Investment Rating - The investment rating for the company is "Buy" [2][4] Core Views - The company's performance in Q3 2024 was below expectations, with revenue of 56.669 billion yuan, a year-on-year increase of 2.04%, and a net profit attributable to shareholders of 4.139 billion yuan, a decrease of 18.17% [4] - The coal business was impacted by the Xinhu Lake mine, but production is expected to recover in the first half of 2025. The company is positioned as a growth stock in coking coal, with potential industry increments from 2024 to 2026 [3][4] Financial Summary - Q3 revenue was 19.47 billion yuan, up 6.45% year-on-year, while net profit was 1.204 billion yuan, down 18.12% year-on-year, which was below market expectations [4] - The average selling price of coal in Q3 was 1,053 yuan/ton, an increase of 27 yuan/ton year-on-year but a decrease of 59 yuan/ton quarter-on-quarter. The cost per ton was 541 yuan, which increased year-on-year and quarter-on-quarter [4] - The company produced 5.35 million tons of commercial coal in Q3, a year-on-year decrease of 1%, and sold 3.84 million tons, a decrease of 3% [4] Business Segments - The coking business negatively affected performance, with Q3 production of 950,000 tons, down 40,000 tons year-on-year, and sales of 890,000 tons, down 120,000 tons year-on-year. The average selling price for coking coal was 1,843 yuan/ton, a decrease of nearly 500 yuan/ton year-on-year [4] - The company officially launched its ethanol production project, contributing to performance growth. In Q3, ethanol production was 148,000 tons, with sales of 147,000 tons and an average selling price of 5,222 yuan/ton, significantly enhancing profitability compared to methanol products [4] Future Outlook - The company has plans to accelerate the construction of various chemical projects, including a 60,000-ton ethanol project that commenced production in the first half of 2024, and additional projects in the pipeline [4] - The company is expected to complete the construction of a 2×660MW ultra-supercritical coal-fired power generation unit by the end of 2025, which will contribute to capacity growth [4]

Investment Rating - The investment rating for Huabei Mining (600985) is "Buy," maintaining the previous rating of "Buy" [1]. Core Views - The report highlights that the company's performance is under short-term pressure due to declining prices and sales volumes, but future growth is expected through supply chain enhancements and strategic investments [3][4]. - The coal business maintains a high gross margin, indicating operational stability despite a decrease in production and sales volumes [1][3]. - The company is actively pursuing a strong chain extension strategy, which includes increasing coal production capacity and expanding into renewable energy projects [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 566.69 billion yuan, a year-on-year increase of 2.04%, and a net profit attributable to shareholders of 41.39 billion yuan, a year-on-year decrease of 18.17% [1]. - The operating cash flow for the same period was 77.89 billion yuan, up 4.74% year-on-year, while the basic earnings per share were 1.58 yuan, down 22.55% year-on-year [1]. - The gross margin for the coal business was 50.02% for the first three quarters of 2024, reflecting a year-on-year increase of 2.1 percentage points [3]. Production and Sales Summary - In the first three quarters of 2024, the company produced 15.67 million tons of commodity coal, a decrease of 6.43% year-on-year, with sales of 11.88 million tons, down 13.90% year-on-year [1][3]. - The average selling price of commodity coal for the first three quarters was 1,115 yuan per ton, a decrease of 7.03% year-on-year [1][3]. - The company also reported a decline in coke production and sales, with a focus on expanding its chemical production capabilities [3]. Future Outlook - The company is expected to see long-term growth driven by its strategic initiatives in coal production, renewable energy projects, and chemical industry upgrades [3][4]. - Profit forecasts for 2024-2026 are projected at 54.86 billion, 70.64 billion, and 80.30 billion yuan, respectively, with corresponding earnings per share of 2.04, 2.62, and 2.98 yuan [4].

Investment Rating - The report maintains a "Buy" rating for Huabei Mining (600985.SH) [1] Core Views - The company has achieved basic production capacity for anhydrous ethanol, but Q3 coal price decline has pressured performance [1] - The report anticipates a gradual improvement in production and sales, with a focus on the long-term growth potential of the company due to the increasing value-added in the industrial chain [1] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company reported operating revenue of 56.786 billion yuan, a year-on-year increase of 1.96%, while net profit attributable to shareholders was 4.139 billion yuan, a decrease of 18.17% year-on-year [1] - In Q3 2024, the company achieved operating revenue of 19.470 billion yuan, a year-on-year increase of 6.45%, but a quarter-on-quarter decrease of 2.42% [1] - The report projects operating revenues for 2024-2026 to be 69.048 billion, 71.524 billion, and 73.337 billion yuan respectively, with net profits of 5.010 billion, 5.393 billion, and 5.679 billion yuan [1] Production and Sales - In Q3 2024, the company’s coal production was 4.36 million tons, a year-on-year increase of 3.30%, while coal sales reached 4.36 million tons, a year-on-year increase of 9.50% [1] - The average coal price in Q3 was 1,115 yuan per ton, with a gross profit of 558 yuan per ton, reflecting a year-on-year decrease [1] Valuation Metrics - The report provides a projected P/E ratio of 8.3 for 2024, 7.7 for 2025, and 7.3 for 2026, indicating a relatively low valuation compared to historical levels [1] - The projected P/B ratio is 1.0 for 2024, and 0.9 for both 2025 and 2026, suggesting potential undervaluation [1] Cash Flow and Financial Health - The company’s cash flow from operating activities is projected to be 11.418 billion yuan in 2024, down from 13.031 billion yuan in 2023 [2] - The report indicates a decrease in net profit margins, with projections of 6.9% for 2024 and 7.2% for 2025 [2]

