产销有望逐季改善，化工带来盈利增量 淮北矿业（600985.SH）/煤 炭证券研究报告/公司点评 2024 年 9 月 7 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|-------------------|--------|--------|--------------------------|--------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格 13.79 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：杜冲 | 营业收入（百万元） | 69,062 | 73,387 | 71,641 | 74,196 | 76,029 ...

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 淮北矿业（600985）公司半年报点评 2024 年 09 月 05 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | --- | |-------------------------------------------------------------|-------------|-------| | 股票数据 | | | | 09 [ Table_StockInfo 月 04 日收盘价（元） ] | 14.49 | | | 52 周股价波动（元） | 12.43-20.50 | | | 总股本 / 流通 A 股（百万股） | 2693/2693 | | | 总市值 / 流通市值（百万元） | 39025/39025 | | | 相关研究 | | | | [Table_ReportInfo] 《煤炭降本成效显著，在建项目贡献增量可 | | | | 期》 2024.06.11 | | | | 《煤炭业务稳健，化工业务亏损拖累业绩》 | | | ...

淮北矿业控股股份有限公司投资者关系活动记录表 证券代码：600985 证券简称：淮北矿业 | --- | --- | --- | |-----------------|--------------------------|--------------------------------------------------------------| | | □ | 特定对象调研 □分析师会议 | | 投资者关系 | □ 媒体采访 | 业绩说明会 | | 活动类别 | □ | 新闻发布会 □路演活动 | | | □ | 现场参观 □其他（请文字说明其他活动内容） | | 参与单位名称 | 线上投资者 | | | 及人员姓名 时间 | 2024 年 9 月 5 | 日( 星期四)上午 9:00-10:00 | | | | 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http:// | | 地点 | roadshow.sseinfo.com/ | ） | | 方式 | 上证路演中心网络文字互动 | | | 上市公司接待 | | 董事长孙方先生、财务负责人兼董事会秘书邱丹先生、独立董事 | | ...

Investment Rating - The report upgrades the investment rating of Huabei Mining to "Buy" based on expected performance improvements in coal and coal chemical businesses [8][15]. Core Views - The company reported a slight decrease in revenue and net profit for the first half of 2024, with revenue at 37.236 billion yuan, down 0.17% year-on-year, and net profit at 2.935 billion yuan, down 18.19% year-on-year [1][2]. - The coal business showed stable cost control with a slight increase in gross margin, while the ethanol project contributed positively to performance [3][8]. - The company is expected to achieve revenue growth in the coming years, with projected revenues of 73.997 billion yuan, 75.588 billion yuan, and 77.570 billion yuan for 2024, 2025, and 2026 respectively [8]. Financial Performance Summary - **Revenue**: 2022A: 69,062 million yuan, 2023A: 73,387 million yuan, 2024E: 73,997 million yuan, 2025E: 75,588 million yuan, 2026E: 77,570 million yuan [1][10]. - **Net Profit**: 2022A: 7,011 million yuan, 2023A: 6,225 million yuan, 2024E: 6,105 million yuan, 2025E: 6,663 million yuan, 2026E: 7,400 million yuan [1][10]. - **EPS**: 2022A: 2.60 yuan, 2023A: 2.31 yuan, 2024E: 2.27 yuan, 2025E: 2.47 yuan, 2026E: 2.75 yuan [1][10]. - **ROE**: 2022A: 18.8%, 2023A: 14.3%, 2024E: 13.6%, 2025E: 13.5%, 2026E: 13.6% [1][11]. Business Segment Analysis - **Coal Business**: In H1 2024, coal production was 10.3234 million tons, down 8.86% year-on-year, with sales volume at 8.0329 million tons, down 18.17% year-on-year. The average selling price per ton was 1,144.33 yuan, down 9.85% year-on-year [3][7]. - **Coal Chemical Business**: The methanol production in H1 2024 was 160,400 tons, down 35.24% year-on-year, while ethanol production was 75,500 tons, contributing positively to the overall performance [7][8]. Future Outlook - The company is expected to continue its growth trajectory with ongoing projects and a strong market position in the coal sector. The integration of coal and coal chemical businesses is anticipated to enhance profitability [8][10].

2024 年 09 月 02 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 最近一年走势 | --- | --- | --- | --- | |---------------------|-------|-------|-------------| | 相对沪深 300 | 表现 | | 2024/08/30 | | | | | | | | | | | | 市场数据 | | | 2024/08/30 | | 当前价格（元） | | | 14.46 | | 52 周价格区间（元） | | | 11.75-20.50 | | 总市值（百万） | | | 38,944.52 | | 流通市值（百万） | | | 38,944.52 | | 总股本（万股） | | | 269,325.87 | | 流通股本（万股） | | | 269,325.87 | | 日均成交额（百万） | | | 518.30 | | 近一月换手（ | %） | | 0.61 | 表现 1M 3M 12M 淮北矿业 1.8% -21.3% 27.4% 沪深 ...

