Investment Rating - Buy (Maintained Rating) [8] Core Views - The company has initiated the injection of a 10 million tons/year Panjiayao mining exploration right, which is expected to significantly enhance its profitability [2][3] - The acquisition of the Panjiayao mining exploration right will help resolve issues of intra-group competition and optimize resource allocation [5] - The company's PE ratio is relatively low compared to other top five coal group listed companies, indicating a potential valuation advantage [6] Company Dynamics - On January 15, 2025, the company announced the acquisition of the Panjiayao mining exploration right and related assets from its indirect controlling shareholder, Jinneng Holding Group, using its own funds [3] - The Panjiayao mining exploration right, located in Zuoyun County, Datong Coalfield, Shanxi Province, has a designed production capacity of 10 million tons/year [3] - The exploration right was initially acquired by Jinneng Holding Group for 4.753 billion yuan in August 2021, covering an area of 90.136 km² with a resource reserve of 1.826 billion tons [4] Financial Projections - Revenue growth for 2024-2026 is projected at -1.5%, +2.7%, and +2.7%, respectively [5] - Net profit attributable to the parent company is expected to grow at -12.0%, +9.0%, and +6.9% for 2024-2026, with EPS of 1.74 yuan, 1.89 yuan, and 2.02 yuan, respectively [5] - The company's current production capacity includes 26.5 million tons/year from Tashan Mine and 8 million tons/year from Selian Mine, totaling 34.5 million tons/year [5] - The injection of the 10 million tons/year Panjiayao Mine is expected to contribute 1 billion yuan in net profit, increasing the company's 2023 net profit by 30% [5] Valuation and Financial Ratios - The company's PE ratio for 2024-2026 is projected at 7.9x, 7.3x, and 6.8x, respectively [7] - The PB ratio for 2024-2026 is expected to be 1.2x, 1.1x, and 1.0x, respectively [7] - The company's ROE for 2024-2026 is forecasted at 11.2%, 11.4%, and 11.4%, respectively [12] Industry Position - The company is a listed entity under Jinneng Holding Group, the second-largest coal group in China, and has shown significant asset optimization in recent years [6] - The company's PE ratio is lower than that of other top five coal group listed companies, suggesting a potential valuation advantage [6]

