Investment Rating - The investment rating for Huaihe Energy is "Buy - A" with a target price of 4.20 CNY over the next six months [3][5]. Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, driven by higher electricity generation and operational efficiency [2][5]. - The integration of coal and electricity operations has strengthened profitability, with expectations for further improvements in gross profit per kilowatt-hour due to the normal operation of the Panji Power Plant [2][5]. - The company is projected to achieve steady revenue growth over the next three years, with expected revenues of 27.47 billion CNY in 2024, 27.76 billion CNY in 2025, and 28.29 billion CNY in 2026 [5][6]. Financial Performance Summary - In H1 2024, Huaihe Energy achieved operating revenue of 15.82 billion CNY, a year-on-year increase of 14.74%, and a net profit of 575 million CNY, up 58.94% [2]. - The company’s electricity generation reached 8.679 billion kWh in H1 2024, representing a 27.81% increase year-on-year [2]. - The average utilization hours of thermal power units increased to 2472.7 hours, an increase of 294.66 hours compared to the previous year [2]. Business Segments - The logistics and railway transportation segments showed stable performance, although railway freight volume slightly decreased due to safety incidents at coal mines owned by the controlling shareholder [3][5]. - The coal blending business achieved a record high of 15.61 million tons, reflecting a year-on-year increase of 33.08% [5]. Future Projections - The company is expected to maintain a growth trajectory with projected net profits of 1.09 billion CNY in 2024, 1.13 billion CNY in 2025, and 1.18 billion CNY in 2026, with growth rates of 29.7%, 4.0%, and 4.1% respectively [5][6]. - The anticipated operational improvements and potential asset injections from the group could further enhance the company's market position and profitability [5].

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥15,821,639,924.77, an increase of 14.74% compared to ¥13,789,342,086.91 in the same period last year[15]. - The net profit attributable to shareholders of the listed company was ¥575,115,602.87, representing a significant increase of 58.94% from ¥361,846,654.56 in the previous year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥525,260,242.41, which is a 100.89% increase compared to ¥261,462,093.16 in the same period last year[15]. - The net cash flow from operating activities was ¥1,268,016,987.14, showing a remarkable increase of 279.90% from ¥333,779,453.90 in the previous year[15]. - Basic earnings per share increased by 50.00% to CNY 0.15 compared to the same period last year[16]. - Net profit attributable to shareholders reached CNY 575,115,602.87, representing a year-on-year increase of 58.94% due to increased power generation[17]. - Net cash flow from operating activities surged by 279.90% to CNY 1,268,016,987.14, driven by increased cash inflows from logistics and power generation[17]. - The weighted average return on equity rose by 1.62 percentage points to 5.10%[16]. Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥23,761,306,630.50, a slight increase of 1.09% from ¥23,504,610,754.41 at the end of the previous year[15]. - The net assets attributable to shareholders of the listed company increased to ¥11,212,733,272.77, reflecting a growth of 2.86% from ¥10,901,072,823.80 at the end of the previous year[15]. - The company's long-term borrowings increased by 9.22% to ¥4,076,427,529.82, compared to ¥3,732,378,527.41 in the previous year[30]. - The company's total liabilities decreased to ¥10,976,221,988.36 from ¥11,156,684,338.64, a reduction of about 1.6%[85]. - The company's equity attributable to shareholders rose to ¥11,212,733,272.77 from ¥10,901,072,823.80, reflecting an increase of approximately 2.9%[85]. Operational Highlights - The total electricity generation for the company was 8.679 billion kWh, with a year-on-year increase of 34.49% due to the acquisition of the Panji Power Company[25]. - The company's coal transportation volume was 24.97 million tons, showing a slight decrease of 0.12% year-on-year, primarily due to safety incidents at the controlling shareholder's coal mines[25]. - The sales volume of the company's coal blending business reached 15.61 million tons, marking a historical high for the same period, with a year-on-year increase of 33.08%[25]. - The company's electricity sales volume completed was 6.319 billion kWh, reflecting a year-on-year increase of 34.25%[25]. - The total power generation for the first half of 2024 reached 867,916.04 million kWh, representing a year-on-year increase of 27.81%[38]. Environmental and Safety Performance - The company has maintained a stable safety and environmental performance, with no significant accidents reported in the first half of 2024[25]. - The company has completed environmental impact assessments and obtained approval for ultra-low emission projects at all major power plants, including Guqiao and Pan San Power Plants[47]. - The company has established and is operating pollution prevention facilities at all power plants, with good operational status reported[45][46]. - The company reported sulfur dioxide emissions at Guqiao Power Plant at a concentration of 13.95 mg/m³, totaling 182.78 tons[44]. - The company reported nitrogen oxide emissions at Pan San Power Plant at a concentration of 34.54 mg/m³, totaling 87.91 tons[44]. Corporate Governance and Management - The board of directors confirmed that all members attended the board meeting, ensuring the authenticity and completeness of the financial report[3]. - The company is actively enhancing its risk management framework, focusing on compliance and internal control measures to mitigate potential risks[26]. - The company has established a long-term commitment to uphold its operational independence and protect shareholder interests[54]. - The company has appointed Yu Ridong as the new employee representative supervisor on January 22, 2024, to serve until November 14, 2026[42]. - The company received resignation letters from Vice General Manager Zhou Jieyan and employee representative supervisor Ma Guixiang on January 22, 2024, effective immediately[42]. Related Party Transactions - The company reported a significant related party transaction with Huainan Mining Group, with an expected amount of ¥6,209,940,000 and an actual amount of ¥2,658,163,077.65[61]. - The company engaged in related party transactions for purchasing fuel and power from Huaihe Energy Power Group, with an expected amount of ¥1,500,000,000 and an actual amount of ¥652,667,141.19[61]. - The company has a related party transaction with Huainan Mining Group Financial Co., with a loan amount of ¥230,000,000 and an actual amount of ¥18,313,000[62]. - The company has no significant changes in the audit opinion from the previous annual report[61]. - The company has no major litigation or arbitration matters during the reporting period[61]. Research and Development - Research and development expenses increased by 18.13% to ¥138,786,301.38, up from ¥117,483,884.65, indicating a focus on innovation[28]. - The company recognizes research and development expenses, including personnel costs, direct input costs, and depreciation, ensuring accurate allocation between R&D and operational expenses[145]. Cash Flow and Financing - The company reported a net cash increase of CNY 148,669,611.28 for the period, compared to CNY 207,872,065.49 in the same period last year[95]. - The ending balance of cash and cash equivalents was CNY 2,615,501,557.24, slightly down from CNY 2,644,240,194.67 at the end of the first half of 2023[95]. - The company distributed dividends totaling CNY 472,695,700.61, a significant increase from CNY 6,086,625.00 in the previous year[98]. - The company has completed the first phase of share repurchase, selling 38,860,900 shares, which is approximately 1.00% of the total share capital[73]. - The company plans to distribute a cash dividend of 1.20 CNY per 10 shares, totaling approximately 466.35 million CNY, which represents 55.54% of the net profit attributable to shareholders for 2023[74].

