2025 年 02 月 26 日 淮北矿业 (600985) ——24 年产销量下滑但业绩稳健，看好公司成长性 报告原因：有信息公布需要点评 买入（维持） 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 施佳瑜 A0230521040004 shijy@swsresearch.com | 市场数据： | 2025 年 02 月 25 日 | | | --- | --- | --- | | 收盘价（元） | | 13.29 | | 一年内最高/最低（元） | 20.50/12.92 | | | 市净率 | | 0.9 | | 股息率%（分红/股价） | | 7.52 | | 流通 A 股市值（百万元） | | 35,793 | | 上证指数/深证成指 | 3,346.04/10,854.50 | | | 注："股息率"以最近一年已公布分红计算 | | | | 基础数据: | 2024 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 15.52 | | 资产负债率% ...

股票代码：600985 股票简称：淮北矿业 编号：临 2025—004 淮北矿业控股股份有限公司 关于控股股东及其一致行动人权益变动触及 1%整数倍的 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： 本次权益变动为控股股东淮北矿业（集团）有限责任公司（以下简称"淮 北矿业集团"）履行此前披露的增持股份计划，不触及要约收购。 计划的公告》（公告编号：临 2024-067）。 二、本次权益变动前后，信息披露义务人及其一致行动人拥有公司权益的股 份变动情况 | | 本次权益变动前 | | | | | | 本次权益变动后 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | （截至 月 12 日） | 2024 | 年 | 12 | （截至 | 2025 | 年 2 | 月 | 10 | 日） | | | 持股数量（股） 持股比例（%） 持股数量（股） 持股比例（%） | | | | | | ...

一、主要运营数据 注：商品煤销量不含公司自用，含自用产销率为 100%；甲醇销量不含自用，含自用产销率 为 97%。 二、风险分析 股票代码：600985 股票简称：淮北矿业 编号：临 2025—002 淮北矿业控股股份有限公司 2024 年度主要运营数据公告 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。 经淮北矿业控股股份有限公司（以下简称"公司"）财务部门初步测算，公 司 2024 年度煤炭及煤化工业务主要运营数据如下表： | 指标项目 | 单位 | 2024 年度 | 2023 年度 | 变动比率（%） | | --- | --- | --- | --- | --- | | 一、煤炭业务 | | | | | | 商品煤产量 | 万吨 | 2,055.30 | 2,197.34 | -6.46 | | 商品煤销量 | 万吨 | 1,536.69 | 1,783.20 | -13.82 | | 二、煤化工业务 | | | | | | 1、焦炭 | | | | | | 焦炭产量 | 万吨 | 354.65 | 377.10 ...

股票代码：600985 股票简称：淮北矿业 编号：临 2025—003 淮北矿业控股股份有限公司 关于控股股东增持公司股份计划的进展公告 本公司董事会、全体董事及相关股东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： 增持计划：淮北矿业控股股份有限公司（下称"公司"）控股股东淮北矿 业（集团）有限责任公司（下称"淮北矿业集团"）计划自 2024 年 12 月 6 日起 6 个月内，通过上海证券交易所交易系统以集中竞价方式增持公司股份，本次增 持总金额为 3 亿元至 5 亿元人民币（含本数，下称"本次增持计划"）。 增持计划的实施进展：2024 年 12 月 6 日至 2025 年 1 月 23 日期间，淮北 矿业集团通过上海证券交易所交易系统以集中竞价方式累计增持公司 A 股股份 11,241,011 股，增持金额 154,459,797.19 元（不含手续费），超过本次增持计 划金额下限的 50%。 相关风险提示：本次增持计划可能存在因资本市场情况发生变化或目前无 法预判的其他风险因素导致增持计划的实施无法达到预期的风险。增持计划 ...

