2024 年公司电力业务0.9 亿元，同比+93.04%，营业成本1.05 亿元，同比+52.94%，毛利-0.14 亿元，毛 利率为-16%，同比+30.4pct。 煤价下滑致业绩承压，关注煤电一体化及高分红，维持"买入"评级 公司发布2024 年年报，2024 年公司实现营业收入69.7 亿元，同比-10.5%；实现归母净利润10.7 亿元， 同比-47.4%；实现扣非后归母净利润11.4 亿元，同比-43%。单Q4 来看，公司实现营业收入15.6 亿元， 环比+3.3%；实现归母净利润1.3 亿元，环比-31.7%，实现扣非后归母净利润1.8 亿元，环比-4.6%。考虑 到煤炭价格下滑，我们下调2025-2026 年盈利预测并新增2027 年盈利预测，预计2025-2027 年公司归母 净利润6.8/7.7/8.6 亿元（2025-2026 年前值为13.6/13.9 亿元），同比-36.8%/+13.7%/+11.2%；EPS 为 0.56/0.64/0.71 元，对应当前股价PE为15.5/13.6/12.2 倍。公司煤电成长兼具一体化布局，高分红凸显投 资价值，维持"买入"评级。 2024 年商品 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 10.24 CNY, down from the previous target of 11.71 CNY [1][12]. Core Views - The company reported a total revenue of 6.972 billion CNY for 2024, a decrease of 10.45% year-on-year, and a net profit attributable to shareholders of 1.072 billion CNY, down 47.35% year-on-year. The Q4 net profit was 127 million CNY, reflecting a significant decline of 68.41% year-on-year and 31.73% quarter-on-quarter, which aligns with expectations [12]. - The company plans to increase its production and sales volume in 2025, which is expected to enhance its performance. The original coal production is projected to reach 10.01 million tons, a 4% increase from 2024, while the sales of commercial coal are expected to rise by 10% to 8.3075 million tons [12]. - The average selling price for 2024 is estimated at 889 CNY per ton, a decrease of 103 CNY per ton year-on-year, while the sales cost is expected to rise to 558 CNY per ton, an increase of 29 CNY per ton year-on-year [12]. Financial Summary - For 2023A, the company reported a revenue of 7.786 billion CNY and a net profit of 2.036 billion CNY. The projections for 2024A show a revenue of 6.972 billion CNY and a net profit of 1.072 billion CNY, indicating a significant decline in profitability [4][14]. - The earnings per share (EPS) for 2024 is projected at 0.89 CNY, down from 1.70 CNY in 2023, with further declines expected in 2025 and 2026 [4][14]. - The company's return on equity (ROE) is expected to drop from 16.2% in 2023 to 8.7% in 2024, reflecting the impact of reduced profitability [4][14]. Market Data - The company's stock price has fluctuated between 8.26 CNY and 14.28 CNY over the past 52 weeks, with a current price of 8.63 CNY [5]. - The total market capitalization is reported at 10.356 billion CNY, with a total share count of 1.2 billion shares [5]. Future Outlook - The report anticipates that the coking coal prices have reached a bottom and may have higher upward risks in the future. The company’s long-term contracts for coking coal have seen a price drop, which is expected to impact Q1 2025 performance significantly [12]. - The company is also expanding its power generation business, including a 1000MW thermal power project and a 300MW wind power project, along with distributed photovoltaic projects [12].

恒源煤电 20250328 摘要 Q&A 恒源煤电 2024 年的业绩表现如何？ 四月份长协价格是否有变动？ 四月份长协价格预计维持在 686 至 685 元/吨之间，不会有大幅波动。市场淡季 压力较大，但随着天气回暖和项目开工，需求可能有所恢复。 对于焦煤市场的看法是什么？ 焦煤市场相对疲弱，一季度淡季压力较大，但随着政策落地和项目开工，需求 可能在六月份后有所回升。四五月份焦炭价格预计维持当前水平，不会有大幅 波动。 公司对 2025 年的煤炭成本有何展望？ 恒源煤电 2024 年生产原煤 962 万吨，同比增长 1.9%。粉煤产量 739 万吨，同 比减少 0.9%。全年销售商品煤 757 万吨，同比减少 0.6%。精煤销量占比 38.17%，同比增加 0.36 个百分点。全年平均售价 869.6 元/吨，同比下降 9.2%。 全年营业收入 66 亿元，同比减少 9.8%；成本费用 681 元/吨，同比增长 3.6%。 全年营收 70 亿元，同比减少 10.4%；利润总额 12.7 亿元，同比减少 44%；归母 净利润 10.7 亿元，同比减少 47%；每股收益 8.93 元。年度分红为每股 0.47 ...

