Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.43 CNY per share, compared to the current price of 6.85 CNY [4]. Core Insights - The company's performance met expectations, achieving a revenue of 29.928 billion CNY in 2023, a year-on-year increase of 9.16%, and a net profit attributable to shareholders of 2.358 billion CNY, up 20.81% year-on-year [2][3]. - The company's profitability is steadily increasing, with a gross margin of 30.93% in 2023, up 0.65 percentage points year-on-year, and a net margin of 10.62%, up 1.38 percentage points year-on-year [2]. - The company has seen growth in its coal machinery orders, with a revenue increase of 15.9% in coal machinery manufacturing and a significant rise in sales volume for mining equipment [2]. - The implementation of intelligent technology has begun to yield cost reductions, as evidenced by an increase in coal production gross margin despite a decrease in coal sales volume and revenue due to falling coal prices [2]. Financial Summary - In 2023, the company reported a revenue of 29.928 billion CNY, with a growth rate of 9.2% projected for 2024 [3]. - The net profit attributable to shareholders is expected to grow to 2.842 billion CNY in 2024, reflecting a growth rate of 20.5% [3]. - The company's earnings per share (EPS) is projected to increase from 0.57 CNY in 2023 to 0.69 CNY in 2024 [3]. - The price-to-earnings (P/E) ratio is expected to decrease from 9.54 in 2023 to 9.97 in 2024, indicating a low valuation relative to earnings [3][8].

Investment Rating - The report maintains a "Buy" rating for the company [1][4][10] Core Views - The company has demonstrated stable revenue growth, with a 9.16% year-on-year increase in operating income, reaching 29.928 billion yuan in 2023. Net profit attributable to shareholders increased by 20.81% to 2.358 billion yuan [1][2][6] - The company has shown significant improvement in cash flow, with net cash flow from operating activities rising by 23.67% to 5.770 billion yuan [1][6] - The total assets of the company grew by 22.53% to 53.232 billion yuan, while net assets attributable to shareholders increased by 12.61% to 22.941 billion yuan [1][6] - The company has a strong order book, with new contracts signed in 2023 amounting to 36.99 billion yuan, indicating future growth potential [1][7] - The dividend payout ratio has increased, with a cash dividend of 2.8 yuan per 10 shares, representing 49.14% of the net profit attributable to shareholders, marking the highest dividend ratio in history [1][8] Financial Forecasts - The company is expected to maintain its earnings forecasts for 2024-2026, with projected revenues of 33.413 billion yuan, 36.473 billion yuan, and 39.869 billion yuan respectively. Net profits are forecasted to be 2.631 billion yuan, 2.918 billion yuan, and 3.188 billion yuan for the same period [10][11] - Earnings per share are projected to increase from 0.64 yuan in 2024 to 0.77 yuan in 2026 [10][11] - The company’s financial metrics indicate a stable outlook, with a projected PE ratio decreasing from 10.7 in 2024 to 8.8 in 2026, and a projected dividend yield increasing from 4.7% in 2024 to 5.7% in 2026 [11]

公 公司事件点评 司 [Table_MainI业nfo] 绩稳健增长，持续推进产业转型升级 研 ——天地科技（600582）2023 年报点评 究 分析师： 宁前羽 SAC NO： S1150522070001 2024年03月22日 [机Ta械bl设e_备An—aly—si专s] 用设备 [Table_Summary] 事件： 证券分析师 公司公告 2023 年年度报告，2023 年公司实现营业收入 299.28 亿元，同比 宁前羽 增长 9.16%；实现归属于上市公司股东的净利润 23.58 亿元，同比增长 022-23839174 20.81%；稀释每股收益为0.57元/股，同比增长20.76%。 ningqy@bhzq.com 证 [ Table_Author] 点评：  经营业绩稳健增长，盈利能力有所提升 券 [评Ta级bl：e_ Invest] 增持 2023 年公司经营业绩稳健增长，报告期实现营收 299.28 亿元，同比增长 上次评级： 增持 9.16%；实现归母净利润23.58亿元，同比增长20.81%。盈利能力方面，报 研 最新收盘价： 6.85 告期内公司毛利率、净利率分别为30.93 ...

