Investment Rating - Buy (Maintained) Rating [1] Core Views - Q3 performance exceeded expectations due to cost reductions, with a significant drop in coal production costs offsetting the decline in coal prices [1] - The company announced a share repurchase plan and an employee stock ownership plan, which are expected to enhance shareholder value and employee incentives [1] - Despite a year-on-year decline in revenue and net profit, the company's Q3 results showed resilience with a sequential improvement in net profit [1] Financial Performance Summary Revenue and Profit - 2024 Q3 revenue was RMB 7.065 billion, down 0.87% YoY and 11.80% QoQ [1] - 2024 Q3 net profit attributable to shareholders was RMB 652 million, down 27.81% YoY but up 0.03% QoQ [1] - 2024 Q3 operating cash flow was RMB 1.305 billion, up 251.12% YoY but down 30.04% QoQ [1] Coal Business - Q3 coal production was 6.65 million tons, down 10.82% YoY and 9.60% QoQ [1] - Q3 coal sales volume was 6.59 million tons, down 12.86% YoY and 0.29% QoQ [1] - Q3 coal price was RMB 918/ton, up 5.56% YoY but down 9.74% QoQ [1] - Q3 coal production cost was RMB 608/ton, up 5.53% YoY but down 13.83% QoQ [1] Share Repurchase and Employee Stock Ownership Plan - The company plans to repurchase shares at a price not exceeding RMB 14.36/share, with a total repurchase amount between RMB 500 million and RMB 1 billion [1] - The employee stock ownership plan involves approximately 2,002 employees, with unlocking conditions tied to annual production targets [1] Financial Forecasts Income Statement - 2024E revenue is projected at RMB 30.644 billion, down 3% YoY [1] - 2024E net profit attributable to shareholders is projected at RMB 2.822 billion, down 30% YoY [1] - 2024E EPS is projected at RMB 1.14, with a P/E ratio of 9.0x [1] Balance Sheet - 2024E total assets are projected at RMB 81.337 billion, up from RMB 77.685 billion in 2023A [3] - 2024E total liabilities are projected at RMB 51.359 billion, up from RMB 48.579 billion in 2023A [3] Cash Flow Statement - 2024E operating cash flow is projected at RMB 9.001 billion, up from RMB 6.110 billion in 2023A [3] - 2024E capital expenditures are projected at RMB 1.255 billion, down from RMB 7.769 billion in 2023A [3] Valuation and Ratios - 2024E P/E ratio is 9.0x, with a P/B ratio of 0.9x [1] - 2024E ROE is projected at 9%, down from 14% in 2023A [1] - 2024E debt-to-equity ratio is projected at 98.4%, up from 93.5% in 2023A [3] Industry and Market Comparison - The company's stock performance is compared against industry and market indices, with a focus on relative performance over the next 6-12 months [4][5][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [1][15]. Core Views - The company has initiated a new round of share buybacks, with a planned total of 5 to 10 billion yuan, following a previous buyback of 3 billion yuan completed in September 2024. This move reflects confidence in the company's long-term value [3]. - Despite a decline in coal prices since 2024, the coal industry is expected to remain in an upward cycle in the medium to long term, with the company’s high-quality coking coal being a scarce resource. The ongoing strategy to focus on premium coal is anticipated to enhance profitability [4]. - The company reported a revenue of 23.319 billion yuan for the first three quarters of 2024, a slight increase of 0.78% year-on-year, while net profit decreased by 34.91% to 2.045 billion yuan [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved an operating income of 23.319 billion yuan, with a year-on-year growth of 0.78%. However, the net profit attributable to shareholders was 2.045 billion yuan, reflecting a decrease of 34.91% [1]. - The third quarter alone saw an operating income of 7.008 billion yuan, down 1.90% year-on-year, and a net profit of 0.652 billion yuan, down 27.89% year-on-year [1]. - The company’s cash flow from operating activities was 5.998 billion yuan, a decrease of 13.12% year-on-year [1]. Profitability and Valuation - The report forecasts net profits for the company to be 2.847 billion yuan, 3.315 billion yuan, and 3.557 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding earnings per share of 1.15 yuan, 1.34 yuan, and 1.44 yuan [4]. - The price-to-earnings (PE) ratios based on the closing price of 9.91 yuan per share are projected to be 8.62X, 7.40X, and 6.90X for the years 2024, 2025, and 2026 respectively [4]. Market Conditions - The company’s coal production for the first three quarters of 2024 was 21.06 million tons, a decrease of 8.65% year-on-year, while coking coal sales were 20.08 million tons, down 13.09% year-on-year [1]. - The report notes that the coking coal prices are expected to recover due to anticipated demand increases in November and December, driven by macroeconomic policies [3].

