[Table_Page] 季报点评|煤炭开采 证券研究报告 [陕Table_西Title] 煤业（601225.SH） [公Tab司le_I评nves级t] 买入 当前价格 25.06元 Q1 扣非业绩延续稳健，23年度分红符合预期 合理价值 26.9元 前次评级 买入 [Table_Summary] 核心观点： 报告日期 2024-04-29  Q1 扣非业绩环比下降 5.8%，主要受煤价下跌影响，自产煤销量同比 [相Tab对le_P市icQ场uote表] 现 和环比略有增长。公司发布一季报，Q1 归母净利润 46.5 亿元，同比 -32.7%，环比-8.0%；扣非归母净利润53.5亿元，同比-26.3%，环比 62% -5.8%。公司Q1自产煤销量同比和环比略有增长，业绩下滑主要受煤 46% 价下跌影响。Q1 金融资产公允价值变动亏损 9.2 亿元，同比增亏 4.4 29% 亿元，环比增亏0.5亿元。公司在主动收缩金融投资规模，随着风险敞 13% -4% 口减小，预计未来公允价值波动对公司业绩的影响也有望减小。 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -20% ...

Investment Rating - The report maintains a "Buy" rating for Shaanxi Coal Industry [5][6] Core Views - The company's performance in 2023 met expectations, with a revenue of 170.87 billion yuan, a year-on-year increase of 2.4%, while net profit attributable to shareholders decreased by 39.7% to 21.24 billion yuan [5][6] - The company continues to demonstrate stability in its earnings and high dividend yield, with a proposed cash dividend of 13.15 yuan per 10 shares, resulting in a dividend yield of 5.25% [5][6] - Coal production increased steadily in 2023, reaching 163.72 million tons, a growth of 4.1% year-on-year, despite sales prices being under pressure [5][6] Summary by Sections Financial Performance - In 2023, the total revenue was 170.87 billion yuan, with a net profit of 21.24 billion yuan, reflecting a significant decline in profitability [5][7] - For Q1 2024, the company reported a revenue of 40.45 billion yuan, down 9.7% year-on-year, and a net profit of 4.65 billion yuan, down 32.7% year-on-year [6][7] Production and Sales - The coal production for 2023 was 163.72 million tons, with a breakdown showing growth in various mining areas [5][6] - The average selling price of self-produced coal decreased by 14.12% to 574.52 yuan per ton, while trade coal sales increased significantly [5][6] Profit Forecast - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 21.60 billion yuan for 2024, 24.94 billion yuan for 2025, and 25.09 billion yuan for 2026 [6][7] - The current market capitalization corresponds to a PE ratio of 11X for 2024, indicating a favorable valuation compared to peers [6][7]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 28.25 CNY [3][7]. Core Views - The company has maintained a high dividend payout ratio of 60.03% for 2023, distributing a total cash dividend of 12.749 billion CNY [2]. - The company is expected to achieve stable revenue growth in the coming years, with projected revenues of 158.79 billion CNY in 2024, 159.17 billion CNY in 2025, and 161.40 billion CNY in 2026 [7]. - The company has a strong coal production capacity, with a production increase of 4.10% year-on-year in 2023, reaching 164 million tons [1]. Financial Performance Summary - In 2023, the company reported a revenue of 170.87 billion CNY, a year-on-year increase of 2.41%, while the net profit decreased by 39.67% to 21.24 billion CNY [1]. - The first quarter of 2024 saw a revenue of 40.45 billion CNY, a decrease of 9.73% year-on-year, with a net profit of 4.65 billion CNY, down 32.69% year-on-year [1]. - The company’s coal sales volume increased by 12.60% in 2023, totaling 253 million tons, with a significant rise in trade coal sales by 29.0% [1]. Cost and Profitability Analysis - The average selling price of coal decreased by 13.04% to 596.10 CNY per ton in 2023, impacting the gross profit margin [1]. - The unit cost of self-produced coal increased by 7.52% to 256.25 CNY per ton, while the unit gross profit for self-produced coal fell by 26.29% to 318.27 CNY per ton [1]. - The company has effectively controlled costs, with a reduction in the complete cost of raw coal by 7.14% to 296.59 CNY per ton [1]. Future Outlook - The company plans to reduce capital expenditures in 2024 to 2.333 billion CNY, a decrease of 48.43% compared to 2023 [2]. - The company’s debt levels are decreasing, with a debt-to-asset ratio of 34.01% and an interest-bearing debt ratio of 2.24% as of the end of Q1 2024 [2]. - The projected net profit for 2024 is expected to be 21.93 billion CNY, with a growth rate of 3.3% [7].