[Table_Title] 证券研究报告 业绩持续改善彰显投资价值，分红稳步提升 公司研究 重视股东回报 [Table_ReportType] 公司点评报告 [Table_ReportDate] 2024年3月22日 [T天ab地le科_S技toc(k6A0n0d5R8an2k)] 投资评级 买入 [T事ab件le：_S 2u 0m 2m 4ar年y] 3 月 20 日，公司发布 2023 年度报告，全年实现营业收入 299亿元，同比+9.16%；实现归母净利润23.6亿元，同比+20.8%；扣非后 上次评级 买入 净利润 21.8 亿元，同比+22%；经营活动现金流量净额 57.7 亿元，同比 +23.7%；基本每股收益0.57元/股，同比+20.8%。 [T able_Author] 第四季度，公司实现营业收入80.2亿元，同比+6.2%，归母净利润3.87亿 元，同比+9.8%，单季度扣非后净利润2.73亿元，同比+11.8%。 左前明 能源行业首席分析师 执业编号：S1500518070001 点评： 联系电话：010-83326712 ➢ 盈利能力持续改善，经营质量再上台阶。盈利能力方面，23 年公 ...

Financial Performance - The company achieved operating revenue of CNY 29.93 billion in 2023, representing a year-on-year increase of 9.16%[34]. - Net profit attributable to shareholders reached CNY 2.36 billion, up 20.81% compared to the previous year[34]. - The net cash flow from operating activities was CNY 5.77 billion, reflecting a growth of 23.67% year-on-year[34]. - Total assets increased to CNY 53.23 billion, marking a 22.53% rise from the previous year[34]. - Net assets attributable to shareholders amounted to CNY 22.94 billion, which is a 12.61% increase year-on-year[34]. - Basic earnings per share rose to CNY 0.570, an increase of 20.76% compared to 2022[27]. - The weighted average return on equity improved to 10.92%, up by 1.01 percentage points from the previous year[27]. Dividend Distribution - The company plans to distribute a cash dividend of 2.8 RMB per 10 shares, totaling 1,158,804,889.76 RMB, which accounts for 49.14% of the net profit attributable to shareholders for 2023[6]. - The total number of shares for the dividend distribution is based on 4,138,588,892 shares as of December 31, 2023[6]. - The company does not plan to issue bonus shares or implement capital reserve transfers to increase share capital for the 2023 fiscal year[6]. Corporate Governance - The company’s board of directors and management have confirmed the accuracy and completeness of the annual report[4]. - The company has maintained a standard unqualified audit report from Tianzhi International Accounting Firm[5]. - The board of directors consists of 9 members, including 3 independent directors, and has established various committees to enhance governance and oversight[113]. - The company received an A-grade evaluation for its information disclosure work during the 2022-2023 period, reflecting its commitment to transparency and compliance[116]. - The company held one annual general meeting during the reporting period, ensuring compliance with legal and regulatory requirements for shareholder rights[112]. Research and Development - The company was granted 1,421 patents during the year, including 769 invention patents, enhancing its intellectual property capabilities[49]. - Research and development expenses increased by 17.59% to 2.07 billion RMB, indicating a commitment to innovation[55]. - The company has established two national key laboratories and one national enterprise technology center, strengthening its research and development foundation[49]. - The company has formed long-term stable partnerships with major state-owned coal groups, ensuring a solid customer resource base[52]. - The company has established a comprehensive research and development system for coal mine safety technology, covering all professional fields of coal mine safety technology[44]. Technological Innovation - The company focused on high-quality development and enhancing core competitiveness while creating new business growth points[34]. - The company plans to continue strengthening technological innovation and