证券代码：601001 证券简称：晋控煤业 公告编号：临2024－012 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 关于参加山西辖区上市公司2024年投资者 网上集体接待日暨年报业绩说明会的公告 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： ●活动时间：2024 年 5 月 20 日 15:00-17：00 ●活动形式：网络互动 晋能控股山西煤业股份有限公司（以下简称"本公司"）2023 年 年度报告已于 2024 年 4 月 27 日披露于上海证券交易所网站 (www.sse.com.cn)和《中国证券报》《上海证券报》《证券日报》。为 便于广大投资者更全面深入地了解本公司 2023 年度经营业绩情况， 公司将参加由山西证监局、山西省上市公司协会与深圳市全景网络有 限公司联合举办的"山西辖区上市公司 2024 年投资者网上集体接待 日暨年报业绩说明会"。 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（http://rs.p5w.net），或关注微信公 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 15.34 billion yuan in 2023, a decrease of 4.60% year-on-year, while the net profit was 3.30 billion yuan, an increase of 8.27% year-on-year [5] - The company expects revenue growth in the coming years, with projected revenues of 16.20 billion yuan in 2024, 16.62 billion yuan in 2025, and 16.88 billion yuan in 2026 [6] - The company has a cash dividend payout ratio of 40.06%, resulting in a dividend yield of 4.97% based on the closing price of 15.89 yuan [6] Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022A: Revenue 16,082 million yuan, Net Profit 3,044 million yuan - 2023A: Revenue 15,342 million yuan, Net Profit 3,301 million yuan - 2024E: Revenue 16,201 million yuan, Net Profit 3,431 million yuan - 2025E: Revenue 16,619 million yuan, Net Profit 3,625 million yuan - 2026E: Revenue 16,881 million yuan, Net Profit 3,767 million yuan [2][8] - **Earnings Per Share (EPS)**: - 2022A: 1.82 yuan - 2023A: 1.97 yuan - 2024E: 2.05 yuan - 2025E: 2.17 yuan - 2026E: 2.25 yuan [2] - **Valuation Ratios**: - P/E ratios for 2024-2026 are projected at 7.8X, 7.3X, and 7.1X respectively [6] - P/B ratios for 2024-2026 are projected at 1.3, 1.2, and 1.0 respectively [6] - **Cash Flow**: - The net cash flow from operating activities for 2023 was 6.17 billion yuan, with a projected increase in subsequent years [8] Coal Business Performance - The company achieved a raw coal production of 34.69 million tons in 2023, a year-on-year increase of 5.75%, and a sales volume of 30.10 million tons, an increase of 10.21% [6] - The average selling price of coal was 495.69 yuan per ton, a decrease of 13.73% year-on-year [6] - The company expects improvements in coal product structure to enhance overall profitability [6]

Investment Rating - The report assigns an "Accumulate" rating to Jinkong Coal Industry, indicating a positive outlook for the stock [1]. Core Views - Jinkong Coal Industry has demonstrated operational improvements and profitability growth despite industry challenges, with a net profit increase of 8.27% year-on-year in 2023 [1][2]. - The company benefits from strong resource reserves and efficient coal sales logistics, supported by the Daqin Railway [6]. - The report forecasts revenue growth for the years 2024 to 2026, with expected revenues of 16.088 billion, 16.900 billion, and 17.766 billion yuan respectively [6]. Financial Performance Summary - **2023 Financial Results**: The company reported a revenue of 15.342 billion yuan, a decrease of 4.6% year-on-year, while net profit reached 3.301 billion yuan, an increase of 8.27% [1]. - **2024 Forecast**: Projected revenue for 2024 is 16.088 billion yuan, with a net profit forecast of 3.510 billion yuan, reflecting a growth rate of 6.3% [1][6]. - **Earnings Per Share (EPS)**: The EPS for 2023 was 1.97 yuan, with projections of 2.10 yuan for 2024 and 2.32 yuan for 2025 [1][6]. Operational Metrics - **Coal Production and Sales**: In 2023, the company produced 34.6876 million tons of coal, a year-on-year increase of 5.75%, with sales volume reaching 30.0957 million tons, up 10.21% [3]. - **Cost and Pricing**: The average selling price of coal in 2023 was 495.69 yuan per ton, down 13.68% year-on-year, while the cost was 243.81 yuan per ton, a decrease of 13.01% [3]. - **Profitability**: The gross profit margin for coal sales was 50.81% in 2023, slightly down from the previous year [3]. Dividend Policy - The company announced a cash dividend of 7.90 yuan per ten shares, totaling 1.322 billion yuan, which represents 40.06% of the net profit for the year [6]. The dividend yield is calculated at 5.29% based on the closing price of 14.94 yuan per share [6].