证券代码：600575 证券简称：淮河能源 公告编号：临 2024-037 淮河能源（集团）股份有限公司 第八届董事会第八次会议决议公告 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。 表决情况：同意 8 票，反对票 0 票，弃权票 0 票，回避票 0 票。 二、审议通过了《关于淮南矿业集团财务有限公司通过公司风险评估的议案》 根据《公司与淮南矿业集团财务有限公司关联交易的资金风险防范制度》，公司对 淮南矿业集团财务有限公司（以下简称"财务公司"）的经营资质、业务和风险状况进 行了评估，并出具了《关于淮南矿业集团财务有限公司 2024 年半年度风险评估的报告》 （详见上海证券交易所网站 http://www.sse.com.cn）。 经审核，公司认为，财务公司具有合法有效的《金融许可证》《企业法人营业执照》， 建立了较为完整合理的内部控制制度，能较好地控制风险，不存在违反《企业集团财 务公司管理办法》规定的情况，资产负债比例等符合相关监管规定要求，财务公司符 合《公司与淮南矿业集团财务有限公司关联交易的资金风险防范制度》的要求 ...

关于淮南矿业集团财务有限公司 2024 年半年度风险评估的报告 为有效防范、及时控制和化解淮河能源（集团）股份有限公 司（以下简称"公司"或"上市公司"）及所属控股子公司在控 股股东淮南矿业（集团）有限责任公司（以下简称"淮南矿业"） 控股的淮南矿业集团财务有限公司（以下简称"财务公司"）存 款的风险，保证资金的独立性、安全性、流动性、盈利性，根据 《公司与淮南矿业集团财务有限公司关联交易的资金风险防范 制度》等有关文件规定，公司对财务公司进行了风险评估，具体 情况如下： 一、财务公司基本情况 财务公司是经原中国银行业监督管理委员会《关于核准淮南 矿业集团财务有限公司开业的批复》（银监复[2007]353 号）批 准，于 2007 年 9 月由淮南矿业投资设立的非银行金融机构，注 册资本 30,000 万元。2008 年 8 月，根据财务公司董事会决议和 修改后的财务公司章程规定，财务公司申请增加注册资本70,000 万元，变更后的注册资本为 100,000 万元，其中：淮南矿业出资 91,500 万元，占注册资本的 91.50%；淮南东辰集团有限责任公 司出资 5,000 万元，占注册资本的 5.00%；淮 ...

