证券研究报告 | 公司动态点评 2024 年 03月 28日 淮北矿业（600985.SH） 区域焦企龙头业绩稳健，深化煤化工业务布局 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 69,062 73,387 74,242 75,515 77,012 股票信息 增长率yoy（%） 5.5 6.3 1.2 1.7 2.0 归母净利润（百万元） 7,011 6,225 6,651 7,134 7,925 行业 煤炭 增长率yoy（%） 42.8 -11.2 6.9 7.3 11.1 2024年3月28日收盘价（元） 16.38 ROE（%） 18.8 14.3 14.9 14.3 14.0 总市值（百万元） 43,436.26 EPS最新摊薄（元） 2.83 2.51 2.68 2.88 3.19 流通市值（百万元） 43,436.26 P/E（倍） 5.7 6.4 6.0 5.6 5.0 总股本（百万股） 2,651.79 P/B（倍） 1.2 1.1 1.0 0.9 0.8 流通股本（百万股） 2,651.79 资料来源：公司财报，长城证券产业金融 ...

| 股票代码：600985 | 股票简称：淮北矿业 | | 公告编号：临 | 2024-031 | | --- | --- | --- | --- | --- | | 债券代码：110088 | 债券简称：淮 22 | 转债 | | | 淮北矿业控股股份有限公司 关于实施"淮 22 转债"赎回暨摘牌的最后一次提示性公告 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： 证券停复牌情况：适用 因重要公告,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | | | 停复牌类型 | | | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 110088 | 淮 | 22 | 转债 | 可转债 | 债券 | 停牌 | 2024/3/29 | | | | 自 2024 年 3 月 29 日起， "淮 22 转债"停止交易。 特提醒"淮 22 转债"持有人注意在限期 ...

| 股票代码：600985 | 股票简称：淮北矿业 | | 编号：临 | 2024—032 | | --- | --- | --- | --- | --- | | 债券代码：110088 | 债券简称：淮 22 | 转债 | | | 累计转股情况：截至 2024 年 3 月 31 日，"淮 22 转债"累计转股金额为 2,973,854,000 元，累计因转股形成的股份数量为 210,610,846 股，占"淮 22 转债"转股前公司已发行股份总额的 8.49%。 未转股可转债情况：截至 2024 年 3 月 31 日，"淮 22 转债"尚未转股金 额为 26,146,000 元，占"淮 22 转债"发行总量的 0.87%。 一季度转股情况：自 2024 年 1 月 1 日至 2024 年 3 月 31 日，"淮 22 转债" 转股金额为 2,973,809,000 元，因转股形成的股份数量为 210,607,810 股。 一、可转债发行上市概况 （一）可转债发行情况 淮北矿业控股股份有限公司 可转债转股结果暨股份变动公告 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 ...

