| --- | --- | |---------------------------------|------------------------| | | | | 左前明 能源行业首席分析师 | | | 执业编号： S1500518070001 | | | 联系电话： 010-83326712 | | | 邮 箱：zuoqianming@cindasc.com | | | 李春驰 电力公用联席首席分析师 | | | 执业编号： S1500522070001 | | | 联系电话： 010-83326723 邮 箱： | lichunchi@cindasc.com | | | | | 邢秦浩 电力公用分析师 | | | 执业编号： S1500524080001 | | | 联系电话： 010-83326712 邮 箱： | xingqinhao@cindasc.com | | | | | | | | 信达证券股份有限公司 | | 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 陕西煤业(601225.SH) 投资评级 买入 上次评级 买入 ...

Investment Rating - The investment rating for Shaanxi Coal and Chemical Industry Co., Ltd. is "Buy," consistent with the previous rating [1]. Core Views - The report emphasizes the potential for significant growth in the coal-electricity integrated operation model, which is expected to enhance revenue and operational stability for the company [4][5]. - The acquisition of Shaanxi Coal Power Group is a strategic move towards achieving a "coal-electricity integration" operational model, aimed at mitigating price fluctuations in coal and electricity demand [4][5]. Summary by Sections Company Overview - Shaanxi Coal has abundant coal resources with a recoverable reserve of 10.441 billion tons, ensuring over 70 years of mining capacity. The company has a coal production capacity of 162 million tons and has seen a 2.45% year-on-year increase in coal production for the first eight months of 2024, totaling 114 million tons [3]. Power Assets - As of March 2024, Shaanxi Coal Power Group has a controllable installed capacity of 9.418 million kilowatts, primarily from thermal power. The group generated 34.939 billion kWh of electricity in 2023, with an average selling price of 437 RMB per MWh and a coal consumption cost of 846.44 RMB per ton [3]. Project Pipeline - The company has significant ongoing and approved projects, totaling 9.32 million kilowatts, which could double its coal-electricity installed capacity upon completion. These projects are strategically located in regions with high electricity demand [3]. Financial Forecast - The report forecasts net profits for 2024-2026 to be 21.6 billion, 22.3 billion, and 23.2 billion RMB, respectively, with EPS projected at 2.23, 2.30, and 2.39 RMB per share. The P/E ratios are expected to be 10.79, 10.46, and 10.07 [5].

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company intends to acquire the entire equity of Shaanxi Coal Power Group from its controlling shareholder, Shaanxi Coal Group, to establish a coal-electricity integrated operation model [2]. - The installed capacity of Shaanxi Coal Power Group is 9.418 million kilowatts, with a net profit attributable to the parent company of 1.355 billion yuan, which accounts for 6.38% of Shaanxi Coal's net profit in 2023 [2]. - The acquisition is expected to reduce related party transactions, increase revenue, and extend the coal business's industrial chain, thereby supporting the successful establishment of the "coal-electricity integration" operation model [2]. - The estimated value of the Shaanxi Coal Power equity is approximately 12.906 billion yuan based on the average valuation of 28 listed power companies [2]. - The company has strong financial capabilities, with cash and cash equivalents of 27.462 billion yuan and a debt-to-asset ratio of 35.44% as of June 2024, indicating the potential for a cash acquisition [2]. - The company is expected to maintain a high dividend yield of 5.66% based on a commitment to a 60% payout ratio, reflecting its strong operational performance [2]. - The projected net profits for 2024-2026 are 21.999 billion, 23.588 billion, and 24.466 billion yuan, respectively, with corresponding EPS of 2.27, 2.43, and 2.52 yuan per share [2][3]. Financial Summary - The company's total revenue for 2023 is reported at 170.872 billion yuan, with a projected decline of 4.1% to 163.851 billion yuan in 2024 [3]. - The net profit attributable to the parent company for 2023 is 21.239 billion yuan, with a forecasted increase to 21.999 billion yuan in 2024, reflecting a growth rate of 3.6% [3]. - The company's PE ratio is projected to remain stable at 11 for 2024 and 2025, decreasing to 10 in 2026 [3]. - The PB ratio is expected to decline from 2.6 in 2023 to 2.3 in 2024, and further to 1.9 and 1.6 in 2025 and 2026, respectively [3].

证券代码：601225 证券简称：陕西煤业 公告编号：2024─033 陕西煤业股份有限公司 关于与控股股东签订资产转让意向协议的公告 成立日期：2004 年 2 月 19 日 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： 陕西煤业股份有限公司（以下简称"公司"或"陕西煤业"）于 2024 年 9 月 5 日与陕西煤业化工集团有限责任公司（以下简称"陕煤集团"）签订《资产转 让意向协议》（以下简称"意向协议"或"本协议"），现将有关情况公告如下： 一、意向协议签订的基本情况 （一） 交易对方的基本情况 公司名称：陕西煤业化工集团有限责任公司 统一社会信用代码：916100007625687785 注册资本：1,018,000 万元 法定代表人：张文琪 住所：陕西省西安市国家民用航天产业基地陕西省西安市航天基地东长安街 636 号 1 履约的重大风险及不确定性：本协议为陕西煤业股份有限公司与陕西煤业化 工集团有限责任公司就资产转让达成的意向协议，涉及资产转让的具体事宜 尚待进一步协商和落实，双方还需履行各自内部 ...

证券代码：601225 证券简称：陕西煤业 公告编号：2024-032 陕西煤业股份有限公司 2024 年 8 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（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 8 月 | | 累计 | 8 月 | 累计 | 8 月 | 累计 | | 煤炭产量 | 万吨 | 1,358.82 | | 11,395.75 | 1,344.61 | 11,123.58 | 1.06 | 2.45 | | 自产煤销量 | 万吨 | 1,335.29 | | 11,235.88 | 1,320.69 | 11,012.05 | 1.11 | 2.03 | 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，不对公司未来经营状况作出预测或承诺，敬请 广大投资 ...

