Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 30.281 billion yuan in 2024, a decrease of 4.25% year-on-year, and a net profit attributable to shareholders of 2.35 billion yuan, down 41.41% year-on-year [1] - The company plans to increase its raw coal production to 30.93 million tons in 2025, representing a year-on-year growth of 12.35% [2] - The company will distribute a cash dividend of 0.6 yuan per share, resulting in a dividend yield of 6.78% based on the closing price on March 21, 2025 [3] - The capital expenditure is expected to decrease, with a planned investment of 4.149 billion yuan for 2025, down 11.8% from the actual expenditure in 2024 [3] - The forecasted net profit for 2025-2027 is 1.144 billion yuan, 1.510 billion yuan, and 1.942 billion yuan, respectively, with corresponding EPS of 0.46, 0.61, and 0.78 yuan per share [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 30.281 billion yuan, with a net profit of 2.35 billion yuan, reflecting a significant decline in profitability [1][4] - The coal production for 2024 was 27.53 million tons, down 10.35% year-on-year, with a total sales volume of 26.411 million tons, a decrease of 14.88% [2] Production and Sales - The company’s coking coal production was 11.95 million tons in 2024, down 5.83% year-on-year, while the proportion of coking coal in total production increased to 43.41%, up 2.09 percentage points [2] - The average selling price of commodity coal was 1,016.09 yuan per ton, an increase of 3.35% year-on-year, while the selling price of coking coal decreased by 4.59% to 1,753.46 yuan per ton [2] Dividend and Capital Expenditure - The company plans to distribute a total cash dividend of 1.417 billion yuan, which is 60.31% of the net profit available for distribution [3] - The capital expenditure for 2024 was 4.704 billion yuan, with a planned reduction to 4.149 billion yuan for 2025 [3] Profit Forecast - The projected net profit for 2025 is 1.144 billion yuan, with an EPS of 0.46 yuan, and the PE ratio is expected to be 19 times based on the closing price on March 21, 2025 [4][3]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a total revenue of 30.281 billion yuan in 2024, a decrease of 4.25% year-on-year, and a net profit attributable to shareholders of 2.350 billion yuan, down 41.41% year-on-year [1]. - The company is focusing on cost optimization and has made significant progress in underground filling mining technology, increasing monthly production from 30,000 tons at the beginning of 2024 to 71,000 tons by the time of the report, reducing coal costs by 22 yuan per ton [3]. - The company has successfully acquired exploration rights for a coal mine in Xinjiang and a 60% stake in a coal company, indicating strategic expansion plans [3]. - The company plans to distribute a cash dividend of 6.0 yuan per 10 shares, totaling approximately 1.42 billion yuan, which represents 60.31% of the net profit available for distribution [3]. Financial Performance - In 2024, the company produced 27.53 million tons of raw coal, a decrease of 10.4% year-on-year, with a total sales volume of 27.20 million tons, down 12.3% year-on-year [8]. - The average selling price of commodity coal in 2024 was 1,033 yuan per ton, an increase of 5.4% year-on-year, while the average cost was 737 yuan per ton, up 10.6% year-on-year [8]. - The company expects revenues of 26.684 billion yuan, 26.597 billion yuan, and 26.701 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.249 billion yuan, 1.567 billion yuan, and 1.711 billion yuan [4][5]. Market Position - The company is recognized as a leading player in the coking coal industry, with high-quality coal resources and a strategic focus on cost control and operational efficiency [2][3]. - The company’s coal resources are nearly 3 billion tons, with a focus on high-quality coking coal, which is a scarce strategic resource in the market [8].