一、审议通过了《淮河能源（集团）股份有限公司 2024 年半年度报告》全文 及其摘要 根据《证券法》等相关规定，公司监事会对董事会编制的 2024 年半年度报告 发表如下审核意见： 1、半年报的编制和审议程序符合法律、法规、《公司章程》和公司内部管理 制度的各项规定； 证券代码：600575 证券简称：淮河能源 公告编号：临 2024-038 淮河能源（集团）股份有限公司 第八届监事会第五次会议决议公告 本公司监事会及全体监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。 淮河能源（集团）股份有限公司（以下简称"公司"）第八届监事会第五次 会议于 2024 年 8 月 27 日在公司二楼二号会议室召开，会议通知于 2024 年 8 月 16 日以电子邮件的形式向全体监事发出。会议应出席监事 5 人，实际出席 5 人，公 司董事会秘书马进华列席了会议。会议由监事会主席施夕友主持，会议的召开符 合《公司法》和《公司章程》的规定。会议审议并以书面记名表决的方式通过了 如下决议： 第 1 页 共 1 页 特此公告。 淮河能源（集团）股份有限公司监事会 20 ...

Investment Rating - The report assigns an "Increase" rating for the company, indicating a positive outlook for the stock's performance in the next 6-12 months [2][38][134]. Core Insights - The company, Huaihe Energy, is positioned as a leader in the coal and electricity integration sector in Anhui Province, benefiting from low-cost power generation and strong growth potential [2][4]. - The company has a robust operational structure with significant contributions from logistics, coal, and electricity sectors, with logistics trade accounting for approximately 67% of revenue [2][47]. - The integration of coal and electricity operations provides a competitive edge, with stable coal supply from its own mines, leading to lower costs and improved profitability [4][69]. Summary by Sections Company Overview - Huaihe Energy has evolved from a logistics company to a comprehensive energy provider, with significant investments in coal and electricity generation [2][43]. - The company has a total installed capacity of 4,910 MW, with plans to increase this to 7,550 MW through the addition of new power plants [2][4]. Financial Performance - The company reported a net profit of 840 million yuan in 2023, a 142% increase year-on-year, with earnings per share rising to 0.22 yuan [2][27]. - Revenue projections for 2024-2026 are estimated at 28.003 billion yuan, 28.401 billion yuan, and 33.842 billion yuan, respectively, with corresponding net profits of 1.047 billion yuan, 1.137 billion yuan, and 2.022 billion yuan [2][38]. Growth Drivers - The company benefits from a strong coal supply from its parent company, Huainan Mining, which has a coal production capacity of 77.9 million tons per year [2][88]. - The construction of new power plants, including the Panji Phase II and Xieqiao plants, is expected to significantly enhance the company's revenue and profit margins [2][14][79]. Market Conditions - The electricity demand in Anhui Province remains high, with coal-fired power generation being the primary source of energy, providing a favorable environment for the company's growth [2][83]. - The stable pricing of coal under long-term contracts helps maintain cost efficiency and profitability for the company [2][120]. Future Outlook - The company is expected to maintain high utilization rates for its power plants, with average annual utilization hours projected at 4,549 to 4,759 hours from 2024 to 2026 [5][99]. - The anticipated increase in installed capacity and stable coal prices are expected to drive significant revenue growth in the coming years [2][38].

