Investment Rating - The investment rating for Jin Control Coal Industry (601001) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on operational improvements and financial metrics [1]. Core Views - The report highlights that Jin Control Coal Industry has shown improvements in its quarterly earnings and further optimization of its balance sheet. The company achieved an operating revenue of 11.234 billion yuan, a slight year-on-year decrease of 0.19%, and a net profit attributable to shareholders of 2.151 billion yuan, down 0.62% year-on-year. However, the net profit after deducting non-recurring items increased by 1% year-on-year [1]. - The report emphasizes that the coal business remains stable in terms of volume and price, with a slight increase in coal production and a stable selling price. The company’s cash flow from operating activities decreased by 24.71% year-on-year, indicating some liquidity challenges [1]. - The report projects that the company’s net profit attributable to shareholders will increase over the next few years, with estimates of 2.81 billion yuan, 3.056 billion yuan, and 3.303 billion yuan for 2024, 2025, and 2026 respectively [1][2]. Financial Summary - For the first three quarters of 2024, the company produced 25.7941 million tons of raw coal, a year-on-year increase of 1.5%, while the sales volume of commercial coal was 22.0696 million tons, a slight decrease of 0.3%. The selling price of commercial coal remained stable at 494.20 yuan per ton [1]. - The company’s total revenue for 2024 is projected to be 14.462 billion yuan, reflecting a year-on-year decrease of 5.7%, with a net profit of 2.81 billion yuan, down 14.9% year-on-year. The gross profit margin is expected to decline to 47.1% in 2024 [2]. - The balance sheet shows a decrease in total liabilities, with a debt ratio of 30.0%, down 7.4 percentage points year-on-year, indicating improved financial stability [1][3]. Operational Insights - The report notes that management and financial expenses have decreased significantly, contributing to a more favorable cash flow situation. Management expenses dropped by 21.9% year-on-year, and financial expenses decreased by 57.8% [1]. - The company has a strong liquidity position, with cash and cash equivalents amounting to 15.98 billion yuan, representing 88.4% of the equity attributable to shareholders [1]. Earnings Forecast - The earnings per share (EPS) for the next three years are projected to be 1.68 yuan, 1.83 yuan, and 1.97 yuan for 2024, 2025, and 2026 respectively, reflecting a gradual recovery in profitability [2][3].

Investment Rating - The report maintains a "Recommended" rating for the company [5][8]. Core Views - The company reported a slight year-on-year decline in revenue and net profit for the first three quarters of 2024, with revenues of 11.234 billion yuan and a net profit of 2.151 billion yuan, reflecting a decrease of 0.19% and 0.62% respectively [3]. - In Q3 2024, the company experienced a quarter-on-quarter profit growth of 8.9%, with revenues of 3.855 billion yuan, a year-on-year increase of 1.38% and a quarter-on-quarter increase of 3.60% [3]. - The company has a strong cash position, with net cash amounting to 14.265 billion yuan, representing 53.5% of its market value [4]. - The dividend payout ratio has been steadily increasing, reaching 40.06% in 2023, and is expected to rise further in 2024 due to high cash reserves [5]. - The controlling shareholder, Jinneng Holding Coal Industry Group, has significant resource reserves and potential for asset injection into the company, which could enhance its capacity [5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a coal production of 25.7941 million tons, a year-on-year increase of 1.47%, while the sales volume of commercial coal was 22.0696 million tons, a slight decrease of 0.30% [4]. - The average selling price of coal remained stable at 494.21 yuan per ton, with production costs decreasing by 0.62% to 261.85 yuan per ton, resulting in a gross margin of 47.02%, an increase of 0.33 percentage points year-on-year [4]. - The company forecasts net profits of 2.934 billion yuan, 3.180 billion yuan, and 3.279 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.75, 1.90, and 1.96 yuan per share [5][9].

晋能控股山西煤业股份有限公司（以下简称"公司"）于 2024 年 10 月 18 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九次会议的通知。会议于 2024 年 10 月 28 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 6 人。会议 由公司董事长李建光先生主持，符合《公司法》和《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 证券代码：601001 证券简称：晋控煤业 公告编号：临2024－023 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 第八届董事会第九次会议决议公告 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 议案具体内容请见《晋能控股山西煤业股份有限公司关于为子公 司色连煤矿提供担保的公告》。 特此公告。 晋能控股山西煤业股份有限公司董事会 1、审议通过了《关于公司 2024 年第三季度报告的议案》 二 ...

证券代码：601001 证券简称：晋控煤业 公告编号：临2024－024 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 关于为子公司色连煤矿提供担保的公告 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 ● 被担保人名称：本公司的控股子公司内蒙古同煤鄂尔多斯矿 业投资有限公司（以下简称"色连煤矿"） ● 本次担保金额不超过 4.95 亿元，已实际为其提供的担保余额 为 0。 ● 本次担保由色连煤矿以应收煤款向本公司提供反担保 ● 对外担保逾期的累计金额：0 一、担保情况概述 晋能控股山西煤业股份有限公司（以下简称"公司"或"本公司"） 控股子公司色连煤矿拟向建信金融租赁公司申请融资租赁业务，租赁 方式为售后回租，金额不超过 9.7 亿元，用于补充流动资金及替换存 量高息贷款，期限不超过 5 年，综合成本不超 3.3%。由本公司按照 实际放款总额的 51%提供连带责任保证担保。由色连煤矿以其应收煤 款向本公司提供反担保。2024 年 10 月 28 日，本公司召开第八届董 事会第九 ...

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]