Financial Performance - Operating revenue for Q3 2024 was CNY 3,854,850,875.11, an increase of 1.38% year-on-year[2] - Net profit attributable to shareholders was CNY 714,469,868.22, a decrease of 8.25% compared to the same period last year[2] - Basic and diluted earnings per share were both CNY 0.43, down 6.52% year-on-year[3] - Total operating revenue for the first three quarters of 2024 was CNY 11,233,627,002.63, a slight decrease of 0.19% compared to CNY 11,255,031,707.22 in the same period of 2023[17] - Net profit for the first three quarters of 2024 was CNY 2,976,048,968.23, a decrease of 2.3% compared to CNY 3,046,346,872.34 in the previous year[18] - The total comprehensive income for the first three quarters was CNY 2,976,048,968.23, slightly lower than CNY 3,046,346,872.34 in the previous year[19] Assets and Liabilities - Total assets at the end of the reporting period were CNY 37,969,804,846.74, reflecting a 0.78% increase from the end of the previous year[3] - The company's total liabilities decreased to CNY 11,406,565,988.19 from CNY 13,302,016,925.87, reflecting a reduction of approximately 14.2%[16] - The total equity attributable to shareholders increased to CNY 18,076,653,053.36, up from CNY 16,896,831,797.79, representing an increase of about 7.0%[16] - Total liabilities increased to CNY 24,853,692,644.97 as of September 30, 2024, compared to CNY 20,508,462,520.81 at the end of 2023, indicating a rise of 21.5%[25] - The total assets of the company as of September 30, 2024, are 37.97 billion RMB, compared to 37.67 billion RMB at the end of 2023[14] Cash Flow - Cash flow from operating activities for the year-to-date decreased by 24.71% to CNY 3,664,060,122.21[2] - Operating cash inflow for the first three quarters of 2024 was CNY 13,472,942,634.55, a decrease of 5.2% compared to CNY 14,212,965,162.71 in the same period of 2023[22] - Net cash flow from operating activities for the first three quarters of 2024 was CNY 3,664,060,122.21, down 24.7% from CNY 4,866,885,541.97 in 2023[22] - The company experienced a cash inflow from operating activities totaling CNY 16,702,817,643.24, compared to CNY 12,566,698,417.34 in the previous year, marking an increase of 33.5%[29] Shareholder Information - The total number of common shareholders at the end of the reporting period is 40,626[8] - The largest shareholder, Jinneng Holding Coal Industry Group Co., Ltd., holds 961,632,508 shares, accounting for 57.46% of total shares[10] - There are no changes in the participation of the top ten shareholders in margin trading and securities lending activities compared to the previous period[11] Research and Development - Research and development expenses increased significantly by 243,023.44% compared to the same period last year[7] - Research and development expenses rose significantly to CNY 74,287,363.07, compared to only CNY 30,555.41 in the same period last year[17] Investment Activities - The company reported investment income of CNY 337,071,671.15, down from CNY 389,232,249.54 year-over-year[18] - The company reported a net cash outflow from investing activities of CNY -213,419,394.03 in Q3 2024, an improvement from CNY -516,716,787.12 in the same period of 2023[22] - The company’s investment activities generated a net cash flow of CNY 166,553,380.08, compared to CNY 12,041,802.31 in the previous year[29] Operational Metrics - The company produced 25.79 million tons of raw coal and sold 22.07 million tons of commercial coal from January to September 2024[11] - Total operating costs increased to CNY 7,701,937,032.78, up 15.0% from CNY 7,586,053,624.11 year-over-year[17] - The company’s cash outflow for purchasing goods and services was CNY 4,810,112,519.93 in Q3 2024, a slight decrease from CNY 4,903,204,679.21 in Q3 2023, reflecting a decline of 1.9%[22]

证券代码：601001 证券简称：晋控煤业 公告编号：临2024－022 债券代码：185329 债券简称：22晋股01 重要内容提示： 投资者可于 2024 年 10 月 14 日至 10 月 18 日 16:00 前登录上证路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 jkmypublic@yeah.net 进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 晋能控股山西煤业股份有限公司（以下简称"公司"）已于 2024 年 8 月 28 日发布公司 2024 年半年度报告，为便于广大投资者更全面 深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 10 月 21 日 15:00-16:00 举行 2024 年半年度业绩说明会，就投资 者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半 会议召开时间：2024 年 10 月 21 日 15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： htt ...

