Investment Rating - Buy (First Rating) with a target price of 18.92 RMB [1] Core Views - The company is a low-cost, high-quality thermal coal enterprise with long mineable years and cost advantages [4] - The company has strong financials with ample cash on hand, optimized debt structure, and declining financial expense ratio [4] - Significant potential for asset injection from its parent company, Jineng Group, which is the second-largest coal enterprise in China [4] - The company's valuation is relatively low compared to peers, making it an attractive investment [106] Company Overview - The company, formerly known as Datong Coal, was renamed Jinkong Coal in December 2020 and is primarily engaged in coal production and sales [15] - It is backed by Jineng Group, the largest coal enterprise in Shanxi and the second-largest in China, with abundant coal resources [16] - The company's coal quality is excellent, with low ash, low sulfur, and high calorific value, making it suitable for power generation, cement, and building materials industries [15] - The company benefits from a strategic location near major railway lines and ports, facilitating coal transportation [15] Operational Highlights - The company's coal business accounts for over 95% of total revenue and 98% of gross profit, with non-coal businesses (e.g., activated carbon) contributing minimally [20] - The company's main mines, Tashan and Selian, have mineable years of 59 and 46 years, respectively, ensuring long-term resource stability [21] - Tashan Mine, with an annual capacity of 26.5 million tons, is the company's primary profit contributor, accounting for 76.4% of total coal production and 75.9% of sales in 2023 [25] - The company's coal cost per ton is among the lowest in the industry, driven by the scale and efficiency of Tashan Mine [22] Financial Performance - The company's revenue in 2023 was 15.34 billion RMB, a decrease of 4.6% YoY, mainly due to a 13.7% decline in coal prices [32] - Net profit in 2023 was 3.30 billion RMB, an increase of 8.4% YoY, driven by cost control and declining financial expenses [57] - The company's debt structure has improved significantly, with short-term debt decreasing by 100% YoY in Q3 2024 and financial expense ratio declining to 0.4% [63] - The company's dividend payout ratio has been increasing, reaching 40.1% in 2023, with further room for growth as asset quality improves [76] Asset Injection Potential - The company's parent group, Jineng Group, has a total coal production capacity of 450 million tons per year, while the company's capacity is only 34.5 million tons, representing a low asset securitization rate of 7.7% [4] - Jineng Group has committed to injecting high-quality coal assets into the company, with a focus on assets that meet profitability and compliance standards [97] - The company has sufficient cash flow and a declining debt-to-asset ratio, positioning it well to acquire additional high-quality assets [97] Valuation and Investment Recommendation - The company's 2024-2026 revenue growth is projected to be -1.5%, +2.7%, and +2.7%, respectively, with net profit growth of -12.0%, +9.0%, and +6.9% [100] - The company's PE ratio is lower than its peers, with a 2025E PE of 7.6x, compared to the industry average of 10.0x [106] - Based on a 10x PE valuation for 2025, the target price is set at 18.92 RMB, with a "Buy" rating [106]

证券代码：601001 证券简称：晋控煤业 公告编号：临2024－025 债券代码：185329 债券简称：22晋股01 关于召开 2024 年第三季度业绩说明会的公告 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： 晋能控股山西煤业股份有限公司 投资者可于 2024 年 11 月 7 日至 11 月 13 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 10 月 29 日发布公司 2024 年第三季度报告，为便于广大投资者更 全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计 划于 2024 年 11 月 14 日 15:00-16:00 举行 2024 年第三季度业绩说明 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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6]. Core Views - The report indicates that the company's Q3 performance showed stable growth in both volume and price, leading to improved performance compared to the previous quarter. The coal production and sales volume are expected to increase year-on-year [7]. - The report highlights that despite a weak coal price environment, the company managed to increase its self-produced coal prices, indicating a recovery in profitability [7]. - The forecast for 2024-2026 has been adjusted downwards due to weak coal prices, with expected revenues of 150.13 billion, 154.01 billion, and 156.44 billion respectively, and net profits of 27.87 billion, 30.03 billion, and 31.31 billion respectively [7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 112.34 billion yuan, a decrease of 0.19% year-on-year, and a net profit of 21.51 billion yuan, a decrease of 0.62% year-on-year [7]. - In Q3 2024, the company reported revenue of 38.55 billion yuan, a year-on-year increase of 1.38% and a quarter-on-quarter increase of 3.60% [7]. - The coal production for the first three quarters was 25.79 million tons, a year-on-year increase of 1.47%, while the sales volume was 22.07 million tons, a slight decrease of 0.30% year-on-year [7]. Price and Cost Analysis - The average unit price for coal in the first three quarters was 494 yuan/ton, a slight increase year-on-year, while the unit cost was 262 yuan/ton, a decrease of 0.62% year-on-year [7]. - In Q3 2024, the unit price was 492 yuan/ton, reflecting a year-on-year increase of 3.69% and a quarter-on-quarter increase of 2.19% [7]. Production Capacity - The company currently has a total production capacity of 34.5 million tons per year from its two controlling coal mines, with a capacity utilization rate of 102.80% in Q3 2024 [7]. - The report anticipates that the company will maintain high production levels in Q4, with a year-on-year increase in total production expected [7]. Earnings Forecast and Valuation - The earnings forecast for 2024-2026 has been revised, with expected earnings per share of 1.67, 1.79, and 1.87 yuan respectively [7]. - The current stock price of 15.45 yuan corresponds to a P/E ratio of 9.3X for 2024, 8.6X for 2025, and 8.3X for 2026 [7].

