Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [12][13] - The coal price is expected to remain weak in May due to seasonal demand fluctuations, but there is a bottom support for prices, and a gradual recovery is anticipated as the peak season approaches [3][12] - The underlying investment logic of coal supply shortages remains unchanged, with a balanced short-term supply and demand but a medium to long-term gap still present [12][13] Summary by Sections Coal Price Tracking - As of May 10, the market price for Qinhuangdao port thermal coal (Q5500) is 635 CNY/ton, down 17 CNY/ton week-on-week [30] - The international thermal coal price for Newcastle (NEWC5500) is 69.8 USD/ton, down 0.5 USD/ton week-on-week [30] - The price for coking coal at Jing Tang port is 1380 CNY/ton, down 20 CNY/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is 96.4%, an increase of 2.5 percentage points week-on-week [47] - The daily coal consumption in inland provinces has increased by 33.80 thousand tons/day, a rise of 12.17% week-on-week [12] - The daily coal consumption in coastal provinces has decreased by 12.40 thousand tons/day, a decline of 6.67% week-on-week [12] Inventory Situation - As of May 9, coal inventory at Qinhuangdao port has increased to 753 thousand tons, up 8.0% week-on-week [5] - The inventory of coking coal at production sites has risen to 390.43 thousand tons, an increase of 8.9% week-on-week [5] Company Performance - The coal sector has shown a 1.47% increase this week, underperforming the broader market [15] - Key companies to focus on include China Shenhua, Shaanxi Coal, and China Coal Energy, which are noted for stable operations and solid performance [13]

Group 1 - The company approved a share repurchase plan at the 35th meeting of the 9th Board of Directors on October 30, 2024, allowing for a buyback price not exceeding RMB 14.36 per share, with total funds between RMB 500 million and RMB 1 billion, and a duration of up to 12 months from the approval date [1] - As of April 30, 2025, the company has repurchased a total of 124,611,522 shares, representing 5.03% of the total share capital, with the highest purchase price at RMB 10.70 per share and the lowest at RMB 8.26 per share, totaling RMB 941,690,562.44 spent [2][1] - The company will adhere to relevant regulations and make repurchase decisions based on market conditions, ensuring timely information disclosure regarding the progress of the share repurchase [3]

证券代码：601666 证券简称：平煤股份 公告编号：2025-037 平顶山天安煤业股份有限公司 关于以集中竞价交易方式回购股份的进展公告 截至 2025 年 4 月 30 日，公司回购账户累计回购股票 124,611,522 股，占公 司总股本的比例为 5.03%。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公告。 重要内容提示： | 回购方案首次披露日 | 2024/10/31 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 30 | 10 | 月 | 日~2025 | 年 | 10 月 | 29 | 日 | | 预计回购金额 | 5亿元~10亿元 | | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于 ...

Investment Rating - The report maintains a positive outlook on the coal industry, indicating an "Overweight" rating [1]. Core Insights - The report highlights that coal prices are under pressure during the off-season, with a forecasted contraction in imports expected to support prices [1]. - The report emphasizes that domestic coal production is expected to stabilize, with a potential rebound in coking coal prices as demand increases in the peak season [1]. - Key recommended stocks include China Shenhua, Shaanxi Coal, and China Coal Energy for stable operations and high dividends, while Huabei Mining and Pingmei Shenma are noted for their undervalued growth potential [1]. Summary by Sections Recent Industry Policies and Dynamics - New energy consumption limits for various industries, including coal, are set to take effect, potentially saving 24.52 million tons of standard coal annually [9]. - Coal production in major provinces like Shanxi and Inner Mongolia has seen significant year-on-year growth, contributing to a record high in domestic coal output [9]. Price Trends - As of April 30, 2025, the prices for various grades of thermal coal have seen slight declines, with Q4500, Q5000, and Q5500 thermal coal prices reported at 508, 570, and 650 CNY/ton respectively [1][10]. - Coking coal prices have remained stable, with key prices reported at 1380 CNY/ton for Shanxi's main coking coal [1][13]. Inventory and Demand - The average daily coal inflow to the Bohai Rim ports increased by 4.62% to 1.9614 million tons, while the outflow decreased by 1.14% to 1.9894 million tons [21]. - Port inventories decreased slightly to 31.035 million tons, reflecting a 0.21% drop [21]. Shipping Costs - Domestic coastal shipping costs have risen slightly, with average freight rates reported at 37.57 CNY/ton, marking a 0.31% increase [28]. - International shipping rates have also seen increases, particularly for coal from Indonesia and Australia [28]. Company Valuations - The report includes a valuation table for key companies, highlighting their stock prices, market capitalizations, and earnings per share (EPS) forecasts for 2024 to 2027 [34].

