会议助理就是各位投资者大家早上好非常感谢各位投资者在周一到一大早参加我们组织的关于这个陕西煤业的一个业绩快报的一个交流我是博盛证券的经理然后今天我们也是非常荣幸的邀请到了陕西煤业的石总就公司发布了这个业绩快报之后大家所感兴趣的一些问题和情况那么跟做一个线上的一个沟通和交流石总您这边能听见吗可以听见 感谢大家的关注啊哎好的那个就是因为可能大家关心的这个贡献的问题就比较多啊就是我可能就是先跟您请教一下也这个一个方面就是说我们24年的这个业绩啊当最多是222那么就是从这个就是经济和飞行的这个角度来看的话大概分别是在什么样的水平包括我们的核心口径下的这个电厂这个去年在222当中给我们贡献了多少样子的利润 哦是这样因为我们24年是第一年把电力然后并进来嘛但是我们是全年的并表了我们这个221里边大概有18个亿都是归于电力贡献的这个利润但当然了电力的这一部分利润我们全年会记住非经厂性损益这样一个情况 明白然后那个就是除了相当于是18个亿是归在电力口然后那个就是像信托的这种公民价值的变动就是这一块它的影响有多大然后包括现在的这个信托的规模以及未来怎么样的情况我们现在的就是因为我们不是24年都在收嘛就是都在收这个信托的规模所以 ...

| 运营指标 | 单位 | 2025 | 年 | 2024 | 年 | 同比变化（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 3 月 | 累计 | 3 月 | 累计 | 3 月 | 累计 | | 一、煤炭 | | | | | | | | | 煤炭产量 | 万吨 | 1,527.00 | 4,393.77 | 1,524.75 | 4,145.21 | 0.15 | 6.00 | | 自产煤销量 | 万吨 | 1,379.00 | 4,096.50 | 1,128.96 | 3,352.52 | 22.15 | 22.19 | | 二、发电 | | | | | | | | | 总发电量 | 亿千瓦时 | 23.99 | 87.38 | 35.25 | 112.83 | -31.96 | -22.55 | | 总售电量 | 亿千瓦时 | 22.41 | 81.45 | 32.90 | 105.49 | -31.88 | -22.79 | 以上主要运营数据来自本公司内部统计，可能与公司定期报告披露的数据有差异， 仅供投资者及时了解公司 ...

陕西煤业（601225）公告，2025年3月煤炭产量为1527万吨，同比增长0.15%；自产煤销量为1379万 吨，同比增长22.15%。2025年累计煤炭产量为4393.77万吨，同比增长6.00%；累计自产煤销量为4096.5 万吨，同比增长22.19%。 ...

陕西煤业股份有限公司 关于所属矿井产能核增的公告 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。 近日，公司收到陕西省发展和改革委员会"陕发改能煤炭[2025]145 号"文 件，同意公司子公司榆林市榆阳中能袁大滩矿业有限公司（以下简称"袁大滩煤 矿"）生产能力由 800 万吨/年核定至 1000 万吨/年。 证券代码：601225 证券简称：陕西煤业 公告编号：2025-013 自 2021 年国家发改委加快煤炭先进产能释放、核增保供工作以来，我公司 所属矿井已累计取得 1900 万吨/年核增产能，后续公司仍会持续推进矿井产能核 增工作，争取优质产能释放。 特此公告。 陕西煤业股份有限公司 2025 年 4 月 8 日 ...

Core Viewpoint - The China Securities Index (CSI) Hong Kong-Shanghai-Shenzhen 500 Upstream Index has shown a recent upward trend, reflecting the performance of securities listed in the Hong Kong, Shanghai, and Shenzhen markets through the Stock Connect program [1][2]. Group 1: Index Performance - The CSI Hong Kong-Shanghai-Shenzhen 500 Upstream Index closed at 2240.09 points, with a 6.79% increase over the past month, a 1.02% increase over the past three months, and a year-to-date increase of 1.02% [1]. - The index is based on the comprehensive index samples of the Hong Kong-Shanghai-Shenzhen Stock Connect and the CSI 500 Index, reflecting various thematic investment perspectives [1]. Group 2: Index Holdings - The top ten weighted stocks in the CSI Hong Kong-Shanghai-Shenzhen 500 Upstream Index include China National Offshore Oil Corporation (13.19%), Zijin Mining (12.8%), China Shenhua Energy (5.42%), and China Petroleum & Chemical Corporation (5.3%) [1]. - The market share of the index holdings is distributed as follows: Shanghai Stock Exchange 55.08%, Hong Kong Stock Exchange 34.30%, and Shenzhen Stock Exchange 10.62% [1]. Group 3: Industry Composition - The industry composition of the index holdings includes: Oil and Gas 33.58%, Precious Metals 22.24%, Coal 18.42%, Industrial Metals 14.52%, Rare Metals 8.31%, Other Non-Metallic Materials 1.33%, Other Non-Ferrous Metals and Alloys 0.90%, and Oil and Gas Extraction and Oilfield Services 0.71% [2]. - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2].

