Core Viewpoints - The coal sector has experienced a high-level retreat in the first two months of 2025, underperforming the market by 11.8 percentage points, ranking last among all industry indices [4][14]. - The coal price is expected to stabilize and gradually recover due to improved industrial demand, slowing production growth, and reduced import expectations [4][29]. Group 1: Coal Sector Review - In the first two months of 2025, the coal sector has declined by 10.0%, ranking 30th out of 30 in the industry indices [4][14]. - The sub-sectors of thermal coal, coking coal, and coke have seen respective declines of 15.5%, 11.4%, and 7.4% in the first two months [14]. - As of March 18, 2025, the coal sector's price-to-earnings (PE) ratio is at 10.4 times, which is at a historical average level, while the price-to-book (PB) ratio is at 1.33 times, also at a historical average [19][23]. Group 2: Coal Market Review - The growth rate of electricity consumption has dropped to 1.3% in the first two months, while non-electric demand has shown overall improvement [4][29]. - Domestic coal prices have been weak since the beginning of the year, with thermal coal prices stabilizing in March [29]. - The import growth rate of coal has decreased to 1.8% in the first two months of 2025 [4][29]. Group 3: Recent Market Dynamics - Port thermal coal prices have slightly declined, while prices in production areas have generally rebounded [4][29]. - The price of thermal coal is expected to stabilize in the short term due to inventory reductions at southern ports and coastal power plants [4][29]. - Coking coal prices have continued to decline, but demand is expected to improve as the spring construction season approaches [4][29]. Group 4: Industry Outlook - The coal price is expected to find support at the bottom, with the sector's valuation and dividend advantages becoming more pronounced [4][29]. - The anticipated average coal price for 2025 may decline, but leading companies are expected to maintain stable profitability due to effective cost control [4][29]. - Key companies with robust dividends include Shaanxi Coal and China Shenhua, while companies with lower valuations and long-term growth potential include Xinji Energy and Yanzhou Coal [4][29].

晋控煤业 20250317 摘要 Q&A 请介绍一下目前晋控煤业的整体销售情况和市场形势。 目前煤炭市场价格持续下跌，5,500 大卡的煤炭市场价已经跌破 700 元/吨，约 在 600 元左右。公司销售包括长协煤和市场煤两部分，各占一半。长协煤主要 供应周边火电厂，价格稳定在 770 元/吨，而市场煤价格下跌导致港口库存增加。 公司如何应对港口库存增加的问题？ 公司坚持长协价 770 元/吨进行销售，因此库存积压较大。目前集团内部文件显 示，港口库存量约为 550 万吨，其中塔山矿的库存为 146 万吨。公司正在探索 在不降价的情况下减少库存的方法，并未采取降价或抛售策略。 • 公司长协煤价格维持 770 元/吨，导致港口库存积压，目前库存量约为 550 万吨，其中塔山矿库存 146 万吨，公司正探索不降价的去库存方法。 • 塔山矿长协煤主要供应周边电厂，四老沟矿 80%地销，20%市场销售。煤炭 长期存储对热值影响不大，但需关注自然现象。 • 集团内部贸易商曾助力消化部分库存，但目前内部供需趋于饱和，进一步 调整空间受限。山西煤价虽低，但整体情况复杂，难以判断具体形势。 • 晋控煤业一季度产量稳定，成本无 ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2]. Core Views - Short-term stabilization of coal prices is expected, with opportunities for investment in undervalued stocks [7][10]. - The coal market is showing signs of recovery due to supply tightening and increased demand from industrial sectors [7]. - The report emphasizes the importance of value investing in leading companies within the coal sector, particularly those with integrated operations [10]. Summary by Sections 1. Core Views and Business Tracking - The report highlights the importance of dividend policies and growth prospects for key companies in the coal sector [15]. - It tracks the operational performance of listed companies, noting fluctuations in production and sales figures [17]. 2. Coal Price Tracking - Coal prices are being monitored closely, with specific attention to both domestic and international price movements [11]. - The report indicates that the average price of thermal coal at the port has seen a slight decrease, while demand has shown signs of recovery [7][10]. 3. Coal Inventory Tracking - The report provides insights into production levels and inventory status for both thermal and coking coal [11]. - It notes that the average daily production of thermal coal from sample mines is approximately 5.7 million tons, with a slight week-on-week decrease [10]. 4. Downstream Performance of the Coal Industry - The report discusses the consumption patterns of coal in downstream industries, particularly in power generation and steel production [11]. - It highlights the recovery in coal consumption as industrial operations ramp up during the "golden three silver four" period [7]. 5. Performance of the Coal Sector and Individual Stocks - The report analyzes the performance of the coal sector, noting a 0.4% increase week-on-week [11]. - It provides a detailed performance overview of key coal companies, emphasizing their earnings forecasts and market positioning [17].