恒源煤电 20250329 摘要 • 恒源煤电 2024 年商品煤销量 757 万吨，同比下降 0.6%，精煤销售占比提 升至 38.17%。全年商品煤平均售价 869.6 元/吨，同比下降 9.2%，导致销 售收入同比减少 9.8%至 66 亿元。完全成本上升 3.6%至 681 元/吨，营业总 收入同比减少 10.4%至 70 亿元，归母净利润同比大幅减少 47%至 4.7 亿元， 每股收益 0.893 元。 • 公司财务费用管理表现优秀，预计 2025 年将继续保持较低水平。汽车费用 摊销减少主要得益于国家煤矿开采管理政策调整，优化了资产和负债结构， 降低了开采成本。职工薪酬基本持平，预计 2025 年将控制工资总额和人均 工资增长，并对领导层薪酬进行适当调整，以实现结构性优化。 • 研发投入主要集中在煤矿安全技术攻关、智能化开采、资源回收优化、电 能环保绿色开采以及地面洗煤厂改造等方面。公司重视研发投入，通过单 独立项、专项管理等方式确保项目落地并产生效果，以响应国家科技强国 战略和安徽省国资委的考核要求。 • 公司制定了明确的降本增效目标，计划将 2025 年的三项费用控制在 11.9 亿以内，通过 ...

下调盈利预测 和目标价，维持增持评级。公司公布2024 年报，实现总营业收入69.72 亿元，同比减少 10.45%；归母净利润10.72 亿元，同比减少47.35%。其中Q4 归母净利润1.27 亿元，同比下降68.41%， 环比下降31.73%，业绩符合预期。2025 年以来煤价下跌超预期，下调公司2025~2026 年EPS 至0.64、 0.71（原1.22、1.46）元，新增2027 年EPS 为0.80 元。考虑到公司高分红，给予2025 年高于行业平均16 倍PE，下调目标价至10.24 元（原11.71），维持增持评级。 本报告导读： 2025 年计划产销量提高，有望增厚公司业绩；预计焦煤价格已触底，后续具备更高上行风险；发电业 务逐步拓展。 投资要点： 2025 年计划产销量提高，有望增厚公司业绩。1）2024 年公司原煤产量962.08 万吨，同比增加1.92%， 商品煤产量738.76 万吨，同比下降0.9%，商品煤销量757.15 万吨，同比下降0.62%。公司煤炭产销量保 持相对稳健，2025 年公司计划生产原煤1001 万吨，较2024年提高4%，销售商品煤830.75 万吨，较2 ...

丨 3月24日—3月30日丨 NO.4大地熊计提4131.23万元资产减值准备 3月28日，大地熊(688077.SH，股价23.77元，市值27.21亿元)公告称，公司2024年度计提各项资产减值 准备合计4131.23万元，其中信用减值损失256.91万元，资产减值损失3874.32万元。本次计提资产减值 准备符合《企业会计准则》和公司财务管理制度等相关规定，客观、公允地反映了公司资产状况，不会 影响公司正常经营。本次计提相应减少公司2024年度合并利润总额4131.23万元(合并利润总额未计算所 得税影响)，并相应减少报告期末所有者权益，对报告期的经营现金流没有影响。 NO.1东方材料非独立董事辞职 3月28日，东方材料（603110）(603110.SH，股价16.68元，市值33.56亿元)公告，公司非独立董事张华 林因个人原因申请辞去第六届董事会非独立董事职务。辞职后，张华林不再担任公司任何职务。 NO.2皖仪科技非独立董事辞职 3月28日，皖仪科技(688600.SH，股价16.3元，市值21.96亿元)公告，公司非独立董事卢涛因个人原因申 请辞去公司第五届董事会非独立董事职务。辞职后，卢涛不再 ...

