关于收购陕煤电力集团有限公司股权暨关联交易的公告 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： 一、关联交易概述 （一）基本情况 控股股东陕煤集团下属子公司陕煤电力集团于 2016 年 7 月 21 日注册成立， 经营范围为电力项目的建设、经营、运维和检修；光伏、风能及生物质发电项目 的技术研发和建设、运营、运维和检修；电力供应；售电业务；水的生产和销售； 节能技术推广和技术服务；电厂废弃物的综合利用；电力物资、设备的租赁和销 售；科技中介服务。（依法须经批准的项目，经相关部门批准后方可开展经营活 动）。陕煤电力集团注册资本为 676,800 万元，其中，陕煤集团出资 600,000 万 元、持股 88.6525%，国开基础设施基金有限公司（以下简称"国开基金"）出 陕西煤业股份有限公司（以下简称"公司"）将通过非公开协议方式现金收 购陕西煤业化工集团有限责任公司（以下简称"陕煤集团"）持有陕煤电力 集团有限公司（以下简称"陕煤电力集团"）88.6525%股权（以下简称"本 次交易"或"本次关联交易"）。 本 ...

Investment Rating - The report maintains a "Buy" rating for Shaanxi Coal Industry [6][7] Core Views - In November, Shaanxi Coal Industry's coal production increased by 11.3% year-on-year, reaching 14.0623 million tons, exceeding expectations [6][7] - The company's total coal production from January to November was 151.4107 million tons, a year-on-year increase of 2.76%, while self-produced coal sales reached 153.8286 million tons, up 2.72% year-on-year. December is expected to see continued growth due to seasonal demand and high coal consumption in the coal chemical industry [6][7] - The company plans to acquire the power assets of its controlling shareholder to transition to a "coal-electricity integration" model, which is expected to enhance the stability of its performance [7] - The report slightly raises the forecast for the company's net profit attributable to shareholders for 2024-2026 to 214.93 billion, 243.11 billion, and 251.54 billion respectively, reflecting an optimistic outlook [7] Financial Summary - The total revenue for 2023 is projected at 170.872 billion, with a slight increase to 173.305 billion in 2024. The net profit attributable to shareholders is expected to be 21.239 billion in 2023 and 21.493 billion in 2024 [9][13] - The company's earnings per share (EPS) is forecasted to be 2.19 in 2023 and 2.22 in 2024, with a gross margin of 37.9% in 2023 and expected to rise to 40.3% in 2024 [9][13]

证券代码：601225 证券简称：陕西煤业 公告编号：2024-042 陕西煤业股份有限公司 2024 年 11 月主要运营数据公告 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。 | 运营指标 | 单位 | 2024 | | 年 | 2023 | | 年 | | 同比变化（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 11 | 月 | 累计 | 11 | 月 | 累计 | 11 | 月 | 累计 | | 煤炭产量 | 万吨 | 1,406.23 | | 15,559.10 | 1,263.44 | | 15,141.07 | 11.30 | | 2.76 | | 自产煤销量 | 万吨 | 1,376.82 | | 15,382.86 | 1,227.21 | | 14,976.17 | 12.19 | | 2.72 | 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 ...

关于召开 2024 年第三季度业绩说明会的公告 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。 证券代码：601225 证券简称：陕西煤业 公告编号：2024-041 陕西煤业股份有限公司 会议召开时间：2024 年 11 月 22 日(星期五) 下午 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： 本次投资者说明会以网络互动形式召开，公司将针对 2024 年三 季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟 通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 15 日(星期五) 至 11 月 21 日(星期 四)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 zqb@shccig.com 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。 陕西煤业股份有限公司（以 ...

