首先麻烦陈总跟我们介绍一下就是因为四季度现在已经快过去两个月了嘛就麻烦您能不能先介绍一下这样一个经营的大致一个情况呀感谢陈总先这样吧我先大概先介绍一下我们第三季度的情况然后把里面的卓越我给拆分的给大家分析一下 就是我们公司在第三季度在第三季度的原为产量是912万寸那么就是比第二季度786增加了大概130万寸那么销量的话第三季度是690万寸那么这里面其中这个动力煤是销售了432万寸然后冶金煤销售了258万寸 那么整体上这个售价情况那么就是第三季度整体均价是660元每吨那么其中动力煤是466然后野心煤是984那么环体来看的话就是从售价就是销量比二季度要好一些但是售价又稍微低一些所以整体上是一个持平的这个状态 那么进一步的话因为大家都知道我们这个第三季的情况那么华人比还是有一定的这个涨幅所以从整体来看的话那么我们的公司从去年一季度处于一个欠产的状态到二季度不断的恢复再到三季度整体上我们已经达到了一个比较均衡的一个水平 那么卓越来看的话其实从九月份啊特别是九月份开始应该是从七月份其实基本上就稳定了那么到九月份的话三月来看的话那么我们月度产量已经达到了一个三百四十三百一十四万吨的那个水平也就是基本上达到了这个就很产能的 ...

山煤国际能源集团股份有限公司（以下简称"公司"或"山煤国际"）于 2023 年 10 月 28 日在《上海证券报》《证券日报》及上海证券交易所网站 （http://www.sse.com.cn）披露的《山煤国际能源集团股份有限公司关于子公 司涉及诉讼公告》（临 2023-043 号），对汇永控股集团有限公司诉公司控股子公 司山西煤炭进出口集团左云长春兴煤业有限公司（以下简称"长春兴煤业"）合 同纠纷案进行了披露，并于 2024 年 5 月 18 日公告的《山煤国际能源集团股份有 限公司关于子公司涉及诉讼进展公告》（临 2024-020 号）披露了上述案件的一审 判决结果。长春兴煤业和汇永控股集团有限公司均对一审判决结果不服，已向山 西省高级人民法院提起上诉。 近日，长春兴煤业收到山西省高级人民法院对该案件出具的民事判决书，现 将该案件诉讼结果公告如下： 一、案件基本情况 上诉人（原审原告、反诉被告）：汇永控股集团有限公司，住所地：北京市 海淀区香山南路 55 号 10 号楼； 被上诉人（原审被告、反诉原告）：山西煤炭进出口集团左云长春兴煤业有 限公司，住所地：大同市左云县酸茨河村南。 证券代码：600546 ...

Investment Rating - The report maintains a "Buy" rating for Shanxi Coal International Energy Group (600546 SH) [1][8] Core Views - The company's coal production and sales volume increased QoQ in Q3 2024, with effective cost control measures [1][3] - Self-produced coal business showed improved profitability in Q3 2024, with tonnage gross profit increasing 10 22% YoY [3] - Coal trading business demonstrated growth in Q3 2024, with trading volume increasing 9 99% YoY and tonnage gross profit improving 61 72% QoQ [4][7] Financial Performance Revenue and Profit - Q3 2024 revenue reached 7 908 billion yuan, up 2 68% QoQ but down 3 84% YoY [2] - Net profit attributable to shareholders in Q3 2024 was 791 million yuan, increasing 11 82% QoQ but decreasing 13 56% YoY [2] - 2024E revenue is projected at 30 147 billion yuan, with net profit attributable to shareholders expected to be 2 784 billion yuan [1] Production and Sales - Self-produced coal output in Q3 2024 reached 9 1218 million tons, up 15 96% QoQ and 1 81% YoY [3] - Self-produced coal sales volume in Q3 2024 was 6 9033 million tons, increasing 6 93% QoQ but decreasing 8 85% YoY [3] - Coal trading volume in Q3 2024 reached 5 3758 million tons, up 5 82% QoQ and 9 99% YoY [4][7] Cost and Pricing - Average selling price of self-produced coal in Q3 2024 was 660 30 yuan/ton, down 6 46% QoQ but up 3 08% YoY [3] - Average cost of self-produced coal in Q3 2024 was 268 33 yuan/ton, decreasing 12 23% QoQ and 5 83% YoY [3] - Gross profit per ton of self-produced coal in Q3 2024 reached 391 97 yuan/ton, up 10 22% YoY [3] Valuation Metrics - 2024E P/E ratio is projected at 9 6x, with P/B ratio at 1 5x [1] - 2024E EPS is forecasted at 1 40 yuan, increasing to 1 64 yuan by 2026E [1][8] - ROE is expected to be 17 1% in 2024E, gradually decreasing to 16 8% by 2026E [1] Industry and Market Position - The company has established a diversified coal production base, including thermal coal, coking coal, and anthracite [8] - The company maintains a nationwide coal trading network with significant regional and market advantages [8] - The company implements a cost leadership strategy, maintaining industry-leading cost control levels [8] Future Projections - Revenue is expected to grow from 30 147 billion yuan in 2024E to 32 655 billion yuan in 2026E [1][8] - Net profit attributable to shareholders is projected to increase from 2 784 billion yuan in 2024E to 3 259 billion yuan in 2026E [1][8] - The company's EPS is forecasted to grow from 1 40 yuan in 2024E to 1 64 yuan in 2026E [1][8]

