Investment Rating - The report maintains an "Accumulate-A" investment rating for Shaanxi Coal and Electricity Group Co., Ltd. (601225.SH) [1][4] Core Views - The company's performance is expected to remain stable due to the deepening of the "coal-electricity integration" model, which is reflected in its frequent dividend distributions that demonstrate confidence in shareholder returns [1][4] - The acquisition of coal and electricity assets is anticipated to enhance the company's profitability and reduce the volatility of earnings caused by fluctuations in coal prices [6][5] Financial Data Summary - As of December 12, 2024, the closing price is CNY 25.18, with a year-to-date high of CNY 29.87 and a low of CNY 19.12 [3] - The company has a circulating A-share market value of CNY 244.12 billion and a total market value of CNY 244.12 billion [3] - Basic earnings per share (EPS) for the company as of September 30, 2024, is CNY 1.64, with a diluted EPS also at CNY 1.64 [3] - The return on equity (ROE) stands at 19.09% [3] Dividend Distribution - The company plans to distribute a cash dividend of CNY 1.03 per 10 shares (including tax), totaling CNY 1 billion, which represents 6.27% of the net profit attributable to shareholders for the period [4][5] - Cumulatively, the cash dividends for 2024 amount to CNY 20.56 billion, accounting for 12.90% of the net profit attributable to shareholders [4] Earnings Forecast - The expected EPS for 2024, 2025, and 2026 are CNY 2.23, CNY 2.28, and CNY 2.39 respectively, with corresponding price-to-earnings (P/E) ratios of 11.3, 11.1, and 10.6 [4][8]

Investment Rating - The report maintains a "Buy" rating for Shaanxi Coal and Chemical Industry Co., Ltd. (601225.SH) [2] Core Views - The company is acquiring an 88.6525% stake in Shaanxi Coal Power Group for approximately 15.695 billion yuan, which is expected to enhance its core competitiveness and align with national policy directions [4] - The acquisition is anticipated to significantly boost the company's performance, with an estimated profit increase of about 1.445 billion yuan post-integration [4] - The company plans to distribute a cash dividend of 1.03 yuan per 10 shares, totaling 1 billion yuan, which reflects a commitment to shareholder returns [5] Financial Summary - Revenue projections for 2024-2026 are 172.3 billion yuan, 174.4 billion yuan, and 178.5 billion yuan respectively, with net profits expected to be 21.364 billion yuan, 22.230 billion yuan, and 23.194 billion yuan [5][14] - The company has a strong cash position with 38.79 billion yuan in cash as of Q3 2024, supporting the acquisition [4] - The projected P/E ratios for 2024-2026 are 11.25, 10.81, and 10.36 respectively, indicating a favorable valuation [5][13] Operational Insights - The total installed capacity of Shaanxi Coal Power Group is 18,300 MW, with 8,300 MW operational and 10,000 MW under construction, which will enhance the company's coal power integration [4] - The company has committed to a minimum cash dividend of 60% of distributable profits for the years 2022-2024, reinforcing its focus on shareholder value [5]

Company and Industry Summary Company Overview - The company is involved in the coal and electricity sectors, focusing on the acquisition of power assets from its parent group, which includes significant coal supply relationships and operational synergies with its electricity generation capabilities [1][3][6]. Key Points and Arguments Acquisition Strategy - The company has decided to focus on acquiring the electricity assets of the group, particularly thermal power assets, which account for approximately 70-80% of the long-term coal supply [3][6]. - The acquisition is driven by the need to enhance operational stability and profitability, as these assets are considered the strongest and most stable outside of the coal business [3][6]. Financial Performance - The company expects to achieve a profit of 1.5 to 1.6 billion in the current year, which is considered conservative due to various operational adjustments and the exclusion of certain chemical-related assets from the profit calculations [7][8]. - There is a noted decline in profit compared to the previous year, attributed to changes in accounting standards and the exclusion of specific assets that were previously included [7][8]. Market Conditions - The coal production in the Shaanxi province has seen fluctuations, with production levels rising in October and November after a low in September due to maintenance activities [8][9]. - The average coal price at the pithead reached 520 in October, with slight decreases in subsequent months, indicating a relatively stable pricing environment [10]. Regulatory and Operational Challenges - The company faces regulatory scrutiny from the securities commission regarding the scale of its operations and asset acquisitions, which necessitates careful planning and alignment with national development strategies [2][6]. - Safety concerns are paramount, especially during the year-end period when accidents in coal mining are more frequent, impacting production levels [9]. Asset Valuation and Evaluation - The valuation of the acquired electricity assets has undergone rigorous assessment, with a focus on ensuring that the evaluation reflects true market conditions to avoid misrepresentation of state-owned assets [12][13]. - The company has engaged multiple stakeholders, including auditing and evaluation firms, to ensure a fair and transparent assessment process [13][14]. Future Outlook - The company is restructuring its electricity assets to focus on a pure thermal power generation model, which is expected to enhance operational efficiency and profitability [15][16]. - The company is also exploring new projects in regions with favorable government support and low construction costs, which could further enhance its competitive position in the market [16][17]. Additional Important Information - The company has been proactive in addressing potential bad debt issues related to its electricity assets, ensuring that all necessary evaluations and adjustments have been made [12][13]. - The restructuring process has led to a clearer operational focus, with a significant number of subsidiaries now aligned under the new strategy, enhancing overall management efficiency [15][16].

