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 ...

Investment Rating - The report maintains a "Buy" rating for Pingmei Shenma Group Co., Ltd. (601666.SH) [2] Core Views - The report highlights improved cost management and high dividend yields as key factors enhancing investment value [2][5] - The company reported a revenue of 23.319 billion yuan for the first three quarters of 2023, a year-on-year increase of 0.78%, while net profit attributable to shareholders decreased by 34.91% to 2.045 billion yuan [4][5] - The report emphasizes the potential for future growth through the injection of quality assets from the controlling shareholder, Pingmei Shenma Group [5] Financial Performance Summary - For Q3 2023, the company achieved a revenue of 7.065 billion yuan, a year-on-year increase of 1.47%, but a quarter-on-quarter decrease of 11.8% [4] - The average selling price of commercial coal for the first three quarters was 1,033 yuan/ton, up 8% year-on-year, while the comprehensive cost was 718 yuan/ton, up 11% year-on-year [4] - The company’s coal production for the first three quarters was 21.061 million tons, down 8.65% year-on-year, with sales of 20.081 million tons, down 13.09% year-on-year [4] Employee Stock Ownership and Dividends - The company launched an employee stock ownership plan involving approximately 2,000 employees, aimed at enhancing operational efficiency [5] - The controlling shareholder plans to increase its stake in the company, signaling confidence in the market [5] - The company has committed to distributing at least 60% of its distributable profits as cash dividends, resulting in an annualized dividend yield of 6.5% based on Q3 performance [5] Earnings Forecast - The report forecasts net profits for 2024, 2025, and 2026 to be 2.5 billion yuan, 2.9 billion yuan, and 3.2 billion yuan respectively, with corresponding P/E ratios of 9.96, 8.65, and 7.75 [5][6]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company has demonstrated strong cost control capabilities despite a decline in revenue and profit. The strategic expansion into Xinjiang is expected to enhance future growth prospects [2][3] - For the first three quarters of 2024, the company reported a revenue of 23.319 billion yuan, a year-on-year decrease of 0.78%, and a net profit attributable to shareholders of 2.045 billion yuan, down 34.91% year-on-year [1][2] - The company plans to establish a joint venture in Xinjiang to develop coal and power projects, which could significantly increase its coal production capacity and strengthen its competitive edge [2] Financial Performance Summary - In Q3 2024, the company achieved a revenue of 7.065 billion yuan, a year-on-year decrease of 1.47%, and a net profit of 652 million yuan, down 28.15% year-on-year [1][2] - The coal production for the first three quarters of 2024 was 21.06 million tons, a decrease of 8.6% year-on-year, while coal sales were 20.08 million tons, down 13.1% year-on-year [2] - The average selling price of coal for the first three quarters was 1,033 yuan per ton, an increase of 8.2% year-on-year, while the cost per ton was 718 yuan, up 11.1% year-on-year [2] Future Projections - The company is projected to achieve revenues of 31 billion yuan in 2024, 31 billion yuan in 2025, and 31.3 billion yuan in 2026, with net profits of 2.7 billion yuan, 3.2 billion yuan, and 3.5 billion yuan respectively [2][3]

Investment Rating - The report maintains a rating of "Buy" for Pingmei Shenma Energy Company (601666) [4] Core Views - The company's Q3 performance remained stable, with production expected to recover significantly in Q4. The profitability in Q4 is anticipated to exceed market expectations as the cycle reaches its bottom [2][10] Summary of Financials - For Q3, the company achieved revenue of 70.08 billion yuan, a year-on-year decrease of 1.90%, and a net profit attributable to shareholders of 6.52 billion yuan, down 27.89% year-on-year, aligning with market expectations [10] - The total revenue for the first three quarters was 233.19 billion yuan, reflecting a year-on-year growth of 0.78%, while the net profit attributable to shareholders was 20.45 billion yuan, a decrease of 34.91% [10] - The company’s coal production in Q3 was 6.85 million tons, a year-on-year decline of 11%, with sales of commercial coal at 6.59 million tons, down 13% year-on-year [10] - The average selling price of coal in Q3 was 918 yuan per ton, an increase of 49 yuan per ton year-on-year, but a decrease of 100 yuan per ton compared to the previous quarter [10] Target Price Adjustment - The target price has been adjusted down to 12.23 yuan from the previous 13.22 yuan, based on a comparable company PE of 10.73x for 2024 [4][10] Production Outlook - Q4 production is expected to recover to over 7.5 million tons per quarter as the factors affecting production in Q3 have been eliminated [10] Profitability Insights - The report indicates that the profitability in Q4 is likely to remain stable, with a gross profit margin of around 300 yuan per ton, despite a potential decline in average prices [10]

Investment Rating - The report maintains a "Recommended" rating for Pingmei Shenma Group Co., Ltd. (601666.SH) [1] Core Views - The company reported a net profit attributable to shareholders of 2.045 billion yuan for the first three quarters of 2024, a year-on-year decrease of 34.91%, with operating revenue of 23.319 billion yuan, a year-on-year increase of 0.78% [1] - The company has shown good cost control, with Q3 2024 performance remaining stable compared to the previous quarter [1] - The company’s coal production and sales have declined, with significant cost increases observed [1] - The major shareholder's plan to increase holdings and the employee stock ownership plan reflect confidence in the company's long-term value and stable development [1] - The company has a robust dividend policy, with a projected dividend yield of 5.5% based on the 2024 net profit forecast [1] Financial Performance Summary - For Q3 2024, the company achieved a net profit of 655 million yuan, a year-on-year decrease of 27.89%, with coal sales volume of 6.5943 million tons, a year-on-year decrease of 12.86% [1] - The average selling price of coal in Q3 2024 was 918.34 yuan per ton, a year-on-year increase of 5.56%, while the cost per ton was 608.42 yuan, a year-on-year increase of 5.53% [1] - The gross profit from coal business for Q3 2024 was 2.044 billion yuan, a year-on-year decrease of 7.98% [1] - The company’s projected net profits for 2024-2026 are 2.321 billion, 2.580 billion, and 2.816 billion yuan, respectively, with corresponding EPS of 0.94, 1.04, and 1.14 yuan per share [1][2] Strategic Initiatives - The company is implementing a premium coal strategy and maintaining a high dividend payout ratio, which is expected to enhance its investment appeal [1] - The major shareholder's plan to increase holdings by 300-600 million yuan demonstrates confidence in the company's future [1] - The employee stock ownership plan aims to boost employee motivation and enhance company competitiveness [1]