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 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - In 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 [2]. - The decline in profitability was influenced by the loss from the company's 20% stake in a financial company, which reported a year-on-year loss, resulting in a decrease of 91 million yuan in equity net profit [2]. - The company’s coal production and sales remained stable, with a slight decrease in selling prices, while the performance of the color-linked mine negatively impacted overall results [3]. - The controlling shareholder, Jinneng Holding Coal Industry Group, has substantial resource reserves and potential for asset injection into the company, which could significantly enhance its capacity [3]. - The company has a strong cash position, with net cash accounting for 56.41% of its market value, indicating financial stability [3]. Summary by Relevant Sections Financial Performance - In H1 2024, the company reported a net cash flow from operating activities of 2.530 billion yuan, which is 1.76 times the net profit attributable to shareholders [3]. - The company’s coal production in H1 2024 was 16.9275 million tons, a decrease of 0.47% year-on-year, while coal sales were 14.4518 million tons, down 0.22% [3]. - The average selling price of coal was 495.23 yuan per ton, reflecting a year-on-year decrease of 1.83% [3]. Future Projections - The company is projected to achieve net profits attributable to shareholders of 2.992 billion yuan, 3.241 billion yuan, and 3.343 billion yuan for the years 2024, 2025, and 2026, respectively [4]. - Corresponding EPS for these years are expected to be 1.79 yuan, 1.94 yuan, and 2.00 yuan per share, with PE ratios of 8, 7, and 7 times [4]. Market Position - The company’s controlling shareholder has a total coal production capacity of approximately 438 million tons per year, while the company itself has a capacity of only 50.5 million tons per year, indicating significant potential for future growth through asset injections [3].

晋能控股山西煤业股份有限公司 关于大同煤矿集团财务有限责任公司 的风险持续评估报告 根据上交所《上海证券交易所上市公司自律监管指引第 5 号—交 易与关联交易》的要求，晋能控股山西煤业股份有限公司（以下简称 "晋控煤业"或"本公司"）通过查验大同煤矿集团财务有限责任公 司（以下简称"财务公司"）的《营业执照》与《金融许可证》等资 料，并审阅了包括资产负债表、利润表、现金流量表等在内的财务公 司的定期财务报告，对其经营资质、业务和风险状况进行了评估，具 体情况报告如下： 一、 大同煤矿集团财务有限责任公司基本情况 (一)公司简介 大同煤矿集团财务有限责任(以下简称"财务公司")经银监复 〔2013〕68 号文批准由晋能控股煤业集团有限公司（原大同煤矿集 团有限责任公司，以下简称"煤业集团"）和晋能控股山西煤业股份 有限公司（原大同煤业股份有限公司）于 2013 年 2 月共同出资设立， 注册资本：100,000.00 万元人民币，其中：煤业集团出资 80,000.00 万元，占财务公司注册资本的 80%；晋控煤业出资 20,000.00 万元， 占财务公司注册资本的 20%。 统一社会信用码：911402000 ...

