnings Forecast - The forecast for earnings per share (EPS) is 1.50, 1.63, and 1.74 yuan for 2024, 2025, and 2026 respectively [3][4] - The price-to-earnings (P/E) ratio is expected to be 8.9X, 8.2X, and 7.7X for the years 2024, 2025, and 2026 [3]

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） | | ...