动力煤 晋控煤业（601001.SH） 增持-A(首次) 负债率下行减值规模缩减助力业绩增长，分红率进一步提高 2024年4月29日 公司研究/公司快报 公司近一年市场表现 事件描述  公司发布2023年年报及2024年第一季度报告：2023年公司实现营业总 收入153.42亿元，同比变化-4.6%；实现归母净利润33.01亿元，同比变化 +8.27%；扣非后归母净利润31.56亿元，同比变化+5.87%；经营活动产生的 现金流量净额61.69亿元，同比变化+9.41%；基本每股收益1.97元/股，同 比变化+8.24%；加权平均资产收益率为20.89%，同比降低2.17个百分点。 2024年1-3月，公司实现营业总收入36.58亿元，同比变化-1.53%；实现归 母净利润7.80亿元，同比变化+9.77%；扣非后归母净利润7.84亿元，同比 市场数据：2024年4月29日 变化+10.26%。 收盘价（元）： 15.41 事件点评 年内最高/最低（元）： 17.58/8.61  2023 年煤炭产销同增，吨煤售价回落。2023 年公司实现原煤产量 流通A股/总股本（亿 16.74/16.74 3468. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance has increased against the trend, primarily due to volume growth and cost control. The revenue for 2023 was 15.34 billion yuan, a year-on-year decrease of 4.6%, while the net profit attributable to shareholders was 3.30 billion yuan, an increase of 8.3% year-on-year. The first quarter of 2024 saw a revenue of 3.66 billion yuan, down 1.5% year-on-year, but net profit increased by 9.8% year-on-year to 780 million yuan [2][3] - The company has significant potential for capacity expansion and asset injection, supported by the backing of the Jin Energy Holding Group. The expectation of high-quality asset injection under the Shanxi state-owned enterprise reform policy enhances the company's growth prospects [2][3] Summary by Relevant Sections Financial Performance - In 2023, the company produced 34.69 million tons of coal, a year-on-year increase of 5.8%, with sales of 30.10 million tons, up 10.2%. The average selling price of coal was 496 yuan per ton, down 13.7% year-on-year, while the cost per ton was 244 yuan, also down 13.0% year-on-year. The gross profit margin for coal business was 50.8%, a slight decrease of 0.4 percentage points year-on-year [2][3] - For the first quarter of 2024, coal production and sales were 8.45 million tons and 6.95 million tons, respectively, both showing slight declines of 0.8% and 0.6% year-on-year. The average selling price was 510 yuan per ton, down 2.3% year-on-year [2][3] Future Outlook - The company has raised its profit forecast for 2024-2025 and introduced a new forecast for 2026, expecting net profits of 3.39 billion yuan, 3.58 billion yuan, and 3.75 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 2.8%, 5.6%, and 4.7% [2][3] - The company plans to distribute a cash dividend of 7.90 yuan per 10 shares for 2023, with a total distribution of 1.322 billion yuan, resulting in a dividend payout ratio of 40% and a dividend yield of 5.3% based on the closing price on April 26, 2024 [2][3]

证券研究报告 | 年报点评报告 2024年04月28日 晋控煤业（601001.SH） 业绩同比增长，关注销售结构调整的弹性贡献 事件：公司发布2023年&2024年一季度业绩报告。2023年公司实现营业 买入（维持） 收入153.42亿元，同比减少4.6%；归母净利润33.01亿元，同比增加8.27%； 股票信息 2024年一季度公司实现营业收入36.58亿元，同比减少1.53%；归母净利 润7.8亿元，同比增加9.77%。 行业 煤炭开采 前次评级 买入 煤炭：业绩韧性凸显。2023年公司煤炭业务实现收入149亿元，同比-4.9%； 4月26日收盘价(元) 14.94 24Q1公司煤炭业务实现收入35.5亿元，同比-2.9%，环比-10.9%。 总市值(百万元) 25,005.08 总股本(百万股) 1,673.70 ➢ 产销方面，2023 年公司实现煤炭产销 3469 万吨/3010 万吨，同比 其中自由流通股(%) 100.00 +5.8%/+10.2%；24Q1 公司实现产销 845 万吨/695 万吨，同比 30日日均成交量(百万股) 22.89 -0.9%/-0.6%，环比-8.8%/-12.6 ...