Investment Rating - The report maintains an "Accumulate" rating for the company [7] Core Views - The company achieved an operating income of 184.145 billion yuan in 2024, a year-on-year increase of 1.47%. However, the total profit decreased by 2.57% to 43.844 billion yuan, and the net profit attributable to shareholders fell by 3.97% to 22.196 billion yuan [1] - The company successfully acquired Shaanxi Coal Power Group, establishing a "coal-electricity integration" operational model, which is expected to enhance revenue stability and reduce related transactions [2] - The company has a stable dividend policy, planning to distribute no less than 60% of the distributable profits in cash each year. The estimated dividend yield for 2024 is 6.83% based on a basic earnings per share of 2.29 yuan and a closing price of 20.11 yuan on March 17 [3] Summary by Sections Financial Performance - In 2024, the company reported a coal production of 170 million tons, a year-on-year increase of 4.13%, and coal sales of 260 million tons, up 9.91% [1] - The average price of Shaanxi Huangling thermal coal Q5000 and Hancheng thermal coal Q5000 fell by 10.31% and 11.00% respectively [1] - The company expects to offset the negative impact of falling coal prices through increased production and sales [1] Future Outlook - The company is projected to have net profits of 22.196 billion yuan, 22.232 billion yuan, and 22.674 billion yuan for 2024, 2025, and 2026 respectively, with corresponding earnings per share of 2.29 yuan for 2024 and 2.34 yuan for 2026 [4] - The current price-to-earnings ratio is estimated at 8.82x for 2024, 8.81x for 2025, and 8.64x for 2026 [4]

Summary of Shaanxi Coal Industry Conference Call Company Overview - **Company**: Shaanxi Coal Industry - **Industry**: Coal and Power Generation Key Points 2024 Performance and Influencing Factors - Shaanxi Coal Industry's overall performance in 2024 is strong and stable, with a net profit growth compared to 2023 despite a coal price drop of nearly 50 yuan per ton. The introduction of new electric connection technology positively impacted the company's performance, adding approximately 1.8 billion yuan to profits [3][4][5] - The company reported a coal production of 170 million tons in 2024, a year-on-year increase of 4.13%, primarily from the Shaanxi North mining area [4][6] Market Conditions and Price Trends - In early 2025, the company faces downward pressure on coal prices due to a warm winter and weak downstream demand, with prices dropping about 80 yuan year-on-year [4][5] - The company expects the average price of thermal coal to decrease in 2025, influenced by seasonal fluctuations and various factors such as economic conditions and import coal policies [4][10][11] Production and Sales Strategy - The company maintains a strategy of "volume to ensure price," aiming to stabilize production despite market pressures. Approximately 60% of the market's mines are currently operating at a loss [4][7][8] - The company’s long-term contract prices remain stable, with minor discrepancies, allowing it to effectively manage market volatility [4][9] Power Generation and Sales - In 2024, the company generated 42.4 billion kWh of electricity, with a sales volume of 39.5 billion kWh, showing a small decline compared to previous years but outperforming the national average for thermal power generation [4][12] - The company’s electricity sales ratio is approximately 70%, with minimal changes expected in long-term contract prices for 2025 [4][13] Capital Expenditure and Investment Strategy - The capital expenditure plan for 2025 is around 10 billion yuan, primarily for ongoing projects post-acquisition, with completion expected by the second half of 2027 [4][15] - The company plans to continue cleaning up secondary market financial assets, with current holdings valued at approximately 18-19 billion yuan [4][17] Dividend Policy and Future Outlook - The company has not yet defined specific dividend plans for 2025-2027 but intends to follow regulatory guidance, potentially increasing the dividend payout ratio or frequency [4][20][21] - There are limited new coal resource allocations in Shaanxi Province, with existing resources likely to be redistributed among state-owned enterprises [4][19][22] Challenges and Market Dynamics - The coal consumption landscape is influenced by multiple factors, including economic conditions, climate, and policies regarding imported coal, which are expected to impact future coal prices [4][11][16] - The company is not planning any asset injections into the listed company from the group level [4][18] Additional Insights - The company’s internal power plants receive approximately 10 million tons of coal, with all plants covered by long-term supply agreements [4][26] - The overall electricity price changes in regions like Shaanxi, Hunan, Shanxi, and Henan have been minimal, with an average decrease of about one cent [4][27] This summary encapsulates the key insights from the conference call, highlighting the company's performance, market conditions, strategic initiatives, and future outlook in the coal and power generation industry.

