平顶山天安煤业股份有限公司 2024 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 2024 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 | | | 在问题的信息披露文件应及时督促上市公司 | | | --- | --- | --- | | | 更正或补充，上市公司不予更正或补充的， | | | | 应及时向上海证券交易所报告。 | 经保荐机构核查，2024年12月，公司 | | | | 收到上海证券交易所对公司控股股东 予以通报批评的意向书，因公司控股 股东在股票买卖及信息披露方面违反 | | | 关注上市公司或其控股股东、实际控制人、 | 《上海证券交易所股票上市规则》， | | | 董事、监事、高级管理人员受到中国证监会 | 上海证券交易所拟对公司控股股东作 | | | 行政处罚、上海证券交易所纪律处分或者被 | 出通报批评纪律处分，保荐机构已督 | ...

保荐总结报告书 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 公开发行可转换公司债券 之保荐总结报告书 保荐机构名称 华泰联合证券有限责任公司 保荐机构编号 Z26774000 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、上海证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 情况 | 内容 | | --- | --- | | 保荐机构名称 | 华泰联合证券有限责任公司 | | 注册地址 | 深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小 | | | 镇 栋 B7 401 | | 主要办公地址 | 北京市西城区丰盛胡同 22 号丰铭国际大厦 A 座 6 层 | | 法定代表人 | 江禹 | | 联系人 | 张烃烃、李凯 | | 联系电话 | 0 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 30.281 billion yuan for 2024, a decrease of 4.25% year-on-year, and a net profit attributable to shareholders of 2.350 billion yuan, down 41.41% year-on-year. The earnings per share (EPS) was 0.96 yuan, which was in line with expectations [6] - The company experienced a decline in coal production but an increase in the clean coal yield. The average selling price of coal increased by 7.11% year-on-year, while the cost per ton of coal rose by 12.86%, leading to a decrease in gross profit per ton [6] - The company is gradually expanding its operations in Xinjiang, acquiring mining rights and stakes in coal mines to enhance its resource base [6] - The company has a high dividend payout ratio, with a proposed cash dividend of 0.6 yuan per share for 2024, resulting in an estimated dividend yield of 6.8% based on the closing price [6] - Due to weak downstream demand and falling coking coal prices, the profit forecasts for 2025 and 2026 have been revised downwards, with EPS estimates of 0.69 and 0.72 yuan respectively [6] Financial Data and Profit Forecast - Total revenue (million yuan): 31,561 in 2023, 30,281 in 2024, 30,211 in 2025E, 29,862 in 2026E, 29,517 in 2027E [2] - Net profit attributable to shareholders (million yuan): 4,003 in 2023, 2,350 in 2024, 1,698 in 2025E, 1,791 in 2026E, 1,865 in 2027E [2] - EPS (yuan/share): 1.73 in 2023, 0.96 in 2024, 0.69 in 2025E, 0.72 in 2026E, 0.75 in 2027E [2] - Gross margin (%): 31.5 in 2023, 26.0 in 2024, 21.3 in 2025E, 20.8 in 2026E, 20.3 in 2027E [2] - Return on equity (ROE, %): 15.0 in 2023, 9.0 in 2024, 6.8 in 2025E, 6.9 in 2026E, 7.0 in 2027E [2] Market Data - Closing price (yuan): 8.84 on March 26, 2025 [3] - Market capitalization (million yuan): 21,829 [3] - Dividend yield (%): 11.20 based on the most recent dividend [3]

公司近一年市场表现 | 市场数据：2025 年 月 | | | | | 3 | 24 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元）： | | | 8.73 | | | | | | 年内最高/最低（元）： | | | | 15.05/7.84 | | | | | 流通 股/总股本（亿 A | | 24.69/24.75 | | | | | | | 股）： | | | | | | | | | 流通 A 股市值（亿股）： | 215.57 | | | | | | | | 总市值（亿元）： | 216.08 | | | | | | | | 基础数据：2024 年 | 12 | 月 31 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.96 | | 摊薄每股收益(元)： | | | 0.96 | | 每股净资产(元)： | | | 11.83 | | 净资产收益率(%)： | | | 8.72 | | 资料来源：最闻 | | | | 分析师： 胡博 执业登记编码：S0760522 ...