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 30.281 billion yuan in 2024, a year-on-year decrease of 4.25%, and a net profit attributable to shareholders of 2.35 billion yuan, down 41.41% year-on-year [1] - The company plans to increase its raw coal production to 30.93 million tons in 2025, representing a year-on-year growth of 12.35% [2] - The company will distribute a cash dividend of 0.6 yuan per share, resulting in a dividend yield of 6.78% based on the closing price on March 21, 2025 [3] - The capital expenditure is expected to decrease, with a planned investment of 4.149 billion yuan for 2025, down 11.8% from the actual expenditure in 2024 [3] - The projected net profits for 2025-2027 are 1.144 billion yuan, 1.510 billion yuan, and 1.942 billion yuan, respectively, with corresponding EPS of 0.46, 0.61, and 0.78 yuan per share [3] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 30.281 billion yuan, with a net profit of 2.35 billion yuan, reflecting a significant decline in profitability [1][4] - The coal production for 2024 was 27.53 million tons, down 10.35% year-on-year, with a total coal sales volume of 26.411 million tons, a decrease of 14.88% [2] Production and Sales - The company’s coking coal production was 11.95 million tons, down 5.83% year-on-year, while the proportion of coking coal in total production increased to 43.41%, up 2.09 percentage points [2] - The average selling price of commodity coal was 1,016.09 yuan per ton, an increase of 3.35% year-on-year, while the selling price of coking coal decreased by 4.59% to 1,753.46 yuan per ton [2] Dividend and Capital Expenditure - The company plans to distribute a total cash dividend of 1.417 billion yuan, which is 60.31% of the net profit available for distribution [3] - The capital expenditure for 2024 was 4.704 billion yuan, with a planned reduction to 4.149 billion yuan for 2025 [3] Profit Forecast - The forecasted net profits for the next three years are 1.144 billion yuan for 2025, 1.510 billion yuan for 2026, and 1.942 billion yuan for 2027, with corresponding PE ratios of 19, 15, and 11 [4][3]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 平煤股份（601666） 邮 箱：zuoqianming@cindasc.com 高 升 能源、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 煤炭行业研究助理 邮 箱：liubo1@cindasc.com [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 产量波动影响业绩，大精煤+走出去战略赋予成长 [Table_ReportDate] 2025 年 3 月 21 日 [Table_S 事件： ummary] 2025 年 3 月 20 日，平煤股份发布 2024 年度报告，2024 年，公司实现营 业收入 302.81 亿元，同比下降 4.25%，实现归母净利润 23 ...

平顶山天安煤业股份有限公司（以下简称"公司"）于 2025 年 3 月 20 日召开第九届董事会第四十次会议和第九届监事会第二十一次会议， 审议通过了《2024 年度利润分配预案》，现将有关事宜公告如下： 一、利润分配预案的基本情况 经审计，我公司 2024 年度合并报表归属于上市公司股东可供分配 净利润为 2,349,559,452.79 元。根据《公司法》和《公司章程》有关 规定，并参照公司董事会拟定的《平顶山天安煤业股份有限公司未来三 年股东分红回报规划（2023-2025 年）》相关条款，2024 年年度利润分 配时，以公司实施利润分配方案时股权登记日的总股本为基数（不含回 购账户），向全体股东派发现金股利。以 2025 年 3 月 10 日股本 2,475,149,754 股，扣除回购专户 113,297,122 股后剩余 2,361,852,632 股为基数，每 10 股派发现金股利 6.0 元（含税）,共计 1,417,111,579.2 元，占当年归属于上市公司股东可供分配净利润的 60.31%，未分配部分 用于公司的发展。 在实施权益分派股权登记日前公司总股本发生变动的，拟维持每股 证券代码 ...

2、发行期限：期限不超过 10 年（含 10 年）。 3、发行时间：根据实际资金需求情况，在中国银行间市场交易商 协会注册有效期内择机一次或分期发行。 证券代码：601666 股票简称：平煤股份 编号：2025-022 平顶山天安煤业股份有限公司 关于拟注册发行中期票据的公告 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 为拓宽平顶山天安煤业股份有限公司（以下简称"公司"）的融资 渠道，公司根据业务发展对资金的需求，拟向中国银行间市场交易商协 会申请注册金额不超过 40 亿元（含）人民币的中期票据，并在中期票 据注册额度有效期内，根据公司自身资金需求在中国境内一次或分期发 行。具体方案和授权事宜如下： 一、注册发行额度方案 1、注册额度：不超过 40 亿元（含）人民币。 构借款及债券、项目建设等。 8、本次决议的效力：本次发行事宜决议需经公司股东会审议通过 后，在本次发行中期票据的注册有效期内持续有效。 二、授权事宜 为有效协调融资业务的具体事宜，提请股东会授权董事会及董事会 授权人士根据有关法律法规的规定及监管机构的 ...