Investment Rating - Buy (Maintained) [2] Core Views - The company's controlling shareholder, Huaibei Mining Group, plans to increase its shareholding by RMB 300-500 million within 6 months, demonstrating confidence in the company's future development [5][6] - The company is a leading coking coal producer in East China, with over 70% of its reserves being high-quality coking coal and fat coal [7] - The Taohutu coal mine, currently under construction, is expected to contribute significant profits upon completion, with an estimated annual profit of RMB 1.671 billion [7] - The ethanol project has entered the harvest period, with a production capacity of 600,000 tons/year, making it the largest single-series production facility globally [8] - The company's revenue is expected to grow steadily, with projected revenues of RMB 74.8 billion, RMB 79.8 billion, and RMB 85.3 billion for 2024-2026, respectively [8] Financial Performance and Projections - The company's net profit is expected to be RMB 5.006 billion, RMB 5.250 billion, and RMB 5.756 billion for 2024-2026, respectively [8] - The PE ratios for 2024-2026 are projected to be 7.73x, 7.37x, and 6.72x, respectively [8] - The company's gross margin is expected to remain stable, with projections of 16.9%, 17.0%, and 17.3% for 2024-2026, respectively [10] - The company's ROE is expected to be 12.4%, 11.9%, and 12.0% for 2024-2026, respectively [10] Industry and Market Position - The company is a major coal producer in East China, with 17 coal production mines and a total approved production capacity of 35.85 million tons [7] - The company's coal reserves are characterized by low sulfur, very low phosphorus, medium volatility, strong cohesiveness, and good coking properties [7] - The company's ethanol project is the largest single-series production facility globally, with a capacity of 600,000 tons/year [8] Growth Drivers - The Taohutu coal mine, expected to be completed by the end of 2025, will add an annual production capacity of 8 million tons of high-calorific value thermal coal [7] - The company is accelerating the construction of 5 non-coal mines, which are expected to be completed by the end of 2024 [8] - The company is also expanding its chemical business, with projects including 100,000 tons of dimethyl carbonate, 30,000 tons of carbonate esters, and 30,000 tons of ethylamine under construction [8]

股票代码：600985 股票简称：淮北矿业 编号：临 2024—068 淮北矿业控股股份有限公司 关于控股股东首次增持公司股份暨增持计划进展的公告 本公司董事会、全体董事及相关股东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： 首次增持情况：淮北矿业控股股份有限公司（以下简称"公司"）控股股 东淮北矿业（集团）有限责任公司（以下简称"淮北矿业集团"）于 2024 年 12 月 13 日，通过集中竞价方式增持了公司 A 股股份 2,294,000 股，约占公司总股本 的 0.09%，成交总额为 33,475,083.92 元（不含手续费）。 相关风险提示：本次增持计划可能存在因资本市场情况发生变化或目前无 法预判的其他风险因素导致增持计划的实施无法达到预期的风险。增持计划实施 过程中如出现上述风险情形，公司将及时履行信息披露义务。 2024 年 12 月 13 日，淮北矿业集团通过上海证券交易所以集中竞价方式增持 公司 A 股股份 2,294,000 股，约占公司总股本的 0.09%，成交总额为 33,475,083.92 元（不含手 ...

Group 1 - Huabei Shuo Yuan New Energy Co., Ltd. has been established with a registered capital of 150 million yuan [1] - The legal representative of the company is Wu Xiaodong [1] - The business scope includes power generation, transmission, distribution, wind power technology services, solar power technology services, and heat production and supply [1] Group 2 - The company is jointly held by Huabei Mining Co., Ltd. and Huabei Tianhui Group Co., Ltd. [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance in the market [7][9]. Core Insights - The controlling shareholder, Huabei Mining Group, plans to increase its stake in the company by investing between 300 million to 500 million RMB over the next six months, reflecting confidence in the company's long-term development [7]. - The company is recognized as a high-quality coking coal producer in East China, with a significant competitive advantage due to its coal quality and proximity to consumers [8]. - The company has a projected revenue growth from new projects, including a coal mine and a power plant, which are expected to contribute significantly to future profits [8][9]. Financial Summary - As of September 30, 2024, the company reported a net asset value per share of 15.52 RMB and a debt-to-asset ratio of 48.09% [4]. - The company’s total revenue for 2023 is projected at 73,592 million RMB, with a slight decline expected in 2024 [10]. - The earnings per share (EPS) for 2024 is estimated to be 1.95 RMB, with a dividend payout expected to maintain a high yield of approximately 6.8% [9][10]. Production Capacity and Projects - The company has a certified production capacity of 35.85 million tons per year, with a focus on maintaining a high coal yield [8]. - New projects, including the Tao Hutou coal mine and a 2*66 MW power plant, are expected to be operational by the end of 2025, contributing significantly to revenue and profit margins [8][9]. Dividend Policy - The company has consistently increased its dividend payouts, with a projected dividend amount of 26.93 billion RMB for 2024, reflecting a commitment to returning value to shareholders [9].