Investment Rating - The report maintains a "Recommended" rating for Huabei Mining (600985.SH) with a current price of 15.42 CNY [4]. Core Views - The company reported a revenue of 56.669 billion CNY for the first three quarters of 2024, a year-on-year increase of 2.04%, while the net profit attributable to shareholders decreased by 18.17% to 4.139 billion CNY [1]. - In Q3 2024, the company achieved a revenue of 19.433 billion CNY, a year-on-year increase of 6.55%, but a quarter-on-quarter decrease of 2.41% [1]. - The report highlights that the coal production and sales volumes have decreased, with the average selling price of coal also declining [1][2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company produced 15.6704 million tons of coal, a decrease of 6.4% year-on-year, and sold 11.8783 million tons, down 13.9% year-on-year [1]. - The average selling price of coal was 1,114.7 CNY per ton, down 7.0% year-on-year, while the cost per ton was 557.1 CNY, down 10.8% year-on-year [1]. - The gross profit margin for the coal business was 50.0%, an increase of 2.1 percentage points year-on-year [1]. Business Segments - In Q3 2024, the company’s coke production was 0.9544 million tons, with a year-on-year decrease of 4.4% and a quarter-on-quarter increase of 16.1% [2]. - Ethanol production saw a significant increase, with production rising by 96.0% and sales increasing by 130.8% in Q3 2024 [2]. - The report notes that ongoing projects, particularly in ethanol production, are expected to become new profit growth points [2]. Future Outlook - The company’s net profit forecasts for 2024, 2025, and 2026 are 4.660 billion CNY, 4.632 billion CNY, and 5.728 billion CNY, respectively, with corresponding EPS of 1.73 CNY, 1.72 CNY, and 2.13 CNY [3][5]. - The report anticipates a PE ratio of 9 for 2024, indicating a favorable valuation compared to historical performance [3][5].

Investment Rating - The investment rating for the company is maintained at "Buy" [2] Core Views - The report highlights that Q3 coal volume and price declines have negatively impacted performance, but there is potential for growth in coal mining and coal chemical sectors [2] - The company reported a revenue of 56.67 billion yuan for the first three quarters of 2024, a year-on-year increase of 2%, while the net profit attributable to shareholders decreased by 18.2% to 4.14 billion yuan [2] - The report anticipates a downward revision in profit forecasts for 2024-2026 due to falling coal prices, projecting net profits of 5.43 billion, 6.30 billion, and 6.64 billion yuan for those years, respectively [2] Financial Summary - For Q3 2024, the company achieved a revenue of 19.47 billion yuan, a quarter-on-quarter decrease of 2.4%, and a net profit of 1.20 billion yuan, down 10.5% from the previous quarter [2] - The average selling price of coal for the first three quarters was 1,114.7 yuan per ton, a year-on-year decrease of 7%, with Q3 price at 1,052.7 yuan per ton, down 5.3% quarter-on-quarter [2] - The company’s coal production and sales for the first three quarters were 15.67 million and 11.88 million tons, respectively, reflecting a year-on-year decline of 6.4% and 13.9% [2] Growth Potential - The report emphasizes the high growth potential of the company's coal mining operations and the expected contribution from coal chemical projects, including a 600,000-ton anhydrous ethanol project that has entered trial production [2] - The Inner Mongolia 8 million tons/year Taohe coal mine is expected to be completed by the end of 2025, which will enhance production capacity [2] Valuation Metrics - The current stock price is 15.42 yuan, with a market capitalization of 41.53 billion yuan [3] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.02, 2.34, and 2.46 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 7.7, 6.6, and 6.3 [2][3]