Investment Rating - The report has downgraded the investment rating to "Cautious Recommendation" [4]. Core Views - The company reported a decline in both revenue and net profit for 2024, with revenue at 6.972 billion yuan, down 10.4% year-on-year, and net profit at 1.072 billion yuan, down 47.3% year-on-year [1][5]. - The company plans to increase its coal production to 10.01 million tons in 2025, with a target of selling 8.3075 million tons of commercial coal [2][4]. - The dividend payout ratio for 2024 is 52.61%, with a dividend of 0.27 yuan per share, resulting in a dividend yield of 5.4% based on the closing price on March 28, 2025 [2][4]. Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 1.565 billion yuan, a decrease of 14.0% quarter-on-quarter, while net profit fell by 68.4% quarter-on-quarter to 127 million yuan [1][3]. - The total coal production for 2024 was 9.6208 million tons, a slight increase of 1.9% year-on-year, while the average selling price per ton of coal decreased by 9.2% to 869.60 yuan [2][4]. Cost Management - The company managed to reduce its total expenses in Q4 2024, with a decrease of 0.58 billion yuan in total expenses, leading to a reduction in expense ratios [1][3]. Future Outlook - The company expects a decrease in coking coal prices in 2025, with projected net profits of 771 million yuan, 902 million yuan, and 1.041 billion yuan for 2025, 2026, and 2027 respectively [4][5]. - The second phase of the Qianyingzi power plant is expected to enhance the company's performance, with an estimated annual power generation of approximately 4.8 billion kWh [4].

Investment Rating - The report has downgraded the investment rating to "Cautious Recommendation" [4] Core Views - In 2024, the company reported a revenue of 6.972 billion yuan, a year-on-year decrease of 10.4%, and a net profit attributable to shareholders of 1.072 billion yuan, down 47.3% year-on-year [1][2] - The company plans to produce 10.01 million tons of raw coal and sell 8.3075 million tons of commercial coal in 2025 [2] - The company has increased its dividend payout ratio to 52.61%, with a dividend per share of 0.27 yuan, resulting in a dividend yield of 5.4% based on the closing price on March 28, 2025 [2] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.565 billion yuan, with a quarter-on-quarter decrease of 14.0% and a year-on-year decrease of 3.3% [1] - The total coal production in 2024 was 9.6208 million tons, a year-on-year increase of 1.9%, while the average selling price per ton of coal decreased by 9.2% to 869.60 yuan [2] - The gross profit from commercial coal sales was 2.375 billion yuan, down 29.3% year-on-year, with a gross margin of 36.07%, a decline of 10.0 percentage points [2] Cost Management - The company managed to reduce its total expenses in Q4 2024, with a decrease of 0.58 billion yuan in total expenses and a reduction in expense ratios across various categories [1][3] - The selling, administrative, financial, and R&D expense ratios decreased by 0.16, 0.51, 0.71, and 2.91 percentage points respectively [1] Future Outlook - The company expects a net profit attributable to shareholders of 0.771 billion yuan in 2025, with projected earnings per share (EPS) of 0.64 yuan [5] - The anticipated price for coal is expected to decline, impacting profitability in the coming years [4]

RSM 容 诚 审计报告 安徽恒源煤电股份有限公司 容诚审字[2025]230Z0575 号 容诚会计师事务所(特殊普通合伙) 中国 ·北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://w.cnmof.gov.cn）"进行 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）" 进行 ： 录 | 序号 | 内 容 | 项码 | | --- | --- | --- | | 1 | 审计报告 | 1-5 | | 2 | 合并资产负债表 | 6 | | 3 | 合并利润表 | 7 | | 4 | 合并现金流量表 | 8 | | 5 | 合并所有者权益变动表 | 9-10 | | 6 | 母公司资产负债表 | 11 | | 7 | 母公司利润表 | 12 | | 8 | 母公司现金流量表 | 13 | | 9 | 母公司所有者权益变动表 | 14-15 | | 10 | 财务报表附注 | 16 - 127 | 审计报告 容诚审字[2025]230Z0575 号 安徽恒源煤电股份有限公司全体股东: 一、审计意见 我们审计了安徽恒源煤电股份有限公 ...

您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.cn.of.gov.cn）"进行查验 "社行生"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行重点 。 " t was a state 【飞SM | 容 诚 内部控制审计报告 安徽恒源煤电股份有限公司 容诚审字[2025]230Z0576 号 容诚会计师事务所 (特殊普通合伙) 中国 · 北京 内部控制审计报告 容诚审字[2025]230Z0576 号 安徽恒源煤电股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们 审计了安徽恒源煤电股份有限公司（以下简称恒源煤电）2024 年 12 月 31 日的财 务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》《企业内部控制评 价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是恒源煤电董事 会的责任。 二、注册会计师的责任 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 (以下无正文) 我们的责任是在实施审计工作的基础上，对财务报告内 ...