公司快报 2024 年 09 月 02 日 淮北矿业(600985.SH) 证券研究报告 炼焦煤 升幅% 1M 3M 12M 相对收益 3.3 -17.9 32.9 绝对收益 1.8 -25.5 20.6 林祎楠 分析师 成本优化对冲量价双降影响，在建项目 持续推进夯实未来成长 公司发布 2024 年半年度报告：2024 年上半年公司实现营业收 入 372.36 亿元，同比-0.17%；归母净利润 29.35 亿元，同比18.19%；扣非归母净利润 28.87 亿元，同比-16.04%。分季度看， 据公司公告，2024 年第二季度公司实现营业收入 199.53 亿元， 同比+8.66%，环比+14.92%；归母净利润 13.46 亿元，同比-8.88%， 环比-15.36%；扣非归母净利润 13.22 亿元，同比-3.07%，环比15.51%。 998345847 2024H1 煤炭产销量同比下行，吨煤毛利同比微降：据公司公告， 2024 年上半年商品煤产量 1032.34 万吨（同比-8.86%），商品煤 对外销量 803.29 万吨（同比-18.17%）。外销商品煤单位价格 1144.33 元/吨（同比- ...

第一条 为规范淮北矿业控股股份有限公司(以下简称"公司")选聘、续 聘、变更会计师事务所的行为，提高财务信息质量，切实维护股东利益，根据《 中华人民共和国公司法》《中华人民共和国会计法》《国有企业、上市公司选聘 会计师事务所管理办法》及《公司章程》等有关规定，结合公司实际情况，制 定本制度。 淮北矿业控股股份有限公司 选聘会计师事务所管理制度 第一章 总则 第二条 本制度所称选聘会计师事务所，是指公司根据相关法律法规要求， 聘任会计师事务所对财务会计报告及内部控制发表审计意见、出具审计报告的行 为。公司选聘会计师事务所从事其他专项审计业务的，可以比照本制度执行。 第三条 公司聘用或解聘会计师事务所应当由董事会审计委员会（以下简称 "审计委员会"）审议同意后，提交董事会审议，并由股东大会决定。公司不得 在董事会、股东大会审议通过前聘请会计师事务所开展审计业务。 第二章 会计师事务所执业质量要求 第四条 公司选聘的会计师事务所应当具备以下条件： （一）具有独立承担民事责任的主体资格，具备国家行业主管部门和中国证 监会规定的开展证券期货相关业务所需的执业资格； （二）具有固定的工作场所、健全的组织机构和完善的内部管 ...

淮北矿业控股股份有限公司 董事会议事规则 第一章 总 则 第一条 为进一步规范淮北矿业控股股份有限公司（下称"公司"）董事会 的议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事会规范 运作和科学决策水平，根据《公司法》《证券法》《上市公司治理准则》和《上海 证券交易所股票上市规则》等法律、行政法规、规章、规范性文件及《淮北矿业 控股股份有限公司章程》（下称"《公司章程》"）等有关规定，结合公司实际情况， 制订本规则。 第二章 董事会组成及职权 第二条 公司设董事会。董事会为公司决策机构，对股东大会负责，并向其 报告工作。公司董事会由 9 至 11 名董事组成，设董事长 1 名，其中职工董事 1 人，独立董事不少于 1/3。 第三条 董事会应当在《公司法》和《公司章程》规定的职权范围内行使职 权，包括但不限于: （一）召集股东大会，并向股东大会报告工作； （二）执行股东大会的决议； （三）中长期发展决策权。制订中长期发展规划纲要、重大投资方案和培育 新业务领域； (五)职工工资分配管理权。制定工资总额管理办法，明确工资总额决定机制， 动态监测职工工资有关指标执行情况以及统筹推进公司内部收入分配制度 ...