Investment Rating - The report maintains a "Buy" rating for HuaiBei Mining [5] Core Views - The company's performance has been impacted by declining sales and prices, but growth potential remains evident [1][3] - The company reported a net profit of 4.139 billion yuan for the first three quarters of 2024, a decrease of 18.17% year-on-year, while revenue increased by 1.96% to 56.786 billion yuan [1] - In Q3 2024, the net profit was 1.204 billion yuan, down 18.12% year-on-year, with revenue rising by 6.45% to 19.47 billion yuan [1] Summary by Sections Sales and Production - For Q1-Q3 2024, the company produced 15.67 million tons of commodity coal, a decrease of 6.4% year-on-year, with sales of 11.88 million tons, down 13.9% [2] - In Q3 2024, commodity coal production was 5.35 million tons, down 1.4% year-on-year, while sales were 3.85 million tons, down 3.4% [2] Pricing and Costs - The average selling price of coal for Q1-Q3 2024 was 1,115 yuan per ton, down 7.0% year-on-year, while the cost was 557 yuan per ton, down 10.8% [2] - In Q3 2024, the coal selling price was 1,053 yuan per ton, up 2.7% year-on-year, but down 5.3% from the previous quarter [2] Product Performance - In Q3 2024, the company produced 95,000 tons of coke, down 4.4% year-on-year, with a selling price of 1,843 yuan per ton, down 8.4% [3] - Methanol production increased by 16.1% year-on-year to 126,000 tons, while ethanol production was 148,000 tons, contributing positively to performance [3] Future Growth - The company is expanding its production capabilities with new projects, including a 2×660MW supercritical power generation unit and several non-coal mines expected to be operational by the end of 2024 [3] - Forecasted net profits for 2024 to 2026 are 5.3 billion yuan, 5.97 billion yuan, and 6.5 billion yuan, respectively, with corresponding P/E ratios of 7.8X, 7.0X, and 6.4X [3][4]

证券代码：600985 证券简称：淮北矿业 公告编号：临 2024-062 淮北矿业控股股份有限公司 二、煤化工产品的产量、销量及收入实现情况 | 主要产品 | 经营指标 | 单位 | 2024 年 1-9 | 月 | 2023 年 1-9 | 月 变动比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | 焦炭 | 产量 | 万吨 | 265.27 | | 272.80 | | -2.76 | | | 销售量 | 万吨 | 259.39 | | 271.55 | | -4.48 | | | 销售收入 | 万元 | 526,500.48 | | 633,768.40 | | -16.93 | | | 平均售价（不含税） | 元/吨 | 2,029.79 | | 2,333.93 | | -13.03 | | 甲醇 | 产量 | 万吨 | 28.67 | 35.65 | -19.58 | | --- | --- | --- | --- | --- | --- | | | 销售量 | 万吨 | 15.76 | 35.61 | -55.74 | | ...

股票代码：600985 股票简称：淮北矿业 编号：临 2024—061 淮北矿业控股股份有限公司 关于全资子公司吸收合并其下属公司的公告 该事项已经公司第十届董事会第二次会议审议通过。根据《上海证券交易所 股票上市规则》等相关法律法规、规范性文件及《公司章程》有关规定，该事项 在董事会权限内，无需提交股东大会审议。本次吸收合并不构成关联交易和《上 市公司重大资产重组管理办法》规定的重大资产重组情形。 一、合并双方基本情况 （一）合并方情况 1.公司名称：淮北矿业股份有限公司 2.统一社会信用代码：91340600733033942R 1 3.成立日期：2001 年 11 月 26 日 4.注册地址：安徽省淮北市相山区人民中路 276 号 5.法定代表人：孙方 6.注册资本：675,107 万元 7.企业类型：股份有限公司 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。 为进一步优化公司管理架构，压缩管理层级，提高运营效率，公司全资子公 司淮北矿业股份有限公司（下称"淮矿股份"）拟吸收合并其全资子公司淮北青 东煤业有限公司（下称 ...