Investment Rating - The report maintains a "Buy" rating for Shaanxi Coal and Chemical Industry Co., Ltd. (601225.SH) [3][6]. Core Views - The acquisition of an 88.6525% stake in Shaanxi Coal Power Group is expected to enhance the company's profitability and support its "coal-electricity integration" strategy, potentially reducing performance volatility and improving valuation levels [3][2]. - The acquisition price of 15.7 billion CNY reflects a 50.31% premium over the assessed net asset value of 17.7 billion CNY, indicating significant value addition [2]. - The expected annualized profit contribution from the acquired entity is projected to be 1.45 billion CNY [3]. Financial Summary - Revenue for Shaanxi Coal Power Group for the first ten months of 2024 was 11.74 billion CNY, with a net profit of 1.65 billion CNY [2]. - The company’s projected net profits for 2024, 2025, and 2026 are estimated at 20.2 billion CNY, 21.9 billion CNY, and 23.4 billion CNY, respectively, with corresponding P/E ratios of 11.9X, 11.0X, and 10.3X [3][5]. - The company reported a revenue of 170.87 billion CNY in 2023, with a net profit of 21.24 billion CNY, reflecting a year-over-year decline of 39.7% [5][14]. Cash Flow and Financial Ratios - Operating cash flow for 2023 is reported at 38.6 billion CNY, with a projected decrease to 38.4 billion CNY in 2024 [13]. - The company’s net profit margin for 2022 was 21.1%, with a return on equity (ROE) of 36.8% [14]. - The projected earnings per share (EPS) for 2024 is 2.09 CNY, down from 2.19 CNY in 2023 [5][15].

Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Views - The company plans to acquire 88.6525% of Shaanxi Coal Power Group for a cash consideration of 15.695 billion yuan, which is expected to enhance the company's profit by 6.77% and potentially double in the long term [2]. - The acquisition price corresponds to a relatively low valuation of 1.5 times PB, below the average PB of 1.64 times for 29 A-share thermal power companies, and a PE of approximately 11 times, also lower than the average PE of 20 times for the same group [2]. - The company has a strong dividend policy, proposing a cash dividend of 1.03 yuan per 10 shares, totaling 1 billion yuan, which represents 6.27% of the net profit attributable to shareholders [2]. - The company is expected to have a high long-term investment value due to its leading resource endowment, significant cost advantages, and strong cash cow attributes, with projected net profits of 21.352 billion yuan, 22.963 billion yuan, and 23.919 billion yuan for 2024-2026 [2]. Financial Forecasts and Indicators - The company’s total revenue for 2024 is projected to be 164.641 billion yuan, with a slight decline of 3.65% compared to 2023 [3][7]. - The net profit attributable to shareholders is expected to be 21.352 billion yuan in 2024, reflecting a growth rate of 0.53% [3][7]. - The earnings per share (EPS) for 2024 is estimated at 2.20 yuan, with a PE ratio of 11 times based on the closing price on December 6, 2024 [3][7]. - The company’s dividend yield is projected to be 5.3%, indicating a strong return for investors [2][7].