证券代码：601225 证券简称：陕西煤业 公告编号：2024-031 陕西煤业股份有限公司 2024 年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 (一) 股东大会召开的时间：2024 年 9 月 4 日 (二) 股东大会召开的地点：陕西省西安市锦业一路 2 号陕煤大厦 2310 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 二、 议案审议情况 审议结果：通过 表决情况： | 股东类 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | 型 | 票数 | 比例 | 票数 | 比例 | 票数 | 比例 | | | | （%） | | （%） | | （%） | | A 股 | 921,625,913 | 85.2463 | 158,674,854 | 14.6767 | 831,279 | 0.0770 | (二) 累积投票议案表决情况 ...

北京市嘉源律师事务所 关于陕西煤业股份有限公司 2024年第一次临时股东大会的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 源： IA YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:陕西煤业股份有限公司 北京市嘉源律师事务所 关于陕西煤业股份有限公司 2024年第一次临时股东大会的法律意见书 嘉源(2024) -04-647 号 北京市嘉源律师事务所(以下简称"本所")接受陕西煤业股份有限公司(以 下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公司 法》"）、《上市公司股东大会规则》(以下简称"《股东大会规则》")等现 行有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以 及《陕西煤业股份有限公司章程》(以下简称"《公司章程》")的有关规定, 指派本所律师对公司 2024年第一次临时股东大会(以下简称"本次股东大会") 进行见证,并依法出具本法律意见书。 为出具本法律意见书,本所指派律师出席了本次 ...

[Table_MainInfo] 公司研究/煤炭 证券研究报告 陕西煤业（601225）公司半年报点评 2024 年 09 月 04 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------|---------------| | 股票数据 | | | 09 [ Table_StockInfo 月 03 日收盘价（元） ] | 24.62 | | 52 周股价波动（元） | 17.38-28.03 | | 总股本 / 流通 A 股（百万股） | 9695/9695 | | 总市值 / 流通市值（百万元） | 238691/238691 | | 相关研究 | | | [Table_ReportInfo] 《业绩稳健增长，分红潜力充足》 | 2024.05.02 | | 《 非 经 拖 累 业 绩 ， 下 半 年 仍 可 期 待 》 | | | 2023.09.11 | | 市场表现 [Table_QuoteInfo] 陕西煤业 海通综指 -4.38% 7.62% 19 ...

Investment Rating - The report maintains an "Outperform" rating for Shaanxi Coal and Chemical Industry Co., Ltd. (601225.SH) [5][10] Core Views - The company has shown steady performance in its coal business, with a focus on cost control and maintaining production levels despite a decline in coal prices. The company plans to distribute a mid-term cash dividend of 0.109 CNY per share, reflecting a 10% payout ratio to reward investors [1][8][10] - The report has adjusted profit forecasts downward due to lower-than-expected coal sales prices, projecting net profits of 21.9 billion CNY, 22.0 billion CNY, and 22.3 billion CNY for 2024-2026, respectively [2][10] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 84.74 billion CNY, a decrease of 6.5% year-on-year, and a net profit of 10.56 billion CNY, down 8.8% year-on-year. In Q2 2024, revenue was 44.29 billion CNY, a decline of 3.4%, while net profit increased by 26.5% to 5.90 billion CNY [1][6][10] - Coal production in H1 2024 reached 86.407 million tons, up 2.8% year-on-year, with sales of 131.55 million tons, an increase of 2.3% year-on-year. The average selling price of self-produced coal was 538.2 CNY per ton, down 56.6 CNY per ton year-on-year [1][7][10] Dividend Policy - The company announced a mid-term cash dividend of 0.109 CNY per share, with a dividend payout ratio of 10%, indicating a commitment to returning value to shareholders [8][10] Investment and Asset Management - The company has shifted the accounting method for its holdings in Salt Lake Shares to long-term equity investments, resulting in a decrease in the scale of financial assets measured at fair value. As of H1 2024, the total financial assets measured at fair value amounted to 12.48 billion CNY, a decrease of 6.03 billion CNY from the beginning of the year [9][10]

Investment Rating - The investment rating for the company is "Buy - A" [2][3]. Core Views - The company reported a revenue of 84.737 billion yuan in the first half of 2024, a year-on-year decrease of 6.54%, and a net profit of 10.556 billion yuan, down 8.83% year-on-year. The company plans to distribute a mid-term dividend of 10%, reflecting confidence in future growth [1][2][6]. - The company is expected to achieve revenues of 158.791 billion yuan, 159.174 billion yuan, and 161.399 billion yuan for 2024-2026, with growth rates of -7.1%, 0.2%, and 1.4% respectively. Net profits are projected to be 21.931 billion yuan, 22.444 billion yuan, and 23.637 billion yuan, with growth rates of 3.3%, 2.3%, and 5.3% respectively [2][7]. Financial Performance Summary - In H1 2024, the company produced 86.407 million tons of coal, an increase of 2.78% year-on-year, and sold 131.550 million tons, up 2.29% year-on-year. The average selling price of coal was 574.96 yuan per ton, down 11.33% year-on-year [1][6]. - The company's total assets were reported at 215.260 billion yuan, with total liabilities of 77.343 billion yuan, indicating a solid financial position [8][9]. - The company has a projected price-to-earnings ratio of 12x for 2024, with a target price of 27.12 yuan, compared to the current share price of 24.66 yuan [3][6].