[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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable growth in production and sales, with coal production reaching 86.41 million tons in the first half of 2024, a year-on-year increase of 2.78%, and sales volume of 131.55 million tons, up 2.29% year-on-year [3][4] - The company reported a decrease in revenue and net profit for the first half of 2024, with operating income at 84.74 billion yuan, down 6.5% year-on-year, and net profit attributable to shareholders at 10.56 billion yuan, down 8.8% year-on-year [5][6] - The company plans to distribute a mid-term dividend of 0.109 yuan per share, totaling 1.056 billion yuan, which accounts for 10% of the net profit attributable to shareholders for the first half of the year [7] Production and Sales - The company's coal production and sales have shown steady growth, with July production at 13.96 million tons, a year-on-year increase of 1.73%, and self-produced coal sales at 13.63 million tons, up 0.56% year-on-year [3][4] - The average selling price of coal decreased by 11.33% year-on-year to 575 yuan per ton, impacting profit margins [6] Financial Performance - The company experienced a significant reduction in investment losses, with fair value losses of 640 million yuan in the first half of 2024, compared to 2.66 billion yuan in the same period of 2023 [4][6] - Forecasted revenues for 2024-2026 are 159.8 billion yuan, 164.9 billion yuan, and 170.2 billion yuan respectively, with net profits projected at 21.165 billion yuan, 22.651 billion yuan, and 24.079 billion yuan [8][10] Valuation Metrics - The company’s earnings per share (EPS) for 2024 is projected to be 2.18 yuan, with a price-to-earnings (P/E) ratio of 10.95 [10] - The return on equity (ROE) is expected to be 22% in 2024, decreasing to 21% in the following years [10]

非经损益大幅改善，经营业绩符合预期 陕西煤业(601225.SH）/煤炭 证券研究报告/公司点评 2024 年 8 月 30 日 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------|-----------------------------------------------|--------------------|---------|---------|--------------------------|---------| | [Table_Title] 评级：买入（维持） [Table_Industry] \n市场价格 :23.90 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：杜冲 | 营业收入（百万元） | 166,848 | 170,872 | 185,391 | 189,315 ...

Financial Performance - The net profit attributable to shareholders for the first half of 2024 reached CNY 10.556 billion, meeting the conditions for mid-term dividends[4]. - The proposed cash dividend is CNY 1.09 per 10 shares, totaling CNY 1.056 billion, which accounts for 10% of the net profit[4]. - The company's operating revenue for the first half of 2024 was CNY 8,473,672.32 million, a decrease of 6.54% compared to the same period last year[17]. - The net profit attributable to shareholders was CNY 1,055,590.29 million, down 8.83% year-on-year[17]. - The basic earnings per share for the first half of 2024 was CNY 1.09, a decrease of 8.40% from CNY 1.19 in the same period last year[18]. - The total profit was 21.128 billion RMB, down by 1.552 billion RMB or 6.84% year-on-year[36]. - The net profit attributable to shareholders was 10.556 billion RMB, a decrease of 1.023 billion RMB or 8.83% year-on-year[36]. - The company reported a net profit margin of approximately 25.0% for the first half of 2024, down from 28.5% in the same period last year[188]. - The net profit for the first half of 2024 is CNY 17,706,267,759.02, a decrease of 9.2% compared to CNY 19,506,926,444.41 in the same period of 2023[189]. - The total comprehensive income for the first half of 2024 is CNY 17,706,168,050.08, down from CNY 19,513,284,346.77 in the first half of 2023, reflecting a decrease of approximately 9.2%[190]. Operational Highlights - The company continues to focus on its core coal production and sales operations, with no mention of new product developments or market expansions in the report[12]. - The company achieved a coal production of 86.41 million tons in the first half of 2024, representing a year-on-year increase of 2.78%[24]. - Coal sales reached 131.55 million tons, up 2.29% compared to the same period last year[24]. - The company completed the acquisition of 100% equity in Shen Nan Mining, which has been included in the consolidated financial statements for the reporting period[18]. - The company has a coal reserve of 18.141 billion tons, with over 97% located in high-quality mining areas[21]. - The company has a certified production capacity of 162 million tons, with over 95% of its capacity located in key national coal bases[22]. - The company is expanding its market presence in regions such as Chongqing, Hunan, Hubei, and Jiangxi, enhancing its market share[21]. Risk Management - The company faces uncertainties in achieving its 2024 operational targets due to macroeconomic fluctuations and adjustments in coal and electricity supply and demand[7]. - There are no significant risks identified that could impact the company's financial performance in the near term[7]. - The report includes a forward-looking statement risk disclaimer, cautioning investors about potential investment risks[5]. - The company has established a comprehensive risk prevention system and enhanced its governance structure to improve operational efficiency[27]. - The company has established a structured risk management framework to address compliance and investment risks effectively[53]. Environmental Compliance - The company is committed to enhancing its compliance with environmental regulations, aligning with national carbon neutrality goals[53]. - The company is classified as a key pollutant discharge unit and is subject to environmental protection regulations[59]. - The company has upgraded its wastewater treatment facilities, with the living area treatment station designed to handle 800 m³/d and currently processing about 250 m³/d[60]. - The company has implemented a rainwater collection system with a capacity of 500 m³ at the Daba Temple Coal Mine[65]. - The company has upgraded its wastewater treatment processes to meet stricter environmental standards, including the installation of advanced filtration and purification systems[70]. Governance and Management - The board of directors confirmed that all members attended the meeting and approved the report, ensuring its authenticity and completeness[3]. - The report has not been audited, and the management has stated that the financial report is true, accurate, and complete[3]. - Recent management changes include the appointment of Zhao Wenge as the new General Manager, replacing Wang Shibin[55]. - The company has not reported any violations or penalties against its directors, supervisors, or senior management during the reporting period[160]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 47,717[176]. - The largest shareholder, Shaanxi Coal and Chemical Industry Group Co., Ltd., holds 6,315,825,200 shares, representing 65.15% of the total shares[176]. - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 333,262,902 shares, representing 3.44% of the total shares[176]. - The company has not reported any changes in major shareholders or strategic investors during the reporting period[179]. Financial Position - The total assets as of June 30, 2024, were ¥201,128,773,801.70, compared to ¥193,901,834,023.30 at the end of 2023, reflecting an increase of about 3.7%[183]. - The total current assets amounted to ¥52,903,803,907.91, an increase from ¥50,324,402,225.72 as of December 31, 2023, representing a growth of approximately 5.2%[182]. - The total liabilities at the end of the reporting period amount to 70,191,759,467.74[199]. - The total equity of the company at the end of the first half of 2024 is approximately RMB 28.82 billion, a decrease of RMB 7.59 billion compared to the previous period[200].

