Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10] Core Viewpoints - The coal price has experienced unexpected declines in the first quarter, leading to a year-on-year profit drop for most companies. However, companies with a higher proportion of long-term contracts, benefiting from improved calorific value and increased electricity generation, such as Xinji Energy, are expected to perform relatively well [2][7] - Despite the seasonal decline in coal demand post-heating season and high port inventories, the report suggests that the negative factors affecting coal stocks may gradually diminish, recommending a proactive approach towards the coal sector [6][24] Summary by Sections Price Trends - As of March 28, 2025, the average price of Qinhuangdao port Q5500 thermal coal was 722 CNY/ton, a year-on-year decrease of 19.9% and a quarter-on-quarter decrease of 12.2%. The long-term contract price remained more stable at 690 CNY/ton, down 2.6% year-on-year and 1.1% quarter-on-quarter [7][14] - The average price of Shanxi main coking coal at Jing Tang port was 1443 CNY/ton, reflecting a significant year-on-year decline of 40.2% and a quarter-on-quarter decline of 15.4% [15] Production and Sales - In the first two months of 2025, the average monthly coal production in China was 38 million tons, a year-on-year increase of 4%. However, production decreased by 10% compared to the previous quarter [7][17] - Major coal companies like China Shenhua and Shaanxi Coal & Energy reported varied production changes, with Shenhua's production down 2.6% year-on-year and Shaanxi's up 9.4% [17] Profitability Forecast - The report anticipates that key coal companies will see an average profit decline of 7% to 17% year-on-year in Q1 2025, while a quarter-on-quarter increase of 3% to 16% is expected [7][8] - Xinji Energy is highlighted as a company likely to maintain stable performance due to its long-term contracts and operational efficiencies [2][8] Investment Recommendations - The report suggests a marginal allocation strategy focusing on high-quality leaders with stable profits, such as China Shenhua and Shaanxi Coal, as well as growth-oriented companies like Electric Power Investment and Xinji Energy [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5][8] Core Views - The company is expected to see gradual improvement in production and sales, with chemical operations contributing to profit growth [3][5] - The coal mining segment is facing challenges with both volume and price declines, but the new Taohutu coal mine is anticipated to provide a new profit growth point by the end of 2025 [5][6] - The company plans to increase its cash dividend payout ratio to 35% for the years 2025-2027, with a projected dividend yield of 5.40% for 2024 [5][6] Financial Summary - For 2024, the company reported operating revenue of 65.735 billion yuan, a decrease of 10.49% year-on-year, and a net profit attributable to shareholders of 4.855 billion yuan, down 22.00% year-on-year [5][6] - The coal production for 2024 was 20.55 million tons, a decrease of 6.46% year-on-year, with sales volume down 13.82% [5][6] - The average price of coal was 1,100 yuan per ton, a decrease of 5.12% year-on-year, while the cost per ton was 553 yuan, down 6.68% [5][6] - The company’s earnings per share (EPS) for 2024 was 1.80 yuan, a decrease of 26.69% year-on-year [5][6] Future Projections - The company’s projected operating revenues for 2025, 2026, and 2027 are 60.152 billion yuan, 62.960 billion yuan, and 64.518 billion yuan, respectively [5][6] - The expected net profit attributable to shareholders for the same years is 3.381 billion yuan, 4.178 billion yuan, and 4.513 billion yuan, respectively [5][6] - The projected EPS for 2025, 2026, and 2027 is 1.26 yuan, 1.55 yuan, and 1.68 yuan, respectively [5][6]

Investment Rating - The report maintains a "Buy" rating for Huabei Mining (600985.SH) [7] Core Views - The company is expected to distribute a cash dividend of 0.75 yuan per share in 2024, with a dividend payout ratio of 41.6%, corresponding to a dividend yield of 5.4% based on the closing price on March 27 [4] - The company has announced a shareholder return plan for the next three years (2025-2027), increasing the minimum dividend payout ratio from 30% to 35% [4] - Due to the decline in thermal coal and coking coal prices, the earnings forecast has been adjusted downwards, with expected net profits for 2025-2027 being 3.4 billion, 4 billion, and 4.4 billion yuan, respectively, corresponding to P/E ratios of 10.9, 9.4, and 8.5 times [4] Summary by Sections Financial Performance - In 2024, the company reported an operating income of 65.735 billion yuan, a decrease of 10.4% year-on-year, and a net profit attributable to shareholders of 4.855 billion yuan, down 22% year-on-year [1] - The fourth quarter of 2024 saw an operating income of 9.089 billion yuan, a decline of 49.21% year-on-year, and a net profit of 716 million yuan, down 38.58% year-on-year [1] Coal Business - The company's coal production in 2024 was 20.55 million tons, a decrease of 6.5% year-on-year, while coal sales were 15.37 million tons, down 13.8% year-on-year [2] - The average selling price of coal in 2024 was 1,100 yuan per ton, a decrease of 5.1% year-on-year, with a cost of 553 yuan per ton, down 6.7% year-on-year, resulting in a gross profit of 548 yuan per ton, down 3.5% year-on-year [2] Coking and Chemical Business - The coking segment reported a loss of 990 million yuan in 2024, an increase in loss of 80 million yuan compared to 2023 [3] - The ethanol segment reduced its loss to 136 million yuan in 2024, down 265 million yuan from 2023, with expectations of turning profitable in 2025 as capacity utilization improves [3] - The civil explosives segment achieved a profit of 359 million yuan in 2024, an increase of 76 million yuan compared to 2023, with significant capacity expansion expected to enhance future profitability [3] Growth Prospects - The company is accelerating the construction of the Tao Hutu mine to ensure completion by the end of 2025 and is also advancing the construction of a significant coal-fired power generation project in Anhui [4] - The chemical industry is focusing on stabilizing ethanol production and advancing various projects to ensure timely completion and production [4] - The company is actively seeking additional wind power resources to maximize the utilization of its renewable energy projects [4]

