证券代码：601666 证券简称：平煤股份 编号：2024-033 平顶山天安煤业股份有限公司 关于可转换公司债券转股结果暨股份变动的公告 转债代码：113066 转债简称：平煤转债 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： ●转股情况：平顶山天安煤业股份有限公司可转换公司债券（以下 简称"平煤转债"）自 2023 年 9 月 22 日起开始转股，2024 年第一季度 共计 1,183,535,000 元"平煤转债"转换为公司股份，因转股形成的股 份数量为 130,632,214 股；截至 2024 年 3 月 31 日，累计共有 1,471,760,000 元"平煤转债"转换为公司股份，因转股形成的股份数 量为 162,444,856 股，占可转债转股前公司已发行股份总额的 7.02%。 ●未转股可转债情况：截至 2024 年 3 月 31 日，尚未转股的"平 煤转债"金额为 1,428,240,000 元，占"平煤转债"发行总额的 49.25%。 一、可转债发行上市概况 1、"平煤转债"发行上市 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company maintains high profitability from premium coking coal and offers attractive dividends, making it a long-term hold [2] - The company reported a significant increase in performance in the first three quarters, with expectations for continued high growth throughout the year [4] - The company is focusing on a premium coal strategy and efficiency improvements, highlighting its long-term value through high dividends [4] Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 31.561 billion yuan, a year-on-year decrease of 12.44%. The net profit attributable to shareholders was 4.003 billion yuan, down 30.25% year-on-year [4] - The coal segment generated revenue of 30.815 billion yuan, accounting for 97.63% of total revenue, with a gross margin of 31.81%, down 3.09 percentage points year-on-year [4] - The company sold a total of 31.0283 million tons of coal in 2023, with a sales price of 983.17 yuan per ton, down 12.07% year-on-year [4] Production and Sales - The company produced 30.71 million tons of raw coal, a slight increase of 1.35% year-on-year, while the sales volume of coking coal rose by 6.29% to 12.7136 million tons [4] - The company plans to increase its premium coal production to 13.05 million tons in 2024, reflecting a growth strategy in premium coal sales [4] Dividend Policy - The company announced a cash dividend of 9.90 yuan per 10 shares, totaling 2.425 billion yuan, which represents 60.59% of the net profit available for distribution [4] - The company aims to distribute at least 60% of its annual distributable profits as cash dividends, emphasizing its commitment to shareholder returns [4] Profit Forecast - The forecasted net profit for 2024-2026 is 4.42 billion, 5.00 billion, and 5.30 billion yuan respectively, with corresponding PE ratios of 6.8, 6.0, and 5.7 times [4][5] - The company is expected to maintain high profitability as a leading regional coking coal producer [4]

平顶山天安煤业股份有限公司 会议资料 未公开披露 请妥善保存 平顶山天安煤业股份有限公司 2023 年年度股东大会会议资料 2024 年 4 月 平顶山天安煤业股份有限公司 会议资料 目 录 | 2023 | 年度董事会工作报告 | 1-1 | | --- | --- | --- | | 2023 | 年度监事会工作报告 | 2-1 | | 2023 | 年度财务决算报告 | 3-1 | | 2023 | 年度利润分配预案 | 4-1 | | 2023 | 年年度报告（正文及摘要） | 5-1 | | 关于 | 2024 年生产经营投资计划的议案 | 6-1 | | | 关于授权公司开展境内外融资业务的议案 | 7-1 | 平顶山天安煤业股份有限公司 会议资料 2023 年度董事会工作报告 各位股东： 2023 年，公司董事会严格按照《公司法》《证券法》等法律法 规及《公司章程》等有关规定要求，科学决策、规范运作、高效运行， 持续提升公司经营质量，积极维护全体股东及公司合法权益。现将 2023 年董事会工作报告如下： 一、2023 年工作回顾 （一）董事会运行更加规范高效。2023 年，公司共召开 18 次董 ...