Investment Rating - The report assigns an "Outperform" rating to the company, with a reasonable valuation range of 18.3 to 19.1 CNY, indicating a premium of 7% to 12% relative to the closing price on September 30 [3][4]. Core Insights - The company is a high-quality thermal coal enterprise in Shanxi, backed by China's second-largest coal production group, with a strong operational foundation and growth potential [1][10]. - The company has improved its asset quality significantly by divesting loss-making mines and optimizing its operational structure, leading to a notable increase in profitability metrics such as ROE, which rose from 12% in 2020 to 19.5% in 2023 [1][10]. - The company benefits from industry tailwinds, with improved performance and a solid cash flow position, as evidenced by a cash flow net amount of 61.7 billion CNY in 2023 and a reduction in debt to 4.5 billion CNY, resulting in a low debt-to-asset ratio of 33.5% [1][17]. - The company is actively pursuing the intelligent transformation of its coal mines, enhancing management efficiency and maintaining low production costs, with the cost per ton of coal being among the lowest in the industry [1][32]. - There is significant potential for asset injection from the parent company, which could further support the company's growth trajectory [1][43]. Summary by Sections Company Overview - The company, originally established in 2001 and listed in 2006, is a subsidiary of the Jineng Holding Group, which is the second-largest coal enterprise in China [1][10]. - The company has divested several loss-making mines since 2013 and has improved its asset quality through strategic acquisitions [1][10]. Financial Analysis - In 2023, the company reported a revenue of 15.3 billion CNY, a decrease of 4.6% year-on-year, while net profit increased by 8.3% to 3.3 billion CNY [2][15]. - The company’s operating cash flow has significantly increased, with cash reserves reaching 15.2 billion CNY, accounting for 40.4% of total assets [17]. Profitability and Cost Structure - The company has maintained a strong profitability profile, with gross and net profit margins of 50% and 29% respectively in 2023 [1][10]. - The average cost per ton of coal produced is among the lowest in the industry, supported by high levels of automation and efficient management practices [32][34]. Growth Potential - The company has a substantial resource base, with coal reserves of 4.14 billion tons and a production capacity of 34.5 million tons per year [25][27]. - Future asset injections from the parent group are anticipated to enhance the company's growth prospects [43].

特此公告。 晋能控股山西煤业股份有限公司董事会 二○二四年九月二十七日 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。 大同煤矿集团财务有限责任公司（以下简称"财务公司"）为晋 能控股山西煤业股份有限公司（以下简称"公司"）的参股公司，公 司持有财务公司 20%的股权。财务公司于 9 月 25 日取得国家金融监 督管理总局《关于大同煤矿集团财务有限责任公司解散的批复》（金 复〔2024〕627 号），同意解散财务公司。 2020 年 10 月山西省对原同煤集团、晋能集团、晋煤集团进行重 组，组建新的晋能控股集团。按照《企业集团财务公司管理办法》规 定"一家企业集团只能设立一家财务公司"，现晋能控股集团下属共 设有两家财务公司，分别为大同煤矿集团财务有限责任公司、晋煤集 团财务有限公司，晋能控股集团拟将大同煤矿集团财务有限责任公司 解散注销。公司已于 2024 年 5 月 24 日召开 2023 年度股东大会批准 该事项，详细情况请见临 2024-008 号公告。后续公司将根据财务公 司清算进展情况及时履行决策审批程序及信息披 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights the company's stable profitability in the coal business and the potential for long-term external growth [5] - The company achieved a net profit attributable to shareholders of 1.44 billion yuan in the first half of 2024, representing a year-on-year increase of 4% [5] - The report anticipates that the company's net profit for 2024-2026 will be 2.81 billion, 2.86 billion, and 2.82 billion yuan respectively, with corresponding EPS of 1.68, 1.71, and 1.69 yuan [6] Financial Performance Summary - In the first half of 2024, the company reported revenue of 7.38 billion yuan, a year-on-year decrease of 1%, while the net profit attributable to shareholders was 1.44 billion yuan, an increase of 3.7% [5] - The company’s coal production and sales volume for the first half of 2024 were 16.93 million tons and 14.45 million tons respectively, showing a slight decrease compared to the previous year [5] - The average selling price of coal in the first half of 2024 was 495 yuan per ton, down 1.8% year-on-year [5] Profitability and Valuation - The report projects a gross profit margin of 50% for 2023, which is expected to decrease to 44.9% in 2024 and gradually recover to 46.8% by 2026 [10] - The company is valued at a P/E ratio of 11-12 times for 2024, with a reasonable price range of 18.46 to 20.14 yuan [6][9] Market Position and Growth Potential - The company has a significant competitive advantage with 88 mines and an annual production capacity of 242 million tons, along with a total resource reserve of 38.541 billion tons [5] - The report suggests that the company is well-positioned for future asset injections from its parent group, which could enhance its growth prospects [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a slight decrease in revenue for the first half of 2024, with a year-on-year decline of 0.99%, while net profit increased by 3.67% [3] - The coal business showed a mixed performance, with sales volume increasing quarter-on-quarter but facing pressure from declining prices [4] - The company is expected to achieve revenue growth in the coming years, with projected revenues of 162.01 billion, 166.19 billion, and 168.81 billion for 2024, 2025, and 2026 respectively [6] Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022A: Revenue of 16,082 million, Net Profit of 3,044 million - 2023A: Revenue of 15,342 million, Net Profit of 3,301 million - 2024E: Revenue of 16,201 million, Net Profit of 3,431 million - 2025E: Revenue of 16,619 million, Net Profit of 3,625 million - 2026E: Revenue of 16,881 million, Net Profit of 3,767 million [2][6] - **Earnings Per Share (EPS)**: - 2022A: 1.82 - 2023A: 1.97 - 2024E: 2.05 - 2025E: 2.17 - 2026E: 2.25 [2] - **Price-to-Earnings (P/E) Ratio**: - 2022A: 7.8 - 2023A: 7.2 - 2024E: 6.9 - 2025E: 6.6 - 2026E: 6.3 [2] - **Price-to-Book (P/B) Ratio**: - 2022A: 1.6 - 2023A: 1.4 - 2024E: 1.2 - 2025E: 1.0 - 2026E: 0.9 [2] Operational Highlights - The company achieved a coal production of 16.928 million tons in the first half of 2024, a slight decrease of 0.47% year-on-year, while sales volume was 14.452 million tons, down 0.22% [4] - The average selling price of coal was 495.2 yuan/ton, reflecting a year-on-year decrease of 1.83% [4] - Significant reductions in management and financial expenses contributed to improved profitability [4][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company's performance has shown growth against the trend, primarily due to increased volume and cost control. The report highlights the potential for asset injection and dividend growth [5][6] - For the first half of 2024, the company achieved operating revenue of 7.379 billion yuan, a year-on-year decrease of 0.99%, while net profit attributable to shareholders increased by 3.67% to 1.436 billion yuan [5] - The report maintains profit forecasts for 2024-2026, expecting net profits of 3.39 billion yuan, 3.58 billion yuan, and 3.75 billion yuan, respectively, with corresponding EPS of 2.03 yuan, 2.14 yuan, and 2.24 yuan [5][6] Financial Performance Summary - In H1 2024, the company produced 16.93 million tons of raw coal, a slight decrease of 0.5% year-on-year, with sales of 14.45 million tons, also down by 0.2% [5] - The average selling price of coal in H1 2024 was 495.2 yuan/ton, reflecting a year-on-year decline of 1.8% [5] - The company has signed agreements to resolve competition issues, with expectations for asset injection from the parent group, which has significant coal production capacity [5][6] - The dividend payout for 2023 was 7.90 yuan per 10 shares, with a dividend rate of 40%, indicating a continuous increase in dividend payouts over three years [5]