证券研究报告 业绩同比逆势增长，经营转好盈利改善 公司研究 2024年4月28日 公司点评报告 事件：2024年4月26日 ，晋控煤业发布2023年年报及2024年一季报。 晋控煤业（601001） 2023年，公司实现营业收入153.42亿元，同比下降4.6%，实现归母净利 润33.01亿元，同比上升8.27%；扣非后净利润31.56亿元，同比上升5.87%。 投资评级 经营活动现金流量净额 61.69 亿元，同比 9.41%；基本每股收益 1.97 元/ 上次评级 股，同比上升8.24%。资产负债率为35.31 %，同比下降14.48pct。 2024年第一季度，公司单季度营业收入36.58亿元，同比下降1.53%；单 季度归母净利润7.80亿元，同比上升9.77%；单季度扣非后净利润7.84亿 元，同比上升10.26%。 点评： 左前明 能源行业首席分析师  煤炭业务产销双升伴随成本下降对冲价格下跌，收入维稳。2023 年度 执业编号：S1500518070001 公司原煤产量 3468.76 万吨；商品煤销量 3009.57 万吨，同比增长 联系电话：010-83326712 10.21%。商品煤售 ...

晋控煤业（601001.SH）2023年年报及2024年一季报点评 年报一季报均超预期，分红稳定提升 2024年04月26日 ➢ 事件：2023年4月26日，公司发布2023年年报及2024年一季报。2023 推荐 维持评级 年，公司实现营业收入153.42亿元，同比下降4.60%；归母净利润33.01亿元， 同比增长8.27%；扣非归母净利润31.56亿元，同比增长5.87%。 当前价格： 14.94元 ➢ 23Q4盈利同比扭亏，环比大幅增长。23Q4，公司实现营业收入40.87亿 元，同比增长24.13%，环比增长7.47%；归母净利润11.36亿元，同比扭亏， [Table_Author] 环比增长45.93%；扣非归母净利润10.35亿元，同比扭亏，环比增长32.99%。 ➢ 24Q1盈利同比增长。2024年一季度，公司实现营业收入36.58亿元，同 比下降1.53%；归母净利润7.80亿元，同比增长9.77%；扣非归母净利润7.84 亿元，同比增长10.26%。 ➢ 分红比例 40.06%，股息率 5.29%。公司拟每 10 股派发现金股利 7.9 元 （含税），累计派发现金股利13.22亿元，占2 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 3,657,914,081.77, representing a decrease of 1.53% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 780,295,115.38, an increase of 9.77% year-on-year[4] - Basic earnings per share for the period was CNY 0.47, reflecting an increase of 11.90%[5] - The net profit attributable to shareholders for the quarter is not explicitly stated but is implied to be positive based on the revenue growth and operational performance[12] - Total operating revenue for Q1 2024 was ¥3,657,914,081.77, a decrease of 1.52% compared to ¥3,714,705,253.96 in Q1 2023[16] - Net profit for Q1 2024 was ¥1,059,289,468.90, up 1.45% from ¥1,040,246,480.20 in Q1 2023[17] - Total profit for Q1 2024 was ¥1,360,596,424.62, slightly up from ¥1,353,401,623.04 in Q1 2023[17] - Operating profit for Q1 2024 increased significantly to ¥131,805,658.51, compared to only ¥5,833,510.06 in Q1 2023[25] - Net profit for Q1 2024 reached ¥131,779,163.39, a substantial increase from ¥5,833,223.31 in the same period last year[26] - The total comprehensive income for Q1 2024 was ¥131,779,163.39, a significant increase from ¥5,833,223.31 in Q1 2023, showcasing overall financial growth[26] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 42.51% to CNY 1,139,149,563.58 due to increased payments for materials and parts[8] - Cash flow from operating activities for Q1 2024 was ¥1,139,149,563.58, down from ¥1,981,382,899.76 in Q1 2023[19] - The company's cash and cash equivalents reached 16.088 billion RMB, up from 15.209 billion RMB, indicating an increase of about 5.76%[13] - The company's cash and cash equivalents at the end of Q1 2024 amounted to ¥16,074,743,463.72, up from ¥18,818,728,233.64 at the end of December 2023, indicating a decrease of about 14.67%[24] - The company's net cash flow from investing activities for Q1 2024 was -¥97,294,135.93, a decrease from -¥238,876,003.93 in the previous period, showing an improvement of about 59.32%[22] - The company's cash flow from financing activities for Q1 2024 was -¥162,942,318.33, compared to -¥1,722,805,137.99 in the previous period, indicating a significant improvement of approximately 90.54%[22] Assets and Liabilities - Total assets at the end of the period were CNY 38,448,536,007.83, up 2.05% from the end of the previous year[5] - As of March 31, 2024, total assets amounted to 38.449 billion RMB, an increase from 37.675 billion RMB at the end of 2023, reflecting a growth of approximately 2.05%[15] - The total liabilities as of March 31, 2024, were ¥23,922,750,200.72, compared to ¥22,713,295,935.75 at the end of December 2023, reflecting an increase of approximately 5.31%[23] - Total current liabilities rose to 9.249 billion RMB from 8.762 billion RMB, an increase of approximately 5.55%[15] - The total equity of the company as of March 31, 2024, was ¥5,746,015,350.56, an increase from ¥5,614,236,187.17 at the end of December 2023, representing a growth of about 2.34%[24] Operational Metrics - In Q1 2024, the company produced 8.4491 million tons of raw coal and sold 6.9533 million tons of commercial coal, generating sales revenue of 3.545 billion RMB[12] - The company reported a significant increase in contract liabilities by 55.74% due to higher advance payments received[8] - The number of ordinary shareholders at the end of the reporting period was 45,069[10] Cost Management - Total operating costs decreased to ¥2,460,196,267.93 from ¥2,526,094,373.17, reflecting a reduction of 2.61%[16] - The company reported a decrease in management expenses to ¥110,039,382.45 from ¥188,301,092.01, a reduction of 41.49%[16] - Financial expenses decreased significantly to ¥15,633,674.17 from ¥104,634,369.72, a reduction of 85.05%[16] - The company reported a decrease in sales expenses to ¥19,733,126.38 in Q1 2024 from ¥22,930,706.97 in Q1 2023, reflecting a cost-saving strategy[25] - Management expenses decreased significantly to ¥49,624,251.16 in Q1 2024 from ¥111,648,026.40 in Q1 2023, indicating improved operational efficiency[25] - Financial expenses showed a notable reduction, with interest expenses decreasing to ¥25,337,151.22 in Q1 2024 from ¥72,892,218.29 in Q1 2023[25] Investments and Income - The company's long-term equity investments increased to 6.224 billion RMB from 6.066 billion RMB, reflecting a growth of about 2.61%[14] - Investment income for Q1 2024 was ¥166,618,976.96, slightly up from ¥164,583,172.80 in Q1 2023[16] - The company generated other income of ¥993,985.62 in Q1 2024, compared to ¥558,560.60 in Q1 2023, indicating a positive trend in ancillary revenue streams[25]

晋能控股山西煤业股份有限公司 涉及财务公司关联交易的专项说明 二○二三年度 关于晋能控股山西煤业股份有限公司 2023 年度涉及财务公司关联交易 的专项说明 编制财务公司关联交易汇总表并确保其真实、准确、完整是晋控 煤业管理层的责任。我们将财务公司关联交易汇总表所载信息与我们 审计晋控煤业 2023 年度财务报表时所审核的会计资料及已审计财务 报表中披露的相关内容进行了核对，没有发现在重大方面存在不一致 的情况。 专项说明 第1页 为了更好地理解晋控煤业 2023 年度涉及财务公司关联交易的情 况,财务公司关联交易汇总表应当与已审计财务报表一并阅读。 本报告仅供晋控煤业为披露 2023 年年度报告的目的使用,不得 用作任何其他目的。 中国注册会计师: 信会师报字[2024]第 ZA11649 号 晋能控股山西煤业股份有限公司全体股东： 我们审计了晋能控股山西煤业股份有限公司(以下简称"晋控煤 业")2023 年度的财务报表，包括 2023 年 12 月 31 日的合并及母公司 资产负债表、2023 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注，并于 2024 ...