Investment Rating - The report maintains a "Buy" rating for Pingmei Shenma Group Co., Ltd. (601666.SH) [10] Core Views - The company reported a net profit attributable to shareholders of 2.045 billion yuan for the first three quarters of 2024, a decrease of 1.097 billion yuan (-34.9% YoY, adjusted) [5][6] - The company has initiated a share repurchase plan, marking the beginning of a "buyback and re-loan" strategy in the coal industry [5][8] - The scarcity of high-quality coking coal resources is expected to keep prices at a high level in the long term, with the company ranking among the top in the nation for the proportion of high-quality coking coal in its output [5][8] Summary by Sections Financial Performance - For Q3 2024, the company achieved a net profit of 0.652 billion yuan, which is stable quarter-on-quarter but down 0.252 billion yuan (-27.9% YoY, adjusted) [5][6] - The total raw coal production for the first three quarters reached 21.06 million tons, a decrease of 1.99 million tons (-8.6% YoY) [5] - The average selling price of coal for Q3 was 918 yuan/ton, a year-on-year increase of 48 yuan/ton (+5.6%) but a quarter-on-quarter decrease of 99 yuan/ton (-9.7%) [6] Cost and Profitability - The cost per ton of coal for Q3 was 608 yuan, a year-on-year increase of 32 yuan/ton (+5.5%) but a quarter-on-quarter decrease of 98 yuan/ton (-13.8%) [6] - The gross profit from coal sales for Q3 was 2.04 billion yuan, down 180 million yuan (-8.0% YoY) [7] - The company’s total expenses for Q3 were 0.91 billion yuan, with a stable overall expense ratio of 12.9% [7] Share Repurchase Plan - The company announced a share repurchase plan on October 31, 2024, intending to buy back shares at a price not exceeding 14.36 yuan/share, with a total repurchase amount between 500 million to 1 billion yuan [8] - This plan is aimed at implementing equity incentives, employee stock ownership plans, or cancellation of shares [8] Future Outlook - The company expects its performance for 2024 to be 2.55 billion yuan, 2.68 billion yuan for 2025, and 2.79 billion yuan for 2026, with corresponding PE ratios of 9.8x, 9.3x, and 8.9x [8] - The projected dividend yield for 2023-2025 is 6.1%, 6.4%, and 6.7% respectively, indicating a strong return for investors [8]

证券代码：601666 股票简称：平煤股份 编号：2024-110 平顶山天安煤业股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 （修订稿） 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）。 ●拟回购价格：不超过人民币 14.36 元/股，该价格不高于公司 董事会通过回购决议前 30 个交易日公司股票交易均价的 150%。 ●回购期限：自董事会审议通过本次回购方案之日起 12 个月内。 ●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。 上述风险可能导致本次回购计划无法顺利实施，回购方案实施过 程中出现前述风险情形的，公司将及时履行信息披露义务并说明拟采 取的应对措施。公司将在回购期限内，根据公司董事会授 ...

证券代码：601666 股票简称：平煤股份 编号：2024-109 平顶山天安煤业股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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）。 ●拟回购价格：不超过人民币 14.36 元/股，该价格不高于公司 董事会通过回购决议前 30 个交易日公司股票交易均价的 150%。 ●回购期限：自董事会审议通过本次回购方案之日起 12 个月内。 ●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。 （三）本次回购股份拟用于实施股权激励或员工持股计划，若公 司未能在法律法规规定的期限内实施上述用途，则存在启动未转让部 分股份注销程序的风险。 （四）因公司生产经营、财务情况、外部客 ...

股票代码：601666 股票简称：平煤股份 编号：2024-108 平顶山天安煤业股份有限公司 关于召开 2024 年三季度业绩说明会的公告 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： 会议召开时间：2024 年 11 月 19 日(星期二)上午 11:00-12:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 12 日(星期二)至 11 月 18 日(星期 一)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 pmgftzzgx@163.com 进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 董事长：焦振营 平顶山天安煤业股份有限公司（以下简称"公司"）已于 2024 年 10 月 26 日发布公司 2024 年三季度报告， ...

根据《上市公司股份回购规则》《上海证券交易所上市公司自律 监管指引第 7 号——回购股份》等相关规定，现将公司董事会公告 回购股份决议的前一个交易日（即 2024 年 10 月 30 日）登记在册的 前十大股东和前十大无限售条件股东的名称及持股数量、比例情况公 告如下： | 序号 | 股东名称 | 持股数量（股） | 占总股本比例（%） | | --- | --- | --- | --- | | 1 | 中国平煤神马控股集团有限公司 | 1,091,731,247 | 44.11 | | 2 | 瑞众人寿保险有限责任公司－自有 | 82,508,738 | 3.33 | | | 资金 | | | | 3 | 香港中央结算有限公司 | 33,267,087 | 1.34 | | 4 | 中央汇金资产管理有限责任公司 | 31,761,092 | 1.28 | | 5 | 招商银行股份有限公司－上证红利 | 31,716,990 | 1.28 | | | 交易型开放式指数证券投资基金 | | | | 6 | 上海伊洛私募基金管理有限公司－ | 30,021,500 | 1.21 | | | 君安 2 号伊洛私募证 ...

平顶山天安煤业股份有限公司 证券代码：601666 股票简称：平煤股份 编号：2024-107 | | | 新疆托里 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 新疆维吾 | 县塔城白 | | | | 详查 | | 1 | 尔自治区 | 杨河矿区 | 煤 | 新疆托里县塔城 | 64.89 | /16.68 亿 | | | 自然资源 | 铁厂沟一 | | 白杨河矿区 | | 吨 | | | 厅 | 号井煤矿 | | | | | | | | 勘查 | | | | | 二、对公司的影响 此次竞得新疆托里县塔城白杨河矿区铁厂沟一号井煤矿勘查探 矿权并完成转采矿权手续后，可以增加公司煤炭资源储量，有利于提 高公司核心竞争力和持续盈利能力，符合公司战略发展要求，确保公 司可持续发展。 关于竞拍煤勘探探矿权成交结果的公告 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： ●平顶山天安煤业股份有限公司（以下简称公司）参与了新疆维 吾尔自治区自然资源厅 ...

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]

本周超20家上市公司公告披露回购增持再贷款相关情况 平煤股份拟回购获不超7亿元专项贷款 财联社11 月2日电，据财联社不完全统计，截至发稿，本周（10月28日-11月1日）包括禾丰股份、光洋股份、誉 衡药业、承德露露、药康生物、大博医疗、神州数码、嘉美包装、平煤股份、莲花控股、科达制造、至 纯科技、韶能股份、神农集团、迈为股份、东阳光、中国能建、振华科技、厦门国贸、太原重工、楚江 新材在内的21家上市公司披露回购增持再贷款相关情况。 上述公告利用专项贷款进行增持或回购股份计划的上市公司之中，平煤股份获专项贷款资金额度最高， 达到接近7亿元。 ...

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].