Investment Rating - The report maintains a "Recommended" rating for Pingmei Shenma Energy Company (601666.SH) [2][4]. Core Views - The company plans to repurchase shares with a total fund of no less than 500 million yuan and no more than 1 billion yuan, enhancing investor confidence [2]. - The repurchased shares will be used for employee stock ownership plans, with an estimated repurchase quantity of approximately 34.82 million to 69.64 million shares, accounting for 1.41% to 2.81% of the total share capital [2]. - Major shareholders and management have shown confidence in the company's future by increasing their holdings, with a plan to invest between 300 million and 600 million yuan in the company's A-shares [2]. - The company is expected to expand its coking coal production capacity, with ongoing projects that will enhance its competitive position [2]. - The company has a robust dividend policy, planning to distribute at least 60% of its distributable profits as cash dividends, with a projected dividend yield of 5.7% for 2024 [2]. - The forecasted net profit for 2024 is 2.321 billion yuan, with earnings per share (EPS) of 0.94 yuan, corresponding to a price-to-earnings (PE) ratio of 11 times [2][3]. Financial Summary - The company's total revenue is projected to be 31.647 billion yuan in 2024, with a slight growth rate of 0.27% [5]. - The net profit attributable to shareholders is expected to decline to 2.321 billion yuan in 2024, reflecting a decrease of 42% [5]. - The company’s earnings per share (EPS) is forecasted to be 0.94 yuan in 2024, with a PE ratio of 11 [3][5]. - The dividend per share is expected to be 0.57 yuan, with a dividend yield of 5.74% in 2024 [6].

证券代码：601666 股票简称：平煤股份 编号：2024-105 平顶山天安煤业股份有限公司 ●回购资金来源：中国工商银行平顶山分行提供的专项贷款及公 司自有资金。 ●相关股东是否存在减持计划：截至本公告披露日，公司控股股 东、实际控制人、董事、监事、高级管理人员及持股 5%以上股东，在 未来 3 个月、未来 6 个月内暂无股份减持计划。若上述主体后续拟实 施股份减持计划，公司将按照相关规定及时履行信息披露义务。 ●相关风险提示： （一）若本次回购股份期限内,公司股票价格持续超出回购方案 披露的价格上限，可能存在回购方案无法实施的风险。 关于以集中竞价交易方式回购股份方案的公告 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个别及连带 责任。 重要内容提示： ●回购股份的用途：本次回购股份拟用于股权激励或员工持股计 划。若公司未能在股份回购实施结果暨股份变动公告日后三年内实施 上述用途，未使用部分股份将被注销。 ●回购资金总额：本次回购股份的资金总额不低于人民币50,000 万元（含）且不超过人民币 100,000 万元（含）。 ●拟 ...

Investment Rating - The report maintains a "Buy" rating for Pingmei Shenma Group Co., Ltd. (601666.SH) with an expected price increase of over 15% relative to the industry index in the next six months [2][13]. Core Views - The company is strategically located in the central plains, leveraging its extensive railway resources to serve downstream markets in East China, Central China, and Southwest China [3]. - The company continues to advance its "premium coal strategy," streamlining its workforce while maintaining a high dividend yield [3]. - The main coking coal produced by the company is a globally scarce strategic resource, with the highest quality and capacity in the country [3]. - Revenue forecasts for 2024-2026 are projected at 31.439 billion, 35.055 billion, and 37.797 billion yuan, respectively, with net profits of 2.810 billion, 3.290 billion, and 3.505 billion yuan [3]. Financial Summary - For 2023, the company reported operating revenue of 31,561 million yuan, a year-on-year decrease of 12.4%, and a net profit attributable to shareholders of 4,003 million yuan, down 30.3% year-on-year [2][8]. - The company's return on equity (ROE) for 2023 was 14.5%, with earnings per share (EPS) at 1.62 yuan [2][8]. - The coal business experienced a decrease in production and sales volume due to a production halt in the first quarter, but the gross profit per ton remained stable [2][3]. - The average selling price of coal for the first nine months of 2024 was 1,032.57 yuan per ton, an increase of 8.17% year-on-year, while the cost was 718.02 yuan per ton, up 11.05% year-on-year [2][3]. Quarterly Performance - In the third quarter of 2024, the company achieved operating revenue of 70.08 billion yuan, a decrease of 1.90% year-on-year, and a net profit of 6.52 billion yuan, down 27.89% year-on-year [2][3]. - The company's coal production for the first nine months of 2024 was 2,106.01 million tons, a decrease of 8.65% year-on-year, while the sales volume was 2,008.18 million tons, down 13.09% year-on-year [2][3]. Investment Strategy - The company plans to increase its investment in Xinjiang Pingmei Tianan Electric Power Investment Energy Co., Ltd. to enhance its coal resource reserves and improve competitiveness and profitability [2][3].

