Group 1 - The coal industry is at the dawn of a new cycle, with short-term coal prices still in a bottom-seeking phase, but positive signals are emerging, indicating structural opportunities [1] - Non-electric demand for thermal coal is expected to continue releasing momentum, while coking coal benefits from strong infrastructure investment, leading to a recovery trend in coking coal demand [1] - The cost support on the supply side is solidifying the industry's bottom, with current coal prices nearing the average cost line, allowing leading coal companies to maintain robust profitability [1] Group 2 - In 2024, the coal sector's revenue decreased by 3.7% to 1,374.3 billion, and net profit attributable to shareholders fell by 17.5% to 153 billion, with a return on equity (ROE) decline of 3.3 percentage points to 12.7% [2] - The thermal coal segment showed resilience with a net profit decline of only 7.4%, while the coking coal segment suffered a significant net profit drop of 51.9% due to price pressures [2] - The dividend payout ratio for the sector increased by 3.7 percentage points to 60.1%, with companies like China Shenhua (76.5%) and Shaanxi Coal (65%) maintaining strong dividend capabilities [2] Group 3 - In Q1 2025, the coal sector's revenue dropped by 17% to 284.6 billion, and net profit attributable to shareholders decreased by 29% to 30.1 billion, with a gross margin decline of 0.7 percentage points to 27.8% [3] - The thermal coal segment's profit decline was narrower at 24.1%, while the coking coal segment faced a significant profit drop of 54.6% [3] - Overall production of listed coal companies increased by 5.8% year-on-year, but sales only slightly increased by 0.4%, indicating pressure on the sales front [3]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [12][13] - The coal price is expected to remain weak in May due to seasonal demand fluctuations, but there is a bottom support for prices, and a gradual recovery is anticipated as the peak season approaches [3][12] - The underlying investment logic of coal supply shortages remains unchanged, with a balanced short-term supply and demand but a medium to long-term gap still present [12][13] Summary by Sections Coal Price Tracking - As of May 10, the market price for Qinhuangdao port thermal coal (Q5500) is 635 CNY/ton, down 17 CNY/ton week-on-week [30] - The international thermal coal price for Newcastle (NEWC5500) is 69.8 USD/ton, down 0.5 USD/ton week-on-week [30] - The price for coking coal at Jing Tang port is 1380 CNY/ton, down 20 CNY/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is 96.4%, an increase of 2.5 percentage points week-on-week [47] - The daily coal consumption in inland provinces has increased by 33.80 thousand tons/day, a rise of 12.17% week-on-week [12] - The daily coal consumption in coastal provinces has decreased by 12.40 thousand tons/day, a decline of 6.67% week-on-week [12] Inventory Situation - As of May 9, coal inventory at Qinhuangdao port has increased to 753 thousand tons, up 8.0% week-on-week [5] - The inventory of coking coal at production sites has risen to 390.43 thousand tons, an increase of 8.9% week-on-week [5] Company Performance - The coal sector has shown a 1.47% increase this week, underperforming the broader market [15] - Key companies to focus on include China Shenhua, Shaanxi Coal, and China Coal Energy, which are noted for stable operations and solid performance [13]

山煤国际（600546） 山煤国际能源集团股份有限公司 2024 年年度股东大会会议资料 山煤国际能源集团股份有限公司 会议资料 山煤国际（600546） 山煤国际能源集团股份有限公司 2024 年年度股东大会会议资料 山煤国际能源集团股份有限公司 （2025 年 5 月 20 日） 一、会议时间：2025 年 5 月 20 日（星期二）下午 15：00 二、会议地点：太原市小店区晋阳街 162 号三层会议室 三、会议召集人：公司董事会 四、会议主持人：董事长孟君先生 五、会议方式：现场投票和网络投票相结合的方式 六、会议出席人： 有限责任公司上海分公司登记在册的本公司股东均有权参加会议。因故不能参加会 议的股东可以书面委托代理人出席会议（该代理人不必是公司股东），或在网络投 票时间内参加网络投票。 七、会议内容： （一）宣布会议出席股东人数、代表股份数以及参会来宾名单，宣读股东大会 须知； （二）宣读议案，股东讨论； 山煤国际（600546） 山煤国际能源集团股份有限公司 2024 年年度股东大会会议资料 （三）审议议案及投票表决； 山煤国际（600546） 山煤国际能源集团股份有限公司 2024 年年度股 ...

