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 ...

Summary of Key Points from the Conference Call of Hengyuan Coal Power Company Overview - **Company**: Hengyuan Coal Power - **Industry**: Coal and Energy Core Financial Performance - **Coal Sales**: In 2024, total coal sales reached 7.57 million tons, a slight decrease of 0.6% year-on-year. The sales of premium coal increased to 38.17% of total sales [2][3] - **Average Selling Price**: The average selling price of coal was 869.6 RMB/ton, down 9.2% year-on-year, leading to a 9.8% decrease in sales revenue to 6.6 billion RMB [2][3] - **Total Revenue**: Total operating revenue decreased by 10.4% to 7 billion RMB, with net profit dropping significantly by 47% to 470 million RMB, resulting in earnings per share of 0.893 RMB [2][3] - **Cost Management**: Total cost per ton increased by 3.6% to 681 RMB/ton, influenced by rising operational costs [2][3] Financial Management and Cost Control - **Financial Expenses**: The company demonstrated excellent management of financial expenses, projecting continued low levels in 2025 due to no significant capital expenditures anticipated [4] - **Cost Reduction Goals**: The company aims to keep three major expenses under 1.19 billion RMB in 2025 through structural optimization and management efficiency [9] - **Accounts Receivable Management**: The reduction in accounts receivable was attributed to decreased coal sales and improved cash flow management [10] Research and Development Focus - **R&D Investments**: The company focuses on coal mine safety technology, intelligent mining, resource recovery optimization, and green mining practices. R&D is aligned with national strategies and local government requirements [7][8] Operational Challenges and Future Outlook - **Hengtai New Materials**: The subsidiary reported losses in 2024 due to capacity validation issues and market fluctuations, but is expected to recover in 2025 [11] - **Chuangyuan Power and Xinyuan Thermal Power**: These units are facing ongoing losses due to small scale and high energy consumption, with plans to exit these projects by 2025 [12][13] - **Market Conditions**: The company anticipates that coal prices will decline in 2025, but integrated projects may help maintain profit margins of 0.05 to 0.06 RMB per kWh [14] Market Dynamics - **Market Shift**: The coal market has shifted from a seller's market to a buyer's market, influenced by quality demands and supply adjustments [16] - **Cost Increases**: Rising costs in materials, manufacturing, and labor were noted, primarily due to investments in intelligent equipment and increased social security contributions [17] Future Projects and Investments - **New Energy Projects**: The company is investing in new energy projects, including distributed photovoltaic projects, which are expected to contribute to revenue growth [24][25] - **Resource Acquisition**: Plans to actively participate in resource auctions and acquire quality resources to support future growth [27] Conclusion Hengyuan Coal Power is navigating a challenging market environment with a focus on cost control, R&D, and strategic project management. The company is poised to adapt to market changes while aiming for operational efficiency and profitability in the coming years.

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 ...

安徽恒源煤电股份有限公司 2024年度独立董事述职报告 （蔡晓慧） 本人蔡晓慧，自 2023 年 4 月 26 日起担任公司第八届董事会 独立董事并提名委员会召集人。自担任公司独立董事以来，我严 格按照《公司法》《证券法》《上市公司独立董事管理办法》及《公 司章程》《恒源煤电董事会提名委员会实施细则》等有关规定和 要求，忠实、勤勉、审慎、独立地履行职责，关注公司信息，及 时了解公司的生产经营、财务、依法规范运作等情况，按时出席 公司董事会及股东大会会议，对监管要求的事项进行事先讨论及 认可，参与公司重大事项的决策并按要求发表独立意见，充分发 挥独立董事的监督及督促作用，切实维护公司整体利益以及公司 股东特别是中小股东的合法权益不受损害。现将 2024 年度履行 职责情况述职如下： 一、基本情况 （一）个人工作履历、专业背景以及兼职情况 蔡晓慧，女，1971 年 7 月出生，中共党员，法学硕士学位， 执业律师。曾任安徽财经大学法学院教师、北京大成（合肥）律 师事务所专职律师、党支部副书记。现任北京市炜衡（合肥）律 师事务所党支部副书记、负责人，兼任公司独立董事。 （二）独立性情况说明 1.作为公司的独立董事，我 ...