Investment Rating - The report upgrades the investment rating of the company to "Buy" with an expectation of a relative increase of over 15% compared to the CSI 300 index within the next six months [2][14]. Core Viewpoints - The company is expected to see a recovery in performance starting from the third quarter, despite a decline in coal production in the first half of 2024 due to the suspension of operations at twelve mines [2][3]. - The company has a strong focus on its premium coal strategy, which is anticipated to enhance profitability as the production of premium coal increases [3][5]. - The company has initiated a share buyback program and has a high dividend payout ratio, with a dynamic dividend yield of 10.70% as of September 3, 2024 [3][5]. Summary by Relevant Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 16.254 billion yuan, a year-on-year increase of 1.78%, while net profit attributable to shareholders was 1.393 billion yuan, a decrease of 37.66% [2][5]. - The company’s coal production for the first half of 2024 was 14.21 million tons, a decrease of 7.56% year-on-year, with premium coal production reaching 6.59 million tons [2][3]. Shareholder Returns - The company has committed to a cash dividend payout ratio of no less than 60% from 2023 to 2025, with a cash distribution of 0.99 yuan per share for the 2023 fiscal year [3][5]. - The total amount spent on the share buyback program reached approximately 300 million yuan, representing 1.15% of the total share capital [3][4]. Market Position and Strategy - The company is located in the Pingdingshan mining area, which is rich in high-quality coal resources, and is the largest coking coal production base in Central and Southern China [2][3]. - The controlling shareholder has been actively increasing its stake in the company, indicating confidence in its future development, with plans for asset injection expected to enhance production capacity [4][5]. Profitability Forecast - The projected net profits for the company from 2024 to 2026 are 3.055 billion yuan, 3.317 billion yuan, and 3.658 billion yuan, respectively, with corresponding earnings per share of 1.23 yuan, 1.34 yuan, and 1.48 yuan [5][11].

煤炭开采洗选 分析师：陈拓 登记编码：S0730522100003 chentuo@ccnew.com 顶格完成回购，高股息率的主焦煤豫股 ——平煤股份(601666)中报点评 发布日期：2024 年 09 月 04 日 投资要点： 证券研究报告-中报点评 买入(上调) | --- | --- | |---------------------------------------|----------------------| | 市场数据 (2024-09-03) \n收盘价 ( 元 ) | 9.25 | | 一年内最高 / 最低 ( 元 ) | 14.77/9.07 | | 沪深 300 指数 | 3,273.43 | | 市净率 ( 倍 ) | 0.97 | | 流通市值 ( 亿元 ) | 228.41 | | 基础数据 (2024-06-30) | | | 每股净资产 ( 元 ) | 9.58 | | 每股经营现金流 ( 元 ) | 1.90 | | 毛利率 (%) | 26.33 | | 净资产收益率 _ 摊薄 (%) | 5.16 | | 资产负债率 (%) | 60.27 | | 总股本 / 流通 ...

证券代码：601666 股票简称：平煤股份 编号：2024-090 平顶山天安煤业股份有限公司 关于回购股份实施结果暨股份变动的公告 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。 一、回购审批情况和回购方案内容 平顶山天安煤业股份有限公司（以下简称"公司"）于 2023 年 9 月 7 日召开的第九届董事会第十三次会议，审议通过了《关于以集 中竞价交易方式回购公司股份方案的议案》，同意通过集中竞价交易 方式进行股份回购，回购股份将用于股权激励。本次回购价格不超过 人民币 12.78 元/股，回购资金总额不低于人民币 20,000 万元（含） 且不超过人民币 30,000 万元（含），回购期限自董事会审议通过之 日起不超过 12 个月。具体内容详见于 2023 年 9 月 13 日披露的《平 煤股份关于以集中竞价交易方式回购股份的回购报告书》（公告编号： 2023-078）。 二、回购实施情况 （一）2023 年 10 月 11 日，公司首次实施回购股份，并于 2023 年 10 月 12 日披露了首次回购股份情况，具 ...