北京市金杜律师事务所 关于晋能控股山西煤业股份有限公司 2025 年第一次临时股东会的 法律意见书 致：晋能控股山西煤业股份有限公司 3. 公司于 2025 年 2 月 6 日刊登于《中国证券报》《上海证券报》《证券日报》 及上海证券交易所网站（网址：http://www.sse.com.cn/）的《晋能控股山西煤业股 份有限公司 2025 年第一次临时股东会会议资料》； 4. 公司本次股东会股权登记日的股东名册； 5. 出席本次股东会现场会议股东的到会登记记录及凭证资料； 6. 出席/列席本次股东会现场会议董事、监事及高级管理人员的到会记录； 7. 上证所信息网络有限公司提供的本次股东会网络投票情况的统计结果； 8. 公司本次股东会议案及涉及相关议案内容的公告等文件； 北京市金杜律师事务所（以下简称本所）接受晋能控股山西煤业股份有限公司 （以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会（以 下简称中国证监会）《上市公司股东大会规则（2022 年修订）》（以下简称《股东 大会规则》）等中华人民共和国境内（以下简称 ...

证券代码：601001 证券简称：晋控煤业 公告编号：2025-007 晋能控股山西煤业股份有限公司 2025 年第一次临时股东会决议公告 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 520 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,129,253,673 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 67.4705 | 注：出席会议的股东包括回避表决的关联股东晋能控股煤业集团有限公司 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东会由董事会召集，采用现场会议及网络投票相结合方式召开，由公 司董事长李建光先生主持，符合《公司法》及《公司章程》的规定。 (五) 公司董事、监事和董事会秘书的出席情况 (一) 股东会召开的时间：2025 年 2 月 10 日 (二) 股东会召开的地点：公司二楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 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 ...

晋能控股山西煤业股份有限公司 二○二五年第一次临时股东会 会 议 资 料 二○二五年二月十日 | 一、会议须知----------------------------------------------------1 | | --- | | 二、会议议程----------------------------------------------------3 | | 三、会议议案----------------------------------------------------5 | 会议须知 为维护广大投资者的合法权益，确保股东会的正常秩序和议 事效率，根据《公司法》《上市公司股东会规则》《公司章程》和 公司《股东会议事规则》的有关规定，特制定如下参会须知，望 现场出席股东会的全体人员严格遵守： 一、为能及时统计出席会议的股东（股东代理人）所代表的 持股总数，务请登记出席股东会的股东及股东代表于会议开始前 半小时到达会议地点，并携带身份证或者营业执照复印件、股东 账户卡、授权委托书等原件办理签到手续后入场；在大会主持人 宣布出席会议的股东和股东代理人人数及所持有表决权的股份总 数之前，会议终止登记。未签 ...

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [1][8]. Core Views - The initiation of asset acquisition strengthens the company's growth logic, with the acquisition of the Panjiakou mining rights expected to increase coal resources by 44.53% to 5.969 billion tons [5][6]. - The company has a solid financial position with abundant cash flow, and it is expected to continue receiving support from its controlling shareholder, Jin Energy Holdings Group, for future growth and asset injections [6][7]. Summary by Sections Market Performance - As of January 17, 2025, the closing price was CNY 13.61, with a yearly high of CNY 19.87 and a low of CNY 11.13 [3]. Financial Data - For the fiscal year 2023, the company reported a basic earnings per share (EPS) of CNY 1.29 and a return on equity (ROE) of 11.20% [3]. - The projected EPS for 2024-2026 is CNY 1.97, CNY 2.04, and CNY 2.09, respectively, with corresponding price-to-earnings (PE) ratios of 7.0, 6.7, and 6.6 [7][10]. Acquisition Details - The company announced the acquisition of mining rights from its controlling shareholder, which is expected to enhance its production capacity significantly [4][5]. - The acquisition cost for the Panjiakou mining rights was CNY 475.3 million, with a resource volume of 182.5865 million tons, resulting in a low cost of CNY 2.60 per ton [4]. Growth Potential - The company’s coal production is projected to increase by nearly 28% upon the completion of the acquisition and full production at the Panjiakou mine, which has a designed capacity of 10 million tons per year [5][6]. - The company’s total coal resources are expected to reach 5.969 billion tons after the acquisition, significantly enhancing its growth prospects [5].

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]