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） | | ...

Financial Performance - The company's operating revenue for Q3 2024 was approximately CNY 7.91 billion, a decrease of 3.84% compared to CNY 8.22 billion in the same period last year[3]. - Net profit attributable to shareholders was approximately CNY 791.09 million, down 13.56% from CNY 924.22 million year-on-year[3]. - The net profit after deducting non-recurring gains and losses was approximately CNY 806.50 million, a decrease of 14.68% compared to CNY 945.27 million in the previous year[3]. - The basic earnings per share for the period was CNY 0.40, down 13.04% from CNY 0.47 in the same period last year[3]. - The weighted average return on equity decreased to 4.89%, down 1.17 percentage points from 6.10% year-on-year[3]. - The company experienced a 47.91% decrease in net profit attributable to shareholders from the beginning of the year to the end of the reporting period, primarily due to a decline in coal prices and production volume[6]. - The company reported a 27.88% decrease in net cash flow from operating activities year-to-date, attributed to falling coal prices and reduced production and sales[6]. - Total operating revenue for the first three quarters of 2024 was CNY 21.96 billion, a decrease of 23.9% compared to CNY 28.90 billion in the same period of 2023[15]. - Net profit for the first three quarters of 2024 was CNY 3.00 billion, a decline of 52.0% compared to CNY 6.26 billion in 2023[16]. - Basic earnings per share for the first three quarters of 2024 were CNY 1.05, down from CNY 2.02 in the same period of 2023[16]. - Total profit for the first three quarters of 2024 was CNY 4.27 billion, a decrease of 50.1% compared to CNY 8.52 billion in 2023[16]. - Tax expenses for the first three quarters of 2024 were CNY 1.27 billion, down 44.1% from CNY 2.27 billion in the same period of 2023[16]. Revenue and Sales - The company reported coal production revenue of 12.733 billion RMB, a year-on-year decrease of 33.03%[10]. - The company's coal trading revenue was 8.794 billion RMB, a year-on-year decrease of 6.71%, with a trading volume of 14.2892 million tons[10]. - The sales volume in Q3 2024 was 537.58 million tons, an increase of 5.82% compared to the previous quarter[11]. - Cash received from sales of goods and services was CNY 26.08 billion, down 21.3% from CNY 33.12 billion in 2023[17]. Production and Operations - The raw coal output was 24.503 million tons, down 18.72% year-on-year, while self-produced coal sales were 18.821 million tons, a decrease of 30.18%[10]. - In Q3 2024, the company's coal production and sales indicators showed a quarter-on-quarter improvement, with a production increase of 15.96% compared to Q2 2024[10]. - The average selling price of coal was 676.52 RMB per ton, with a cost of 292.78 RMB per ton[10]. - The gross profit margin for Q3 2024 improved to 59.36%, an increase of 2.67 percentage points compared to Q2 2024[10]. - The company faced a challenging external environment but noted improvements in production demand indicators in September 2024[10]. Assets and Liabilities - Total assets at the end of the reporting period were approximately CNY 40.62 billion, an increase of 7.10% compared to the previous year[3]. - Current assets totaled ¥11,507,884,885.33 as of September 30, 2024, compared to ¥8,500,176,452.47 at the end of 2023, indicating significant growth[12]. - Long-term borrowings rose to ¥8,499,490,105.94, up from ¥4,651,242,638.52 in the previous period[14]. - Total liabilities increased to ¥23,162,059,361.59 from ¥20,085,327,228.81, reflecting a rise in financial obligations[14]. - The company's total assets reached ¥43,502,182,534.03, compared to ¥40,617,227,413.35 at the end of 2023[13]. Research and Development - The company increased its R&D expenses by 17.97% year-to-date, reflecting a rise in investment in research projects[6]. - Research and development expenses increased to CNY 317.82 million, up 17.9% from CNY 269.40 million year-over-year[15]. Cash Flow and Financing - The net cash flow from financing activities was 425,165,098.09 CNY, a significant improvement compared to the previous year's negative cash flow of -7,084,752,976.25 CNY[18]. - The total cash and cash equivalents at the end of the period increased to 6,567,224,370.68 CNY, up from 5,638,879,295.06 CNY in the previous year[18]. - Cash inflow from borrowing amounted to 3,902,437,252.22 CNY, compared to 2,215,025,106.03 CNY in the same period last year, indicating a 76% increase[18]. - Cash outflow for debt repayment was 253,300,000.00 CNY, significantly lower than the previous year's 2,953,150,000.00 CNY[18]. - The net cash flow from investment activities was -1,466,123,551.96 CNY, slightly worse than -1,308,617,636.54 CNY in the previous year[18]. - The total cash outflow from financing activities was 3,477,272,154.13 CNY, down from 9,299,778,082.28 CNY in the previous year, showing a reduction of approximately 63%[18]. - The company reported a net increase in cash and cash equivalents of 2,551,103,866.73 CNY, contrasting with a decrease of -3,412,541,307.60 CNY in the previous year[18]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 61,168[7]. - The largest shareholder, Shanxi Coal Import and Export Group Co., Ltd., held 1,148,006,282 shares, accounting for 57.91% of the total shares[7]. Economic Context - The total domestic GDP for the first three quarters was 94.9746 trillion RMB, with a year-on-year growth of 4.8%[10]. Accounting Standards - The company did not apply new accounting standards or interpretations for the first time in 2024[19].