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - In 2024, the company achieved operating revenue of 65.735 billion yuan, a year-on-year decrease of 10.4%, and a net profit attributable to shareholders of 4.855 billion yuan, down 22.0% year-on-year [1]. - The company plans to increase the minimum dividend payout ratio to 35% for the years 2025-2027, with a proposed dividend of 0.75 yuan per share for 2024, resulting in a total payout of 2.020 billion yuan [2]. - The coal production and sales volumes decreased in 2024, with a production of 20.553 million tons, down 6.5% year-on-year, and sales of 15.367 million tons, down 13.8% year-on-year [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported an operating revenue of 9.066 billion yuan, a significant quarter-on-quarter decline of 49.2%, and a net profit of 716 million yuan, down 38.6% quarter-on-quarter [1]. - The coal business's gross profit margin improved to 49.8%, up 0.8 percentage points year-on-year, despite a decrease in coal prices and sales [3]. Dividend Policy - The company announced a dividend payout ratio of 41.6% for 2024, with a dividend yield of 5.4% based on the closing price on March 27, 2025 [2]. Coal and Chemical Business - The coal chemical business saw a decline in gross profit margin to 19.34%, down 0.99 percentage points year-on-year, with significant drops in production and sales of coke and methanol [4]. - The company has initiated production of a 600,000-ton ethanol project, which is the largest single-series production facility globally [4]. Future Outlook - The forecast for net profit attributable to shareholders for 2025-2027 is 1.924 billion yuan, 2.476 billion yuan, and 3.384 billion yuan, respectively, with corresponding EPS of 0.71 yuan, 0.92 yuan, and 1.26 yuan [5][6].

Investment Rating - The investment rating for Huabei Mining (600985.SH) is maintained at "Buy" [2][4] Core Views - The company's performance is under pressure due to a decline in both coal volume and price, with a focus on growth potential and the recovery of its net asset value [4][6] - In 2024, the company achieved operating revenue of 65.74 billion yuan, a year-on-year decrease of 10.4%, and a net profit attributable to shareholders of 4.86 billion yuan, down 22% year-on-year [4][6] - The report anticipates a recovery in net profit from 2025 onwards, with projections of 3.37 billion yuan in 2025, 4.50 billion yuan in 2026, and 5.09 billion yuan in 2027, reflecting a year-on-year change of -30.7%, +33.6%, and +13.1% respectively [4][6] Summary by Sections Financial Performance - In 2024, the company’s coal production and sales volume decreased by 6.5% and 13.8% year-on-year, respectively, with Q4 production and sales down 8.7% and 9.3% quarter-on-quarter [4][5] - The average selling price of coal in 2024 was 1,100.4 yuan per ton, a decrease of 5.1% year-on-year, while the cost per ton was 552.8 yuan, down 6.7% year-on-year [4][5] - The gross profit per ton of coal was 547.6 yuan, a decline of 3.5% year-on-year [4][5] Product Performance - In 2024, the production and sales of coke and methanol also saw declines of 6% and 22.7% year-on-year, respectively [5] - The average selling price of coke decreased by 15.9% year-on-year, while the price of its main raw material, washed coal, fell by 14.4% [5] Growth Potential - The company is focusing on the growth of coal mining and coal chemical projects, with significant projects underway, including the construction of a coal mine with an annual capacity of 8 million tons [4][6] - The company plans to increase its minimum dividend payout ratio from 30% to 35%, with a current dividend payout ratio of 41.6% [4][6]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 淮北矿业（600985） 投资评级 买入 上次评级 买入 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 高 升 能源、钢铁行业联席首席分 析师 执业编号：S1500524100002 [Table_S 事件：2025 ummar年y]3 月 27 日 ，淮北矿业发布 2024 年年报，2024 年全年，公 司实现营业收入 657.35 亿元，同比下降 10.43%，实现归母净利润 48.55 亿元，同比下降 22.00%；扣非后净利润 46.43 亿元，同比下降 21.19%。 经营活动现金流量净额 90.63 亿元，同比下降 30.45%；基本每股收益 1.84 元/股，同比下降 26.69%。资产负债率为 46.58%，同比下降 10.85pct，较 2023 全年下降 5.67pct。 2024 年第四季度，公司单季度营业收入 90.89 亿元， ...