Core Viewpoint - Shaanxi Coal Industry announced a significant acquisition of 88.6525% stake in Shaanxi Coal Power Group for 15.695 billion yuan, aiming to enhance its "coal-electricity integration" operational model and reduce related transactions [1][3]. Group 1: Acquisition Details - The acquisition will be conducted through a private agreement, with the purchase price based on an assessed net asset value of 17.704 billion yuan as of October 31, 2024 [2]. - Shaanxi Coal Power Group reported revenues of 11.74 billion yuan and a net profit of 1.65 billion yuan for the period from January to October 2024, with a total revenue of 17.72 billion yuan and a net profit of 2.37 billion yuan for 2023 [2]. - The acquisition price corresponds to a price-to-book (PB) ratio of 1.5, which is lower than the average PB of 1.64 for 29 A-share thermal power companies [2]. Group 2: Strategic Importance - The acquisition is seen as a strategic move to align with the company's operational needs and development direction, aiming to extend the coal industry chain and promote high-quality growth [3]. - The transaction is expected to enhance revenue and reduce reliance on related transactions, thereby improving operational efficiency [3]. Group 3: Financial Position - Shaanxi Coal Industry reported a net profit of 15.943 billion yuan for the first three quarters of the year, with cash assets amounting to 38.79 billion yuan as of the third quarter of 2024 [4]. - The company announced a cash dividend plan of 1.03 yuan per 10 shares, totaling 1 billion yuan, which represents 6.27% of the net profit for the period [4]. - The acquisition is projected to increase the company's profit by approximately 6.77% based on the anticipated net profit for 2024 [4]. Group 4: Industry Outlook - The coal sector remains generally optimistic, with expectations of stable coal prices and demand growth in 2025, despite recent adjustments in stock performance [5][6]. - Analysts predict that the coal price will stabilize around 800-830 yuan per ton in 2025, supported by demand growth outpacing supply growth [6][7]. - The coal sector is viewed as having strong investment value due to its resilient demand and tight supply conditions, making it a solid option for investors seeking stable returns [7].

陕西煤业股份有限公司 关于召开 2024 年第二次临时股东大会的通知 证券代码：601225 证券简称：陕西煤业 公告编号：2024-047 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、 召开会议的基本情况 (一) 股东大会类型和届次： 2024 年第二次临时股东大会 召开的日期时间：2024 年 12 月 23 日 10 点 00 分 召开地点：陕西省西安市高新区锦业一路 2 号陕煤化大厦 2310 室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年12月23日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 12 月 23 日 至 2024 年 12 月 23 日 采用上海证券交易所网络投票系统，通过交易系统投票平 ...

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 ...

本报告依据中国资产评估准则编制 陕西煤业股份有限公司拟收购陕西煤业化工集团有限 责任公司持有的陕煤电力集团有限公司股权涉及的陕 煤电力集团有限公司股东全部权益价值项目 资产评估报告 中联评报字【2024】第 3494 号 共一册 第一册 中联资产评估集团有限公司 二〇二四年十一月十五日 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 1111020008202403483 | | --- | --- | | 合同编号: | 24150098A | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 中联评报字【2024】第3494号 | | 报告名称: | 陕西煤业股份有限公司拟收购陕西煤业化工集团有 限责任公司持有的陕煤电力集团有限公司股权涉及 的陕煤电力集团有限公司股东全部权益价值项目资 | | | 产评估报告 | | 评估结论: | 17,704,131,736.20元 | | 评估报告日: | 2024年11月15日 | | 评估机构名称: | 中联资产评估集团有限公司 | | 签名人员: | 翟红梅 (资产评估师) 会员编号:11090063 | | | 魏龙 (资 ...

证券代码：601225 证券简称：陕西煤业 公告编号： 2024-043 经与会董事一致同意，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》。 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）。同意由董事会及相关人士负责组织实 施并办理 2024 年三季度中期利润分配的具体事项。 陕西煤业股份有限公司 第三届董事会第四十二次会议决议公告 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 陕西煤业股份有限公司（以下简称"公司"）第三届董事会第四十二次会议通知于 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 应参加表决的董事 7 名，实际表决的董事 7 名。本次会议的召开程序及出席董事人数 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、董事会会议审议情况 2、通过《关于公司收购陕煤电力集 ...