Investment Rating - The report assigns a "Buy-A" rating to Shanxi Coal International Energy Group Co Ltd (600546 SH) for the first time, indicating a positive outlook on its medium to long-term investment value [1] Core Views - The company continues to focus on its core coal business, with its non-coal segments largely divested [3] - Coal price declines significantly impacted the company's performance in 2023, with key coal price indicators showing substantial year-over-year decreases [3] - The company maintains a strong dividend payout commitment, with a 2023 dividend yield of 4 20% based on the April 12 closing price [4] - The company's 2024-2026 shareholder return plan promises dividend payouts of no less than 60% of distributable profits [4] Financial Performance Summary - 2023 revenue reached 37 371 billion yuan, down 19 45% year-over-year [2] - Net profit attributable to shareholders was 4 260 billion yuan, a 38 53% decrease year-over-year [2] - Basic EPS stood at 2 15 yuan, down 38 57% year-over-year [2] - ROE decreased by 23 32 percentage points to 28 51% [2] - Operating cash flow declined 58 07% to 5 985 billion yuan [2] Operational Highlights - Self-produced coal output decreased 3 92% to 38 9837 million tons in 2023 [3] - Self-produced coal sales volume dropped 5 68% to 34 8599 million tons [3] - Trade coal sales increased 4 29% to 17 6454 million tons [3] - Average selling price for self-produced coal decreased 16 6% to 682 66 yuan/ton [3] - Gross margin for self-produced coal declined 7 76 percentage points to 58 85% [3] Future Outlook - The company plans to reduce coal production in 2024 compared to 2023 levels [5] - EPS projections for 2024-2026 are 2 11, 2 19, and 2 32 yuan respectively [5] - 2024-2026 P/E ratios are estimated at 7 3x, 7 1x, and 6 7x respectively [5] - The company is expected to maintain relatively high profitability despite seasonal coal price fluctuations [5] Valuation Metrics - 2024-2026 revenue projections are 33 289 billion, 34 513 billion, and 35 746 billion yuan respectively [6] - Net profit forecasts for 2024-2026 are 4 179 billion, 4 334 billion, and 4 600 billion yuan [6] - Gross margin is expected to gradually recover to 40 7% by 2026 [6] - ROE is projected to decline to 18 9% by 2026 [6]

[Table_Title] 量价齐降业绩下滑，高分红有望再回归 [Table_ReportDate] 山煤国际(600546)公司简评报告 | 2024.04.09 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [Tabl e_Summary] 张飞 ⚫ 事件：公司发布2023年年度报告，2023年实现营业收入373.71亿元， 行业分析师 同比下降19.45%；实现归属于上市公司股东的净利润42.60亿元，同比 SAC执证编号：S0110523080001 减少38.53%；归属于上市公司股东的扣除非经常性损益的净利润44.08 zhangfei@sczq.com.cn 电话：010-81152685 亿元，同比减少38.23%；实现基本每股收益为2.15元，同比减少38.57%， 经营性净现金流为59.85亿元，同比减少58.07%。 [市Ta场bl指e数_Ch走a势rt]（ 最近1年） ⚫ 煤炭生产业务量减价降业绩下滑，毛利仍维持高位水平。煤炭生产方面， 1 山煤国际 沪深300 实现营业收入237.98亿元（-21.34%）；营业成本97.92亿元（-3.05%）， ...

[Table_MainInfo] 公司研究/煤炭 证券研究报告 山煤国际（600546）公司年报点评 2024年04月06日 [Table_InvestInfo] 投资评级 优于大市 维持 安监致 23 年盈利下滑，24 年高分红可期 股票数据 [Table_Summary] 0[4Ta月b0le3_日S收to盘ck价（In元fo）] 15.36 投资要点： 52周股价波动（元） 13.09-20.33 总股本/流通A股（百万股） 1982/1982  23年归母净利同比下滑39%。23年公司实现营收/归母净利373.7/42.6亿元， 总市值/流通市值（百万元） 30451/30451 同比-19.5%/-38.5%，扣非净利44.1亿元，同比-38.2%，非经主要为营业外 相关研究 支出约 2.9亿元，其中 Q4单季归母净利 2.8亿元，环比-70%。公司拟每股 [《Ta盈bl利e_稳R健ep，or低tIn估fo值] 高分红优质标的》 派发现金红利 0.65元（含税），现金分红占归母净利润 30.25%，按3月29 2023.08.29 日收盘价计算，股息率3.8%。 《低成本煤炭国企，高分红优质标的》 ...