公司研究 证券研究报告 刘 波 煤炭、钢铁研究助理 邮 箱：liubo1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 淮北矿业（600985） 投资评级 买入 上次评级 买入 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 高 升 能源、钢铁行业联席首席分 析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com [Table_Title] 成本管控业绩稳健，加速发展增长可期 [Table_ReportDate] 2025 年 3 月 28 日 [Table_S 事件：2025 ummar年y]3 月 27 日 ，淮北矿业发布 2024 年年报，2024 年全年，公 司实现营业收入 657.35 亿元，同比下降 10.4 ...

| 有） | | | | | | 差额(3)＝(2)- | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (1) | | | | 化 | | | | | | | | 甲醇综合 | | | | | | | | | | | | 否 230,000.00 | | 230,000.00 230,000.00 | | 53,709.59 | 230,070.53 | 70.53 | 100.03 | 2024 年 | 6 月 | 6,698.47 | | 不适用 | 否 | | | | | | | | | | | 利用项目 | | | | | | | | | | | | 偿还公司 | | | | | | | | | | | | 否 | | 68,063.30 68,063.30 | 68,063.30 | - | 68,063.30 | - | 100.00 | 不适用 | | 不适 | | 用 | 不适用 | 不适用 | | | | | | | | | | 债务 | | | | | | | | | | | | ...

淮北矿业控股股份有限公司 舆情管理制度 第一章 总 则 第一条 为加强淮北矿业控股股份有限公司（以下简称"公司"）舆情管理， 提高公司舆情应对能力，建立快速反应和应急处置机制，及时妥善处理各类舆 情对公司股票价格、商业信誉及正常生产经营活动造成的影响，切实保护投资者 的合法权益，根据《上海证券交易所股票上市规则》等相关法律、法规和规范性 文件以及《公司章程》等相关规定，结合公司实际情况，制定本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道； （二）社会上存在的已经或可能给公司造成重大影响的传言或信息； （三）可能或者已经影响公众投资者投资取向，造成公司股票及其衍生品交 易价格异常波动的信息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较 大影响的事件信息。 第二章 组织体系及工作职责 （五）各类舆情处理过程中的其他事项。 第三条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同应对 的工作机制。 第四条 公司成立舆情管理工作领导小组（以下简称"舆情工作组"），由 公司董事长担任组长，董事会秘书担任副组长，组员由公司其他高级管理人员及 相关职能 ...

Core Viewpoint - The independent director of Huabei Mining Holding Co., Ltd. reports on the performance of duties during the 2024 term, emphasizing adherence to legal regulations and the importance of independent oversight for the company's healthy development [2][5]. Group 1: Independent Director's Background and Responsibilities - The independent director, Li Guichen, has a strong academic background with a PhD and experience in mining engineering, having served in various academic and research roles [2]. - The director confirms compliance with independence requirements as per relevant regulations, ensuring unbiased decision-making [2]. Group 2: Attendance and Participation in Meetings - The independent director attended 5 board meetings, with 3 via communication and 2 in person, and participated in 1 shareholder meeting, voting in favor of all submitted proposals [3]. - The director served on several committees, including the audit, nomination, and strategy committees, attending all relevant meetings and voting positively on all matters [3]. Group 3: Oversight and Communication - The director actively engaged with the internal audit team to enhance audit effectiveness and ensure compliance with internal controls [4]. - Communication with minority shareholders was prioritized through participation in quarterly earnings calls and shareholder meetings, gathering feedback to protect their interests [4]. Group 4: Key Focus Areas During the Term - The company adhered to regulations regarding related party transactions, ensuring compliance and fairness in decision-making processes [5]. - Financial reports were prepared and disclosed timely, reflecting accurate financial data and operational status, with all reports approved by the board and management [6]. - The company successfully reappointed external auditors, confirming their qualifications and compliance with legal requirements [6]. - The director reviewed the appointment of the financial officer, affirming the candidate's qualifications and suitability for the role [6]. - The nomination and appointment processes for board members and senior management were conducted in accordance with legal and regulatory standards [7]. Group 5: Overall Evaluation and Recommendations - The independent director emphasizes the importance of maintaining independence and fulfilling responsibilities to protect the interests of all shareholders, particularly minority shareholders [7].