淮北矿业控股股份有限公司 公开发行可转换公司债券 受托管理事务报告 （2023 年度） 债券受托管理人 （安徽省合肥市梅山路 18 号） 二〇二四年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）《淮 北矿业控股股份有限公司公开发行可转换公司债券之受托管理协议》（以下简称 "《受托管理协议》"）《淮北矿业控股股份有限公司公开发行可转换公司债券募集 说明书》（以下简称"《募集说明书》"）《淮北矿业控股股份有限公司 2023 年年度 报告》等相关公开信息披露文件、第三方中介机构出具的专业意见等，由本期债券受 托管理人国元证券股份有限公司（以下简称"国元证券"）编制。国元证券对本报告 中所包含的从上述文件中引述内容和信息未进行独立验证，也不就该等引述内容和信 息的真实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事宜 做出独立判断，而不应将本报告中的任何内容据以作为国元证券所作的承诺或声明。 在任何情况下，投资者依据本报告所进行的任何作为或不作为，国元证券不承担任何 责任。 1 | 重要声明 1 | | | -- ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1][4]. Core Views - The report highlights that the coal business remains stable, while the chemical business is dragging down overall performance. The company has achieved significant cost reductions, which have improved gross margins despite a decline in both sales volume and price [4][6]. - The company is expected to see growth in profits from ongoing projects, particularly in coal and chemical sectors, with a focus on upgrading and diversifying its operations [4][6]. Summary by Relevant Sections Financial Performance - In Q1 2024, the company reported a revenue of 17.32 billion yuan and a net profit of 1.59 billion yuan, reflecting a year-on-year decline of 8.8% and 24.7% respectively due to falling coal sales volume and prices [4][5]. - The coal sales volume decreased by 7.7% to 5.24 million tons, while external sales dropped by 21.1% to 4.03 million tons. The average selling price of coal was 1,176 yuan per ton, down 15.2% year-on-year [4][5]. Business Segments - The report indicates that the coking business saw improved profitability in Q1 2024, with production and sales of 0.88 million tons, while the ethanol project is expected to contribute profits in the future [4][6]. - The company has several ongoing projects, including a 2×660MW coal-fired power generation project in Anhui with an expected annual profit of 196 million yuan upon completion [4][6]. Profit Forecast and Valuation - The company is projected to achieve net profits of 6.32 billion yuan, 7.73 billion yuan, and 8.35 billion yuan for the years 2024 to 2026, with corresponding EPS of 2.35, 2.87, and 3.10 yuan [4][8]. - Based on comparable company valuations, a PE ratio of 9 to 10 times is applied for 2024, leading to a reasonable value range of 21.11 to 23.45 yuan per share [4][8].

每股分配比例 股票代码：600985 股票简称：淮北矿业 公告编号：临 2024-041 淮北矿业控股股份有限公司 2023 年年度权益分派实施公告 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： A 股每股现金红利 1.00 元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/6/6 | － | 2024/6/7 | 2024/6/7 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 4 月 26 日的 2023 年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 《公司 2023 年度利润分配方案》已经公司第九届董事会第二十三次会议、2023 年年度股 东大会审 ...

[Table_Page] 季报点评|煤炭开采 证券研究报告 [淮Table_北Title] 矿业（600985.SH） [公Tab司le_I评nve级st] 买入 当前价格 19.24元 Q1业绩稳健性优于同行，中长期煤电化有望多点开花 合理价值 21.8元 前次评级 买入 [Table_Summary] 核心观点： 报告日期 2024-05-06  Q1 业绩表现符合预期，稳健性优于同行。公司发布一季报，Q1 归母 [相Tab对le_P市icQ场uote表] 现 净利润15.9亿元，同比-24.7%/环比+36.4%；扣非归母净利润15.7亿 元，同比-24.6%/环比+55.9%。虽然受信湖矿透水事故影响，Q1公司 62% 产量同比下降，销售均价也有下滑，但成本费用控制较好。 45% 28%  Q1 商品煤销量环比持平，售价环比上涨 15%，煤炭业务毛利环比小 12% 幅增长。根据经营数据公告，Q1商品煤产量524万吨，同比-7.7%/环 -5%05/23 07/23 09/23 10/23 12/23 02/24 04/24 比+0.2%；商品煤销量 403 万吨，同比-21.1%/环比-0.2%； ...