Investment Rating - The investment rating for the company is "Buy - A" with a 12-month target price of 11.97 CNY [6]. Core Views - The company reported a revenue of 23.319 billion CNY for the first nine months of 2024, a year-on-year increase of 0.78%, while the net profit attributable to shareholders was 2.045 billion CNY, up 34.91% year-on-year [1]. - The company is focusing on cost optimization in its coal business to mitigate the impact of declining volume and price [2]. - The company plans to establish a joint venture in Xinjiang to participate in coal resource development, indicating a strategic move to expand its operational footprint [3]. - The company has shown confidence in its long-term development through management and shareholder buybacks, alongside an employee stock ownership plan [3]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 7.008 billion CNY, a decrease of 1.90% year-on-year, and a net profit of 652 million CNY, down 27.89% year-on-year [1]. - The coal production for the first three quarters of 2024 was 21.0601 million tons, a decrease of 8.65% year-on-year, while the sales volume of commercial coal was 20.0818 million tons, down 13.09% year-on-year [2]. - The average selling price of commercial coal was 1,032.57 CNY/ton, an increase of 8.17% year-on-year, while the average cost was 718.02 CNY/ton, up 11.05% year-on-year [2]. Future Projections - The company is expected to achieve revenues of 30.446 billion CNY, 32.190 billion CNY, and 32.445 billion CNY for 2024, 2025, and 2026, respectively, with growth rates of -3.5%, 5.7%, and 0.8% [8]. - Net profits are projected to be 2.734 billion CNY, 3.129 billion CNY, and 3.301 billion CNY for the same years, with growth rates of -31.7%, 14.5%, and 5.5% [8].

Investment Rating - The investment rating for Pingmei Shenma Energy Co., Ltd. is "Outperform the Market" and is maintained [1] Core Views - The company's Q3 net profit remained stable quarter-on-quarter, with a total revenue of 23.32 billion yuan and a net profit of 2.04 billion yuan for the first three quarters, reflecting a year-on-year change of +0.8% and -34.9% respectively [4] - The company is the largest producer and supplier of low-sulfur premium coking coal in China, with expectations for high-level long-term coking coal contract prices [7] - The company plans to increase investment in its Xinjiang subsidiary to enhance resource development and increase coal reserves [6] Summary by Sections Financial Performance - In Q3, the company achieved a net profit of 652 million yuan, down 27.9% year-on-year and up 0.03% quarter-on-quarter [4] - The total revenue for the first three quarters was 23.32 billion yuan, with a net profit of 2.04 billion yuan, reflecting a year-on-year decrease of 34.9% [4] - The average selling price of commercial coal in Q3 was 918 yuan per ton, showing a year-on-year increase of 5.6% but a quarter-on-quarter decrease of 9.7% [5] Production and Sales Data - The raw coal production for the first three quarters was 21.06 million tons, down 8.7% year-on-year, with Q3 production at 6.85 million tons, down 10.8% year-on-year [5] - The total sales volume of commercial coal for the first three quarters was 20.08 million tons, down 13.1% year-on-year [5] Investment and Expansion Plans - The company plans to invest 76.5 million yuan in its Xinjiang subsidiary to participate in resource development, which is expected to enhance its coal resource reserves [6] - The company is committed to acquiring high-quality assets to boost its performance, with plans to propose acquisition proposals within 36 months after the production of certain mines [6] Earnings Forecast and Valuation - The forecasted net profit for 2024-2026 is 3.425 billion, 3.798 billion, and 3.930 billion yuan respectively, with corresponding EPS of 1.38, 1.53, and 1.59 yuan [8] - The company is expected to maintain a reasonable valuation range of 12.69 to 14.28 yuan based on a PE ratio of 8 to 9 times for 2024 [7]