Financial Performance - Operating revenue for Q3 2024 reached ¥19,433,072,182.16, an increase of 6.55% compared to the same period last year[2]. - Net profit attributable to shareholders was ¥1,203,958,505.68, a decrease of 18.12% year-on-year[2]. - Basic earnings per share for the quarter was ¥0.45, down 23.73% from the previous year[3]. - Total operating revenue for the first three quarters of 2024 reached CNY 56,785,931,751.93, an increase from CNY 55,695,581,209.89 in the same period of 2023, representing a growth of approximately 1.96%[17]. - Operating costs for the first three quarters of 2024 amounted to CNY 52,254,045,046.87, compared to CNY 50,197,082,676.43 in 2023, reflecting an increase of about 4.09%[17]. - The net profit for the third quarter of 2024 was CNY 3,960,929,403.30, a decrease of 17.83% compared to CNY 4,820,964,969.98 in the same period of 2023[18]. - Operating profit for the third quarter of 2024 was CNY 4,763,747,321.57, down from CNY 5,678,711,081.81 in the previous year, reflecting a decline of 16.09%[18]. - Net profit for the first three quarters of 2024 was CNY 75,423,043.33, compared to CNY 76,590,580.69 in the same period of 2023, a decrease of approximately 1.5%[25]. - Operating profit for Q3 2024 was CNY 75,423,043.33, slightly down from CNY 76,590,580.69 in Q3 2023, indicating a decline of about 1.5%[25]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥89,524,881,831.25, reflecting a 2.91% increase from the end of the previous year[3]. - The company's total assets as of the end of Q3 2024 were CNY 89,524,881,831.25, compared to CNY 86,990,949,390.42 at the end of Q3 2023, marking an increase of about 2.77%[16]. - The total liabilities decreased to CNY 43,049,086,237.86 in Q3 2024 from CNY 45,447,171,211.01 in Q3 2023, a reduction of approximately 5.29%[15]. - Total assets decreased from CNY 25,962,611,716.20 in Q3 2023 to CNY 23,355,108,721.68 in Q3 2024, a decline of approximately 10.1%[22]. - Current assets decreased from CNY 8,713,998,330.90 in Q3 2023 to CNY 5,918,495,336.38 in Q3 2024, representing a decrease of about 32.4%[22]. - Non-current assets increased from CNY 17,248,613,385.30 in Q3 2023 to CNY 17,436,613,385.30 in Q3 2024, an increase of approximately 1.1%[22]. - Total liabilities decreased from CNY 2,880,852,353.67 in Q3 2023 to CNY 191,740.00 in Q3 2024, a significant reduction of about 93.4%[23]. Cash Flow - Cash flow from operating activities for the year-to-date was ¥7,789,008,932.08, an increase of 4.74% compared to the same period last year[3]. - Cash flow from operating activities for the first three quarters of 2024 was CNY 7,789,008,932.08, an increase from CNY 7,436,707,850.64 in the same period of 2023[19]. - The company reported a net cash outflow from investing activities of CNY -3,729,205,036.48 for the first three quarters of 2024, an improvement from CNY -4,857,485,721.31 in the same period of 2023[20]. - The net cash flow from operating activities for the first three quarters of 2024 was -256,136.88 RMB, a decrease from 7,282,739.41 RMB in the same period of 2023[26]. - The cash inflow from investment activities increased to 2,772,772,098.57 RMB in 2024, compared to 2,075,515,000.00 RMB in 2023, representing a growth of approximately 33.6%[26]. - The net cash flow from investment activities for the first three quarters of 2024 was 2,584,772,098.57 RMB, up from 1,925,515,000.00 RMB in 2023, indicating an increase of about 34.2%[26]. - The net cash flow from financing activities was -2,523,024,445.64 RMB in 2024, compared to -1,933,801,613.96 RMB in 2023, reflecting a worsening of approximately 30.5%[27]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 25,475, with the largest shareholder, HuaiBei Mining Group Co., Ltd., holding 1,603,035,295 shares, representing 59.52% of the total[8]. - The top ten shareholders include several state-owned entities, with the second-largest being Hong Kong Central Clearing Limited, holding 73,354,418 shares, or 2.72%[8]. - The total number of shares held by the top ten unrestricted shareholders is 1,603,035,295, with no shares involved in margin trading or lending[10]. - The company has not reported any changes in the status of pledged, marked, or frozen shares among its major shareholders[8]. - The company has not identified any related party relationships among its major shareholders beyond the asset management plan that constitutes concerted action[10]. Operational Insights - The company reported a significant decrease in trading financial assets, which fell to ¥1,643,657,284.90 from ¥3,207,168,518.61, a decline of about 48.8%[13]. - The company's cash and cash equivalents as of September 30, 2024, amount to ¥5,558,194,819.98, showing a slight increase from ¥5,444,574,469.07 at the end of 2023[13]. - The company reported a decrease in other receivables to CNY 5,839,211,713.01 as of September 30, 2024, down from CNY 8,696,063,542.98 at the end of 2023[21]. - Management expenses increased from CNY 701,132.08 in Q3 2023 to CNY 1,893,449.49 in Q3 2024, an increase of approximately 169.5%[25]. - Interest income decreased from CNY 66,337,495.09 in Q3 2023 to CNY 13,681,620.70 in Q3 2024, a decline of about 79.3%[25]. - Investment income remained stable at CNY 76,515,000.00 for both Q3 2023 and Q3 2024[25].

证券代码：600985 证券简称：淮北矿业 公告编号：临 2024-063 淮北矿业控股股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 投资者可于 2024 年 10 月 30 日(星期三)至 11 月 5 日(星期二)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqtzb@hbcoal.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 淮北矿业控股股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日发 布 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年前三 季度经营成果、财务状况，公司计划于 2024 年 11 月 6 日上午 9:00-10:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年前三季度的经 营成果及财务指标的具体情况与投资者进行互动 ...