平顶山天安煤业股份有限公司 2023 年持续督导年度报告书 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 2023 年持续督导年度报告书 | 保荐机构名称:华泰联合证券有限责任公司 | 被保荐公司简称:平煤股份 | | --- | --- | | 保荐代表人姓名:张烃烃 | 联系电话: 010-56839300 | | 保荐代表人姓名:李凯 | 联系电话:010-56839300 | 根据《证券法》《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》和《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、法规的规定,华泰联合证券有限责任公司(以下简称"华泰联合证 券"或"保荐机构"）作为平顶山天安煤业股份有限公司（以下简称"平煤股份"、 "公司"或"上市公司"）公开发行可转换公司债券的保荐机构,对平煤股份进 行持续督导，持续督导期为 2023 年 4 月 10 日至 2024 年 12 月 31 日。现就 2023 年度持续督导工作总结如下: 2 4 华泰联合证券 平顶山天安煤业股份有限公司 2023 年持续督导年度报告书 | | 应及时向上海证券交易所报告。 ...

[Table_Page] 年报点评|煤炭开采 证券研究报告 [平Table_煤Title] 股份（601666.SH） [公Tab司le_I评nves级t] 买入 当前价格 12.26元 Q4 业绩符合预期，看好股息优势及业绩确定性 合理价值 14.51元 前次评级 买入 [Table_Summary] 核心观点： 报告日期 2024-03-22  Q4 净利润环比基本稳定，业绩符合预期。公司 23 年营业收入 315.6 相[Ta对ble市_Pi场cQu表ote现] 亿元，同比-12.4%，归母净利润40.0亿元，同比-30.3%；扣非归母净 利润 39.8 亿元，同比-30.9%。其中 Q4 归母净利润 8.7 亿元，同比 57% -14.5%，环比-4.3%；扣非净利润9.5亿元，同比-3.2%，环比+4.7%。 41%  公司23年产销量微幅增长，Q4煤价成本均有上涨。根据公司年报， 25% 公司全年原煤产量3071万吨（同比+1.4%），精煤产量1269万吨（同 9% 比+6.9%），精煤占比提升至41%；商品煤销量3103万吨（同比+0.3%）。 -7%03/23 05/23 07/23 09 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company achieved a net profit attributable to shareholders of 4.003 billion yuan in 2023, a year-on-year decrease of 30.25%. The fourth quarter net profit was 0.865 billion yuan, down 14.4% year-on-year and 4.3% quarter-on-quarter. The company plans to distribute a cash dividend of 0.99 yuan per 10 shares, totaling 2.425 billion yuan, with a dividend payout ratio of 60.59%, resulting in a dividend yield of 8.5% based on the closing price on March 19 [2][5][8] Summary by Relevant Sections Performance Overview - The company exceeded its production targets for the year, with raw coal production reaching 30.71 million tons, an increase of 410,000 tons (1.4%) year-on-year, and coking coal production at 12.69 million tons, up 810,000 tons (6.8%). The production targets were achieved at 101% and 106% respectively. The company plans to produce 30.33 million tons of raw coal and 13.05 million tons of coking coal in 2024 [6] Pricing and Cost Management - Coking coal prices decreased year-on-year, with the average price in Pingdingshan, Henan, at 2,212 yuan per ton, down 601 yuan per ton (21.4%). The company's average selling price per ton of coal was approximately 983 yuan, a decline of 135 yuan per ton (12.1%). The company managed to reduce its operating cost per ton of coal to about 668 yuan, a decrease of 56 yuan per ton (7.7%) [6] Future Outlook - In the short term, despite a production halt due to an accident at one of the mines, the company expects stable performance in Q1 2024 due to price increases in coking coal contracts. The long-term outlook remains positive as the company is a leading producer of high-quality coking coal in China, with strong demand anticipated due to the trend of larger blast furnaces [7][8] Financial Projections - The company is projected to have earnings per share (EPS) of 1.72 yuan, 1.83 yuan, and 1.88 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 7.13, 6.69, and 6.51 based on the closing price on March 19 [7]

