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 ...

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. ...