股 票 研 究 [Table_industryInfo] 煤炭/能源 [ Table_Main[淮ITnaf 北bol]e 矿_Ti业tle]( 600985) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩符合预期，焦煤中的成长股 目标价格： 23.76 上次预测： 23.76 公 ——2024年一季报点评 当前价格： 18.65 司 黄涛(分析师) 2024.04.30 更 021-38674879 [交Ta易bl数e_M据a rket] 新 huangtao@gtjas.com 证书编号 S0880515090001 52周内股价区间（元） 11.06-20.39 报 总市值（百万元） 50,229 告 本报告导读： 总股本/流通A股（百万股） 2,693/2,693 流通 B股/H股（百万股） 0/0 煤炭业务产销下滑，Q3有望迎来恢复增长；焦炭业务Q1预计持平，乙醇业务24年 流通股比例 100% 已经开始贡献增量，24-26年可能持续有产业增量；分红2024年后依然有提升空间。 日均成交量（百万股） 29.15 投资要点： 日均成交值（百万元） 525.97 [维Ta持ble“ ...

Investment Rating - The report maintains a "Buy" rating for Huaibei Mining (600985 SH) [1][3] Core Views - Huaibei Mining's Q1 2024 performance shows marginal improvement, with expectations for continued growth in the future [1] - The company is a major coking coal producer in East China with rich resource reserves, high-quality coking coal, and significant regional advantages [2] - Huaibei Mining is deepening its business layout and promoting the integration of coal and coal chemical industry chains [3] - The company's ongoing projects are progressing steadily, with potential for further capacity expansion [3] Financial Performance - Q1 2024 revenue was RMB 17 322 billion, down 8 8% YoY and 3 0% QoQ [1] - Q1 2024 net profit attributable to shareholders was RMB 1 59 billion, down 24 70% YoY but up 36 3% QoQ [1] - Basic EPS for Q1 2024 was RMB 0 64, down 25 17% YoY [1] - Weighted average ROE for Q1 2024 was 4 16%, down 1 97 percentage points YoY [1] Coal Business - Q1 2024 coal sales volume was 4 0261 million tons, down 21 08% YoY [1] - Average coal selling price in Q1 2024 was RMB 1 176 per ton, down 15 2% YoY but up 14 7% QoQ [1] - Coal business revenue in Q1 2024 was RMB 4 737 billion, down 33 07% YoY [1] - Coal business gross margin in Q1 2024 was 49 6%, up 1 1 percentage points YoY [1] Coal Chemical Business - Q1 2024 coke production was 876 300 tons, up 0 15% YoY [1] - Q1 2024 methanol production was 90 500 tons, down 42 65% YoY [1] - Average coke selling price in Q1 2024 was RMB 2 311 81 per ton, down 13 78% YoY [1] Financial Projections - 2024E revenue is projected at RMB 74 242 billion, with net profit attributable to shareholders of RMB 6 548 billion [3] - 2025E revenue is projected at RMB 75 515 billion, with net profit attributable to shareholders of RMB 7 027 billion [3] - 2026E revenue is projected at RMB 77 012 billion, with net profit attributable to shareholders of RMB 7 815 billion [3] - 2024E EPS is projected at RMB 2 43, with a PE ratio of 7 4x based on the closing price of RMB 17 87 on April 26, 2024 [3] Valuation Metrics - Current market capitalization is RMB 48 12853 billion [1] - 3-month average daily trading volume is RMB 523 94 million [1] - PB ratio is projected to decrease from 1 2x in 2024E to 0 9x in 2026E [1] - EV EBITDA ratio is projected to decrease from 4 5x in 2024E to 3 2x in 2026E [5]

价跌量减业绩下滑符合预期，煤电一体延伸提升经营稳定性 淮北矿业（600985.SH）/煤 证券研究报告/公司点评 2024年4月28日 炭 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：17.87元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 69,062 73,387 74,775 77,571 79,574 分析师：杜冲 增长率yoy% 6% 6% 2% 4% 3% 执业证书编号：S0740522040001 净利润（百万元） 7,010 6,225 6,685 6,991 7,306 电话： 增长率yoy% 47% -11% 7.40% 4.58% 4.51% 每股收益（元） 2.60 2.31 2.48 2.60 2.71 Email：duchong@zts.com.cn 每股现金流量 6.19 4.84 5.15 -1.74 8.90 联系人：鲁昊 净资产收益率 18% 15% 14% 14% 13% 电话： P/E 6.9 7.7 7.5 7.2 6.9 P ...