证券代码：600985 证券简称：淮北矿业 编号：临 2024—052 淮北矿业控股股份有限公司 关于 2024 年度提质增效重回报行动方案的公告 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。 一、聚焦主业发展高质量 公司坚持"依托煤炭、延伸煤炭、超越煤炭"发展战略，以高质量发展为主 题，以绿色低碳转型为主线，因地制宜发展新质生产力，深入推进煤炭产业强链、 化工产业延链、战新产业补链工程，形成煤炭、煤电、化工、新能源、非煤矿山 等产业板块协同发展的现代化产业体系。 （一）做强煤炭产业 一是持续推进煤矿智能化建设，2024 年新建成 3 对智能化矿井，累计建成 10 对，计划 2025 年生产矿井基本实现智能化。二是加快在建矿井建设，内蒙古 陶忽图矿井是公司在省外建设的首座特大型煤矿，设计产能 800 万吨/年，力争 2025 年底建成。三是积极推动煤炭资源收储，一方面推进省内生产矿井深部资 源的整合收储，已累计收储临涣矿、芦岭矿等深部资源 1.24 亿吨，2024 年加快 推进涡北矿深部优质焦煤资源收储；另一方面公司成立煤矿 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 37.24 billion, a decrease of 0.17% compared to CNY 37.30 billion in the same period last year [17]. - The net profit attributable to shareholders for the first half of 2024 was CNY 2.94 billion, down 18.19% from CNY 3.59 billion year-on-year [17]. - The net cash flow from operating activities decreased by 12.16% to CNY 5.40 billion from CNY 6.15 billion in the previous year [17]. - The basic earnings per share for the first half of 2024 was CNY 1.13, a decline of 22.07% compared to CNY 1.45 in the same period last year [18]. - The company's total assets at the end of the reporting period were CNY 87.67 billion, an increase of 0.78% from CNY 86.99 billion at the end of the previous year [17]. - The net assets attributable to shareholders increased by 8.62% to CNY 40.52 billion from CNY 37.30 billion at the end of the previous year [17]. - The company's total comprehensive income for the first half of 2024 amounted to ¥2,935,271,226.65, with a decrease in other comprehensive income of ¥267,224,160.57 [125]. - The company's total equity at the end of the first half of 2024 was ¥44,572,712,837.50, reflecting an increase of ¥3,028,934,658.09 compared to the beginning of the year [126]. Operational Highlights - The company continues to focus on coal mining, processing, and sales, with a significant customer base in the steel and power generation industries [22]. - The company has a coal production capacity of 35.85 million tons per year and a coke production capacity of 4.4 million tons per year [23]. - The company operates four coking coal washing plants with an annual washing capacity of 16 million tons, positioning it among the leaders in the industry [25]. - The company has established a stable customer base, including major clients like Maanshan Steel and Baosteel, through long-term coal purchase agreements [25]. - The company has developed a comprehensive coal utilization industry chain, integrating coal mining, washing, processing, and chemical product production [25]. Environmental and Safety Management - The company faces significant safety risks due to complex geological conditions and high gas content in coal mines, necessitating strict safety management measures [40]. - Environmental risks are heightened due to stringent national policies, leading the company to increase investments in environmental protection and green mining initiatives [41]. - The company is classified as a key pollutant discharge unit by environmental authorities, with specific subsidiaries under monitoring [48]. - The company has implemented pollution control measures including desulfurization and denitrification technologies across its facilities [48]. - The company has established emergency response plans for environmental incidents and completed the necessary filings [59]. Research and Development - The company has established nine national and provincial-level technology innovation platforms, enhancing its research and development capabilities [25]. - Research and development expenses for the first half of 2024 amounted to 0.961 billion RMB, an increase of 0.087 billion RMB year-on-year, reflecting the company's commitment to innovation [29]. - The company is focusing on expanding its market presence and enhancing its product offerings to drive future growth [118]. Legal Matters - The company is involved in a significant lawsuit against Liu'an Hengda, claiming overdue construction payments totaling RMB 40,126.28 million, with a request for joint liability from Hengda Hefei Company and Hengda Group [69]. - The court ruled that Liu'an Hengda must pay RMB 22,998.35 million for completed construction work within 15 days of the judgment, with Hengda Hefei Company also liable for this amount [69]. - The company is pursuing a separate lawsuit against Suzhou Duowei Construction Company for RMB 2,741.60 million, including claims for project funds and damages due to contract breaches [70]. - The company has incurred legal costs, including CNY 11.86 million in case acceptance fees and CNY 37.5 million in appraisal fees, which are to be borne by the parties involved [72]. Financial Transactions and Related Party Transactions - The company reported a total of 14,957.74 million CNY in actual transactions with related parties for the first half of 2024, against an expected amount of 28,000 million CNY [79]. - The company has engaged in related party transactions totaling 32,693.16 million CNY from sales of goods and materials to related parties in the first half of 2024 [79]. - The company has a maximum daily deposit balance of 273,879.49 million CNY with related parties in its financial company [79]. - The company has reported a good integrity status for the reporting period, with no significant debts or unfulfilled court judgments [78]. Capital and Shareholder Information - The total number of unrestricted circulating shares increased from 2,481,038,961 to 2,693,258,709, reflecting an increase of 212,219,748 shares [97]. - The largest shareholder, HuaiBei Mining (Group) Co., Ltd., holds 1,603,035,295 shares, representing 59.52% of total shares [99]. - The company has not disclosed any related party transactions among shareholders [100]. - The company has not reported any impact on financial metrics such as earnings per share or net asset value due to share changes during the reporting period [98]. Debt and Liabilities - The total liabilities of the company at the end of the reporting period amounted to 43.1 billion yuan, with current liabilities at 28.355 billion yuan and non-current liabilities at 14.745 billion yuan [109]. - The company issued 30 million convertible bonds at a par value of 100 yuan each, raising a total of 3 billion yuan, with a net amount of 2.980633 billion yuan after deducting issuance costs [103]. - The company has no overdue guarantees or guarantees exceeding 50% of net assets [91]. Future Outlook - The company anticipates stable growth in coking coal demand due to low social inventory levels and limited future capacity growth [23]. - The company plans to enhance its core competitiveness by extending its industrial chain and diversifying its product offerings in response to the energy transition [41]. - The company aims to complete the Taohutu mine by the end of 2025, with ongoing projects in coal chemical and renewable energy sectors [27].