Investment Rating - The report maintains an "Outperform" rating for Shanxi Coal International Energy Group (600546) [2] Core Views - The company's Q3 2024 production has significantly recovered, with net profit attributable to parent company increasing by 12% QoQ [3] - The company's self-produced coal business saw a 16% increase in production and a 7% increase in sales volume QoQ in Q3 2024, with a 7% decrease in comprehensive selling price and a 12% decrease in cost QoQ [4] - The company's coal trading business maintained a gross margin of around 3% in Q3 2024, with a 6% increase in trading volume QoQ [5] - The company is expected to achieve a dividend payout ratio of 60% in 2024, with a dividend yield of 7.4% [5] Financial Performance - The company's revenue for the first three quarters of 2024 was 21.96 billion yuan, a year-on-year decrease of 24%, and net profit attributable to the parent company was 2.08 billion yuan, a year-on-year decrease of 47.9% [3] - In Q3 2024, the company's net profit attributable to the parent company was 791 million yuan, a year-on-year decrease of 13.6% and a quarter-on-quarter increase of 11.8% [3] - The company's self-produced coal business generated a gross profit of 7.22 billion yuan in the first three quarters of 2024, a year-on-year decrease of 37%, with a gross profit of 2.71 billion yuan in Q3 2024, a year-on-year increase of 0.5% and a quarter-on-quarter increase of 4.7% [4] Business Segments - The company's self-produced coal output in the first three quarters of 2024 was 24.5 million tons, a year-on-year decrease of 18.7%, with a sales volume of 18.82 million tons, a year-on-year decrease of 16% [4] - The company's coal trading sales volume in the first three quarters of 2024 was 14.29 million tons, a year-on-year increase of 14.7%, with a sales volume of 5.38 million tons in Q3 2024, a year-on-year increase of 10% and a quarter-on-quarter increase of 5.8% [5] Valuation and Forecast - The company's net profit attributable to the parent company is expected to be 2.81 billion yuan in 2024, 3.10 billion yuan in 2025, and 2.96 billion yuan in 2026, with EPS of 1.42 yuan, 1.56 yuan, and 1.49 yuan respectively [6] - The report gives the company a PE ratio of 10-11 times for 2024, corresponding to a reasonable value range of 14.19-15.61 yuan [6] Industry Comparison - The average PE ratio for comparable companies in the industry is 9.6 times for 2024, 8.9 times for 2025, and 8.5 times for 2026 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's production and sales have improved while costs have decreased, leading to a quarter-on-quarter growth in Q3 performance [1][3] - The company is expected to face a decline in revenue and profit margins in the coming years, with projected revenues of 336.70 billion, 321.64 billion, and 309.69 billion for 2024, 2025, and 2026 respectively [3][4] - The report indicates that the coal business has seen a decrease in revenue but has managed to maintain a growth trend in production and sales volume [3] Summary by Relevant Sections Financial Performance - In Q3 2024, the company achieved operating revenue of 79.08 billion, a year-on-year decrease of 3.84% but a quarter-on-quarter increase of 2.68% [1] - The net profit attributable to the parent company for Q3 was 7.91 billion, down 14.40% year-on-year but up 11.82% quarter-on-quarter [1] - The average coal price in Q3 was 633 yuan/ton, reflecting a year-on-year decrease of 2.25% and a quarter-on-quarter decrease of 3.33% [3] Production and Sales - The coal production for the first three quarters of 2024 was 24.5 million tons, a year-on-year decrease of 18.72%, while sales volume was 33.11 million tons, down 15.99% [3] - In Q3 2024, coal production was 9.12 million tons, showing a year-on-year increase of 1.81% and a quarter-on-quarter increase of 15.96% [3] Cost and Profitability - The average unit cost in Q3 was 404 yuan/ton, a year-on-year decrease of 3.70% and a quarter-on-quarter decrease of 5.05% [3] - The gross profit margin for the company is projected to be 39.1% in 2023, decreasing to 33.6% in 2024 [4] Earnings Forecast - The forecast for earnings per share (EPS) is 1.50, 1.63, and 1.74 yuan for 2024, 2025, and 2026 respectively [3][4] - The price-to-earnings (P/E) ratio is expected to be 8.9X, 8.2X, and 7.7X for the years 2024, 2025, and 2026 [3]

