证券代码：601225 证券简称：陕西煤业 公告编号：2024-045 陕西煤业股份有限公司 公司 2024 年度 1-9 月合并会计报表（未经审计）实现的归属于母公司股东 净利润 159.43 亿元，满足中期分红的条件，经董事会决议，公司拟以实施权益 分派股权登记日登记的总股本为基数进行 2024 年三季度中期利润分配。本次利 润分配方案如下： 关于 2024 年三季度中期利润分配方案的公告 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： 每股分配比例：每 10 股派发现金红利 1.03 元（含税）。 本次利润分配股本以实施权益分派股权登记日登记的总股本为基数，具 体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分配总 额不变，相应调整每股分配比例，并将另行公告具体调整情况。 一、利润分配方案内容 2024 年 8 月 28 日，公司召开第三届董事会第四十次会议，审议通过了《关 于陕西煤业股份有限公司 2024 年中期利润分配方案的议案》，同意公司 2024 年半年 ...

证券代码：601225 证券简称：陕西煤业 公告编号： 2024-044 陕西煤业股份有限公司 第三届监事会第二十八次会议决议公告 同意公司 2024 年三季度向股东分派现金股利 10 亿元，以公司总股本 96.95 亿股 为基准，每十股分配现金股利 1.03 元（含税）。 赞成票：3 票，反对票：0 票，弃权票：0 票。 2、通过《关于公司收购陕煤电力集团有限公司股权暨关联交易的议案》。 本公司监事会及全体监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、监事会会议召开情况 陕西煤业股份有限公司（以下简称"公司"）第三届监事会第二十八次会议通知于 2024 年 12 月 2 日以书面方式送达，会议于 2024 年 12 月 5 日以通讯方式召开。会议 应参加表决的监事 3 人，实际参加表决的监事 3 人。本次会议的召开程序及出席监事 人数符合《中华人民共和国公司法》等法律、法规和公司《章程》的规定。 二、监事会会议审议情况 经与会监事一致同意，会议形成决议如下： 1、通过《关于陕西煤业股份有限公司 2024 年三季度中期利润分配方案的议案》 ...

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 ...