Investment Rating - The report maintains a "Buy" rating for Pingmei Co Ltd (601666) with a target price of CNY 16 11, up from the previous target of CNY 12 25 [1][3] Core Views - The company's performance in Q4 2023 was driven by rising coking coal prices, and Q1 2024 is expected to see further growth due to continued price increases [1] - The company's refined coal strategy is progressing steadily, with refined coal production showing stable growth [1] - Future growth is expected from asset injections by the parent group, which will accelerate the company's coal-coking integration [1] Financial Performance - In 2023, the company achieved revenue of CNY 31 561 billion, down 12 44% YoY, and net profit of CNY 4 002 billion, down 30 25% YoY, in line with market expectations [1] - The company's EPS for 2024 and 2025 is forecasted at CNY 1 79 and CNY 1 82, respectively, with a new 2026 EPS forecast of CNY 1 92 [1] - The company's refined coal production reached 12 69 million tons in 2023, up 6 83% YoY, with refined coal accounting for 75% of total revenue [1] Valuation and Market Data - The company's market capitalization is CNY 28 5 billion, with a total share capital of 2 346 million shares and a free float of 99% [1] - The stock's 52-week price range is CNY 7 23 to CNY 14 60, with a current price of CNY 12 15 [1][3] - The company's EV/EBITDA for 2024 is estimated at 2 79x, with a PE ratio of 6 67x and a dividend yield of 9 0% [1][4] Industry and Peer Comparison - The company operates in the coal and energy sector, with peers including China Shenhua, Shaanxi Coal Industry, Yankuang Energy, and Panjiang Coal [6] - The average PE ratio for comparable companies is 7 70x for 2023, 11 15x for 2024, and 9 88x for 2025 [6]

全年业绩略超预期，现金分红比例60.59% 平煤股份（601666.SH） 证券研究报告/公司点评 2024年3月19日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：12.22元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 36,044 31,561 33,325 34,443 35,409 分析师：杜冲 增长率yoy% 21% -12% 6% 3% 3% 执业证书编号：S0740522040001 净利润（百万元） 5,725 4,003 4,462 4,785 5,135 电话： 增长率yoy% 96% -30% 11% 7% 7% 每股收益（元） 2.44 1.71 1.90 2.04 2.19 Email：duchong@zts.com.cn 每股现金流量 4.66 2.60 4.43 4.47 4.54 联系人：鲁昊 净资产收益率 23% 14% 14% 14% 14% 电话： P/E 5.0 7.2 6.4 6.0 5.6 P/B 1.3 1.1 1.0 ...

煤炭/煤炭开采 公 司 研 平煤股份（601666.SH） 贯彻精煤战略，提高分红彰显价值 究 2024年03月20日 ——公司信息更新报告 投资评级：买入（维持） 张绪成（分析师） zhangxucheng@kysec.cn 证 书编号：S0790520020003 日期 2024/3/19  贯彻精煤战略，提高分红彰显价值。维持“买入”评级 当前股价(元) 12.22 公司发布年报，2023年实现归母净利润40.03亿元，同比-30.25%；扣非后归母 公 一年最高最低(元) 14.85/7.21 净利39.77亿元，同比-30.94%。单季度来看，2023年 Q4实现归母净利润8.65 司 亿元，环比-4.31%；扣非后归母净利润 9.5 亿元，环比+4.74%。焦煤价格高位 信 总市值(亿元) 286.64 回落，公司全年盈利同比下降，通过大幅提升分红率，公司分红金额同比提升， 息 流通市值(亿元) 285.14 维持了高股息率。我们维持 2024-2025 年盈利预测并新增 2026 年预测，预计 更 2024-2026 年归母净利润 46.6/49.5/53.4 亿元，同比+16.4%/6.3% ...

[Table_Main] 证券研究报告 | 公司点评 平煤股份(601666.SH) 2024年03月20日 平煤股份点评：成本管控优 买入（维持） 所属行业：煤炭 异，业绩符合预期 当前价格(元)：12.15 证券分析师 投资要点 翟堃 资格编号：s0120523050002 事件：公司发布 2023 年度业绩报告。公司全年实现营业收入 315.61 亿，同比-  邮箱：zhaikun＠tebon.com.cn 12.44%；归母净利润40.03亿元，同比- 30.25%；扣非后归母净利润39.77亿元， 薛磊 同比-30.94%。 资格编号：S0120524020001 邮箱：xuelei＠tebon.com.cn Q4 营收同环比高增，扣非净利润环比提升。单季度来看，2023 年四季度公司实  研究助理 现营业收入 84.65 亿元，同比+7.9%，环比+18.8%；归母净利润 8.65 亿，同比- 13.3%，环比-4.3%；扣非后归母净利润9.49亿元，同比-3.1%，环比+4.6%。 谢佶圆 邮箱：xiejy＠tebon.com.cn 煤炭业务：销量稳中有升，成本管控优异。1）公司全年商品煤销 ...