淮河能源专场交流 20240710 通过多次收购和资产重组，控股股东变更为淮南矿业，实际控制人为安徽省国资委。 2019 年 5 月，公司成为安徽省港口运营集团的第二大股东。 公司股权结构中，淮南矿业及其一致行动人上海矿共持有公司 60.327%股份。 二、业务运营与财务数据 煤炭贸易业务由华通电缆公司及电缆芜湖公司负责，为安徽省最大煤炭贸易商。 近三年营收和毛利呈稳步增长，2023 年电力业务毛利占比同比提升 19.48 个百分点。 2024 年预计总收入 283.6 亿元，利润总额 10.8 亿元，净利润 9.2 亿元。 控股股东在建的煤电机组包括潘集电厂二期、四桥电厂、苏河电厂 4 期等，预计未 来陆续投产。 四、季度业绩与市场展望 公司电力业务定价依据长协价格，电厂全部由控股股东保供。 潘金莲电厂一期度电煤耗约为 280 克，度电利润近 7 分钱。 Q1: 公司二季度业绩为何回落，下半年展望如何？ A2: 目前，公司控股股东的煤炭资源中，仅煤电资产有可能注入上市公司，煤矿由 于不满足整体上市条件，暂时不会注入。 A4: 公司计划通过收购和建设来扩大电厂资产，包括已从中国电力收购的电厂和计 划建设的超高 ...

那今天也很荣幸我们邀请到了这个怀国能源的领导董立麻总还有正代黄总来跟大家交流一下喂麻总黄总您好你好 你好 我就先代表投资者简单问一下咱们公司上半年包括我们像发电业务之后还有我们各个业务的一个经营情况能不能先请马总简单介绍一下海伦 我在外边接电话你来给大家介绍一下好的 好 我跟大家简单介绍一下我们公司上半年的一个相应的一个情况我们公司这个一个业绩就刚才王总已经介绍了我主要介绍一下我们经营情况就是累计的我们全资以及控股的电厂今年上半年累计完成的发电量是86.79亿栋全资攀极电厂富桥电厂以及攀山电厂上半年累计完成了 54.8然后控股的怀货煤电前期电厂17上半年累计完成了一个31.99亿度然后那个怀货煤电我们那个经济煤矿的那个原煤产量上面是263.85万吨商品煤产量是216.72万吨受电工程的交易电量是63.19亿度 然后直轴货运量铁云公司的直轴货运量是2797万吨完成了一个就是煤炭贸易量的退煤业务量是1561万吨对主要是是这样的一个因子的完整情况明白明白那我先就咱们的这个发电业务简单再问一下就包括我们这个电价想问一下咱们今年上半年的电价相比于去年有没有什么变化 包括今年其实咱们的业绩增长幅度还是比较大我想问一下这里 ...

那今天也很荣幸我们邀请到了这个怀国能源的领导董立 马总还有正代 黄总来跟大家交流一下喂 马总 黄总 你好你好 珊珊 你好 我就先代表投资者简单问一下咱们公司上半年包括我们像发电业务之后还有我们各个业务的一个经营情况能不能先请马总简单介绍一下海伦 我在外边接电话你来给大家介绍一下好的 好 我跟大家简单介绍一下我们公司上半年的一个情况我们公司这个一个业绩就刚才王总已经介绍了我主要介绍一下我们经营情况就是累计的我们全资以及控股的电厂今年上半年累计完成的发电量是86.79亿栋全资攀极电厂布桥电厂以及攀山电厂上半年累计完成了 54.8然后控股的怀货煤电全球电厂17上半年累计完成了一个31.99亿度然后那个怀货煤电我们那个经济煤矿原煤产量上半年是263.85万吨商品煤产量是216.72万吨受电供应的交易电量是63.19亿度 然后铁路货运量铁云公司的铁路货运量是2497万吨完成了一个就是煤炭贸易量的配煤业务量是1561万吨对主要是这样的一个因子的完整情况明白明白那我先就咱们的这个发电业务简单再问一下就包括我们这个电价想问一下咱们今年上半年的电价相比于去年有没有什么变化 包括今年其实咱们的业绩增长幅度还是比较大我想问一下这里 ...

期 | --- | --- | |-------------------------|--------------------------------------| | | 公司快报 \n证券研究报告 \n物流综合 | | 投资评级 | 买入 -A | | | 维持评级 | | 6 个月目标价 | 4.20 元 | | 股价 (2024-07-08) 3.73 | 元 | | 交易数据 | | | 总市值(百万元 | ) 14,495.75 | | 流通市值(百万元 | ) 14,495.75 | | 总股本(百万股 | ) 3,886.26 | | 流通股本(百万股 | ) 3,886.26 | | 12 个月价格区间 | 2.21/3.93 元 | zhouzhe1@essence.com.cn 本报告仅供 Choice 东方财富 使用，请勿传阅。 数据来源：Wind 资讯，国投证券研究中心预测 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 3 本报告署名分析师声明，本人具有中国证券业协会授予的证券投资咨询执业资格，勤勉尽 责、诚实守信。本人对本报告的内容和观点负责，保证信息来源合法合规、 ...