公 司 研 究 证券研究报告 ＃煤炭开采 industryId＃ 煤炭开采 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） 公 司 点 评 报 告 | --- | --- | |--------------------|------------| | ＃市场数据 | | | 市场数据日期 | 2024-08-20 | | 收盘价（元） | 9.20 | | 总股本（百万股） | 2476.38 | | 流通股本（百万股） | 2469.34 | | 净资产（百万元） | 26968.98 | | 总资产（百万元） | 74333 | | 每股净资产(元) | 10.89 | 来源：WIND，兴业证券经济与金融研究院整理 ＃相关报告 relatedReport＃ 《【兴证煤炭】平煤股份 2023 年 报点评：主业稳健凸显韧性，股 息估值价值再现》2024-03-19 《【兴证煤炭】平煤股份 2023 半 年报点评：煤炭洗选优势托底， 静待优质资产注入赋能》2023- 08-20 《【兴证煤炭】平煤股份 2022 年 报点评：精煤优势凸显，资产注 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company's net profit for 2024 is expected to decline by 30%, but performance in 2024 is anticipated to stabilize [2] - The company has shown a significant recovery in production in Q2 2024, indicating a positive operational outlook [6] - The controlling shareholder plans to increase holdings by 300 to 600 million yuan, reflecting confidence in the company's future development [6] - The company is the largest producer and supplier of low-sulfur premium coking coal in China, with expectations for high long-term coking coal prices [7] Financial Performance Summary - In H1 2024, the company achieved a net profit of 1.39 billion yuan, a year-on-year decrease of 37.7%, with revenue of 16.25 billion yuan, a slight increase of 1.8% [6] - Q2 2024 saw a net profit of 650 million yuan, down 40% year-on-year and 11.9% quarter-on-quarter [6] - The average selling price of commodity coal in H1 2024 was 1,088 yuan per ton, up 9.3% year-on-year, while the average cost was 772 yuan per ton, up 13.4% [6] - The company's gross profit margin in H1 2024 was 29.1%, a decrease of 2.5 percentage points year-on-year [6] Production and Sales - In H1 2024, the company produced 14.21 million tons of raw coal and 6.59 million tons of clean coal, with a year-on-year decrease of 7.6% and an increase of 6.6%, respectively [6] - In Q2 2024, the company’s self-produced coal output was 7.58 million tons, with sales of 6.58 million tons, showing a year-on-year increase of 0.2% in output but a decrease of 13.6% in sales [6] Earnings Forecast and Valuation - The company is expected to have net profits of 3.425 billion yuan in 2024, 3.798 billion yuan in 2025, and 3.930 billion yuan in 2026, with corresponding EPS of 1.38, 1.53, and 1.59 yuan [8][11] - The estimated reasonable price range for the company's stock is between 12.69 and 14.28 yuan, based on a PE ratio of 8 to 9 times for 2024 [7][10]

Investment Rating - The investment rating for Pingmei Shenma Energy Company is "Buy" (maintained) [1][6] Core Views - The report highlights that the increase in clean coal washing rate and rising prices have offset the decline in coal sales, reflecting the company's resilience [3][5] - The controlling shareholder's plan to increase holdings demonstrates confidence in the company's future development [5][6] Financial Performance Summary - For the first half of 2024, the company achieved operating revenue of 16.25 billion yuan, a year-on-year increase of 1.78%, while net profit attributable to shareholders was 1.39 billion yuan, a decrease of 37.66% [2][3] - The decline in profit is primarily attributed to a decrease in commodity coal sales and an increase in management expenses [2] - The company reported a clean coal production of 6.59 million tons, with a clean coal output rate of 46.4%, up from 40.2% in the previous year [3][5] Market Data Summary - The company's coal business saw a significant increase in clean coal washing rates, leading to a rise in overall selling prices, which helped mitigate the impact of declining coal sales [3] - The average selling price of coal reached 1,088 yuan per ton, an increase of 9% year-on-year, while the cost per ton was 772 yuan, up 13% [3][6] - The company plans to produce 13.05 million tons of clean coal for the full year 2024, representing a 2.8% increase from 2023 [3][6] Future Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 2.658 billion, 3.388 billion, and 3.884 billion yuan, respectively, with corresponding EPS of 1.07, 1.37, and 1.57 yuan [6][7] - The report anticipates a slight increase in clean coal production and the potential injection of group assets, which may enhance the company's coal and coke integration business [6][7]

证券研究报告 | 公司动态点评 2024 年 08 月 20 日 平煤股份（601666.SH） 精煤战略稳步推进，股东持续回购公司股份 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 36,044 | 31,561 | 31,649 | 33,320 | 34,341 | | 增长率 yoy（%） | 21.4 | -12.4 | 0.3 | 5.3 | 3.1 | | 归母净利润（百万元） | 5,739 | 4,003 | 3,010 | 3,242 | 3,298 | | 增长率 yoy（%） | 96.4 | -30.3 | -24.8 | 7.7 | 1.7 | | ROE（%） | 24.9 | 14.6 | 10.7 | 10.9 | 10.6 | | EPS 最新摊薄（元） | 2.32 | 1.62 ...