总股本（万股） 269,325.87 2024 年 04 月 28 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 陈晨 S0350522110007 chenc09@ghzq.com.cn 证券分析师： 王璇 S0350523080001 wangx15@ghzq.com.cn 联系人 ： 林国松 S0350123070007 lings@ghzq.com.cn [Table_Title] 煤电联营项目启动，公司成长性再添新势力 ——淮北矿业（600985）2024 一季报点评报告 事件: 4 月 27 日，淮北矿业发布 2024 年一季报：2024 年一季度，公司实现营 业收入 173.2 亿元，同比-8.8%，归属于上市公司股东净利润 15.9 亿元， 同比-24.7%，扣非后归属于上市公司股东净利润 15.6 亿元，同比-24.6%。 投资要点: 相对沪深 300 表现 2024/04/26 煤炭业务：成本控制能力卓著，未来产量或将持续上涨。2024 年一 季度，公司实现商品煤产量 523.6 万吨，同比-7.7%，商品煤销量 402.6 万吨（外销口径，下同），同比-21.1%，销量下滑主 ...

证券研究报告 | 2024年04月28日 淮北矿业（600985.SH） 买入 焦煤价格下行拖累业绩，煤电化新项目加快推进 核心观点 公司研究·财报点评 焦煤价下行拖累业绩。2024Q1公司实现营业收入173.6亿元（-8.8%），归 煤炭·煤炭开采 母净利润15.9亿元（-24.7%），扣非归母净利润15.7亿元（-24.6%）。焦 证券分析师：樊金璐 证券分析师：胡瑞阳 煤价格下降等影响公司业绩。 010-88005330 0755-81982908 fanjinlu@guosen.com.cn huruiyang@guosen.com.cn 商品煤量价齐降，吨煤毛利下滑。2024Q1公司商品煤产量523.6万吨，同比 S0980522070002 S0980523060002 -7.7%；商品煤销量402.6万吨，同比-21.1%；商品煤平均售价1176.5元/ 基础数据 吨，同比-15.2%；吨煤成本592.7元/吨，同比-17.0%，吨煤毛利583.7元/ 投资评级 买入(维持) 合理估值 吨，同比-13.3%。 收盘价 17.87元 总市值/流通市值 48129/48129百万元 焦炭产销平稳，售 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated excellent cost control despite a decline in coal production and sales, with a focus on future growth opportunities [4] - The company is expected to benefit from ongoing projects and capacity expansions, which will contribute to revenue growth in the coming years [5] Financial Performance Summary - In Q1 2024, the company reported revenue of 17.363 billion, a year-on-year decrease of 8.8%, and a net profit of 1.59 billion, down 24.7% [4] - The coal business saw a production volume of 5.2364 million tons, a decrease of 7.73%, and sales volume of 4.0261 million tons, down 21.08% [4] - The average selling price of coal was 1,178 yuan per ton, down 15.1%, while the cost per ton was 593 yuan, down 16.92% [4] Future Growth Prospects - The company has several projects in progress, including the Inner Mongolia Taoqitu coal mine expected to start production by the end of 2025 with a designed capacity of 8 million tons per year [4] - The company is also advancing its methanol comprehensive utilization project, which is expected to begin production in June 2024 with a capacity of 600,000 tons per year [4] - A new power generation project in Huai Bei City is planned, with an estimated total investment of 5.261 billion, projected to generate an average annual profit of 196 million [4] Earnings Forecast - The company is projected to achieve revenues of 76.6 billion, 81.5 billion, and 86.9 billion for the years 2024, 2025, and 2026 respectively, with net profits of 6.4 billion, 6.5 billion, and 7.0 billion [5][6] - The earnings per share (EPS) are expected to be 2.39, 2.42, and 2.60 for the same years, with price-to-earnings (PE) ratios of 7.49, 7.37, and 6.87 [5][6]