2025 年 3 月 25 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年年度报告：报告期内公司实现营业收入 302.81 亿元， 同比-4.25%；实现归母净利润 23.50 亿元，同比-41.41%；扣非后归母净利润 23.40 亿元，同比-41.27%；基本每股收益 0.9616 元/股，加权平均净资产收 益率 9.72%，同比减少 4.45 个百分点。经营活动产生的现金流量净额 57.23 亿元，同比-6.80%。截至 2024 年 12 月 31 日，公司总资产 766.64 亿元，同 比-1.75%，净资产 261.64 亿元，同比-2.19%。 市场数据：2025 年 3 月 24 日 事件点评 收盘价（元）： 8.73 年内最高/最低（元）： 15.05/7.84 流通 A 股/总股本（亿 股）： 24.69/24.75 突发事故影响公司煤炭产销量。受"1·12"突发事故及后续整改影响， 公司 2024 年煤炭产、销量均有所下滑：报告期原煤产量 2753 万吨，同比下 降 318 万吨（-10.35%）；商品煤销量 2720 万吨，同比下降 383 万吨（-12. ...

煤炭/煤炭开采 平煤股份（601666.SH） 煤种优化对冲煤价下滑，高成长高分红凸显价值 股价走势图 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-03 2024-07 2024-11 平煤股份 沪深300 相关研究报告 《Q3 业绩环比持平，关注宏观政策和 高股息 — 公 司 信 息 更 新 报 告 》 -2024.10.28 《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 复产和高分红—2024 年一季报点评报 告》-2024.4.26 张绪成（分析师） 2025 年 03 月 21 日 ——公司 2024 年报点评报告 投资评级：买入（维持） | 日期 | 2025/3/20 | | --- | --- | | 当前股价(元) | 8.98 | | 一年最高最低(元) | 15.05/7.84 | | 总市值(亿元) | 222.27 | | 流通市值(亿元) | 221.75 | | 总股本(亿股) | 24.75 | | 流通股本(亿股) | 24.69 | | 近 3 个月 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 21 年 月 日 平煤股份（601666.SH） 降本增效持续推进，"东引西进出海"值得期待 公司发布 2024 年业绩公告。2024 年公司实现总营业收入 302.81 亿元，同 比减少 4.25%；实现归母净利润 23.50 亿元，同比减少 41.41%。24Q4 公司 实现营业收入 69.6 亿元，同比-18.0%，环比-1.45%；实现归母净利润 3.05 亿元，同比-64.92%，环比-53.3%。 精煤业务经营韧性凸显，主焦煤龙头行业领先。 成本优化持续推进。1）公司井下充填开采技术取得新突破，十一矿井下充填 开采单月产量由 2024 年年初的 3 万吨突破至 24 年财报披露时的 7.1 万吨， 吨煤成本降低 22 元。2）构建物资全流程管控模式，物资消耗成本月均降低 14%。3）主辅分离改革提质扩面。平稳完成 4 家选煤厂、天力工程处和八矿 后勤辅业分离近 600 人。4）财务资金管控效果显著，全面降低融资成本。 "东引西进出海"。2024 年以 17.48 亿元成功竞得 16.68 亿吨新疆托里县塔 城白杨河矿区铁厂沟 ...

