[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 ...

[Table_MainInfo] 公司研究/煤炭 证券研究报告 平煤股份（601666）公司年报点评 2024年03月20日 [Table_InvestInfo] 23 年归母净利下滑 30%，24 年业绩有望 投资评级 优于大市 维持 平稳 股票数据 0[3Ta月b1le9_日S收to盘ck价（In元fo）] 12.22 [Table_Summary] 52周股价波动（元） 7.21-14.85 投资要点： 总股本/流通A股（百万股） 2346/2333 总市值/流通市值（百万元） 28664/28514  23年归母净利同比下滑30%，分红比例超60%。2023年公司营收/归母净利 相关研究 315.6/40.0 亿元，同比-12.4%/-30.3%。其中，23Q4 单季归母净利 8.65 亿 [《Ta焦b煤le长_R协e下p调or拖tI累nfo Q] 3 业绩，Q4值得期待》 元，同比/环比-14.4%/-4.3%。Q4扣非净利9.5亿元，环比+4.7%，非经常性 2023.10.15 损益主要为调整对黄梅龙源石膏矿的投资成本所致。23 年公司拟每 10 股现 《量稳价降，产品仍具竞争优势》2023. ...

Investment Rating - The report maintains an "Accumulate-A" investment rating for Pingmei Shenma Group Co., Ltd. (601666.SH) [1][5] Core Views - The strong profitability of coking coal and the expected high dividend yield are likely to drive valuation recovery [1][5] - The company is expected to continue its strategy of increasing the production of premium coal, with a projected production of 13.05 million tons in 2024 and an increase in the premium coal production rate to 43% [2][4] Summary by Sections Market Performance - As of March 19, 2024, the closing price is CNY 12.22, with a year-to-date high of CNY 14.85 and a low of CNY 7.21 [2] - The circulating A-shares amount to 2.333 billion, with a total market capitalization of CNY 28.664 billion [2] Financial Performance - In 2023, the company achieved operating revenue of CNY 31.561 billion, a decrease of 12.44% year-on-year, and a net profit attributable to shareholders of CNY 4.003 billion, down 30.25% year-on-year [3][6] - The basic earnings per share (EPS) is CNY 1.73, with a diluted EPS also at CNY 1.73 [2][3] Production and Profitability - The company’s raw coal production reached 30.71 million tons in 2023, a year-on-year increase of 1.35%, while premium coal production was 12.69 million tons, up 6.91% year-on-year [2][4] - The gross profit margin for premium coal was 38.05%, although it decreased by 4.27 percentage points year-on-year, remaining significantly higher than the mixed coal margin of 14.02% [2][4] Dividend Policy - The company plans to distribute a cash dividend of CNY 9.90 per 10 shares (including tax), totaling CNY 2.425 billion, which accounts for 60.59% of the net profit available for distribution [2][4] - The expected dividend yield based on the stock price as of March 18, 2024, is 8.3% [2][4] Future Outlook - The company is projected to have EPS of CNY 1.84, CNY 2.05, and CNY 2.02 for the years 2024 to 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 6.5, 5.8, and 5.9 [5][6] - The company’s strong resource base and commitment to resolving competition issues with its controlling shareholder suggest potential for external growth [4][5]

