| 股票代码：600985 | 股票简称：淮北矿业 | | 编号：临 | 2024—033 | | --- | --- | --- | --- | --- | | 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"淮 22 转债"赎回结果暨股份变动的公告 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。 重要内容提示： 一、"淮 22 转债"有条件赎回的公告情况 （一）赎回条件成就情况 淮北矿业控股股份有限公司（下称"公司"）股票自 2024 年 2 月 7 日至 2024 年 3 月 7 日期间，连续 16 个交易日中有 15 个交易日的收盘价格不低于"淮 22 转债"当期转股价格 14.12 元/股的 130%（即 18.36 元/股）。根据《淮北矿业 控股股份有限公司公开发行可转换公司债券募集说明书》 (下称"《募集说明 书》"）的约定，已触发"淮 22 转债"的有条件赎回条款。 （二）赎回程序履行情况 2024 年 3 月 7 日，公司召开第九届董事会第二十二次会议，审 ...

经营稳健，盈利与分红符合预期 淮北矿业（600985.SH）/煤 证券研究报告/公司点评 2024年4月1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：16.35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 6.3 7.1 6.6 6.3 6.0 P/B 1.3 1.2 1. ...

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 ...