平顶山天安煤业股份有限公司 2024 年度内部控制审计报告 守正创新审字 202500023 号 (特殊普通合伙) 河南守正创新 十日 目 录 | 项 目 | | 起始页码 | | --- | --- | --- | | 内部控制审计报告 | | 1 | | 平顶山天安煤业股份有限公司 | 2024 年度内部控制评价报告 | 3 | 河南守正创新会计师事务所（特殊普通合伙） 地址：河南自贸试验区郑州片区（郑东）东风南路与金水东路交叉口 绿地新都会 9 号楼 9 层 906 电话：0371-65335617 65335627 四、财务报告内部控制审计意见 内部控制审计报告 守正创新审字 202500023 号 平顶山天安煤业股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们 审计了平顶山天安煤业股份有限公司（以下简称"平煤股份"）2024 年 12 月 31 日的 财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评 价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是平煤股份董事 会的责 ...

华泰联合证券有限责任公司 对平顶山天安煤业股份有限公司 关于中国平煤神马集团财务有限责任公司 一、财务公司基本情况 中国平煤神马集团财务有限责任公司（以下简称"财务公司"）2013 年 7 月 11 日由国家金融监督管理总局（原中国银行业监督管理委员会）批准设立， 具有企业法人地位，为成员单位提供金融服务。 财务公司注册资本原为人民币 10 亿元，2019 年 8 月 13 日经平顶山银保监 分局批准，财务公司三家股东同比例增加注册资本 20 亿元，增加后注册资本达 到 30 亿元。其中，中国平煤神马控股集团有限公司，出资额 15.3 亿元，出资比 例 51%；平顶山天安煤业股份有限公司，出资额 10.5 亿元，出资比例 35%；神 马实业股份有限公司，出资额 4.2 亿元，出资比例 14%。 统一社会信用代码：91410000074221770L 金融许可证机构编码：L0077H341040001 法定代表人：刘晓军 1 2024 年度风险持续评估报告的核查意见 注册地址：平顶山市矿工中路 21 号 华泰联合证券有限责任公司（简称"华泰联合证券"或"保荐人"）作为平 顶山天安煤业股份有限公司（简称"平煤股份 ...

华泰联合证券有限责任公司 关于平顶山天安煤业股份有限公司 2024 年度募集资金存放与使用情况的核查意见 华泰联合证券有限责任公司（简称"华泰联合证券"或"保荐人"）作为平 顶山天安煤业股份有限公司（简称"平煤股份"、"公司"或"上市公司"）公 开发行可转换公司债券的持续督导保荐人，根据《证券发行上市保荐业务管理办 法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引 第 1 号——规范运作》《上市公司监管指引第 2 号——上市公司募集资金管理和 使用的监管要求》《上海证券交易所上市公司自律监管指引第 11 号——持续督 导》等有关法律、法规、规范性文件的规定，对平煤股份 2024 年度募集资金存 放与使用情况进行了核查，具体核查情况如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会证监许可〔2023〕217 号文核准，公司于 2023 年 3 月 16 日公开发行了 2,900.00 万张可转换公司债券，每张面值 100 元，发行 总额 290,000.00 万元，扣除发行费用（不含增值税）后实际募集资金净额为 286,683.91 万元。上述募集 ...

平顶山天安煤业股份有限公司 2024 年度审计报告 守正创新审字 202500022 号 河南守正创新食 (特殊普通合伙) 师事务所 十日 目 录 | 项 目 | 起始页码 | | --- | --- | | 审计报告 | 1 | | 财务报表 | | | 合并资产负债表 | 6 | | 合并利润表 | 8 | | 合并现金流量表 | 9 | | 合并股东权益变动表 | 10 | | 母公司资产负债表 | 12 | | 母公司利润表 | 14 | | 母公司现金流量表 | 15 | | 母公司股东权益变动表 | 16 | | 财务报表附注 | 18 | 审 计 报 告 守正创新审字 202500022 号 平顶山天安煤业股份有限公司全体股东： 一、审计意见 我们审计了平顶山天安煤业股份有限公司（以下简称"平煤股份"）财务报表， 包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润 表、合并及母公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附 注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公 允反映了平煤股份 2024 年 12 ...