审议通过《关于<2024 年第三季度报告>的议案》 证券代码：600546 证券简称:山煤国际 公告编号：临 2024-035 号 山煤国际能源集团股份有限公司 第八届董事会第二十九次会议决议公告 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。 山煤国际能源集团股份有限公司（以下简称"公司"）第八届董事会第二十 九次会议（以下简称"本次会议"）通知于2024年10月14日以送达、邮件形式向 公司全体董事发出，本次会议于2024年10月24日在太原市小店区晋阳街162号三 层会议室以现场方式召开。本次会议应到董事11人，实到董事11人。会议的召集、 召开及表决程序符合《中华人民共和国公司法》及《公司章程》的规定。本次会 议由公司董事长孟君先生主持，公司监事及高级管理人员列席了本次会议，经与 会董事认真审议，形成董事会决议如下： 山煤国际能源集团股份有限公司 董事会 2024 年 10 月 24 日 1 本议案已经公司董事会审计委员会审议通过。 表决结果：11 票同意，0 票反对，0 票弃权。 特此公告。 ...

山煤国际能源集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 证券代码：600546 证券简称：山煤国际 公告编号：临 2024-034 号 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： 会议召开时间：2024 年 10 月 28 日（星期一）下午 15:00-16:00。 会议召开地点： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）。 会议召开方式：上证路演中心网络互动。 投资者可于 2024 年 10 月 21 日(星期一)至 10 月 25 日(星期五)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 smzqb@shanxicoal.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 山煤国际能源集团股份有限公司（以下简称"公司"）将于 2024 年 10 月 26 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度 ...

编号：2024-001 证券代码：600546 证券简称：山煤国际 山煤国际能源集团股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------------|------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | ...

[Table_Title] 评级：买入（维持） [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 46,391 37,371 33,670 32,164 30,969 增长率 yoy% -3% -19% -10% -4% -4% 净利润（百万元） 6,981 4,260 2,981 3,237 3,449 增长率 yoy% 41% -39% -30% 9% 7% 每股收益（元） 3.52 2.15 1.50 1.63 1.74 每股现金流量 6.81 3.02 3.02 3.48 3.54 净资产收益率 37% 21% 13% 13% 13% P/E 3.3 5.4 7.7 7.1 6.6 P/B 1.5 1.5 1.5 1.5 1.4 备注：股价为 2024 年 8 月 30 日收盘价 市场价格：11.56 元 [Table_Profit] 基本状况 总股本(百万股) 1,982 流通股本(百万股) 1,982 市价(元) 11.56 市值(百万元) 22,917 流通市值(百万元) 22,917 山煤国际（6005 ...

[Table_MainInfo] 公司研究/煤炭 证券研究报告 山煤国际（600546）公司半年报点评 2024 年 09 月 05 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |------------------------------------------------------|----------------| | 股票数据 | | | 09 [ Table_StockInfo 月 05 日收盘价（元） ] | 11.63 | | 52 周股价波动（元） | 10.90-20.33 | | 总股本 / 流通 A 股（百万股） | 1982/1982 | | 总市值 / 流通市值（百万元） | 23056/23056 | | 相关研究 | | | [Table_ReportInfo] 《安监致 23 年盈利下滑， 24 | 年高分红可期》 | | 2024.04.06 | | 市场表现 [Table_QuoteInfo] 山煤国际 海通综指 -40.41% -25.41% -10.41% 4.59% 19.59% 34.59% 2023/9 202 ...

证券研究报告 | 公司动态点评 2024 年 09 月 03 日 山煤国际（600546.SH） 24Q2 吨煤毛利环比增长，下半年煤炭产销有望修复 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------|-----------------------------------------|-----------| | 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 | 29,384 | 30,594 | 31,825 | | | | 增长率 yoy （ % ） | -3.5 | -19.4 | -21.4 | 4.1 | 4.0 | 股票信息 | | | 归母净利润（百万元） | 6,929 | 4,260 | 2,617 | 2,848 | 3,070 | 行业 | 煤炭 | | 增长率 yoy （ ...

动力煤 山煤国际（600546.SH） 增持-A(维持) 证券研究报告 量价下行影响业绩，关注下半年产量恢复 2024 年 9 月 2 日 公司研究/公司快报 事件描述 公司近一年市场表现 山煤国际 - ·上证指数 公司发布 2024 年半年度报告：报告期内公司实现营业收入 140.57 亿元， 同比-32.01%；归母净利润 12.91 亿元，同比-58.11%；扣非后归母净利润 13.80 亿元，同比-55.68%；经营活动产生的现金流量净额 23.81 亿元，同比-16.99%； 基本每股收益为 0.65 元，同比-58.06%；加权平均 ROE 为 8.01%，同比减少 11.63 个百分点。 事件点评 上半年自产煤量、价同降，贸易煤量增价减。2024 年上半年公司实现自 市场数据：2024 年 9 月 2 日 产煤产量 1538.12 万吨，同比-27.4%；销量 2083.09 万吨，同比-22.71%，其 收盘价（元）： 11.84 中自产煤 1191.75（-38.51%），贸易煤 891.34（+17.77%）。上半年自产煤 年内最高/最低（元）： 20.33/10.90 吨煤售价 685. ...