Summary of Conference Call Records Company/Industry Involved - The conference call primarily discusses the coal industry, focusing on coking coal and its market dynamics. Key Points and Arguments Market Dynamics and Production - The company anticipates a stable production level for the upcoming year, predicting around 1 million tons of coking coal to be available, contingent on operational timelines [2][9] - The overall coal production in China is expected to slightly decline this year, with a consensus on the supply-demand balance being maintained [7][9] - The company is actively participating in coal resource auctions, particularly in regions like Shanxi, but is cautious about high resource prices [3][4] Pricing Trends - Coal prices experienced fluctuations throughout the year, with a notable increase in Q1 followed by decreases in Q2 and Q3, stabilizing in Q4 at approximately 1890 [6][30] - The pricing strategy involves a cycle of price increases and decreases, with recent prices being lower than the previous year's levels [6][30] Supply Chain and Resource Acquisition - The company is exploring overseas resource acquisition but faces challenges related to financing and political factors [5] - Domestic coal supply is under scrutiny, with concerns about transportation issues in regions like Xinjiang affecting overall availability [4][15] Demand and Consumption - The demand for coking coal is closely tied to the steel industry, with expectations of stable consumption despite potential uncertainties in steel production [9][10][17] - The company notes that the demand from downstream industries, particularly steel and shipbuilding, remains healthy, contributing to a stable outlook for coal consumption [19][20] Regulatory and Safety Considerations - Recent safety inspections following mining accidents have led to stricter regulations, but the company reports minimal impact on its production levels [21] - The company is adapting to regulatory changes while maintaining operational efficiency [21] Future Outlook - The overall sentiment is cautiously optimistic, with expectations of continued demand growth in the coal sector, particularly for coking coal, despite potential external economic pressures [10][17] - The company is focused on cost management strategies to enhance profitability amid fluctuating market conditions [34][35] Additional Insights - The company is leveraging technological advancements in mining to improve efficiency and reduce costs over time [34][36] - There is a recognition of the complexities in the coal market, including international supply limitations and domestic production challenges [15][16] This summary encapsulates the key discussions and insights from the conference call, highlighting the company's strategic positioning within the coal industry and its response to market dynamics.

股票代码：600985 股票简称：淮北矿业 编号：临 2024—067 淮北矿业控股股份有限公司 关于控股股东增持公司股份计划的公告 1 占公司总股本的 59.52%；一致行动人国元证券－淮北矿业（集团）有限责任公司 －国元证券淮矿创新单一资产管理计划持有公司股份 26,320,000 股，占公司总股 本的 0.98%。 本公司董事会、全体董事及相关股东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： 增持计划：淮北矿业控股股份有限公司（下称"公司"）控股股东淮北矿 业（集团）有限责任公司（下称"淮北矿业集团"）计划自 2024 年 12 月 6 日起 6 个月内，通过上海证券交易所交易系统以集中竞价方式增持公司股份，本次增 持总金额为 3 亿元至 5 亿元人民币（含本数，下称"本次增持计划"）。 本次增持计划不设定价格区间，增持主体将基于对公司股票价值的合理判 断，并根据公司股票价格波动情况及二级市场整体趋势，择机实施增持计划。 相关风险提示：本次增持计划可能存在因资本市场情况发生变化或目前无 法预判的其他风险因素导致增持计划的实施 ...