Investment Rating - The investment rating for Pingmei Shenma Energy Co., Ltd. is "Buy" [4] Core Views - The company's performance is impacted by production fluctuations, but the high-quality coking coal and "going out" strategy provide growth opportunities [5][8] - In 2024, the company reported a revenue of 30.281 billion yuan, a decrease of 4.25% year-on-year, and a net profit attributable to shareholders of 2.350 billion yuan, down 41.41% year-on-year [1][2] - The average selling price of the company's coking coal increased by 7.10% year-on-year to 1,033 yuan/ton, despite a decline in production and sales volume [5][8] Summary by Sections Financial Performance - In 2024, the company produced 27.53 million tons of raw coal, a decrease of 10.35% year-on-year, and sold 27.20 million tons of commercial coal, down 12.34% year-on-year [5] - The gross profit margin for the coal business in 2024 was 28.68%, a decrease of 3.64 percentage points year-on-year [5] - The company plans to distribute a cash dividend of 6.0 yuan per 10 shares, totaling 1.417 billion yuan, which represents 60.31% of the net profit attributable to shareholders [5] Capital Expenditure and Shareholder Returns - The capital expenditure plan for 2025 is set at 4.149 billion yuan, a decrease of approximately 1.2 billion yuan from 2024 [5] - The company has initiated a share buyback program with a total amount not less than 500 million yuan and not exceeding 1 billion yuan, reflecting confidence in long-term development [6][8] Strategic Initiatives - The company is actively implementing the "East Introduction and West Going Out" strategy, acquiring high-quality coal resources in Xinjiang [8] - The company aims to enhance its core competitiveness and sustainable profitability through resource acquisition and strategic investments [8] Earnings Forecast - The forecasted net profit attributable to shareholders for 2025-2027 is 2.545 billion, 2.819 billion, and 2.939 billion yuan respectively [8] - The price-to-earnings ratio (P/E) for 2025-2027 is projected to be 8.74, 7.88, and 7.56 times respectively, indicating potential for earnings growth [8]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 30.281 billion yuan in 2024, a decrease of 4.25% year-on-year, and a net profit attributable to shareholders of 2.35 billion yuan, down 41.41% year-on-year [1] - The company plans to increase its raw coal production to 30.93 million tons in 2025, representing a year-on-year growth of 12.35% [2] - The company will distribute a cash dividend of 0.6 yuan per share, resulting in a dividend yield of 6.78% based on the closing price on March 21, 2025 [3] - The capital expenditure is expected to decrease, with a planned investment of 4.149 billion yuan for 2025, down 11.8% from the actual expenditure in 2024 [3] - The forecasted net profit for 2025-2027 is 1.144 billion yuan, 1.510 billion yuan, and 1.942 billion yuan, respectively, with corresponding EPS of 0.46, 0.61, and 0.78 yuan per share [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 30.281 billion yuan, with a net profit of 2.35 billion yuan, reflecting a significant decline in profitability [1][4] - The coal production for 2024 was 27.53 million tons, down 10.35% year-on-year, with a total sales volume of 26.411 million tons, a decrease of 14.88% [2] Production and Sales - The company’s coking coal production was 11.95 million tons in 2024, down 5.83% year-on-year, while the proportion of coking coal in total production increased to 43.41%, up 2.09 percentage points [2] - The average selling price of commodity coal was 1,016.09 yuan per ton, an increase of 3.35% year-on-year, while the selling price of coking coal decreased by 4.59% to 1,753.46 yuan per ton [2] Dividend and Capital Expenditure - The company plans to distribute a total cash dividend of 1.417 billion yuan, which is 60.31% of the net profit available for distribution [3] - The capital expenditure for 2024 was 4.704 billion yuan, with a planned reduction to 4.149 billion yuan for 2025 [3] Profit Forecast - The projected net profit for 2025 is 1.144 billion yuan, with an EPS of 0.46 yuan, and the PE ratio is expected to be 19 times based on the closing price on March 21, 2025 [4][3]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a total revenue of 30.281 billion yuan in 2024, a decrease of 4.25% year-on-year, and a net profit attributable to shareholders of 2.350 billion yuan, down 41.41% year-on-year [1]. - The company is focusing on cost optimization and has made significant progress in underground filling mining technology, increasing monthly production from 30,000 tons at the beginning of 2024 to 71,000 tons by the time of the report, reducing coal costs by 22 yuan per ton [3]. - The company has successfully acquired exploration rights for a coal mine in Xinjiang and a 60% stake in a coal company, indicating strategic expansion plans [3]. - The company plans to distribute a cash dividend of 6.0 yuan per 10 shares, totaling approximately 1.42 billion yuan, which represents 60.31% of the net profit available for distribution [3]. Financial Performance - In 2024, the company produced 27.53 million tons of raw coal, a decrease of 10.4% year-on-year, with a total sales volume of 27.20 million tons, down 12.3% year-on-year [8]. - The average selling price of commodity coal in 2024 was 1,033 yuan per ton, an increase of 5.4% year-on-year, while the average cost was 737 yuan per ton, up 10.6% year-on-year [8]. - The company expects revenues of 26.684 billion yuan, 26.597 billion yuan, and 26.701 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.249 billion yuan, 1.567 billion yuan, and 1.711 billion yuan [4][5]. Market Position - The company is recognized as a leading player in the coking coal industry, with high-quality coal resources and a strategic focus on cost control and operational efficiency [2][3]. - The company’s coal resources are nearly 3 billion tons, with a focus on high-quality coking coal, which is a scarce strategic resource in the market [8].