Industry and Company Overview * **Industry**: Coal mining and production * **Company**: A large coal mining company in Shanxi Province, China * **Focus**: Discussion on production targets, market conditions, pricing, costs, and future plans Key Points Production and Sales * **Production Targets**: The company aims to produce 9.27 million tons in 2024, with the first three quarters already producing around 25.6 million tons. The fourth quarter is expected to produce around 8.56 million tons, lower than the previous year's fourth quarter. The overall target is achievable but there is uncertainty about exceeding it. [1] * **Market Conditions**: The company expects stable production levels due to limited mining operations and capacity constraints. There is limited room for increased production despite having a 10% capacity buffer. [2] * **Sales**: The company's sales structure remains stable, with around 80% of sales going to domestic power plants, 60%+ to port exports, and the remainder to local consumption. There is no significant change expected in the fourth quarter or for the next year. [8] Pricing * **Price Trends**: The company's coal prices increased by 10 yuan per ton in the third quarter compared to the second quarter, driven by improved coal quality. However, the price increase is not expected to be sustained. [7] * **Sales Structure**: The company's sales structure remains stable, with around 80% of sales going to domestic power plants, 60%+ to port exports, and the remainder to local consumption. There is no significant change expected in the fourth quarter or for the next year. [8] Costs * **Cost Trends**: The company's comprehensive costs are expected to remain stable, with production costs slightly decreasing. The main reason for the decrease is a reduction in repair costs. [10] * **Cost Structure**: The company's production costs are around 160-170 yuan per ton, while the comprehensive costs are around 345 yuan per ton. [10] Financials * **Profitability**: The company's profitability is expected to remain stable, with a slight decrease in costs and expenses. The tax and surcharge rates are expected to increase, while other expenses are expected to decrease. [14] * **Research and Development**: The company has allocated around 70 million yuan to research and development in the third quarter, with an expected total of 200-300 million yuan for the year. [13] Future Plans * **Resource Acquisition**: The company is exploring opportunities for resource acquisition through participation in government auctions and potential asset injections. [17] * **Coal Bed Methane**: The company is facing challenges in developing coal bed methane resources due to shareholder communication and reporting issues. [15] * **Group Restructuring**: The company is actively participating in the group restructuring process and exploring opportunities for asset injection or resource acquisition. [21] Additional Information * The company has several mines in operation, including Madao, Beixingyao, and Dongzhouyao. [18] * The company has limited power assets, with most of the power generation assets transferred to the Zhangjiakou Power Group during the group restructuring. [20] * The company's dividend policy is guided by the group and the state-owned company, with a focus on maintaining a dividend payout ratio of at least 30%. [22]

Investment Rating - The report maintains a "Buy" rating for Jinkong Coal Industry (601001) [2] Core Views - Q3 2024 performance showed sequential improvement, driven by slight increases in production and sales volumes [2][3] - Q3 2024 coal production reached 8.87 million tons, up 4.6% QoQ and 5.4% YoY, while coal sales were 7.62 million tons, up 1.6% QoQ but down 0.5% YoY [4] - The company's cash position remains strong, with cash and cash equivalents of 15.98 billion RMB as of Q3 2024, and the debt-to-asset ratio further decreased to 30% [4] - The report forecasts revenue of 15.04 billion RMB for 2024, 15.77 billion RMB for 2025, and 16.54 billion RMB for 2026, with net profit attributable to shareholders of 2.89 billion RMB, 3.16 billion RMB, and 3.49 billion RMB respectively [5][8] Financial Performance - Q3 2024 revenue was 3.85 billion RMB, up 3.6% QoQ and 1.4% YoY, with net profit attributable to shareholders of 710 million RMB, up 8.9% QoQ but down 8.3% YoY [3] - For the first three quarters of 2024, the company achieved revenue of 11.23 billion RMB, down 0.19% YoY, and net profit attributable to shareholders of 2.15 billion RMB, down 0.62% YoY [3] - The average coal sales price in Q3 2024 was 492 RMB/ton, down 3 RMB/ton QoQ but up 18 RMB/ton YoY [4] Valuation and Forecast - The report estimates EPS of 1.73 RMB, 1.88 RMB, and 2.08 RMB for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 8.95x, 8.20x, and 7.41x [5][8] - ROE is expected to be 16% in 2024, 15% in 2025, and 15% in 2026, with a gross margin of 45%, 47%, and 48% respectively [8][10] - The company's total market capitalization as of October 29, 2024, was 25.86 billion RMB, with a current stock price of 15.45 RMB [4] Industry and Company Outlook - The report highlights the company's large-scale mines, low costs, and strong cash position as key strengths [5] - There is an expectation of further asset injections from the parent group, which could contribute to future growth [5] - The report anticipates stable to slightly increasing coal prices in Q4 2024, which could further improve the company's performance [4]

