Investment Rating - The investment rating for Huabei Mining (600985) is maintained at "Buy" with a target price of 23.76 [2][3]. Core Views - The company's performance meets expectations, with a focus on growth in coking coal [2]. - The report indicates that while coal production and sales have declined, a recovery in growth is anticipated in Q3 [2]. - The company has started to contribute incremental growth, with expectations for continued increases in dividends post-2024 [2]. Summary by Sections Financial Performance - In Q1 2024, the company reported operating revenue of 173.22 billion, a decrease of 8.8%, and a net profit attributable to shareholders of 6.225 billion, down 24.7% [2]. - The average selling price per ton of coal was 1,176 yuan, with a cost of 593 yuan per ton, resulting in a gross profit of 584 yuan per ton [2]. - The company expects the market price of coking coal to rise, which could drive performance recovery [2]. Production and Sales - The coal production in Q1 was 523.6 million tons, down 7.7%, while sales were 402.6 million tons, down 21% [2]. - The report notes that the decline in sales was less than the drop in production, attributed to accounting measures [2]. Future Outlook - The company anticipates continued growth in its ethanol business, with expected production reaching 660,000 tons by 2026 [2]. - The report highlights strong certainty in performance growth for 2024 and beyond, driven by reduced capital expenditures and sustained profit increases [2]. Dividends - The company has shown a consistent upward trend in dividend rates, with estimates suggesting further increases post-2024 [2].

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]

[Table_Title] 证券研究报告 销量下滑影响短期业绩，稳健经营彰显盈利韧性 公司研究 [Table_ReportDate] 2024年4月28日 [Table_ReportType] 公司点评报告 [T事ab件le：_S 2u 0m 2m 4ar年y] 4 月27日，淮北矿业发布2024 年一季度报告，2024年第 [T淮ab北le矿_S业toc（kA6n0d0R9an8k5]） 一季度，公司单季度营业收入 173.22 亿元，同比下降 8.80%，环比下降 2.95%；单季度归母净利润15.9亿元，同比下降24.70%，环比上升36.36%； 投资评级 买入 单季度扣非后净利润15.65亿元，同比下降24.57%，环比上升55.88%。 上次评级 买入 [T able_Author] 点评： 左前明 能源行业首席分析师 ➢ 一季度销量同比大幅下滑，煤炭业务毛利率仍维持高位。产销方面，不 执业编号：S1500518070001 包含自用部分，2024年一季度公司商品煤产量524万吨，同比下降44 联系电话：010-83326712 万吨（-7.73%），环比基本持平。公司商品煤销量403万吨，同比下 ...

证券研究报告 | 季报点评 2024年04月28日 淮北矿业（600985.SH） 业绩符合预期，华东焦煤龙头成长可期 事件：公司发布2024年一季度业绩报告。2024年一季度公司实现归母 买入（维持） 净利润15.9亿元，同比减少24.7%，环比增长+36.3%；营业收入173.6 股票信息 亿元，同比减少8.8%，环比减少3.0%。 行业 煤炭开采 煤炭业务稳步发展。24Q1 公司自产煤业务实现营收 47.4 亿元，同比 前次评级 买入 -33.1%，环比+14.4%，实现毛利23.5亿元，同比-31/6%，环比+7.2%。 4月26日收盘价(元) 17.87 ➢ 产销方面，24Q1 公司实现商品煤产销 524 万吨/403 万吨，同比 总市值(百万元) 48,128.53 -7.7%/-21.1%，环比+0.2%/-0.2%。 总股本(百万股) 2,693.26 ➢ 价格方面，24Q1公司煤炭综合售价1176元/吨，同比-15.2%，环 其中自由流通股(%) 100.00 比+14.7%。 30日日均成交量(百万股) 31.00 ➢ 成本方面，24Q1公司吨煤销售成本593元/吨，同比-17.0%，环比 ...

煤炭/煤炭开采 公 司 研 淮北矿业（600985.SH） Q1 量价同比回落，关注煤矿和煤化工项目成长性 究 2024年04月27日 ——2024 一季报点评报告 投资评级：买入（维持） 张绪成（分析师） zhangxucheng@kysec.cn 日期 2024/4/26 证 书编号：S0790520020003  Q1量价同比回落，关注煤矿和煤化工项目成长性。维持“买入”评级 当前股价(元) 17.87 公司发布2024年一季报，2024Q1公司实现营业收入173.63亿元，同比-8.8%， 公 一年最高最低(元) 20.50/11.01 环比-3%；实现归母净利润15.9亿元，同比-24.7%，环比+36.4%；实现扣非后 司 归母净利润15.65亿元，同比-24.6%，环比+55.9%。我们维持2024-2026年盈利 信 总市值(亿元) 481.29 预测，预计 2024-2026 年公司归母净利润 65.7/69.4/73.6 亿元，同比 息 流通市值(亿元) 481.29 +5.6%/+5.6%/+6.0%；EPS 为 2.44/2.58/2.73 元，对应当前股价 PE 为 7.3/6.9 ...

淮北矿业（600985.SH）2024年一季报点评 煤炭板块盈利稳健，积极布局煤电产业链 2024年04月27日 ➢ 事件：2024年4月26日，公司发布2024年一季度报告。2024年一季度， 推荐 维持评级 公司实现营业收入173.22亿元，同比下降8.80%；归母净利润15.90亿元，同 当前价格： 17.87元 比下降24.70%；扣非归母净利润15.65亿元，同比下降24.57%。 ➢ 24Q1四费同比大幅下降。24Q1，公司四费合计同比下降5.27亿元，降幅 [Table_Author] 28.88%，其中销售/管理/研发/财务费用分别-0.04/-4.07/-0.75/-0.40亿元，同 比-7.61%/34.22%/18.65%/23.21%。 ➢ 煤炭产销同比下降、环比基本持平，毛利环比增加。24Q1，公司煤炭产量 523.64万吨，同比减少7.73%，环比增长0.20%；煤炭销量402.61万吨，同比 减少21.08%，环比减少0.23%；吨煤售价1176.47元/吨，同比下降15.20%， 环比增长14.70%；吨煤成本592.72元/吨，同比下降17.01%，环比增长22.92%； 分 ...