Investment Rating - The report maintains a "Buy" rating for Shanmei International (600546.SH) with a market price of 15.45 CNY [1]. Core Views - The report highlights that the company's performance is being suppressed by declining coal prices amid weak production and sales. However, the commitment to increase dividends enhances its investment value [1][6]. - The company is expected to have a cash dividend ratio of at least 60% from 2024 to 2026, indicating a potential increase in the cash dividend ratio for 2024 [7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022 Revenue: 46,391 million CNY - 2023 Revenue: 37,371 million CNY (down 19% YoY) - 2024 Revenue: 42,864 million CNY (up 15% YoY) - 2023 Net Profit: 4,260 million CNY (down 39% YoY) - 2024 Net Profit: 5,306 million CNY (up 25% YoY) [2][6]. - **Earnings Per Share (EPS)**: - 2023 EPS: 2.15 CNY - 2024 EPS: 2.68 CNY - 2025 EPS: 2.86 CNY - 2026 EPS: 3.02 CNY [2][9]. - **Return on Equity (ROE)**: - 2023 ROE: 21% - 2024 ROE: 20% - 2025 ROE: 18% - 2026 ROE: 16% [2][9]. Coal Business Performance - In 2023, the coal business generated revenue of 367.09 billion CNY, a decrease of 20% YoY, with a gross profit of 145.66 billion CNY, down 29.86% YoY [7]. - The average coal price in 2023 was 699 CNY/ton, a decrease of 17.91% YoY [7]. - The company reported a cash flow from operating activities of 59.85 billion CNY in 2023, down 58.07% YoY [6]. Dividend Policy - The company announced a cash dividend of 12.89 billion CNY for 2023, with a dividend per share of 0.65 CNY, resulting in a cash dividend ratio of 30.25% [7]. - The projected dividend policy for 2024-2026 is expected to maintain a minimum cash dividend ratio of 60% [7].

证券研究报告 | 公司动态点评 2024 年 04月 01日 山煤国际（600546.SH） 煤价下跌拖累业绩，分红发展空间广阔 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 46,394 37,371 39,184 40,951 42,746 股票信息 增长率yoy（%） -3.5 -19.4 4.9 4.5 4.4 归母净利润（百万元） 6,929 4,260 4,139 4,500 4,710 行业 煤炭 增长率yoy（%） 40.3 -38.5 -2.8 8.7 4.7 2024年3月29日收盘价（元） 17.16 ROE（%） 58.3 33.1 24.9 22.7 20.5 总市值（百万元） 34,018.95 EPS最新摊薄（元） 3.50 2.15 2.09 2.27 2.38 流通市值（百万元） 34,018.95 P/E（倍） 4.9 8.0 8.2 7.6 7.2 总股本（百万股） 1,982.46 P/B（倍） 2.3 2.2 1.8 1.6 1.5 流通股本（百万股） 1,982.46 资料来源：公司财报，长城证券产业金融 ...

股 票 研 究 [Table_industryInfo] 煤炭/能源 [ Table_Main[山ITnaf 煤bol]e 国_Ti际tle]( 600546) [评Tab级le_：Inv est] 增持 上次评级： 增持 Q4 管理费用计提增加导致盈利低于预期 目标价格： 21.96 上次预测： 20.16 公 ——2023年年报点评 当前价格： 17.16 司 黄涛(分析师) 2024.03.31 更 021-38674879 [交Ta易bl数e_M据a rket] 新 huangtao@gtjas.com 证书编号 S0880515090001 52周内股价区间（元） 13.19-20.28 报 总市值（百万元） 34,019 告 本报告导读： 总股本/流通A股（百万股） 1,982/1,982 流通 B股/H股（百万股） 0/0 河曲产能核减导致产量释放受限；Q4管理费用计提增加导致盈利低于预期；2023年 流通股比例 100% 分红低于预期，可能出于2024年加大资源获取的考虑。 日均成交量（百万股） 30.03 投资要点： 日均成交值（百万元） 536.83 [维Ta持ble“_S增um持m”ar ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's profits and dividends have decreased but are expected to recover in the future [1] - The company achieved a total revenue of 37.371 billion, a year-on-year increase of 19.45%, while the net profit attributable to shareholders was 4.26 billion, a year-on-year decrease of 38.53% [2][3] - The report anticipates that the company's revenue will gradually increase due to the release of new production capacity and changes in product prices [4] Financial Performance - In 2023, the company reported a comprehensive coal price of 699.15 yuan/ton, a decrease of 14.46% year-on-year, while the comprehensive cost was 421.74 yuan/ton, a decrease of 9.61% year-on-year [3] - The company plans to distribute dividends of 1.289 billion, with a dividend payout ratio of 30.25%, corresponding to a dividend yield of 3.79% [4] - The forecast for total revenue from 2024 to 2026 is 38.3 billion, 40 billion, and 40.8 billion respectively, with net profits of 4.5 billion, 4.7 billion, and 4.8 billion respectively [4][5] Production and Sales - The company's coal production and sales slightly declined in 2023, with production and sales volumes of 38.9837 million tons and 52.5053 million tons, down 3.92% and 2.55% year-on-year respectively [3] - The company plans to produce no less than 33 million tons of raw coal in 2024, supported by new mines coming online [3][4] Valuation Metrics - The report maintains that the earnings per share (EPS) for 2024, 2025, and 2026 are expected to be 2.25, 2.36, and 2.44 yuan respectively, with corresponding price-to-earnings (PE) ratios of 7.61, 7.26, and 7.02 [4][5] - The projected dividend yield for 2024 is 7.9%, increasing to 8.3% in 2025 and 8.5% in 2026 [6]