Investment Rating - The report maintains a "Buy" rating for Huabei Mining (600985) with a target price of 23.76 CNY, up from the previous target of 17.34 CNY [1][2]. Core Views - The coal business remains stable, with coking coal being a growth stock. The overall volume and price of coal have slightly decreased but remain steady. The worst period may have passed, and the chemical business is gradually emerging [1][2]. - The report indicates that the company’s revenue for 2023 is expected to be 73.59 billion CNY, reflecting a 6.26% increase year-on-year, while the net profit attributable to shareholders is projected to be 6.22 billion CNY, down 11.21% year-on-year, which aligns with expectations [1][2]. - The report highlights that the company has adjusted its EPS forecast for 2024 to 2.64 CNY, down by 0.23 CNY, while the 2025 EPS is projected to be 2.91 CNY, and the 2026 EPS is expected to reach 3.21 CNY [1][2]. Summary by Sections Financial Performance - The company reported a total revenue of 73.59 billion CNY for 2023, with a slight increase in operating profit to 7.54 billion CNY, despite a decrease in net profit to 6.22 billion CNY [1][2]. - The average selling price of coal remained stable at approximately 1,159 CNY per ton, with production volume at 2,197.34 million tons, reflecting a decrease of 92.94 million tons year-on-year [1][2]. Business Segments - The coal business showed a slight decline in both volume and price, while the chemical business is expected to contribute significantly in the coming years, with methanol and ethanol production capacity increasing [1][2]. - The report notes that the company’s dividend payout ratio has been on an upward trend, with estimates suggesting continued increases in future dividends [1][2]. Valuation Metrics - The report provides a valuation based on a 9x PE for 2024, leading to an upward adjustment of the target price to 23.76 CNY. The current price is noted at 16.62 CNY [1][2]. - Key financial ratios include a projected PE of 6.20 for 2024 and a dividend yield of 7.4% [1][2].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 18.8 CNY over the next six months [2][7]. Core Views - The company reported a revenue of 73.39 billion CNY in 2023, an increase of 6.3% year-on-year, while the net profit attributable to shareholders was 6.23 billion CNY, a decrease of 11.2% year-on-year [1]. - The company has increased its dividend payout, with a proposed cash dividend of 1.00 CNY per share, totaling 2.652 billion CNY, which represents 42.6% of the net profit for 2023 [1]. - The coal production and sales slightly decreased, with a total coal output of 21.97 million tons, down 4.1% year-on-year, while the average selling price of coal remained stable at 1160 CNY per ton [1][2]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 17.85 billion CNY, a year-on-year increase of 51.9%, but the net profit decreased by 34.9% year-on-year [1]. - The company produced 3.77 million tons of coke in 2023, up 2.2% year-on-year, and 0.53 million tons of methanol, up 40.2% year-on-year, primarily due to the commissioning of a gas utilization project [2]. Production and Sales - The total coal sales volume was 17.83 million tons, down 5.3% year-on-year, with the average selling price of coke at 2330 CNY per ton, down 19.7% year-on-year [2]. - The company is expanding its production capacity, with the annual capacity of Yuaner Mine increased from 1.5 million tons to 1.8 million tons, and new projects in coal chemical and non-coal sectors are underway [2][7]. Future Outlook - The company is expected to achieve revenues of 75.56 billion CNY in 2024 and 78.36 billion CNY in 2025, with net profits projected at 6.61 billion CNY and 7.01 billion CNY respectively [7][8]. - The long-term growth potential is supported by stable coal prices and the expansion of its chemical and non-coal businesses, which are expected to contribute to profit growth [2][7].

| 股票代码：600985 | 股票简称：淮北矿业 | | 公告编号：2024-030 | | --- | --- | --- | --- | | 债券代码：110088 | 债券简称：淮 22 | 转债 | | 淮北矿业控股股份有限公司 关于实施"淮 22 转债"赎回暨摘牌的第七次提示性公告 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： 证券停复牌情况：适用 因重要公告,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | | | 停复牌类型 | | | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 110088 | 淮 | 22 | 转债 | 可转债 | 债券 | 停牌 | 2024/3/29 | | | | 自 2024 年 3 月 29 日起， "淮 22 转债"停止交易。 最后转股日：2024 年 4 月 2 日 截至 2024 年 3 ...

Investment Rating - The report maintains a "Buy" rating for Huabei Mining (600985.SH) [1] Core Views - The company achieved an annual revenue of 73.387 billion, a year-on-year increase of 6.26%, while the net profit attributable to shareholders was 6.225 billion, a decrease of 11.21% year-on-year [3][4] - The coal business showed a decline in total coal production and sales, but the sales of coking coal increased by 3.8% year-on-year [3][4] - The company plans to enhance its cash dividend, proposing a dividend of 2.652 billion, a year-on-year increase of 1.79%, with a dividend payout ratio of 42.6% [4] Summary by Sections Market Performance - The stock price of Huabei Mining is currently at 16.38 RMB, with a market performance comparison against the CSI 300 index showing a relative decline [1][2] Financial Performance - In Q4 2023, the company reported a revenue of 17.897 billion, a year-on-year increase of 51.63%, but a net profit decrease of 34.93% year-on-year [3] - The average selling price of coal was 1,159.76 RMB/ton, with a slight decrease of 0.01% year-on-year, while the cost per ton was 592.35 RMB, an increase of 0.78% year-on-year [3] Coal Business - The total coal production for 2023 was 21.9734 million tons, a decrease of 4.06% year-on-year, while the total sales were 17.832 million tons, a decrease of 5.27% year-on-year [3] - The company has several projects in progress, including the Inner Mongolia Taohutu coal mine expected to be operational by the end of 2025, with a designed capacity of 8 million tons/year [4] Chemical Business - The coking coal segment faced price pressure, with an average selling price of 2,330.42 RMB/ton, a decrease of 19.66% year-on-year, leading to a net loss of 0.912 billion for the subsidiary [4] - The methanol segment saw production and sales increases of 40.16% and 43.37% year-on-year, respectively, but the average selling price decreased by 8.87% [4] Earnings Forecast - The projected revenues for 2024, 2025, and 2026 are 76.6 billion, 81.497 billion, and 86.863 billion, respectively, with net profits expected to be 6.4 billion, 6.531 billion, and 7.008 billion [4][6]