Investment Rating - The investment rating for Pingmei Shenma Group is "Buy" [1] Core Views - The report highlights that cost control has significantly mitigated the impact of falling coal prices on performance, maintaining a high gross margin [1] - The company has focused on improving profitability in its core business, with expectations for future earnings growth [2] - The report anticipates a recovery in revenue and profit margins in the coming years, driven by strategic initiatives and market conditions [2] Summary by Relevant Sections Financial Performance - In 2023, the company achieved operating revenue of 31,561 million, a year-on-year decrease of 12.44% [1] - The net profit attributable to shareholders was 4,003 million, down 30.3% year-on-year [3] - The gross margin for the year was 31.5%, a decline of 3.09 percentage points compared to the previous year [3] Production and Sales - The company produced 30.71 million tons of raw coal in 2023, an increase of 1.34% year-on-year [1] - The sales volume of commercial coal reached 31.03 million tons, up 0.34% year-on-year [1] - The average selling price of commercial coal was 964 yuan per ton, down 13.75% year-on-year due to lower coal prices [1] Future Outlook - The report projects net profits for 2024, 2025, and 2026 to be 4,591 million, 5,040 million, and 5,411 million respectively, with corresponding EPS of 1.96, 2.15, and 2.31 yuan per share [2] - The anticipated P/E ratios for 2023-2025 are 6.09, 5.55, and 5.17 times, indicating potential for earnings growth [2] - The company has committed to a cash dividend payout ratio of no less than 60% over the next three years, enhancing shareholder returns [2]

证券研究报告 | 公司动态点评 2024 年 03月 19日 平煤股份（601666.SH） 价格下跌盈利下降，高分红强化股东回报 财务指标 2022A 2023A 2024E 2025E 2026E 增持（首次评级） 营业收入（百万元） 36,044 31,561 31,713 32,507 33,640 股票信息 增长率yoy（%） 21.4 -12.4 0.5 2.5 3.5 归母净利润（百万元） 5,739 4,003 4,611 4,948 5,241 行业 煤炭 增长率yoy（%） 96.4 -30.3 15.2 7.3 5.9 2024年3月18日收盘价（元） 11.93 ROE（%） 24.9 14.6 16.0 15.2 14.5 总市值（百万元） 27,983.95 EPS最新摊薄（元） 2.45 1.71 1.97 2.11 2.23 流通市值（百万元） 27,837.39 P/E（倍） 4.9 7.0 6.1 5.7 5.3 总股本（百万股） 2,345.68 P/B（倍） 1.3 1.2 1.1 1.0 0.9 流通股本（百万股） 2,333.39 资料来源：公司财报，长城证券产业金 ...