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company reported a revenue of 170.87 billion yuan in 2023, a year-on-year increase of 2.4%, while the net profit attributable to shareholders was 21.24 billion yuan, a decrease of 39.7% [3][4]. - The company plans to reduce capital expenditures to 2.333 billion yuan in 2024, down by 21.91 billion yuan, which is expected to strengthen its cash flow and support its dividend policy [4][5]. - The company has committed to distributing at least 60% of its distributable profits in cash from 2022 to 2024, with a proposed dividend of 1.315 yuan per share for 2023, resulting in a total dividend of 12.749 billion yuan and a dividend yield of 5.2% based on the closing price on April 26 [4][5]. Financial Summary - In 2023, the coal business generated revenue of 165.02 billion yuan, a year-on-year increase of 1.5%, with a gross margin of 37.85%, down by 7.06 percentage points [4]. - The company produced 164 million tons of coal in 2023, an increase of 4.1%, and sold 253 million tons, an increase of 12.6% [4]. - The average selling price of coal decreased by 14% to 574.5 yuan per ton, while the cost per ton increased by 8% to 256 yuan, resulting in a gross margin of 55.4% for self-produced coal [4]. - The company expects net profits for 2024, 2025, and 2026 to be 21.6 billion yuan, 22.8 billion yuan, and 24.2 billion yuan, respectively, with corresponding EPS of 2.23 yuan, 2.35 yuan, and 2.49 yuan [5].

扣非业绩符合预期，股息率维持较高水平 陕西煤业(601225.SH）/煤炭 证券研究报告/公司点评 2024年4月25日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格:25.22元 指标 2022A 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：S0740522040001 净利润（百万元） 35,123 21,239 22,157 24,507 25,332 电话： 增长率yoy% 66% -40% 4% 11% 3% 每股收益（元） 3.62 2.19 2.29 2.53 2.61 Email：duchong@zts.com.cn 每股现金流量 5.79 3.98 5.20 5.09 5.09 联系人：鲁昊 净资产收益率 25% 17% 14% 12% 11% 电话： P/E 7.0 11.5 11.0 10.0 9.7 P/B 2 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance relative to the benchmark index [6]. Core Views - The company has demonstrated stable performance in its non-recurring profit, with a focus on enhancing shareholder returns through a new action plan aimed at improving operational quality and efficiency [5][6]. - The company is expected to benefit from a favorable coal price environment, with projected net profits for 2024-2026 estimated at 235 billion, 250 billion, and 267 billion respectively [6]. Financial Performance Summary - In 2023, the company achieved a revenue of 170.9 billion, a year-on-year increase of 2.41%, while the net profit attributable to shareholders was 21.2 billion, down 39.67% year-on-year [4]. - The first quarter of 2024 saw a revenue of 40.4 billion, a decrease of 9.73% year-on-year, with a net profit of 4.65 billion, down 32.69% year-on-year [4][5]. - The company maintained a coal production of 164 million tons in 2023, an increase of 4.1% year-on-year, and coal sales reached 253 million tons, up 12.6% year-on-year [4]. Capital Expenditure and Debt Management - The company plans a capital expenditure of 2.333 billion for 2024, a significant decrease of 48% compared to 2023 [5]. - As of the end of Q1 2024, the company's debt ratio was 34%, the lowest since 2016, with all short-term loans repaid and only 2.9 billion in long-term loans remaining [5]. Dividend Potential - The company announced a cash dividend of 12.7 billion for 2023, with a dividend payout ratio of 60%, translating to a dividend yield of 5.25% based on the closing price on April 26, 2024 [6].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 170.87 billion yuan in 2023, a year-on-year increase of 2.41%, while the net profit attributable to shareholders decreased by 39.67% to 21.24 billion yuan [5] - The coal business showed a growth in production and sales volume, with self-produced coal output increasing by 4.1% to 163.72 million tons in 2023 [5] - The company plans to distribute a cash dividend of 13.15 yuan per 10 shares, resulting in a dividend payout ratio of 60.03% and a dividend yield of 5.21% based on the closing price on April 25 [6] - The company expects net profits for 2024-2026 to be 21.56 billion, 22.42 billion, and 23.40 billion yuan respectively, with corresponding P/E ratios of 11.3, 10.8, and 10.3 [5][8] Financial Performance Summary - In 2023, the company achieved a gross profit of 62.5 billion yuan from its coal business, with a gross margin of 38%, a decrease of 7.06 percentage points year-on-year [5] - The company’s total assets were reported at 201.97 billion yuan, with a debt-to-asset ratio of 34.01% as of the end of Q1 2024 [6][8] - The company’s operating income for Q1 2024 was 40.45 billion yuan, a decrease of 9.73% year-on-year, while the net profit attributable to shareholders was 4.65 billion yuan, down 32.69% [5] Production and Sales Data - In 2023, the company’s self-produced coal sales volume reached 16.37 million tons, an increase of 5.3% year-on-year, while trade coal sales rose by 29% to 8.95 million tons [5] - For Q1 2024, the company reported a coal production of 4.15 million tons, a year-on-year increase of 1.49%, and sales volume of 6.15 million tons, up 9.16% [5]