证券代码：601225 证券简称：陕西煤业 公告编号： 2024-028 陕西煤业股份有限公司 第三届董事会第四十次会议决议公告 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次会议通知于 2024 年 8 月 22 日以书面方式送达，会议于 2024 年 8 月 28 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 同意《陕西煤业股份有限公司 2024 年半年度报告》及摘要，并同意公布前述定 期报告及摘要。 本议案已经审计委员会审议通过。 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 年半年度报告>及摘要的议案》。 具体内容请详见公司于同日在上海证券交易所官方网站及指定媒体上披露的《陕 西煤业股份有限公司 2024 年半年度报告》及摘要。 赞成票：7 票， ...

证券代码：601225 证券简称：陕西煤业 公告编号： 2024-025 陕西煤业股份有限公司 第三届董事会第三十九次会议决议公告 陕西煤业股份有限公司（以下简称"公司"）第三届董事会第三十九次会议通知于 2024 年 8 月 12 日以书面方式送达，会议于 2024 年 8 月 16 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 经与会董事一致同意，会议形成决议如下： 1、通过《关于聘任公司总经理、副总经理的议案》。 同意聘任赵文革先生为公司总经理，张维新先生为公司副总经理、总工程师，任 期自公司董事会审议通过之日起至第三届董事会届满时止。 本议案已经提名委员会审议通过。 赞成票：7 票，反对票：0 票，弃权票：0 票。 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 赞成票：7 票，反对票：0 票，弃权票：0 票。 2、通过《关于更换公司董事的议案》。 ...

证券代码：601225 证券简称：陕西煤业 公告编号：2024-026 陕西煤业股份有限公司 关于修订并续签日常关联交易协议的公告 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）本次关联交易履行的审议程序 公司于 2024 年 8 月 16 日召开第三届董事会第三十九次会议，会议审议并以 4 票同意、0 票反对、0 票弃权表决通过了《关于修订并续签日常关联交易协议 的议案》，同意将该等议案提交公司 2024 年第一次临时股东大会审议。在对该 议案进行表决时，关联董事赵福堂、王世斌和李向东已回避表决。 二、关联方介绍和关联关系 （一）陕煤集团 陕煤集团作为本公司的控股股东，根据《上海证券交易所股票上市规则》及 《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》的规定， 陕煤集团为本公司的关联方。 公司 2024 年第二次独立董事专门会议以 3 票同意、0 票反对、0 票弃权表决 通过了本议案。 本议案尚需提交股东大会审议，关联股东陕西煤业化工集团有限责任公司将 在股东大会 ...

证券代码：601225 证券简称：陕西煤业 公告编号：2024-027 陕西煤业股份有限公司 (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 关于召开 2024 年第一次临时股东大会的通知 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 年第一次临时股东大会 召开的日期时间：2024 年 9 月 4 日 9 点 30 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9月4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 2、 特别决议议案：无 3、 对中小投资者单独计票的议案：1 4、 涉及关联股东回避表决的议案：1 应回避表决的关联股东名称：陕西煤业化工集团有限责任公司 ...