Investment Rating - The report assigns a "Buy" rating to Jinkong Coal (601001 SH) with a target price of 14 90 yuan and a current price of 12 79 yuan [3] Core Viewpoints - Jinkong Coal has initiated the acquisition of a coal exploration right with a designed capacity of 10 million tons per year marking a significant step in the integration of group assets [1][8] - The company has sufficient cash on hand to complete the acquisition with net cash of 12 5 billion yuan after deducting interest-bearing liabilities of 3 48 billion yuan [8] - Upon completion and operation of the Panjiayao Mine the company's controlled coal production capacity is expected to increase by 29% [8] - The company is a small but high-quality coal platform under the Jinneng Holding Group with strong profitability and potential for capacity growth benefiting from long-term group asset integration [8] - The company has no large ongoing projects resulting in low capital expenditure pressure and a gradually increasing dividend payout ratio (14 4% in 2021 34 6% in 2022 and 40 0% in 2023) [8] Financial Performance and Projections - Revenue is projected to decline slightly from 15 34 billion yuan in 2023 to 14 53 billion yuan in 2025 with a growth rate of -2 9% in 2025 [7] - Net profit attributable to the parent company is expected to decrease from 3 30 billion yuan in 2023 to 2 77 billion yuan in 2025 with a growth rate of -3 0% in 2025 [7] - EPS is forecasted to be 1 71 yuan in 2024 1 66 yuan in 2025 and 1 67 yuan in 2026 [7] - The P/E ratio is expected to rise from 6 25 in 2023 to 7 73 in 2025 [7] - ROE is projected to decline from 19 5% in 2023 to 13 7% in 2025 [7] Asset and Liability Overview - The company's total assets are expected to increase from 37 68 billion yuan in 2023 to 45 28 billion yuan in 2026 [10] - Net cash from operating activities is projected to be 4 67 billion yuan in 2024 and 4 87 billion yuan in 2026 [10] - The company's debt-to-asset ratio is expected to decrease from 35 3% in 2023 to 28 6% in 2026 indicating improved financial health [12] Valuation and Dividend Yield - Based on a 9x P/E ratio for 2025 the company's fair value is estimated at 14 90 yuan per share [8] - Assuming a 40% dividend payout ratio for 2024 the current market value corresponds to a dividend yield of 5 3% [8]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has ample cash reserves to support long-term capital expenditures and dividend plans, with total assets of RMB 37.97 billion, including RMB 18.22 billion in current assets and RMB 19.75 billion in non-current assets [2] - The company's debt level is low, with only RMB 1.6 billion in long-term loans, and a high cash-to-asset ratio of 42.1% [2] - The company is expected to achieve net profits attributable to the parent company of RMB 2.87 billion, RMB 2.56 billion, and RMB 2.64 billion for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 7.5X, 8.4X, and 8.1X [2] Financial Performance - Revenue is projected to decline slightly from RMB 15.34 billion in 2023 to RMB 15.13 billion in 2024, with a further decline to RMB 14.84 billion in 2025 before recovering to RMB 15.09 billion in 2026 [3] - Net profit attributable to the parent company is expected to decrease from RMB 3.30 billion in 2023 to RMB 2.87 billion in 2024, and further to RMB 2.56 billion in 2025, before rebounding to RMB 2.64 billion in 2026 [3] - The company's ROE is forecasted to decline from 18.5% in 2023 to 14.9% in 2024, and further to 12.0% in 2025, before stabilizing at 11.6% in 2026 [3] Asset Injection - The company has announced the initiation of acquiring assets from its indirect controlling shareholder, including the exploration rights and related assets of the Panjiayao Mine in Zuoyun County, Shanxi Province [1] - The Panjiayao Mine has a mining area of 90.1357 square kilometers, with recoverable reserves of 947 million tons, and plans to build a 10 million-ton-per-year mine with supporting coal preparation plants and railway lines [7] Valuation Metrics - The company's P/E ratio is expected to increase from 6.5X in 2023 to 7.5X in 2024, and further to 8.4X in 2025, before slightly decreasing to 8.1X in 2026 [3] - The P/B ratio is projected to decline from 1.3X in 2023 to 1.2X in 2024, and further to 1.1X in 2025, before reaching 1.0X in 2026 [3] Industry and Market Position - The company operates in the coal mining industry and has a total market capitalization of RMB 21.41 billion as of January 15, 2025 [4] - The company's stock price has shown significant growth, outperforming the CSI 300 index, with a 60% increase from January 2024 to January 2025 [6]

证券代码：601001 证券简称：晋控煤业 公告编号：2025-005 晋能控股山西煤业股份有限公司 关于召开 2025 年第一次临时股东会的通知 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、 召开会议的基本情况 (一) 股东会类型和届次 2025 年第一次临时股东会 召开的日期时间：2025 年 2 月 10 日 9 点 30 分 召开地点：公司二楼会议室 (五) 网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年2月10日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 2 月 10 日 至 2025 年 2 月 10 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9: ...

证券代码：601001 证券简称：晋控煤业 公告编号：临2025－002 晋能控股山西煤业股份有限公司 第八届监事会第八次会议决议公告 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。 一、监事会会议召开情况 晋能控股山西煤业股份有限公司（以下简称"公司"）于 2025 年 1 月 10 日以书面、传真或电子邮件方式向全体监事发出了召开第 八届监事会第八次会议的通知。本次会议于 2025 年 1 月 15 日在公司 二楼会议室以现场表决方式召开。会议应出席监事 5 人，实际出席监 事 5 人。会议由公司监事会主席雷永升先生主持，符合《公司法》《公 司章程》的有关规定。 二、监事会会议审议情况 审议通过了《关于预计公司 2025 年度日常关联交易的议案》。 该议案 5 票同意，0 票反对，0 票弃权。 议案具体内容请见公司临 2025-003 号《晋能控股山西煤业股份 有限公司关于预计 2025 年度日常关联交易公告》。 本议案尚需提交股东会审议。 特此公告。 晋能控股山西煤业股份有限公司监事会 二○二五年一月十六日 ...

证券代码：601001 证券简称：晋控煤业 公告编号：临2025－001 晋能控股山西煤业股份有限公司 一、董事会会议召开情况 晋能控股山西煤业股份有限公司（以下简称"公司"）于 2025 年 1 月 10 日以书面、传真或电子邮件方式向全体董事、监事发出了 召开第八届董事会第十一次会议的通知。本次会议于 2025 年 1 月 15 日在公司二楼会议室以现场及通讯表决方式召开。会议应出席董事 14 人，实际出席董事 14 人，以通讯表决方式出席会议的人数为 3 人。 会议由公司董事长李建光先生主持，符合《公司法》《公司章程》的 有关规定。公司监事及其他高级管理人员列席了会议。 1.审议通过《关于预计公司 2025 年度日常关联交易的议案》 第八届董事会第十一次会议决议公告 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。 二、董事会会议审议情况 该议案审议事项为关联交易事项，关联董事李建光、曹华天、张 献伟、杨志强回避表决，其余非关联董事对上述关联交易议案进行表 决。公司独立董事在 2025 年第一次专门会议上已发表了同意的审 ...