煤炭/煤炭开采 公 司 研 淮北矿业（600985.SH） 盈利稳健，关注煤矿和煤化工项目贡献成长 究 2024年03月29日 ——公司信息更新报告 投资评级：买入（维持） 张绪成（分析师） zhangxucheng@kysec.cn 证 书编号：S0790520020003 日期 2024/3/28  盈利稳健，关注煤矿和煤化工项目贡献成长。维持“买入”评级 当前股价(元) 16.38 公司发布2023年年度报告，2023年公司实现营业收入733.9亿元，同比+6.3%； 公 一年最高最低(元) 20.40/11.01 归母净利润62.2亿元，同比-11.2%；扣非后归母净利润58.9亿元，同比-15.5%。 司 单季度来看，公司 Q4 实现营业收入 178.5 亿元，环比-2.1%；实现归母净利润 信 总市值(亿元) 434.36 11.7 亿元，环比-20.7%；扣非后归母净利润 10 亿元，环比-30.7%。考虑到部分 息 流通市值(亿元) 434.36 煤矿尚待恢复生产，我们下调 2024-2025 年盈利预测并新增 2026 年盈利预测， 更 预计2024-2026年归母净利润65.7/69.4 ...

Financial Performance - The company's operating revenue for 2023 was CNY 73.39 billion, an increase of 6.26% compared to CNY 69.06 billion in 2022[18]. - The net profit attributable to shareholders for 2023 was CNY 6.22 billion, a decrease of 11.21% from CNY 7.01 billion in 2022[18]. - The net profit after deducting non-recurring gains and losses was CNY 5.89 billion, down 15.50% from CNY 6.97 billion in the previous year[18]. - The net cash flow from operating activities for 2023 was CNY 13.03 billion, a decline of 21.83% compared to CNY 16.67 billion in 2022[18]. - The total assets at the end of 2023 were CNY 86.99 billion, reflecting a 3.52% increase from CNY 84.04 billion in 2022[18]. - The net assets attributable to shareholders increased to CNY 37.30 billion, up 11.71% from CNY 33.39 billion in 2022[18]. - Basic earnings per share for 2023 were CNY 2.51, a decrease of 11.31% from CNY 2.83 in 2022[19]. - The diluted earnings per share were CNY 2.35, down 11.99% from CNY 2.67 in the previous year[19]. - The weighted average return on equity decreased to 17.62%, down 5.50 percentage points from 23.12% in 2022[19]. - Total profit for the year was 7.06 billion RMB, a decrease of 14.55% year-on-year[32]. Dividend Policy - The company plans to distribute a cash dividend of 10 RMB per 10 shares, totaling approximately 2.65 billion RMB, which represents 42.60% of the net profit attributable to shareholders for 2023[4]. - The company has a cash dividend policy ensuring that at least 30% of the net profit attributable to shareholders will be distributed as cash dividends annually from 2022 to 2024[115]. Risk Management - The company has confirmed that there are no significant risks that could materially affect its operations during the reporting period[6]. - The company has detailed potential risks and corresponding countermeasures in the management discussion and analysis section of the report[6]. - The company emphasizes that forward-looking statements regarding development strategies and operational plans are subject to market conditions and do not constitute a commitment to investors[5]. Corporate Governance - The board of directors and management have confirmed the accuracy and completeness of the financial report[2]. - The company has ensured that all board members attended the board meeting to discuss the annual report[3]. - The company held 7 board meetings during the reporting period, reviewing 27 proposals, ensuring compliance with relevant regulations[75]. - The company has established a governance structure that ensures effective decision-making and protects the interests of shareholders[74]. - The company emphasizes investor relations management, organizing multiple investor meetings and responding promptly to inquiries[77]. Research and Development - The company completed R&D investments of 1.752 billion CNY, ranking among the top in