Investment Rating - The report maintains a "Buy-A" rating for Jinneng Holding Shanxi Coal Industry (601001 SH) [1] Core Views - The company's coal production and sales have remained stable, with a slight decrease in sales revenue but an increase in gross profit margin for the coal business [1] - The company's financial health is robust, with a significant reduction in debt ratio and financial expenses, and a strong cash position [1] - The company is expected to maintain a high dividend payout ratio and has potential for growth through asset injections and new resource acquisitions [1] Financial Performance - For the first nine months of 2024, the company reported a total operating revenue of 11 234 billion yuan, a slight decrease of 0 19% year-over-year [1] - Net profit attributable to the parent company was 2 151 billion yuan, down 0 62% year-over-year, while non-GAAP net profit increased by 0 88% [1] - The company's coal production reached 25 7941 million tons, up 1 47% year-over-year, and coal sales were 22 0696 million tons, down 0 3% [1] - The average selling price per ton of coal was 494 21 yuan, with a cost of 261 85 yuan per ton, resulting in a gross profit margin of 47 02%, up 0 33 percentage points [1] Future Outlook - The company plans to produce 34 5 million tons of coal and sell 29 4 million tons in 2024, which is expected to be achieved based on Q3 performance [1] - The report forecasts EPS (diluted) for 2024-2026 to be 1 98, 2 04, and 2 09 yuan respectively, with corresponding P/E ratios of 8 0, 7 8, and 7 6 times [1] Financial Ratios and Valuation - The company's ROE for the first nine months of 2024 was 12 3%, down 1 83 percentage points year-over-year [1] - The P/E ratio for 2024 is estimated at 8 0 times, with a P/B ratio of 1 4 times [1] - The company's net profit margin is expected to remain stable at around 21 6% in 2024 [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4] Core Views - The company's coal production and sales are stable, with a 9% increase in net profit for Q3 2024 compared to the previous quarter. The total revenue and net profit for the first three quarters of 2024 were 11.23 billion and 2.15 billion yuan, respectively, showing a slight year-on-year decline of 0.2% and 0.6% [3][4] - The company has a significant scale advantage and industry position, with 88 mines and an annual production capacity of 242 million tons as of the end of 2022. There is potential for future asset injections into the listed company [4] - The company is expected to maintain stable profitability, with projected net profits of 2.81 billion, 2.86 billion, and 2.82 billion yuan for 2024 to 2026, corresponding to an EPS of 1.68, 1.71, and 1.69 yuan [4][9] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 3.85 billion yuan, a 3.6% increase from the previous quarter, and a gross profit of 1.85 billion yuan, an 11.6% increase [4] - The average selling price for coal in Q3 2024 was 492 yuan per ton, reflecting a year-on-year increase of 3.7% and a quarter-on-quarter increase of 2.2% [3][4] Production and Sales - The company produced 8.87 million tons of raw coal and sold 7.62 million tons of commercial coal in Q3 2024, with production and sales increasing by 5.4% and 1.6% respectively compared to the previous quarter [3][4] Cost Management - The unit cost for the first three quarters of 2024 was 262 yuan per ton, showing a year-on-year decrease of 0.6% [3][4] Valuation and Forecast - The company is expected to have a P/E ratio of 11 to 12 times for 2024, with a reasonable value range of 18.46 to 20.14 yuan per share [4][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant quarter-on-quarter increase in performance for Q3, with a focus on asset injection and dividend potential [1] - The company achieved operating revenue of 11.23 billion yuan for the first three quarters of 2024, a year-on-year decrease of 0.2%, and a net profit attributable to shareholders of 2.15 billion yuan, a year-on-year decrease of 0.6% [1] - The Q3 performance showed an operating revenue of 3.86 billion yuan, a quarter-on-quarter increase of 3.6%, and a net profit of 710 million yuan, a quarter-on-quarter increase of 8.9% [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a coal production of 25.79 million tons, a year-on-year increase of 1.5%, and coal sales of 22.07 million