重要提示 一、增持主体的基本情况 证券代码：601666 股票简称：平煤股份 编号：2024-089 平顶山天安煤业股份有限公司 关于控股股东增持公司股份进展 暨增持股份比例达到1%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。 ●增持计划基本情况：平顶山天安煤业股份有限公司（以下简称 "公司"）控股股东中国平煤神马控股集团有限公司（以下简称"中 国平煤神马集团"）计划自 2024 年 7 月 30 日起的 6 个月内，通过上 海证券交易所交易系统以集中竞价方式增持公司无限售流通 A 股股 份，累计增持金额不低于人民币 3 亿元，不超过人民币 6 亿元，累计 增持比例不超过公司总股本的 2%。具体内容详见《平顶山天安煤业 股份有限公司关于公司控股股东增持股份计划的公告》（公告编号： 2024-082）。 ●增持计划的实施情况：公司于今日收到中国平煤神马集团告知 函，自2024年7月30日至2024年8月21日，中国平煤神马集团通过上海 证券交易所证券交易系统增持本公司股份24,763,900股，占公司已发 行总 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company's strategy of focusing on premium coal, combined with the resumption of coal mining operations, highlights its value through high dividends and shareholder buybacks [4]. - The company reported a revenue of 16.25 billion yuan for H1 2024, a year-on-year increase of 1.78%, but a net profit of 1.39 billion yuan, down 37.66% year-on-year, indicating pressure on performance due to falling coal prices [4]. - The company is expected to benefit from a rebound in coal prices due to seasonal demand and economic recovery, with a projected net profit of 3.08 billion yuan for 2024, a decrease of 23.1% year-on-year [4]. Financial Performance Summary - H1 2024 revenue: 162.5 billion yuan, up 1.78% YoY; net profit: 13.9 billion yuan, down 37.66% YoY; Q2 revenue: 80.1 billion yuan, down 2.84% QoQ; Q2 net profit: 6.52 billion yuan, down 11.93% QoQ [4]. - Original coal production in H1 2024 was 14.21 million tons, down 7.56% YoY; Q2 production was 7.58 million tons, up 14.4% QoQ [4]. - The average selling price of the company's coal products in H1 2024 was 1,087 yuan/ton, up 9.3% YoY [4]. Shareholder Actions and Asset Injection - The controlling shareholder plans to increase its stake by 300-600 million yuan, reflecting confidence in the company's long-term value [4]. - The company is set to receive coal and coke assets from its parent group to resolve industry competition issues, which may enhance growth potential [4]. - The company announced a cash dividend of 0.99 yuan per share for 2023, representing 60.59% of distributable net profit, with an expected dividend yield of 8.2% based on the current share price [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company's strategy of focusing on premium coal, combined with the resumption of coal mining operations, highlights its value through high dividends and shareholder buybacks [5] - The company reported a revenue of 16.25 billion yuan for H1 2024, a year-on-year increase of 1.78%, but a net profit of 1.39 billion yuan, down 37.66% year-on-year, indicating pressure from falling coal prices [5] - The company is expected to benefit from increased demand in the short term and economic recovery in the medium term, with a projected net profit of 3.08 billion yuan for 2024, down 23.1% year-on-year [5] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 16.25 billion yuan, a year-on-year increase of 1.78%, and a net profit of 1.39 billion yuan, a decrease of 37.66% year-on-year [5] - The company’s coal production in H1 2024 was 14.21 million tons, down 7.56% year-on-year, with sales of 13.49 million tons, down 13.2% year-on-year [5] - The average selling price of the company's coal in H1 2024 was 1,087 yuan per ton, an increase of 9.3% year-on-year [5] Strategic Developments - The resumption of operations at the Shiyi Mine is expected to boost coal production in Q2 2024, with production reaching 7.58 million tons, a quarter-on-quarter increase of 14.4% [5] - The company is implementing a premium coal strategy to improve the coal product mix and increase selling prices [5] - Shareholder confidence is demonstrated by the controlling shareholder's plan to increase holdings by 300 to 600 million yuan, representing up to 2% of the total share capital [5] Dividend and Growth Potential - The company announced a cash dividend of 0.99 yuan per share for 2023, totaling 2.425 billion yuan, which represents 60.59% of the distributable net profit [5] - The projected dividend yield for 2024 is 8.2%, indicating strong long-term investment value [5]