山煤国际（600546） 山煤国际能源集团股份有限公司 2024 年年度股东大会会议资料 山煤国际能源集团股份有限公司 2024 年年度股东大会 会议资料 2025 年 5 月 山煤国际（600546） 山煤国际能源集团股份有限公司 2024 年年度股东大会会议资料 山煤国际能源集团股份有限公司 2024 年年度股东大会议程 （2025 年 5 月 20 日） 一、会议时间：2025 年 5 月 20 日（星期二）下午 15：00 六、会议出席人： 1．截至 2025 年 5 月 13 日（星期二）下午交易结束后，在中国证券登记结算 有限责任公司上海分公司登记在册的本公司股东均有权参加会议。因故不能参加会 议的股东可以书面委托代理人出席会议（该代理人不必是公司股东），或在网络投 票时间内参加网络投票。 2．公司董事、监事及高级管理人员。 3．公司聘请的律师。 4．本次会议工作人员。 七、会议内容： （一）宣布会议出席股东人数、代表股份数以及参会来宾名单，宣读股东大会 须知； 二、会议地点：太原市小店区晋阳街 162 号三层会议室 三、会议召集人：公司董事会 四、会议主持人：董事长孟君先生 五、会议方式：现场投 ...

Group 1 - The coal industry in A-shares experienced a decline in total operating revenue and net profit, with 2024 showing a decrease of 5.14% and 19.8% respectively, and a further decline in Q1 2025 of 18.13% and 28.18% [1] - Shanxi Coal International (600546) reported a total operating revenue of 29.561 billion yuan in 2024, down 20.9%, marking three consecutive years of decline; net profit was 2.268 billion yuan, down 46.75%, continuing a two-year downward trend [1] - The company's performance decline was attributed to a downturn in the coal market, falling coal prices, and reduced self-produced coal output and sales [1] Group 2 - Shanxi Coal International's cash flow from operating activities fell to 3.741 billion yuan in 2024, a decrease of 37.49%, reaching the lowest level since 2020 [4] - Key profitability indicators for the company, including gross profit margin, net profit margin, and diluted ROE, all hit four-year lows at 32.31%, 10.68%, and 14.82% respectively [4] - In Q1 2025, the company's operating revenue and net profit further declined by 29.17% and 56.29%, both exceeding the overall industry decline [4] Group 3 - Since reaching a historical high on February 22, 2024, Shanxi Coal International's stock price has fallen below 10 yuan per share, with a decline of over 50% from its peak [4] - The company has not issued any buyback announcements since 2024 and has not implemented any buyback since its listing; the last increase in holdings occurred in 2019 [5] - The company emphasized the importance of improving operational performance and governance, while closely monitoring national policies regarding potential buybacks or increases in holdings [5]