证券代码：601225 证券简称：陕西煤业 公告编号：2024-012 陕西煤业股份有限公司 关于控股股东增持计划的进展公告 增持计划的基本情况：陕西煤业股份有限公司（以下简称"公司"）于 2023 年 10 月 27 日披露了《陕西煤业股份有限公司关于控股股东增持公司股份 计划的公告》（2023-028），公司控股股东陕西煤业化工集团有限责任公 司（以下简称"陕煤集团"）计划自 2023 年 10 月 27 日起 12 个月内以上 海证券交易所允许的方式（包括但不限于集中竞价交易等）增持公司 A 股 股份，增持金额不低于人民币 2 亿元、不超过人民币 3 亿元，拟增持价格 不超过 25 元/股，资金来源为陕煤集团自有资金（以下简称"本次增持计 划"）。 增持计划实施进展：截至本公告披露日，本次增持计划实施期限已过半。陕 煤集团通过上海证券交易所交易系统以集中竞价方式累计增持公司 2,000,000 股 A 股股份，占公司已发行总股本的 0.0206%，累计增持金额 为 41,229,244.20 元（不含税费）。未达到增持金额下限 2 亿元的 50%， 本次增持计划尚未实施完毕。 本次增持计划可能存在因资本 ...

2024 年 04 月 26 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 高分红政策持续， 产销同环比提升 2024Q1 证券分析师： 陈晨 S0350522110007 chenc09@ghzq.com.cn 证券分析师： 王璇 S0350523080001 ——陕西煤业（ ） 年报 年一 601225 2023 &2024 wangx15@ghzq.com.cn 联系人 ： 林国松 S0350123070007 季报点评 lings@ghzq.com.cn 最近一年走势 事件 : 4月25日，陕西煤业发布2023年年报及2024年一季报：2023年公司 实现营业收入1708.7亿元，同比+2.41%；归母净利润212.4亿元，同 比-39.67%；扣非后归母净利润246.8亿元，同比-16.89%。基本每股收 益2.19元，同比-39.67%。加权平均净资产收益率20.73%，同比减少 12.57个百分点。 分季度来看，2023 年第四季度，公司实现营业收入434.4 亿元，环比 +18.1%，同比+19.8%；归母净利润50.6亿元，环比+10.0%，同比-15.9%； ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's performance in 2023 met expectations, with a revenue of 170.87 billion yuan, a year-on-year increase of 2.41%, and a net profit attributable to shareholders of 21.24 billion yuan, a year-on-year decrease of 39.7% [1] - The coal business remains stable, with a raw coal production of 164 million tons in 2023, a year-on-year increase of 4.1%, and sales of 253 million tons, a year-on-year increase of 12.6% [2] - The company has a strong coal resource endowment, with total coal reserves of 1.8141 billion tons and a recoverable reserve of 1.0441 billion tons, ensuring a long mining life of over 70 years [2] - The company plans to distribute a cash dividend of 13.15 yuan per 10 shares, with a cash dividend payout ratio of 60.03% for 2023, resulting in a dividend yield of 5.2% as of April 25 [2] Financial Summary - In 2023, the company achieved an operating income of 170.87 billion yuan, with a net profit of 21.24 billion yuan, and is projected to have net profits of 20.7 billion yuan, 22.3 billion yuan, and 23.3 billion yuan for 2024, 2025, and 2026 respectively [3] - The company's earnings per share (EPS) for 2023 was 2.19 yuan, with projections of 2.13 yuan for 2024, 2.30 yuan for 2025, and 2.41 yuan for 2026 [3] - The price-to-earnings (P/E) ratio is expected to be 11.8X for 2024, 11.0X for 2025, and 10.5X for 2026 [3]