Company Actions - The company has decided to initiate the acquisition of certain assets from its indirect controlling shareholder, Jinneng Holding Group, to fulfill the commitments made in the "Letter of Commitment on Avoiding Industry Competition" signed with Jinneng Holding Group [1] - The assets to be acquired include the exploration rights and related assets of the Panjiayao Mine, which has a designed production capacity of 10 million tons per year [1] Industry Implications - The acquisition aims to further resolve issues related to industry competition, aligning with the commitments made in the agreement with Jinneng Holding Group [1] - The Panjiayao Mine's significant production capacity of 10 million tons per year highlights the strategic importance of this acquisition in the coal mining sector [1]

证券代码：601001 证券简称：晋控煤业 公告编号：临2024－028 债券代码：185329 债券简称：22晋股01 晋能控股山西煤业股份有限公司关于调整 2024年度日常关联交易公告 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： ●是否需要提交股东大会审议：否 ●日常关联交易对公司的影响：公司日常关联交易于公司日常业务中 进行，定价公平合理，符合公司及股东的利益，不会对关联方形成较大的 依赖。 一、日常关联交易基本情况 (一) 调整日常关联交易履行的审议程序 1.晋能控股山西煤业股份有限公司(以下简称"公司") 于 2024 年 12 月 20 日召开第八届董事会第十次会议，审议通过了《关于调整公司 2024 年日常关联交易预计额度的议案》，关联董事李建光、曹华天、张献伟、杨 志强回避表决，其余非关联董事一致审议通过该议案。公司于同日召开第 八届监事会第七次会议审议，审议通过了《关于调整公司 2024 年日常关联 交易预计额度的议案》。该议案无需提交公司股东大会审议。 2.公司于 2024 年 12 ...

证券代码：601001 证券简称：晋控煤业 公告编号：临2024－029 债券代码：185329 债券简称：22晋股01 晋能控股山西煤业股份有限公司 第八届监事会第七次会议决议公告 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。 一、监事会会议召开情况 审议通过了《关于调整公司 2024 年日常关联交易预计额度的议 案》。 该议案 5 票同意，0 票反对，0 票弃权。 议案具体内容请见公司临 2024-028 号《晋能控股山西煤业股份 有限公司关于调整 2024 年度日常关联交易公告》。 本议案无需提交股东大会审议。 特此公告。 晋能控股山西煤业股份有限公司监事会 二○二四年十二月二十一日 晋能控股山西煤业股份有限公司（以下简称"公司"）于 2024 年 12 月 17 日以书面、传真或电子邮件方式向全体监事发出了召开 第八届监事会第七次会议的通知。本次会议于 2024 年 12 月 20 日在 公司二楼会议室以现场表决方式召开。会议应出席监事 5 人，实际出 席监事 5 人。会议由公司监事会主席雷永升先生主持，符合《公司 ...

审议通过了《关于调整公司 2024 年日常关联交易预计额度的议 案》。 证券代码：601001 证券简称：晋控煤业 公告编号：临2024－027 债券代码：185329 债券简称：22晋股01 晋能控股山西煤业股份有限公司 第八届董事会第十次会议决议公告 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。 一、董事会会议召开情况 晋能控股山西煤业股份有限公司（以下简称"公司"）于 2024 年 12 月 17 日以书面、传真或电子邮件方式向全体董事、监事发出 了召开第八届董事会第十次会议的通知。本次会议于 2024 年 12 月 20 日在公司二楼会议室以现场及通讯表决方式召开。会议应出席董 事 14 人，实际出席董事 14 人，以通讯表决方式出席会议的人数为 7 人。会议由公司董事长李建光先生主持，符合《公司法》《公司章程》 的有关规定。公司监事及其他高级管理人员列席了会议。 二、董事会会议审议情况 该议案审议事项为关联交易事项，关联董事李建光、曹华天、张 献伟、杨志强回避表决，其余非关联董事对上述关联交易议案进行表 决。公司 ...