Investment Rating - The report maintains a "Strong Buy" rating for Shaanxi Coal Industry (601225) with a target price of 29.04 CNY, compared to the current price of 24.40 CNY [1]. Core Views - The company reported a revenue of 125.43 billion CNY for the first three quarters of 2024, a year-on-year decrease of 1.6%. The net profit attributable to shareholders was 15.94 billion CNY, also down by 1.5% year-on-year. However, the net profit excluding non-recurring items increased by 13.9% year-on-year to 16.35 billion CNY [1]. - The report highlights a decline in self-produced coal production and sales in Q3 2024, attributed to increased safety regulations during the high-accident period of Q4. The average selling price of coal per ton was 618.3 CNY, down 6.2% year-on-year [1]. - The report anticipates stable coal prices in Q4 2024, with limited fluctuations due to sufficient inventory levels at downstream power plants [1]. - The acquisition of Shaanxi Coal Power by the company is expected to enhance its integrated coal and power operations, improving profitability and creating a complete industrial chain from coal mining to electricity production [1]. - The report adjusts the net profit forecasts for 2024-2026 to 22.282 billion CNY, 23.478 billion CNY, and 24.734 billion CNY, respectively, corresponding to a PE ratio of 11x, 10x, and 10x [1]. Financial Summary - For 2024, the expected total revenue is 160.221 billion CNY, a decrease of 6.2% year-on-year. The net profit is projected to be 22.282 billion CNY, reflecting a growth of 4.9% [2]. - The company has a total market capitalization of 236.558 billion CNY and a debt-to-asset ratio of 34.29% [3]. - The earnings per share (EPS) for 2024 is estimated at 2.30 CNY, with a PE ratio of 11 [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [11]. Core Views - The company reported a revenue of 1254.3 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.6%, with a net profit attributable to shareholders of 159.4 billion yuan, also down by 1.5% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 406.9 billion yuan, reflecting a quarter-on-quarter increase of 10.7% and a year-on-year decrease of 8.1%. The net profit for the same period was 53.9 billion yuan, with a year-on-year increase of 17.1% [1]. - The company is focusing on "coal-electricity integration" and has signed an asset transfer agreement with its controlling shareholder, which is expected to enhance profitability stability [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, coal business revenue was 1211.6 billion yuan, down 1.5% year-on-year, with Q3 revenue at 390.9 billion yuan, up 9.6% year-on-year [2]. - The coal production volume for the first three quarters was 130 million tons, an increase of 2.8% year-on-year, with Q3 production at 41.37 million tons, up 2.9% quarter-on-quarter [2]. - The average selling price of coal decreased by 6.2% year-on-year to 618 yuan per ton for the first three quarters, with Q3 price at 607 yuan per ton [2]. Profitability and Dividends - The company reported a gross profit of 420.6 billion yuan for the first three quarters, down 8.1% year-on-year, with Q3 gross profit at 135.3 billion yuan, showing a slight decrease of 0.2% year-on-year [2]. - The company has committed to a dividend payout ratio of no less than 60% from 2022 to 2024, with a dividend of 0.109 yuan per share announced for the mid-year [3]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 213.4 billion yuan, 232.3 billion yuan, and 242.2 billion yuan respectively, with corresponding EPS of 2.20, 2.40, and 2.50 yuan per share [5]. - The company is expected to maintain a stable performance due to its high-quality coal resources and low-cost advantages in coal mining [5].

证券代码：601225 证券简称：陕西煤业 公告编号：2024-040 陕西煤业股份有限公司 2024 年 10 月主要运营数据公告 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、准确性和完整性承法律责任。 | 运营指标 | 单位 | 2024 | | 年 | 2023 | | 年 | 同比变化（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 10 | 月 | 累计 | 10 | 月 | 累计 | 10 月 | 累计 | | 煤炭产量 | 万吨 | 1,375.48 | | 14,152.87 | 1,451.11 | | 13,877.63 | -5.21 | 1.98 | | 自产煤销量 | 万吨 | 1,407.60 | | 14,006.04 | 1,443.05 | | 13,748.96 | -2.46 | 1.87 | 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生产经营状况，不对公司未来 ...

