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 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company is experiencing a challenging period with both volume and price declines, indicating that the bottom of its performance has been reached [1] - In Q1 2024, the company reported a revenue of 6.356 billion yuan, a year-on-year decrease of 40.31%, and a net profit attributable to shareholders of 583 million yuan, down 65.81% year-on-year [1] - The coal production volume in Q1 2024 was 7.51 million tons, a decrease of 29.3% year-on-year, while the sales volume of commercial coal was 9.29 million tons, down 25.1% year-on-year [2] Financial Performance Summary - Revenue (in million yuan): - 2022: 46,394 - 2023: 37,371 - 2024E: 35,963 - 2025E: 36,528 - 2026E: 36,956 - Year-on-year growth rates: - 2022: -3.5% - 2023: -19.4% - 2024E: -3.8% - 2025E: 1.6% - 2026E: 1.2% [3] - Net profit (in million yuan): - 2022: 6,929 - 2023: 4,260 - 2024E: 3,898 - 2025E: 4,223 - 2026E: 4,450 - Year-on-year growth rates: - 2022: 40.3% - 2023: -38.5% - 2024E: -8.5% - 2025E: 8.3% - 2026E: 5.4% [3] Coal Business Overview - The company has diversified coal types, primarily producing low-sulfur, low-ash, high-calorific value coal, mainly sold to large steel and power generation enterprises [2] - As of the end of 2023, the total resource amount of the company's mines was 2.12 billion tons, with a recoverable reserve of 760 million tons [2] Investment Recommendations - The company is expected to achieve net profits of 3.9 billion yuan, 4.2 billion yuan, and 4.5 billion yuan for the years 2024 to 2026, corresponding to P/E ratios of 7.2X, 6.7X, and 6.3X respectively [2]

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 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company's performance in Q1 2024 was below expectations due to a decline in both coal prices and production/sales volume, leading to a significant drop in revenue and net profit [2][3]. - The company plans to produce no less than 33 million tons of coal in 2024, with projected net profits for 2024-2026 estimated at 3.613 billion, 4.709 billion, and 4.984 billion yuan respectively, translating to EPS of 1.82, 2.38, and 2.51 yuan per share [3][4]. Financial Performance Summary - In Q1 2024, the company reported revenue of 6.356 billion yuan, a year-on-year decrease of 40.31%, and a net profit of 583 million yuan, down 65.81% year-on-year [2]. - The company's coal production was 7.5146 million tons, a decrease of 29.30% year-on-year, while coal sales volume was 9.2947 million tons, down 25.09% year-on-year [2][3]. - The average selling price of coal was 667.17 yuan per ton, a decrease of 21.33% year-on-year, but an increase of 5.60% quarter-on-quarter [2][3]. - The gross profit margin per ton of coal was 32.82%, down 14.73 percentage points year-on-year, but slightly up 0.17 percentage points quarter-on-quarter [2][3]. Production and Sales Summary - Self-produced coal sales dropped significantly by 43.74% year-on-year to 5.4615 million tons, with a selling price of 662.31 yuan per ton, down 17.11% year-on-year [2][3]. - Trade coal sales increased by 41.90% year-on-year to 3.8332 million tons, although it saw a quarter-on-quarter decline of 26.14% [3]. Future Projections - The company expects a gradual recovery in production and sales, with a projected increase in net profit margins in the coming years [3][4]. - The estimated PE ratios for 2024, 2025, and 2026 are 8, 6, and 6 times respectively, based on the closing price on April 26, 2024 [4].

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 ...

证券代码：600546 证券简称：山煤国际 公告编号：临 2024-012 号 山煤国际能源集团股份有限公司 2023 年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 71 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,269,436,881 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 64.0335 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事长孟君先生主持，会议的召集和召开 程序、出席会议人员的资格、会议的表决方式和程序均符合《公司法》等法律法 (一) 股东大会召开的时间：2024 年 4 月 26 日 (二) 股东大会召开的地点：太原市小店区晋阳街 162 号三层会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及 ...

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 ...

Investment Rating - The investment rating for the company is "Accumulate" [1][5] Core Views - The company reported a revenue of 37.371 billion yuan in 2023, a year-on-year decrease of 19.45%, and a net profit attributable to shareholders of 4.260 billion yuan, down 38.53% year-on-year [5] - The company's coal production business generated revenue of 23.8 billion yuan, a decline of 21.34% year-on-year, with a gross margin of 58.85%, down 7.76 percentage points [5] - The company plans to pay a dividend of 0.65 yuan per share, totaling 1.289 billion yuan, with a dividend payout ratio of 30.25%, which is a decrease of 34 percentage points from the previous year [5] - New mining capacities are expected to improve profitability as two new mines were put into production in 2023, with projected net profits improving as production ramps up [5] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 37.371 billion yuan, with a year-on-year decline of 19.45% and a net profit of 4.260 billion yuan, down 38.53% [5] - The gross margin for the coal production segment was 58.85%, reflecting a decrease of 7.76 percentage points year-on-year [5] Coal Production and Sales - The company produced 38.984 million tons of coal in 2023, a decrease of 3.9% year-on-year, and sold 34.860 million tons, down 5.7% [5] - The revenue per ton of coal was 683 yuan, a decrease of 17% year-on-year, while the cost per ton was 281 yuan, an increase of 3% [5] Dividend and Financial Health - The proposed dividend of 0.65 yuan per share corresponds to a dividend yield of 4.2% based on the closing price on April 3 [5] - The company's debt-to-asset ratio improved to 49.45%, a decrease of 9.34 percentage points from the beginning of the reporting period [5] Future Outlook - The company has set a coal production target for 2024 that is lower than previous years, leading to adjusted profit forecasts of 3.86 billion yuan, 4.20 billion yuan, and 4.53 billion yuan for 2024, 2025, and 2026 respectively [5]

山煤国际能源集团股份有限公司 2023 年年度股东大会 会议资料 山煤国际（600546） 山煤国际能源集团股份有限公司 2023 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 4 月 山煤国际（600546） 山煤国际能源集团股份有限公司 2023 年年度股东大会会议资料 2023 年年度股东大会议程 （2024 年 4 月 26 日） 一、会议时间：2024 年 4 月 26 日（星期五）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： 1．截至 2024 年 4 月 19 日（星期五）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 ...