证券研究报告 | 年报点评报告 2024年03月31日 山煤国际（600546.SH） 短期阵痛无虑，长期价值凸显 事件：公司发布 2023年业绩报告。2023年公司实现营业收入 373.71亿元， 增持（维持） 同比减少 19.45%；实现归属于母公司所有者的净利润 42.6 亿元，同比减少 股票信息 38.53%。23Q4公司实现营业收入84.7亿元，同比减少21.28%，环比增加3.0%； 实现归属于母公司所有者的净利润 2.78 亿元，同比减少 81.92%，环比减少 行业 煤炭开采 69.9%。 前次评级 增持 煤炭业务：量价齐跌，拖累业绩。 3月29日收盘价(元) 17.16 总市值(百万元) 34,018.95 ➢ 2023年，公司原煤产量3898万吨，同比-3.9%，商品煤销量5251万吨， 总股本(百万股) 1,982.46 同比-2.5%；其中自产煤销量3486万吨，商品煤销量1765万吨。单季度 其中自由流通股(%) 100.00 来看： 30日日均成交量(百万股) 36.79 ➢ 23Q4原煤产量884万吨，同比-7.2%，环比-1.4%，商品煤销量1309万 股价走势 吨，同比-7. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company's performance has been negatively impacted by a decline in both volume and price, but there is potential for increased dividends in the future [5] - The company reported a revenue of 37.37 billion yuan in 2023, a year-on-year decrease of 19.4%, and a net profit attributable to shareholders of 4.26 billion yuan, down 38.5% year-on-year [5] - The forecast for net profit for 2024-2026 is adjusted to 4.12 billion yuan, 4.78 billion yuan, and 5.45 billion yuan respectively, with year-on-year changes of -3.2%, +15.9%, and +14.0% [5] Summary by Sections Financial Performance - In 2023, the company achieved a coal production of 38.98 million tons, a decrease of 3.9% year-on-year, and a sales volume of 52.51 million tons, down 2.5% year-on-year [5] - The average selling price of self-produced coal was 683 yuan per ton, down 7.4% year-on-year, while the cost per ton increased by 43.6% to 281 yuan [5] - The company plans to maintain a high dividend strategy, with a proposed cash dividend of 6.5 yuan per 10 shares for 2023, resulting in a dividend payout ratio of 30.3% [5] Capacity and Growth - The company is progressing well in releasing advanced production capacity, with a successful completion of 10 million tons/year capacity increase and ongoing work for an additional 16 million tons/year [5] - The company aims to increase the dividend payout ratio to at least 60% of the distributable profits for 2024-2026, contingent on certain conditions being met [5] Valuation Metrics - The company's projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.08 yuan, 2.41 yuan, and 2.75 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 7.8, 6.8, and 5.9 [6][7] - The company's return on equity (ROE) is expected to decline from 33.1% in 2023 to 21.3% by 2026 [6][7]

证券研究报告 成本抬升盈利受挫，产量恢复值得关注 公司研究 2023年3月31日 公司点评报告 事件：2024年3月29日，山煤国际发布年度报告，2023年公司实现营业 山煤国际 (600546) 收入373.71亿元，同比下降19.45%，实现归母净利润42.60亿元，同比下 降 38.53%；扣非后净利润 44.09 亿元，同比下降 38.23%。经营活动现金 投资评级 买入 流量净额 59.85 亿元，同比下降 58.07%；基本每股收益 2.15 元/股，同比 上次评级 买入 下降38.57%。资产负债率为49.45%，同比下降9.21pct。 左前明 能源行业首席分析师 2023年第四季度，公司单季度营业收入84.72亿元，环比上涨3.03%；单 执业编号：S1500518070001 季度归母净利润2.64亿元，环比下降71.2%；单季度扣非后净利润3.37亿 联系电话：010-83326712 元，环比下降64.05%。 邮 箱：zuoqianming@cindasc.com 点评：  煤炭销售价格波动较小，成本上涨致使盈利受挫。2023 年公司实现原 李春驰 能源行业分析师 煤产量3898. ...