Summary of Conference Call Company and Industry - The conference call involved **Shanxi Meiye Coal Company**, focusing on the **coal industry** in China. Key Points and Arguments 1. **Production and Sales Performance** - For the first three quarters of the year, coal production reached **129 million tons** and sales were **195 million tons**, both showing slight year-on-year increases. Revenue was **125.4 billion** with a slight decline in scale profit to **15.9 billion** [1][2][3] 2. **Quarterly Production Breakdown** - Production for Q1 was approximately **41.45 million tons**, Q2 was close to **45 million tons**, and Q3 was **41.36 million tons**. Q2 marked the highest production point historically [2][3] 3. **Cost Management** - The cost per ton was lowest in Q2 at around **280** and was approximately **286-290** in Q1 and Q3. The cumulative cost until September was about **280**. There is an expectation for a slight decrease in costs compared to last year [3][4] 4. **Future Production Outlook** - The company anticipates a slight increase in annual production compared to last year, projecting a total of around **1.64 billion tons** for the year [4][5] 5. **Market Price Trends** - Coal prices remained stable from January to September, with a price difference of only **60** between high and low points. Q3 prices were slightly lower than Q2, with a decrease of about **10** [2][3] 6. **Regional Production Contributions** - The majority of production contributions came from **Shanbei**, while **Tongchuan** faced resource continuity issues, affecting its output [5][6] 7. **Future Capacity and Regulatory Environment** - The company is awaiting approval for new mining projects, with no significant changes expected in production capacity in the next few years due to regulatory constraints [6][7] 8. **Sales Composition** - Long-term contracts accounted for approximately **60%** of coal sales, with a significant portion being priced according to local limits [7][8] 9. **Acquisition Plans** - The company is considering acquiring assets from the **Shanxi Electric Power Group** to extend its industrial chain, focusing on thermal power assets [12][13] 10. **Financial Performance and Dividends** - The company does not expect significant changes in employee wages or dividend policies in the near term, maintaining a stable financial outlook [10][11] 11. **Market Dynamics** - The company noted a shift in coal demand due to fluctuations in hydropower generation, particularly in the **Chengyu** region, which may affect coal supply dynamics [17][18] 12. **Cost Structure** - Transportation costs are a significant part of the overall cost structure, with ongoing discussions about potential improvements through technology [19][20] 13. **Taxation and Regulatory Benefits** - The company continues to benefit from favorable tax rates under the **Western Development Policy**, with no expected changes in the near future [21] Other Important but Overlooked Content - The company is actively monitoring the coal market and adjusting its strategies based on seasonal demand fluctuations, particularly in winter [8][9] - There is a focus on maintaining a balance between supply and demand, with expectations of tighter conditions during the winter heating season [11][12]

报告摘要 陕西煤业于 2024 年 10 月 29 日发布 2024 年三季报： 陕西煤业（601225.SH） 煤炭开采 证券研究报告/公司点评报告 2024 年 10 月 29 日 经营业绩符合预期，股东增持彰显信心 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------|-------------|---------|------------------------------------------|---------|---------| | 评级： 买入（维持） | 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | | 营业收入（百万元） | 166,848 | 170,872 | 185,391 | 189,315 | 191,293 | | 分析师：杜冲 | 增长率 yoy% | 10% | 2% | 8% | 2% | 1% | | 执业证书编号： S074052204 ...

Investment Rating - The investment rating for Shaanxi Coal Industry (601225.SH) is "Buy" (maintained) [1] Core Views - The report highlights that Shaanxi Coal Industry maintains stable profitability and has promising growth prospects in the coal and electricity sectors [1][6] - The company reported a revenue of 125.43 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.57%, and a net profit attributable to shareholders of 15.94 billion yuan, also down 1.46% year-on-year [4][5] - The report emphasizes the company's strategic acquisition of Shaanxi Coal Power Group, which is expected to enhance revenue and reduce related party transactions [6] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 40.69 billion yuan, a year-on-year increase of 10.7%, but a quarter-on-quarter decrease of 8.1% [4] - The net profit for Q3 2024 was 5.39 billion yuan, up 17.1% year-on-year but down 8.8% quarter-on-quarter [4] - The company’s coal production for the first three quarters was 127.77 million tons, an increase of 2.8% year-on-year, while coal sales reached 195.95 million tons, up 5.1% year-on-year [5] Cost and Pricing Analysis - The average selling price of the company's coal for the first three quarters was 618.32 yuan per ton, a decrease of 6.24% year-on-year, while the comprehensive cost was 403.65 yuan per ton, down 2.51% year-on-year [5] - In Q3 2024, the average selling price increased to 706.9 yuan per ton, reflecting a year-on-year increase of 3.33% [5] Future Earnings Forecast - The report projects revenues for 2024, 2025, and 2026 to be 172.3 billion yuan, 174.4 billion yuan, and 178.5 billion yuan respectively, with net profits expected to reach 21.4 billion yuan, 22.2 billion yuan, and 23.2 billion yuan [6][9] - The price-to-earnings (P/E) ratios for the same years are forecasted to be 11.22, 10.78, and 10.33 respectively [6][9]