reform to maintain its industry-leading position[34]. - The company developed the world's first 10-meter ultra-high mining technology and equipment, which was tested underground in October 2023[35]. - The company has made significant advancements in clean and low-carbon technologies, including the development of a peak-shaving stabilizer for coal power units[35]. - The company is committed to promoting intelligent mining and ecological restoration technologies, establishing itself as a leader in the industry[46]. Market Expansion - The company aims to expand its market share in both coal and non-coal sectors, including international markets such as Russia, Indonesia, India, and Australia[104]. - The company plans to enhance its marketing capabilities by promoting integrated marketing models and increasing service revenue proportion[104]. - The company is considering strategic acquisitions to bolster its competitive position, with a target of completing at least two acquisitions by the end of the fiscal year[125]. - Future outlook includes a projected revenue growth of 37.5% for the next fiscal year, driven by new product launches and market expansion initiatives[125]. Safety and Compliance - The company has implemented a comprehensive safety management system, resulting in no major safety incidents or occupational disease injuries in 2023[38]. - The company is committed to improving its legal compliance risk prevention system and fostering a corporate compliance culture to address legal and regulatory uncertainties[109]. - The internal control system has been strengthened to ensure compliance and risk management, with no significant deficiencies reported during the period[155]. Environmental Responsibility - The company is committed to accelerating the green and low-carbon transition in the coal industry, aligning with national energy policies[97]. - The company invested approximately 87.04 million yuan in environmental protection during the reporting period[159]. - The company reduced carbon emissions by 40,928 tons through various carbon reduction measures[164]. - The company has actively engaged in various energy-saving and low-carbon awareness campaigns among its employees[165]. Employee Development - A total of 27,800 employees participated in 40 training programs during the reporting period, with a cumulative training of 122,200 employees across 2,743 programs[146]. - The company has established a comprehensive RAISE training system focusing on five dimensions to enhance employee skills and capabilities[147]. - The company has a comprehensive compensation and benefits system for employees, fostering a smooth career development path[118]. Strategic Partnerships - The company has established strategic partnerships with customers and suppliers to create mutual value and promote joint development[118]. - The company is involved in government and industry decision-making, contributing to ecological restoration and disaster management in mining areas[118]. Financial Management - The company reported a significant increase in cash inflow from financing activities due to external shareholder investments in subsidiaries[57]. - The total amount of related party transactions during the reporting period was 1.416 billion RMB, which did not exceed the expected amount of 2.258 billion RMB[179]. - The company and its subsidiary units received a total of 68.72 million RMB in entrusted loans from the controlling shareholder, China Coal Science and Technology Group, for project funding[185].