证券代码：601001 证券简称：晋控煤业 公告编号：临2024－020 债券代码：185329 债券简称：22晋股01 公司董事会审计委员会已发表了同意的审核意见。议案具体内容 见公司发布的《晋能控股山西煤业股份有限公司 2024 年半年度报告》 及摘要。 2、审议通过了《关于公司与财务公司关联存贷款等金融业务的 晋能控股山西煤业股份有限公司 第八届董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、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 8 月 16 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八次会议的通知。会议于 2024 年 8 月 27 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 1 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 1、审 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥7,378,776,127.52, a decrease of 0.99% compared to ¥7,452,517,267.86 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was ¥1,436,473,467.59, representing an increase of 3.67% from ¥1,385,608,490.92 in the previous year[13]. - The net cash flow from operating activities decreased by 28.56%, amounting to ¥2,530,429,168.33 compared to ¥3,541,975,956.78 in the same period last year[13]. - Basic earnings per share for the first half of 2024 were ¥0.86, up 3.61% from ¥0.83 in the same period last year[14]. - The company reported a net profit excluding non-recurring gains and losses of ¥1,424,176,324.28, which is a 6.11% increase from ¥1,342,229,257.88 in the same period last year[13]. - The company's net profit for the period was approximately CNY 180 million from the Tashan Coal Mine, with a 72% ownership stake[27]. - The company reported a total profit of RMB 31.69 billion in the coal mining and washing industry, a decrease of 24.8% year-on-year[18]. - The company reported a net profit of CNY 1,773,353,672.90, showcasing strong financial performance[121]. Assets and Liabilities - The total assets at the end of the reporting period were ¥38,249,173,511.70, an increase of 1.53% from ¥37,674,524,722.73 at the end of the previous year[13]. - The company's cash and cash equivalents at the end of the period amounted to RMB 15.78 billion, representing 41.25% of total assets[23]. - The company's total liabilities at the end of the reporting period were 51.48 billion RMB, down from 55.97 billion RMB, indicating effective debt management[94]. - The company's interest-bearing debt decreased from 3.03 billion RMB at the beginning of the period to 2.741 billion RMB at the end, representing a year-on-year decrease of 9.54%[88]. - The company's total liabilities reached CNY 25,568,095,953.67, an increase of 12.3% from CNY 22,713,295,935.75 in the previous year[106]. Operational Efficiency - The company has made significant progress in smart mining and technology innovation, enhancing its competitive edge in the coal market[19]. - The company plans to continue expanding its market presence and improving operational efficiency through technological advancements[20]. - The company's current ratio decreased by 12.05% from 200.92 to 188.87, and the quick ratio decreased by 12.85% from 197.01 to 184.16[96]. - The company's cash flow from operating activities showed a strong recovery, indicating improved operational efficiency and financial health compared to the previous year[115]. Environmental Responsibility - The company has implemented pollution control measures, including the use of bag dust collectors and closed transport systems[36]. - The company has established an emergency response plan for environmental incidents, filed with the local environmental bureau[38]. - The company has committed to environmental responsibility by improving air quality and ecological standards in the mining area, including the removal of 10 boilers, reducing sulfur dioxide emissions by approximately 60 tons per year and nitrogen oxides by about 80 tons per year[48]. - The company has engaged third-party qualified units for regular monitoring of waste gas and wastewater, ensuring compliance with environmental standards[45]. Shareholder Information - The company held its 2023 annual general meeting on May 24, 2024, with 1,009,583,845 shares represented, accounting for 60.32% of the total voting shares[30]. - The company did not distribute dividends or increase capital reserves, with no shares or cash distributed per 10 shares[34]. - The company has a total of 41,918 common shareholders as of the end of the reporting period[76]. - The company reported a total of 961,632,508 shares held by its largest shareholder, Jin Energy Holdings Coal Industry Group, accounting for 57.46% of total shares[78]. Related Party Transactions - The company executed related party transactions totaling CNY 2,958,915,610.48 in the first half of 2024, primarily involving procurement and service provision[59]. - The company signed a commitment letter with Jinneng Holding Group to avoid competition, ensuring that coal sales activities of retained coal assets will be entrusted to Jinkong Coal Industry[52]. - The company has a maximum counter-guarantee amount of RMB 1.8 billion provided to the coal group, with a counter-guarantee amount of RMB 541,831,965.15 at the end of the reporting period[74]. Financial Reporting and Compliance - The financial statements were prepared based on the going concern assumption, ensuring the company's ability to continue operations[125]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the accuracy and completeness of financial reporting[127]. - The company recognizes losses from internal transactions fully if related assets show impairment losses[132]. - The company recognizes revenue when customers obtain control of goods or services, indicating the transfer of economic benefits[188].

Investment Rating - The report assigns an "Outperform" rating to the company [2]. Core Views - The company is a leading player in Shanxi's thermal coal sector, backed by the Jin Energy Holding Group, with significant production capacity and market advantages [6][16]. - The company has a strong operational efficiency and profitability, primarily driven by its main mine, the Tashan Coal Mine, which has a high production capacity and low production costs [6][7]. - The company has a solid financial structure with improving cash flow and a rising dividend payout ratio, indicating strong shareholder returns [7][8]. Summary by Sections 1. Company Overview - The company is primarily engaged in coal production and sales, with a focus on thermal coal, and has a significant market presence due to its backing from Jin Energy Holding Group [16][19]. - The company has two main operating mines: Tashan and Selian, with a total approved production capacity of 34.5 million tons per year [29][30]. 2. Coal Business - The company has seen steady growth in coal production and sales since 2018, with a significant portion of revenue derived from coal operations, which accounted for over 99% of total revenue in 2023 [19][39]. - The Tashan Coal Mine is the primary contributor to the company's profitability, accounting for approximately 90% of net profit in 2023 [34][36]. 3. Financial Analysis - The company's revenue for 2023 was 15.34 billion yuan, with a net profit of 3.30 billion yuan, reflecting an 8.3% year-on-year increase in profitability [8][17]. - The company has improved its capital structure, with a debt-to-asset ratio of 35.3% in 2023, down from 57.6% in 2017, indicating enhanced financial stability [7][8]. 4. Profit Forecast and Valuation - The company is expected to maintain stable profitability, with projected net profits of 2.81 billion yuan in 2024, corresponding to an EPS of 1.68 yuan [7][8]. - The report suggests a reasonable valuation range of 18.46 to 20.14 yuan per share based on a PE ratio of 11 to 12 times for 2024 [7].

重要内容提示： 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 | | 20 | | --- | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,041,796,571 | | | 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（%） | | 62.2451 | (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。 本次股东大会由董事会召集，采用现场会议及网络投票相结合方式召开，由 公司副董事长谷敬煊先生主持，符合《公司法》及《公司章程》的规定。 证券代码：601001 证券简称：晋控煤业 公告编号：2024-018 晋能控股山西煤业股份有限公司 2024 年第一次临时股东大会决议公告 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。 (三) 关于议案表决的有关情况说明 无 三、 律师见证情况 1、 本次股东大会见证的律师事务所：山西华炬律师事务所 律师：安燕晨、王宇飞 2、 律师见证结论意见： ...