动力煤 晋控煤业（601001.SH） 增持-A(维持) 煤炭产销稳定，三费下降业绩逆势增长 | --- | --- | --- | |----------------------------------------------|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 公司近一年市场表现 | | 事件描述 | | | | 公司发布 年半年报： 年 月，公司实现营业总收入 | | | | 2024 2024 1-6 73.79 亿元，同比变化 -0.99% ；实现归母净利润 14.36 亿 ...

| --- | --- | |--------------------------------------|----------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | [Table_Title] 量价稳定盈利增长，经营费用显著降低 | | 公司研究 | [Table_ReportDate] 2024年8月28日 | | [Table_ReportType]公司点评报告 | [T事ab件le：_2S0u2mm4a年ry]8 月 27 日 ，晋控煤业发布半年度报告，2023年公司实现营 | | 晋ab控le煤_S业toc（kA6n0d1R0an0k1]） | 业收入 73.79 亿元，同比下降 0.99%，实现归母净利润14.36亿元，同比 | | 投资评级 | 上涨 3.67%；扣非后净利润 14.24 亿元，同比上涨6.11%。经营活动现金流量净额 25.30 亿元，同比下降28.56% ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 28 年 月 日 晋控煤业（601001.SH） 业绩同比微增，资产注入值得期待 公司发布 2024 年半年度业绩公告。公司 2024 年上半年实现营业收入 73.79 亿元，同比下降 0.99%；归母净利润 14.36 亿元，同比增长 3.67%。 24Q2 实现归母净利润 6.56 亿元，同比下降 2.75%；营业收入 37.21 亿 元，同比下降 0.45%。 煤价下滑拖累 Q2 业绩，原煤产销基本稳定： ➢ 2024H1 公司原煤产量 1693 万吨，同比下降 0.5%；商品煤销量 1445 万吨，同比下降 0.2%；煤炭业务销售收入 72 亿元，同比-2.1%；吨 煤综合售价 495 元/吨，同比-1.8%。 ➢ 2024Q2 公司原煤产量 848 万吨，同比持平，环比+0.3%；商品煤销 量 750 万吨，同比+0.1%，环比+7.8%；煤炭业务收入 36 亿元，同 比-1.2%，环比+1.9%，吨煤售价 482 元/吨，同比-1.4%，环比-5.5%。 财务公司利润亏损约 2 亿元左右，公司持股比例仅 20%，影响有限。大 ...