证券代码：600546 证券简称：山煤国际 编号：2024-002 山煤国际能源集团股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------------|----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 showed a recovery in production and sales, leading to improved financial results [4] - The average coal price for the first three quarters of 2024 was 650 RMB/ton, a year-on-year decrease of 9.9% [5] - The company is expected to benefit from a slight rebound in coal prices in Q4, which may enhance its performance [5] Summary by Sections Recent Performance - In Q3 2024, the company achieved operating revenue of 7.91 billion RMB, a quarter-on-quarter increase of 2.7% but a year-on-year decrease of 3.84% [3] - The net profit attributable to shareholders was 790 million RMB, with a quarter-on-quarter increase of 11.82% and a year-on-year decrease of 13.56% [3] Production and Sales - For the first three quarters of 2024, the company produced 24.5 million tons of raw coal, a year-on-year decrease of 18.7%, and sold 33.11 million tons, a year-on-year decrease of 16.0% [4] - In Q3, the company produced 9.12 million tons of raw coal, a quarter-on-quarter increase of 16.0% and a year-on-year increase of 1.8% [4] Financial Forecasts - The company is projected to have operating revenues of 30.87 billion RMB, 32.85 billion RMB, and 33.91 billion RMB for 2024, 2025, and 2026 respectively [6] - The net profit attributable to shareholders is expected to be 3.01 billion RMB, 3.52 billion RMB, and 3.78 billion RMB for the same years [6] - The estimated EPS for 2024, 2025, and 2026 is 1.52 RMB, 1.78 RMB, and 1.91 RMB respectively [6]

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The company's coal production and sales are gradually recovering, with Q3 performance showing improvement compared to Q2 [2]. - The impact of the unresolved lawsuit related to Changchun Xing has been eliminated, contributing to the improved net profit in Q3 [2]. - The company has adjusted its profit forecast downward due to a decrease in coal prices, projecting net profits of 2.945 billion, 3.276 billion, and 3.464 billion yuan for 2024, 2025, and 2026 respectively [2]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 21.965 billion yuan, a year-on-year decrease of 23.99%, and a net profit of 2.082 billion yuan, down 47.91% year-on-year [1]. - In Q3 2024, the company achieved revenue of 7.908 billion yuan, a year-on-year decrease of 3.84%, but a quarter-on-quarter increase of 11.82% in net profit, amounting to 791 million yuan [1][2]. - The coal production in Q3 2024 reached 9.12 million tons, up 16.0% quarter-on-quarter, while coal sales were 12.28 million tons, up 6.4% quarter-on-quarter [2]. Cost and Profitability Metrics - The cost of self-produced coal in Q3 2024 was 268 yuan per ton, down 12.2% quarter-on-quarter, while the selling price was 660 yuan per ton, down 6.5% [2]. - The gross profit per ton of self-produced coal was 392 yuan, a decrease of 2.0% quarter-on-quarter [2]. Valuation and Forecast - The current stock price corresponds to a P/E ratio of 9.0, 8.1, and 7.7 for the years 2024, 2025, and 2026 respectively [2][3]. - The company’s total market capitalization is approximately 26.605 billion yuan [4].