天地科技股份有限公司 2023 年年度利润分配预案公告 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个别及连带责任。 重要内容提示： 每股分配比例：每股派发现金红利 0.28 元（含税）。 证券代码：600582 证券简称：天地科技 公告编号：临 2024-004 号 二、公司履行的决策程序 本次利润分配以实施权益分派股权登记日登记的总股本为 基数，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟 维持分配总额不变，相应调整每股分配比例，并将另行公告具体调整 情况。 一、利润分配方案内容 经天职国际会计师事务所（特殊普通合伙）审计，截至 2023 年 12 月 31 日，天地科技股份有限公司（以下简称"公司"或"本公司"） 合并报表期末可供分配利润为 14,842,734,617.77 元人民币。经公司 第七届董事会第十二次会议、公司第七届监事会第十一次会议审议通 过，公司拟以实施权益分派股权登记日登记的总股本为基数分配利 润。本次利润分配预案如下： 1 公司拟向全体股东每 10 股派发现金红 ...

天地科技董事会提名委员会工作细则 （2024 年 3 月） 第一章 总 则 第一条 为进一步规范公司董事和高级管理人员的提名、选聘工作，根据《中 华人民共和国公司法》《上市公司治理准则》《公司章程》及其他有关规定，公司 设立董事会提名委员会，并制定本工作细则。 第二条 提名委员会是董事会的专门工作机构，主要负责拟定公司董事及高级管 理人员的选择标准和程序，对董事、高级管理人员人选及其任职资格进行遴选、审核。 第三条 本细则所称高级管理人员是指董事会聘任的总经理、副总经理、董事会 秘书、财务总监及总经理提请董事会确认的其他管理人员。 第二章 组 成 第四条 提名委员会成员由五名董事组成，其中独立董事应占多数。 第五条 提名委员会委员由董事长提名，董事会选举产生。 第六条 提名委员会设召集人一名，负责主持委员会工作，召集人由独立董事担 任。 第七条 提名委员会任期与董事会任期一致，委员任期届满，连选可连任。期间 如有委员不再担任公司董事职务，自动失去委员资格，并由委员会根据上述第四条至 第六条规定补足委员人数。 第三章 职责权限 第八条 提名委员会就下列事项向董事会提出建议： （一）提名或者任免董事； （三）法律 ...

天地科技独立董事工作制度 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主要 股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立客 观判断关系的董事。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务。独立董事应当按照 相关法律法规、《指导意见》和《公司章程》的要求，认真履行职责，在董事会中 发挥参与决策、监督制衡、专业咨询作用，维护公司整体利益，保护中小股东合法 权益。 第四条 独立董事应当独立履行职责，不受公司及公司主要股东、实际控制人 等单位或个人的影响。 第五条 独立董事原则上最多在三家境内上市公司担任独立董事，并确保有足 够的时间和精力有效地履行独立董事的职责。 第六条 公司设独立董事不低于全体董事的三分之一，其中至少有一名会计专 业人士，以会计专业人士身份被提名为独立董事候选人的，应当具备较丰富的会计 专业知识和经验，并至少符合下列条件之一： （一）具有注册会计师资格； （二）具有会计、审计或者财务管理专业的高级职称、副教授及以上职称或者 博士学位； （2024 年 3 月） 第一章 总 则 第一条 为进一步完善公司的治理结构，促进公司的规范运作，维护公司的 ...

证券代码：600582 证券简称：天地科技 公告编号：临 2024-010 号 天地科技股份有限公司 关于会计政策变更的公告 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个别及连带责任。 重要内容提示： 天地科技股份有限公司（以下简称"公司"）的本次会计政策变更 系根据中华人民共和国财政部（以下简称"财政部"）发布的《企业会 计准则解释第 16 号》（财会[2022]31 号，以下简称"《解释第 16 号》"） 相关规定进行的会计政策变更，无需提交董事会、监事会和股东大会 审议，不会对公司的财务状况、经营成果和现金流量产生重大影响。 一、本次会计政策变更情况概述 2、变更后采用的会计政策 本次会计政策变更后，公司将按照财政部发布的《解释第 16 号》 要求执行。解释如下： 对于不是企业合并、交易发生时既不影响会计利润也不影响应纳 税所得额（或可抵扣亏损）、且初始确认的资产和负债导致产生等额 应纳税暂时性差异和可抵扣暂时性差异的单项交易不适用《企业会计 准则第 18 号——所得税》第十一条（二）、第十三条关于豁免初始 确认递延所得税负债 ...

证券代码：600582 证券简称：天地科技 公告编号：临 2024－003 号 天地科技股份有限公司 第七届监事会第十一次会议决议公告 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个别及连带责任。 天地科技股份有限公司（以下简称"公司"或"本公司"）第七 届监事会第十一次会议通知于 2024 年 3 月 8 日发出。会议于 2024 年 3 月 19 日以现场方式召开。会议应参加表决监事 5 人，实际参加表 决监事 5 人。会议的召开符合有关法律法规、上市规则以及《公司章 程》的有关规定。 公司监事会主席白原平主持会议，全体监事经审议一致通过以下 决议： 一、通过《公司 2023 年度监事会工作报告》，并同意将该报告提 交公司 2023 年年度股东大会审议。 表决结果：同意 5 票、反对 0 票、弃权 0 票。 二、通过《天地科技 2023 年度财务决算报告》，并同意将该报告 提交公司 2023 年年度股东大会审议。 表决结果：同意 5 票、反对 0 票、弃权 0 票。 三、通过《公司 2023 年年度报告》及其摘要，并同意提交公司 ...