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].

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 ...

晋能控股山西煤业股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：601001 证券简称：晋控煤业 晋能控股山西煤业股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|---------------------------------------|-------------------|------------ ...

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 ...