tons, a year-on-year decrease of 0.3% [2] - The average selling price of coal remained stable at 494.2 yuan/ton for the first three quarters of 2024 [2] - In Q3, the company achieved coal sales of 762,000 tons, a quarter-on-quarter increase of 1.6% [2] Asset Injection and Dividend Potential - The company has expectations for asset injection from its parent group, which has a coal production capacity of nearly 400 million tons per year, while the company's certified production capacity is only 34.5 million tons per year [3] - The company plans to distribute a cash dividend of 7.90 yuan per 10 shares (including tax) for 2023, with a total profit distribution of 1.322 billion yuan, resulting in a dividend rate of 40% [3] Financial Metrics and Valuation - The projected net profit attributable to shareholders for 2024-2026 is estimated at 3.39 billion, 3.58 billion, and 3.75 billion yuan, respectively, with corresponding EPS of 2.03, 2.14, and 2.24 yuan [1][4] - The current price-to-earnings (P/E) ratio is 7.6 for 2024, 7.2 for 2025, and 6.9 for 2026 [1][4] - The company’s total market capitalization is approximately 25.859 billion yuan [5]

Investment Rating - The report maintains an "Outperform" rating for the company [1][10][12] Core Views - The company continues its stable operations, with revenue and profit margins showing resilience despite slight declines in year-on-year figures. The increase in coal prices has positively impacted profitability [1][7][10] - The company is backed by China's second-largest coal production group, indicating significant potential for asset injection in the future [10] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 11.23 billion yuan, a year-on-year decrease of 0.2%, and a net profit of 2.15 billion yuan, down 0.6% year-on-year. In Q3 2024, revenue was 3.86 billion yuan, up 1.4% year-on-year and 3.6% quarter-on-quarter, with a net profit of 710 million yuan, down 8.3% year-on-year but up 8.9% quarter-on-quarter [1][4] - The company's raw coal production for the first three quarters of 2024 was 25.79 million tons, an increase of 1.5% year-on-year, while commodity coal sales were 22.07 million tons, a slight decrease of 0.3% year-on-year. In Q3 2024, raw coal production was 8.87 million tons, up 5.4% year-on-year and 4.6% quarter-on-quarter, with commodity coal sales at 7.62 million tons, down 0.5% year-on-year but up 1.6% quarter-on-quarter [1][6][10] - The average selling price of coal for the first three quarters of 2024 was 494 yuan per ton, remaining stable year-on-year, while the cost per ton was 262 yuan, a decrease of 1.6 yuan year-on-year. The gross profit per ton was 232 yuan, an increase of 1.6 yuan year-on-year. In Q3 2024, the selling price was 492 yuan per ton, up 17.5 yuan year-on-year and 10.6 yuan quarter-on-quarter [1][7][10] Profitability Metrics - The company achieved a gross profit margin of 48.0% in Q3 2024, an increase of 3.8 percentage points year-on-year and 3.5 percentage points quarter-on-quarter. The net profit margin was 25.8%, down 1.7 percentage points year-on-year but up 1.0 percentage point quarter-on-quarter [1][7][10] - The forecast for revenue from 2024 to 2026 is 15.11 billion, 15.17 billion, and 15.24 billion yuan, respectively, with net profits of 2.91 billion, 2.93 billion, and 2.95 billion yuan, corresponding to P/E ratios of 9.2, 9.1, and 9.1 [10][12]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's Q3 performance slightly exceeded expectations, with a focus on asset injection in the future [1][3]. - The coal production and sales are showing marginal recovery, with an increase in coal prices contributing positively to performance [2]. - The dissolution of the financial company is expected to eliminate risks affecting the company's performance, allowing it to concentrate on its coal business [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a net profit of 2.151 billion yuan, a year-on-year decrease of 0.62%, and an operating income of 11.234 billion yuan, a decrease of 0.19% [1]. - In Q3 2024, the net profit was 714 million yuan, down 8.25% year-on-year, while operating income was 3.855 billion yuan, up 1.38% year-on-year [1]. Production and Sales - From Q1 to Q3 2024, the company produced 25.79 million tons of raw coal, an increase of 1.5% year-on-year, while the sales volume of commercial coal was 22.07 million tons, a decrease of 0.3% year-on-year [2]. - In Q3 2024, raw coal production reached 8.87 million tons, up 5.4% year-on-year, and commercial coal sales were 7.62 million tons, down 0.5% year-on-year [2]. Future Outlook - The company is expected to achieve net profits of 2.9 billion yuan, 3 billion yuan, and 3.1 billion yuan for 2024 to 2026, with corresponding P/E ratios of 9.3X, 8.8X, and 8.6X [4]. - The report anticipates that the gradual injection of coal assets from the parent company will enhance the company's growth prospects [3].