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company's performance met expectations, with Q3 self-produced coal production and sales improving quarter-on-quarter. It is expected that Q4 production and sales will remain stable compared to Q3. Additionally, the cost per ton of coal has significantly decreased, indicating effective cost control [3][10]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 21.965 billion yuan, a decrease of 23.99% year-on-year, and a net profit attributable to shareholders of 2.082 billion yuan, down 47.72%. In Q3 alone, revenue was 7.908 billion yuan, a year-on-year decline of 3.84% but a quarter-on-quarter increase of 2.68%. The net profit for Q3 was 791 million yuan, down 14.4% year-on-year but up 11.82% quarter-on-quarter [10]. - The company maintains its EPS forecasts for 2024-2026 at 1.51, 1.60, and 1.67 yuan respectively. Based on comparable companies' average PE of 10.75x for 2024, the target price has been raised to 16.23 yuan, an increase of 2.50 yuan [10]. Production and Sales - The company produced 24.5 million tons of raw coal in the first three quarters, a year-on-year decrease of 18.72%. The sales volume of commercial coal was 33.11 million tons, down 15.99% year-on-year. In Q3, raw coal production was 9.12 million tons, up 1.81% year-on-year and 15.96% quarter-on-quarter. The sales volume for Q3 was 12.28 million tons, down 1.46% year-on-year but up 6.44% quarter-on-quarter [10]. Cost Management - The average selling price for coal in the first three quarters was 676.52 yuan per ton, down 6.24% year-on-year. The cost per ton of coal was 292.78 yuan, with a gross profit of 383.74 yuan per ton. In Q3, the average selling price was 660.3 yuan per ton, down 6.46% year-on-year, while the cost per ton was 268.3 yuan, a decrease of 12.23% quarter-on-quarter. The gross profit per ton in Q3 was 392 yuan, down 2.05% quarter-on-quarter [10]. Trade Business - The company reported coal trading revenue of 8.794 billion yuan, a year-on-year decrease of 6.71%, with a trading volume of 14.2892 million tons, an increase of 14.72% year-on-year. The average selling price was 615.41 yuan per ton. The company has successfully developed new coal sources from Malaysia and Indonesia, optimizing its overseas coal supply structure [10].

Investment Rating - The investment rating for Shanmei International (600546) is "Buy," maintaining the previous rating of "Buy" [1]. Core Views - The report indicates that in the third quarter of 2024, Shanmei International's production and sales volumes continued to recover, with a decrease in costs leading to a sequential increase in profitability [1]. - The company achieved a revenue of 21.965 billion yuan in the first three quarters of 2024, a year-on-year decrease of 23.99%, and a net profit attributable to shareholders of 2.082 billion yuan, down 47.72% year-on-year [1]. - The report anticipates further recovery in production for the fourth quarter of 2024, supported by strong demand for coal [1]. Financial Performance Summary - For the first three quarters of 2024, Shanmei International's coal production revenue was 12.733 billion yuan, down 33.03% year-on-year, with raw coal production of 24.503 million tons, a decrease of 18.72% year-on-year [1]. - The average selling price of self-produced coal was 676.52 yuan per ton, with a cost of 292.78 yuan per ton [1]. - In the third quarter of 2024, the company reported a single-quarter revenue of 7.908 billion yuan, a year-on-year decrease of 3.84%, but a sequential increase of 2.68% [1]. Profitability and Forecast - The report projects net profits attributable to shareholders for 2024-2026 to be 2.843 billion, 3.184 billion, and 3.283 billion yuan, respectively, with EPS of 1.43, 1.61, and 1.66 yuan per share [1]. - The report highlights that the coal market is expected to maintain support for long-term contract prices, making significant price declines unlikely [1].