Financial Performance - The company's total revenue for 2023 was CNY 31,561,282,367.09, a decrease of 12.44% compared to CNY 36,044,303,563.49 in 2022[23] - The net profit attributable to shareholders for 2023 was CNY 4,002,668,261.20, down 30.25% from CNY 5,738,715,152.92 in 2022[23] - The net cash flow from operating activities decreased by 44.04% to CNY 6,110,317,988.53 from CNY 10,919,809,382.33 in the previous year[23] - Basic earnings per share for 2023 were CNY 1.7292, a decrease of 30.24% from CNY 2.4787 in 2022[24] - The net profit attributable to shareholders for Q1 2023 was approximately ¥1.15 billion, while Q4 2023 saw a decline to approximately ¥865 million[27] - The net cash flow from operating activities turned negative in Q4 2023, recording -¥792 million, compared to positive cash flows in the first three quarters[27] - The company reported a non-recurring gain from the disposal of non-current assets of approximately ¥35.35 million in 2023[29] - The net profit attributable to shareholders was CNY 4.00 billion, reflecting a year-on-year decline of 30.25%[38] - The company’s cash flow from operating activities decreased by 44.04% to CNY 6.11 billion, primarily due to reduced cash receipts from coal sales[39] - The company reported a net profit margin of 12%, up from 10% in the previous year, reflecting improved cost management[94] Assets and Liabilities - The total assets of the company at the end of 2023 were CNY 77,685,015,956.74, an increase of 4.63% from CNY 74,245,684,066.83 at the end of 2022[23] - The net assets attributable to shareholders increased by 22.17% to CNY 26,670,200,610.35 from CNY 21,830,410,780.28 in 2022[23] - The total assets reached CNY 77.68 billion, with net assets attributable to shareholders amounting to CNY 26.67 billion as of December 31, 2023[38] - The company’s total liabilities for the reporting period were not disclosed, but the equity structure shows a significant reliance on equity financing[68] Production and Operations - In 2023, the company achieved a raw coal production of 30.71 million tons and a clean coal production of 12.69 million tons, with total revenue of CNY 31.56 billion, a decrease of 12.44% year-on-year[38] - The company processed 6.585 million tons of Dingwu coal, producing an additional 2.06 million tons of premium coal[32] - The company’s coal production capacity is nearly 3 billion tons, with a focus on high-quality low-sulfur coking coal, maintaining a leading market position[35] - The company completed the upgrade of gas extraction systems in 7 mines, contributing to the efficient utilization of gas resources[31] - The company established 2 coal mining teams with a capacity of 200,000 tons and 5 teams with a capacity of 150,000 tons[32] Strategic Initiatives - The company emphasizes a focus on safety, quality, and innovation as part of its strategic initiatives moving forward[13] - The company aims to enhance its operational efficiency through smart mining and technological innovations while adhering to safety and environmental standards[79] - The company is committed to strengthening its market position by focusing on customer needs and expanding its client base[82] - The company is exploring potential mergers and acquisitions to expand its market presence and diversify its portfolio[92] Research and Development - The company’s research and development expenses increased by 7.57% to CNY 710.38 million, reflecting a commitment to innovation[39] - The company invested CNY 710.38 million in R&D, accounting for 2.25% of total revenue, with no capitalized R&D expenditures reported[51] - The company is investing 500 million RMB in R&D for new technologies aimed at enhancing operational efficiency[94] Governance and Compliance - The company completed the election of the board of directors and supervisory board on January 6, 2023, enhancing its governance structure[84] - The company’s governance practices are in compliance with the relevant laws and regulations, ensuring transparency and accountability[84] - The company has committed to maintaining its independent legal status and operational autonomy as per its articles of association[85] - The company has made commitments to resolve competition issues with its controlling shareholder, ensuring compliance with relevant regulations[85] Shareholder Returns - The company plans to distribute a cash dividend of CNY 9.90 per 10 shares, totaling CNY 2,425,350,122.91, which accounts for 60.59% of the net profit attributable to shareholders[6] - The company plans to implement a shareholder return plan for 2022 to 2024, which includes dividend distributions[86] - The company has committed to distributing at least 60% of the annual distributable profits in cash if the cumulative undistributed profits are positive from 2023 to 2025[147] Environmental Initiatives - The company invested ¥232.76 million in environmental protection initiatives during the reporting period[124] - The company achieved a reduction in key water pollutants with a 2.6% decrease in major water pollutant discharge rate compared to the previous reporting period[134] - The company maintained a 100% compliance rate for hazardous waste disposal, with a stable coal gangue utilization rate of over 98%[134] - The company has constructed a distributed photovoltaic power station with a capacity of 100MW, utilizing rooftops and industrial land[137] Related Party Transactions - The company reported a total of 25,249,716,608.63 RMB in significant related party transactions, accounting for 43.88% of total revenue[158] - The company sold coal to China Pingmei Shenma Group for 4,366,648,664.71 RMB, representing 14.17% of similar transactions[157] - The company purchased materials from China Pingmei Shenma Group for 2,547,001,451.05 RMB, which is 75.30% of similar transactions[157] Future Outlook - The company plans to produce 30.33 million tons of raw coal and 13.05 million tons of refined coal in 2024[80] - Future outlook remains positive, with expectations of entering new markets in Southeast Asia by Q3 2024[92] - The company provided a forward guidance of 12 billion RMB in revenue for the next fiscal year, indicating a growth target of 20%[94]