Core Viewpoint - The report indicates that Shanmei International (600546) maintains a high gross profit margin in coal production, with a dividend payout ratio of 60% meeting expectations, leading to an "accumulate" rating for the stock [1] Financial Performance - In 2024, the company achieved operating revenue of 29.561 billion yuan, a year-on-year decrease of 20.9%, and a net profit attributable to shareholders of 2.268 billion yuan, down 46.75% year-on-year [2] - For Q1 2025, operating revenue was 4.502 billion yuan, a decline of 29.17%, with a net profit of 255 million yuan, down 56.29% year-on-year [2] Coal Production Business - In 2024, the target coal production was 33 million tons, with actual production at 32.979 million tons, a decrease of 15.40% year-on-year. Sales volume was 26.7336 million tons, down 23.31% [3] - The gross profit margin for coal production in 2024 was 52.29%, a decrease of 6.57 percentage points year-on-year, while Q1 2025 saw a gross profit margin of 54.34%, an increase of 0.9 percentage points year-on-year [3] Coal Trading Business - In 2024, coal trading sales volume was 18.9963 million tons, an increase of 7.66%, but revenue decreased by 9.59% to 11.673 billion yuan [4] - For Q1 2025, trading coal sales volume was 3.2128 million tons, down 16.18%, with revenue of 1.672 billion yuan, a decrease of 35.29% [4] Financial Management - Long-term borrowings increased to 5.193 billion yuan in 2024, up 11.64% year-on-year, while Q1 2025 long-term borrowings rose to 7.947 billion yuan, an increase of 27.54% [4] - The company managed to reduce financial costs, with financial expenses in 2024 at 220 million yuan, down 1.53% year-on-year, and Q1 2025 expenses at 44 million yuan, down 79.23% [4] Shareholder Returns - The company has set a shareholder return plan for 2024-2026, aiming for a cash dividend ratio of no less than 60% of the distributable profits each year [6] - For 2024, the planned cash dividend is approximately 1.368 billion yuan, with a cash dividend ratio of 60.3% [6] Investment Outlook - The coal industry is currently experiencing a loose supply-demand situation, with coal prices expected to continue fluctuating downward [7] - The projected net profits for 2024-2026 are 1.891 billion yuan, 2.114 billion yuan, and 2.336 billion yuan, respectively, with corresponding EPS of 0.95, 1.06, and 1.18 yuan per share [8]

Investment Rating - The investment rating for the company is "Cautious Recommendation" (maintained) with a current price of 9.51 [1] Core Views - The company reported a high gross profit margin in coal production, maintaining a dividend payout ratio of 60% as expected [3][8] - The coal production business saw a target output of 33 million tons in 2024, with an actual output of 32.98 million tons, a year-on-year decrease of 15.40% [4] - The company actively implemented cost control measures, resulting in a decrease in coal production costs and maintaining a gross profit margin above 50% despite declining revenues [4][9] Summary by Sections Company Basic Data - The company's stock price ranged from 9.42 to 16.46 over the past 52 weeks, with a total market capitalization of 18.853 billion [3] Financial Performance - In 2024, the company achieved operating revenue of 29.561 billion, a year-on-year decrease of 20.9%, and a net profit attributable to shareholders of 2.268 billion, down 46.75% [5] - For Q1 2025, the company reported operating revenue of 4.502 billion, a year-on-year decrease of 29.17%, and a net profit of 255 million, down 56.29% [5] Cost Management - The company managed to reduce coal production costs significantly, with the cost per ton of coal at 131.85 yuan, a decrease of 41.17% year-on-year [4][10] - Long-term borrowings increased to 5.193 billion in 2024, up 11.64% year-on-year, while financial expenses decreased due to lower borrowing costs [10] Shareholder Returns - The company has a shareholder return plan for 2024-2026, aiming for a cash dividend ratio of no less than 60% of the distributable profits [8] Future Outlook - The company expects coal prices to continue fluctuating downward, with projected net profits for 2024-2026 at 1.891 billion, 2.114 billion, and 2.336 billion respectively [9]