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company's operating performance meets expectations, and shareholder confidence is reflected in increased holdings [2]. - The acquisition of Shaanxi Coal Power Group is expected to enhance profitability sustainably [4]. - The company has successfully increased coal production to offset the impact of declining coal prices [4]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved operating revenue of 184.145 billion yuan, a year-on-year increase of 1.47%. The net profit attributable to shareholders was 22.196 billion yuan, a decrease of 3.97% [4]. - The company’s coal production reached 170 million tons in 2024, up 4.13% year-on-year, and continued to show an upward trend in early 2025 [4]. Profitability Forecast - The report projects operating revenues for 2024, 2025, and 2026 to be 184.145 billion yuan, 165.491 billion yuan, and 168.457 billion yuan, respectively. The net profit attributable to shareholders is forecasted to be 22.196 billion yuan, 18.207 billion yuan, and 19.309 billion yuan for the same years [4][5]. - The earnings per share (EPS) are expected to be 2.29 yuan, 1.88 yuan, and 1.99 yuan for 2024, 2025, and 2026, respectively [4][5]. Valuation Metrics - The current price-to-earnings (P/E) ratios are projected to be 8.8X for 2024, 10.8X for 2025, and 10.1X for 2026 [4]. - The price-to-book (P/B) ratios are expected to be 1.8 for 2024, 1.6 for 2025, and 1.4 for 2026 [4]. Dividend Policy - The company has committed to a cash dividend payout ratio of no less than 60% from 2022 to 2024, with a projected dividend yield of 6.80% for 2024 [4].

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company achieved stable performance in 2024, with a revenue of 184.145 billion yuan, a year-on-year increase of 1.47% (adjusted), and a net profit attributable to shareholders of 22.196 billion yuan, a decrease of 3.97% (adjusted) [1]. - The high dividend yield of 6.8% highlights the investment value, based on the company's shareholder return plan, which stipulates a cash dividend ratio of no less than 60% of the distributable profit for the years 2022-2024 [1]. - The consolidation of power assets has enhanced the stability of the company's performance, with coal production increasing by 4.13% year-on-year to 170 million tons and coal sales rising by 9.91% to 260 million tons in 2024 [2]. - Future profitability is expected to double due to the large installed capacity of power projects under construction, with the total installed capacity of coal-fired units in operation at 8,300 MW and under construction at 10,000 MW [2]. Summary by Sections Financial Performance - In Q4 2024, the company is projected to achieve a net profit of 6.253 billion yuan, a quarter-on-quarter increase of 16.07% and a year-on-year increase of 23.59% (unadjusted) [3]. - The company’s coal production in Q4 2024 is expected to be 42.717 million tons, with a year-on-year increase of 8.26% [3]. - The forecast for net profit attributable to shareholders for 2024-2026 is 22.196 billion, 19.050 billion, and 19.844 billion yuan, respectively, with corresponding EPS of 2.29, 1.96, and 2.06 yuan [3][8]. Valuation Metrics - The company’s PE ratios for 2024-2026 are projected to be 9, 10, and 10 times, respectively, based on the closing price on March 14, 2025 [3][8]. - The PB ratios for the same period are expected to be 1.9, 1.8, and 1.7 [8]. Dividend Policy - The company’s dividend policy ensures a minimum cash dividend payout of 60% of the distributable profit, leading to a projected dividend yield of 6.8% for 2024 [1].

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company achieved a stable performance in 2024, with a revenue of 184.145 billion yuan, a year-on-year increase of 1.47% (adjusted), and a net profit attributable to shareholders of 22.196 billion yuan, a decrease of 3.97% (adjusted) [1][2]. - The high dividend yield of 6.8% highlights the investment value of the company, based on a cash dividend plan that ensures at least 60% of the distributable profit is returned to shareholders [1]. - The consolidation of power assets has enhanced the stability of the company's performance, with coal production increasing by 4.13% year-on-year to 170 million tons and coal sales rising by 9.91% to 260 million tons in 2024 [2]. Summary by Sections Financial Performance - In Q4 2024, the company is expected to achieve a net profit of 6.253 billion yuan, a quarter-on-quarter increase of 16.07% and a year-on-year increase of 23.59% (unadjusted) [3]. - The company’s coal production in Q4 2024 is projected to be 42.717 million tons, with a year-on-year growth of 8.26% [3]. Future Outlook - The company’s power projects have significant installed capacity, with operational coal-fired units totaling 8,300 MW and an additional 10,000 MW under construction, indicating potential for future profit doubling once these projects are operational [2]. - The forecast for net profit for 2024-2026 is 22.196 billion, 19.050 billion, and 19.844 billion yuan, respectively, with corresponding EPS of 2.29, 1.96, and 2.05 yuan [3][8]. Valuation Metrics - The price-to-earnings (PE) ratio is projected to be 9 for 2024 and 10 for 2025 and 2026, indicating a stable valuation outlook [3][8]. - The report highlights a dividend yield of 6.8% for 2024, reflecting strong shareholder returns [1][8].