证券研究报告 | 年报点评报告 2024年03月19日 平煤股份（601666.SH） 业绩符合预期，股息率 8.3% 公司发布 2023 年业绩公告。2023 年公司实现归母净利润 40.03 增持（维持） 亿元，同比减少30.25%；23Q4归母净利润8.65亿元，同比下降 股票信息 14.45%，符合预期。 行业 煤炭开采 深耕煤炭主业，主营业务经营人性凸显。2023年公司原煤产量3071 前次评级 增持 万吨，同比+1.3%，煤炭销售量3103万吨，同比+0.3%；自产煤 3月18日收盘价(元) 11.93 总市值(百万元) 27,983.95 销量 2744 万吨，同比+3.5%。利价来看，2023 年公司吨煤售价 总股本(百万股) 2,345.68 964元/吨，同比-13.7%；吨煤成本653元/吨，同比-9.8%。吨煤 其中自由流通股(%) 99.48 毛利312元/吨。 30日日均成交量(百万股) 49.19 23Q4煤炭销量、售价回升：23Q4原煤产量766万吨，同比+0.4%， 股价走势 环比-0.3%，商品煤销量792万吨，同比+7.8%，环比+4.6%。利 价来看，23Q4吨煤售价9 ...

2024 年 03 月 19 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 精煤战略下以量补价，高分红承诺开启兑现 证券分析师： 陈晨 S0350522110007 chenc09@ghzq.com.cn 证券分析师： 王璇 S0350523080001 ——平煤股份（ ） 年报点评报告 601666 2023 wangx15@ghzq.com.cn 最近一年走势 事件 : 2024年3月19日，平煤股份发布2023年年度报告：2023年公司实现 营业收入315.6亿元，同比-12.4%，归属于上市公司股东净利润40.0亿 元，同比-30.3%，扣非后归属于上市公司股东净利润39.8 亿元，同比 -30.9%。基本每股收益为1.73元，同比-30.2%。加权平均ROE为14.2%， 同比减少15.1个百分点。 分季度看，2023年第四季度，公司实现营业收入84.7亿元，环比增加 18.8%，同比增加7.9%；实现归属于上市公司股东净利润8.7亿元，环 比减少4.3%，同比减少14.4%，主要系营业外收入减少约1.57亿导致； 相对沪深300表现 2024/03/18 实现扣非后归 ...

亚太(集团) (特殊普通合伙) 01020043070 您可使用手机"扫一扫"或进入"老吗用于能明该可住报告进香直由具有效业单可的会计师事务所用具 。 一起"扫一扫"或进入"注册公计师行业统一监管平台（http://a.mol.gi.gr/2.jp/p/ 日 录 | 项 目 | 起始页码 | | --- | --- | | 内部控制审计报告 | | | 平顶山天安煤业股份有限公司 2023 年度内部控制评价报告 | 3 | 平顶山天安煤业股份有限公司 2023 年度内部控制审计报告 亚会专审字（2024）第 01220002 号 太(集团)会计师事务所(特殊普通合伙) sia Pacific (Group) CPAs(Special General Partnership) 地址:北京市丰台区丽泽路 16 院 3 号楼 20 层 2001 邮编:10007 电话/传真:010-88312386 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外，由于情 况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根 据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部 ...

关于平顶山天安煤业股份有限公司 2023 年度会计估计变更专项说明 亚会专审字（2024）第 01220001 号 亚太(集团) 而尊各助 (特殊普通合伙) -HH l H 010200430706 您可使用手机"扫一扫"或进入"选册用手能明该审批张法查由其有拟业准可的会计师事务所用具。 您可使用手机"扫一扫"或进入"注册公计师行业统一监管平台（http://acc.gyf.gxs.gn）_进行2000000 目 录 | 项目 | 起始页码 | | --- | --- | | 会计估计变更的专项报告 | | | 平顶山天安煤业股份有限公司关于会计估计变更事项的专项说明 | | - t . t with the . 亚太(集团)会计师事务所(特殊普通合伙) sia Pacific (Group) CPAs(Special General Partnership) 地址:北京市丰台区丽泽路 16 星 院 3 号楼 20 层 2001 邮编:100073 电话/传真：010-88312386 关于平顶山天安煤业股份有限公司 2023 年度会计估计变更的专项报告 在对上述财务报表执行审计的基础上，我们对后附的平煤股份 ...