Investment Rating - The report maintains a "Buy" rating for Pingmei Co Ltd (601666) [2] Core Views - Pingmei Co Ltd's Q3 2024 performance showed marginal improvement in volume reduction trends and stable overall performance due to cost optimization [2] - The company's coal business saw a slight increase in gross profit per ton despite a decrease in volume [3] - Pingmei Co Ltd's convertible bonds still have nearly half remaining unconverted, with potential for further expansion in coal-coking integration [4][5] - The company has a significant high-dividend feature, with a commitment to distribute at least 60% of annual distributable profits in cash [5] Financial Performance - Q1-Q3 2024 revenue reached 23.32 billion yuan, up 0.78% YoY, while net profit attributable to shareholders decreased by 34.9% to 2.045 billion yuan [2] - Q3 2024 revenue was 7.01 billion yuan, down 1.9% YoY, with net profit attributable to shareholders decreasing by 27.9% to 650 million yuan [2] - Basic EPS for Q1-Q3 2024 was 0.84 yuan/share, down 38.1% YoY [2] - Weighted average ROE for Q1-Q3 2024 was 7.1%, down 5.9 percentage points YoY [2] Coal Business Analysis - Q1-Q3 2024 raw coal production was 21.061 million tons, down 9% YoY [3] - Commercial coal sales volume was 20.08 million tons, down 13% YoY [3] - Average coal price per ton was 1,032.6 yuan, up 8% YoY [3] - Cost per ton of coal was 718 yuan, up 11% YoY [3] - Gross profit per ton of coal was 314.6 yuan, up 2% YoY [3] Q3 2024 Performance - Q3 2024 raw coal production was 6.853 million tons, down 10% QoQ and 11% YoY [3] - Commercial coal sales volume was 6.594 million tons, up 0.3% QoQ but down 13% YoY [3] - Average coal price per ton in Q3 was 918 yuan, down 10% QoQ but up 6% YoY [3] - Cost per ton of coal in Q3 was 608.4 yuan, down 14% QoQ but up 6% YoY [3] - Gross profit per ton of coal in Q3 was 309.9 yuan, down 0.5% QoQ but up 6% YoY [3] Future Projections - 2024-2026 net profit attributable to shareholders is projected to be 2.7/3.11/3.42 billion yuan, with growth rates of -33%/+15%/+10% [6] - 2024-2026 EPS is projected to be 1.09/1.26/1.38 yuan, with corresponding P/E ratios of 9/8/7 [6] - 2024-2026 ROE is projected to be 10%/11%/11% [6] - 2024-2026 revenue is projected to be 29.133/30.554/31.509 billion yuan, with growth rates of -8%/+5%/+3% [7] Valuation Metrics - Current price: 10.17 yuan [3] - 52-week price range: 7.84-15.05 yuan [3] - Total market capitalization: 25.172 billion yuan [3] - Circulating market capitalization: 25.113 billion yuan [3] - Average daily trading volume: 242.42 million yuan [3]

源证券 煤炭/煤炭开采 公 司 研 究 Q3 业绩环比持平，关注宏观政策和高股息 平煤股份（601666.SH） 2024 年 10 月 28 日 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|------------| | | | | 日期 | 2024/10/25 | | 当前股价 ( 元 ) | 10.17 | | 一年最高最低 ( 元 ) | 15.05/7.84 | | 总市值 ( 亿元 ) | 251.72 | | 流通市值 ( 亿元 ) | 251.13 | | 总股本 ( 亿股 ) | 24.75 | | 流通股本 ( 亿股 ) | 24.69 | | 近 3 个月换手率 (%) | 101.21 | 股价走势图 -32% -16% 0% 16% 32% 48% 64% 2023-10 2024-02 2024-06 平煤股份 沪深300 数据来源：聚源 相关研究报告 《精煤战略叠加煤矿复产，高股息和 股东增持凸显价值—公司 2024年中报 点评报告》-2024.8.21 《精煤战略对冲产销下降，关注煤矿 复产和 ...

[Table_Main] 证券研究报告 | 公司点评 平煤股份(601666.SH) 2024 年 10 月 26 日 | --- | --- | |----------------------------------------------------------|------------------------------| | 平煤股份（ 买入（维持） | 601666.SH ）： Q3 | | 所属行业：煤炭 / 煤炭开采 当前价格 ( 元 ) ： 10.17 | 成本环比改善，高分红凸显投资 | | 证券分析师 | 价值 | | 翟堃 | | | 资格编号： s0120523050002 邮箱： zhaikun ＠ tebon.com.cn | | 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 -14% 0% 14% 29% 43% 57% 平煤股份 沪深300 -29% | --- | --- | --- | --- | |--------------------------------|----------------|--------------|--------| ...