Investment Rating - The investment rating for the company is "Cautious Recommendation (Maintain)" [1] Core Views - The company reported a high gross profit margin in coal production, with a dividend payout ratio of 60% meeting expectations [3][4] - The company has implemented refined management to maintain high gross profit margins despite a decrease in revenue due to a relaxed supply-demand situation in the coal industry [4][9] Summary by Sections Company Basic Data - The company's stock price over the past 52 weeks ranged from 9.42 to 16.46, with a total market capitalization of 188.53 billion and a total share capital of 1.98 billion shares [3] Financial Performance - In 2024, the company aimed for a raw coal production target of 33 million tons, achieving 32.98 million tons, a year-on-year decrease of 15.40%. Sales volume was 26.73 million tons, down 23.31%, with revenue of 17.266 billion, a decrease of 27.45% [4] - For Q1 2025, raw coal production was 9.0864 million tons, up 20.92% year-on-year, while sales volume was 4.4155 million tons, down 19.15%. Revenue was 2.624 billion, a decrease of 27.45% [4] - The company reported a net profit attributable to shareholders of 2.255 billion for Q1 2025, down 56.29% year-on-year [5] Cost Management - The company has successfully reduced coal production costs, with the cost per ton of coal at 249.79 yuan, down 0.55% year-on-year, and a gross profit margin of 52.29%, a decrease of 6.57 percentage points [4] - In Q1 2025, the cost per ton of coal was 131.85 yuan, a significant decrease of 41.17% year-on-year, contributing to a gross profit margin of 54.34%, an increase of 0.9 percentage points [4] Shareholder Returns - The company has a shareholder return plan for 2024-2026, aiming for a cash dividend ratio of no less than 60% of the distributable profits. The proposed cash dividend for 2024 is approximately 1.368 billion yuan [8] Future Outlook - The company expects coal prices to continue to fluctuate downward, with projected net profits for 2024-2026 at 1.891 billion, 2.114 billion, and 2.336 billion respectively, corresponding to EPS of 0.95, 1.06, and 1.18 yuan per share [9]

与此同时，近期遭券商下调评级的股票数量也创下年内小高峰，包括煤炭、旅游酒店等板块的多只股票被下调 评级。 AI及机器人板块多股评级被上调 随着上市公司2024年年报及2025年一季报披露完毕，券商分析师也马不停蹄地跟踪最新数据并撰写研报。 东方财富Choice数据显示，过去一周（4月27日至5月3日），券商上调19只股票评级，其中科技股数量众多， 主要集中在AI及机器人等相关板块。 整体来看，券商近期上调评级的公司主要集中在业绩显著增长，行业景气度上升或困境反转的领域。值得注意 的是，科技板块受到不少分析师青睐，多只AI及机器人相关个股被分析师调高评级。 例如，天风证券近期上调铂科新材评级至"买入"。从业绩来看，铂科新材2024年归母净利润为3.76亿元，同比 上升46.9%。对于上调评级理由，天风证券称，铂科新材作为国内合金软磁粉芯龙头，站稳AI、光储新能源高 景气赛道，芯片电感打开第二成长极。 旅游及酒店板块也有多只个股评级被分析师下调。例如，国金证券近日下调锦江酒店评级为"增持"，主要原因 是该公司短期经营数据仍有压力。锦江酒店一季报显示，该公司今年一季度净利为0.36亿元，同比下降81%。 东吴证券下 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company experienced a significant decline in revenue and net profit in 2024, with revenue at CNY 29.561 billion, down 20.9% year-on-year, and net profit at CNY 2.268 billion, down 46.7% year-on-year [1] - The company plans to distribute a cash dividend of CNY 0.69 per share, resulting in a dividend payout ratio of 60.30%, which is an increase of 30.1 percentage points compared to 2023, yielding a dividend yield of 6.8% based on the stock price as of April 28, 2025 [2] - The company aims for a coal production target of no less than 35 million tons in 2025, with a recovery in coal production and sales expected [3] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of CNY 4.502 billion, a decrease of 29.2% year-on-year, and a net profit of CNY 255 million, down 56.3% year-on-year [1] - The coal production in 2024 was 32.979 million tons, a decrease of 15.4% year-on-year, while the sales volume of commercial coal was 45.7299 million tons, down 12.9% year-on-year [3] - The company’s coal business gross margin improved to 34.1% in Q1 2025, up 1.3 percentage points year-on-year, despite a decline in sales volume [3] Dividend Policy - The company has committed to a dividend payout ratio of no less than 60% for the years 2024 to 2026, ensuring consistent shareholder returns [2] Profit Forecast - The projected net profits for 2025, 2026, and 2027 are CNY 1.332 billion, CNY 1.424 billion, and CNY 1.535 billion respectively, with corresponding EPS of CNY 0.67, CNY 0.72, and CNY 0.77 [4][5]