R&D intensity among provincial enterprises[25]. - Research and development expenses increased by 7.87% to 1.75 billion RMB, reflecting the company's commitment to innovation[34]. - The company implemented 225 R&D projects with an investment of 1.752 billion yuan, achieving significant technological advancements in coal mining safety and efficiency[44]. - The company has 44 patents, including 6 invention patents, focusing on coal blending, environmental processes, and electromechanical technologies[54]. Environmental Responsibility - The company invested CNY 506.74 million in environmental protection during the reporting period[124]. - The total sulfur dioxide emissions from the 3 boiler amounted to 47.75 tons, with a concentration of 7.29 mg/m³, complying with the 2011 standard[125]. - The company has implemented a dust removal efficiency of over 99% for its bag filter systems across various operations, ensuring compliance with special emission limits[126]. - The company achieved a carbon emission reduction of 1,442,532.71 tons through various measures, including the utilization of clean energy for power generation[139]. Legal Matters - The company is involved in significant litigation, including a case where it seeks 401.26 million RMB from Liu'an Hengda for unpaid construction fees[151]. - The company has reported a total claim amount of 40.13 million RMB in ongoing litigation cases[151]. - The company is currently involved in multiple lawsuits related to construction contracts, indicating ongoing legal challenges[153]. Market Strategy - The company plans to continue expanding its market presence and enhancing operational efficiency in the upcoming periods[24]. - The company is focusing on five strategic directions: upgrading the coal main business, extending to high-end chemicals, new energy, new construction materials, and smart logistics[69]. - The company is actively involved in setting industry standards, with new standards implemented in 2023 for measuring coal gas and coal tar content[54]. Employee Welfare - The average annual income of on-the-job employees increased by 7% year-over-year[25]. - The company is focused on improving employee welfare and mental health services to enhance the overall work environment[71]. - The total number of employees in the company and its main subsidiaries is 42,234, with 76 in the parent company and 42,158 in subsidiaries[110]. Financial Transactions - The company has no guarantees provided to shareholders or related parties, and the total guarantee amount is CNY 16.856 billion, which accounts for 4.52% of the company's net assets[171]. - The company reported a total deposit amount of RMB 12.387 billion from the controlling shareholder during the reporting period[166]. - The company is committed to maintaining transparency in its financial dealings and related party transactions[166].

2024 年 03 月 29 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 双主业规模同步扩张，分红比例持续提升 证券分析师： 陈晨 S0350522110007 chenc09@ghzq.com.cn 证券分析师： 王璇 S0350523080001 ——淮北矿业（ ） 年报点评报告 600985 2023 wangx15@ghzq.com.cn 联系人 ： 林国松 S0350123070007 lings@ghzq.com.cn 最近一年走势 事件 : 2024年3月29日，淮北矿业发布2023年年度报告：2023年公司实现 营业收入733.9亿元，同比+6.3%，归属于上市公司股东净利润62.2亿 元，同比-11.2%，扣非后归属于上市公司股东净利润 58.9 亿元，同比 -15.5%。基本每股收益为2.51元，同比-11.3%。加权平均ROE为17.6%， 同比减少5.5个百分点。 分季度看，2023年第四季度，公司实现营业收入178.5亿元，环比-2.1%， 同比+51.9%；实现归属于上市公司股东净利润11.7亿元，环比-20.7%， 同比-35.7%；实现扣非后归母 ...