Group 1: Core Views - The recent upgrades in stock ratings by brokerages are primarily concentrated in sectors with significant performance growth, rising industry sentiment, or turnaround situations, particularly in AI and robotics [2][5] - The number of stocks downgraded by brokerages has reached a year-to-date high, with notable downgrades in the coal and tourism sectors [5][6] Group 2: Upgraded Stocks - Multiple stocks in the AI and robotics sectors have received rating upgrades, including: - Platinum New Materials, with a projected net profit of 376 million yuan for 2024, a year-on-year increase of 46.9% [2] - Huichang Communications, expected to achieve a net profit of 29 million yuan in 2024, turning profitable with a 12.28% year-on-year revenue growth in Q1 [2] - Beijing Junzheng, with Q1 revenue of 1.06 billion yuan, a 5.3% year-on-year increase, and anticipated market recovery [3] - Keli Sensor, reporting a net profit of 76 million yuan in Q1, a nearly 76% year-on-year increase [3] - Nanshan Zhishang, recognized for its leading position in domestic wool spinning and new materials applications [3][4] Group 3: Downgraded Stocks - Several coal stocks have been downgraded, including: - Shanxi Coking Coal and Pingmei Shenma, downgraded to "overweight" due to weak coking coal prices [5] - Shanmei International, also downgraded to "overweight" despite low mining costs and potential production increases [5] - The tourism sector has seen downgrades, such as: - Jinjiang Hotels, with a Q1 net profit of 36 million yuan, down 81% year-on-year [5] - Miao Exhibition, downgraded due to declining revenue amid intensified competition [6] Group 4: Market Outlook - Brokerages are optimistic about AI and high-dividend sectors for May, with expectations of a continued oscillating market [7] - Recommendations include focusing on three main directions: financial dividends, self-sufficiency in industries like military, and domestic consumption [7] - The market is expected to follow a gentle recovery path, with attention on cyclical sectors and growth styles, particularly in AI and robotics [7]

Core Viewpoint - In Q1 2025, the company reported a significant decline in revenue and net profit, indicating challenges in the coal market and the need for strategic adjustments to improve performance [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 5.4 billion yuan, a year-on-year decrease of 35% [1]. - The net profit attributable to shareholders was 150 million yuan, down 80% year-on-year [1]. - The weighted average return on equity was 0.58%, a decrease of 2.16 percentage points year-on-year [1]. Group 2: Coal Business Analysis - The decline in coal prices negatively impacted the gross profit per ton of coal, but cost optimization efforts were a positive highlight [2]. - In Q1 2025, the company produced 7.5 million tons of raw coal, an increase of 13% year-on-year, while the sales volume of commercial coal was 6.32 million tons, a decrease of 9% year-on-year [2]. - The unit selling price of commercial coal in Q1 2025 was 763 yuan per ton, down 34% year-on-year [2]. - The cost per ton of coal was 616 yuan, a decrease of 26% year-on-year, resulting in a gross profit of 147 yuan per ton, down 54% year-on-year [2]. Group 3: Strategic Initiatives - The company is implementing a strategy to acquire quality coal resources, including a 60% stake in Xinjiang Wusu Sike Tree Coal Co. for 660 million yuan, which has an approved production capacity of 1.2 million tons per year [2]. - In October 2024, the company successfully acquired exploration rights for the Tarcheng Baiyanghe Mine with a resource reserve of 1.668 billion tons for 1.748 billion yuan [2]. - These strategic acquisitions are expected to enhance the company's resource continuity and positively impact future performance as new production capacity is gradually released [2]. Group 4: Profit Forecast and Investment Rating - The company forecasts revenues of 25.1 billion yuan, 26.4 billion yuan, and 27.8 billion yuan for 2025-2027, with year-on-year changes of -17%, +5%, and +5% respectively [3]. - The net profit attributable to shareholders is projected to be 660 million yuan, 1.33 billion yuan, and 1.96 billion yuan for the same period, with year-on-year changes of -72%, +100%, and +47% respectively [3]. - The earnings per share (EPS) are expected to be 0.27 yuan, 0.54 yuan, and 0.79 yuan, corresponding to price-to-earnings (PE) ratios of 31, 15, and 10 times [3].

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [2][12]. Core Views - The report highlights that both volume and cost have room for improvement, with a long-term resource advantage through strategic acquisitions [3][8]. - The company reported a significant decline in revenue and net profit for Q1 2025, with revenue at 5.4 billion yuan, down 35% year-on-year, and net profit at 150 million yuan, down 80% year-on-year [4][8]. - The report anticipates a gradual recovery in revenue and profit over the next few years, with projected revenues of 25.1 billion yuan in 2025, 26.4 billion yuan in 2026, and 27.8 billion yuan in 2027, reflecting a year-on-year change of -17%, +5%, and +5% respectively [8][12]. Summary by Sections Recent Performance - In Q1 2025, the company achieved a coal production of 7.5 million tons, up 13% year-on-year, while the sales volume of commercial coal was 6.32 million tons, down 9% year-on-year [8]. - The average selling price of commercial coal in Q1 2025 was 763 yuan per ton, down 34% year-on-year, while the cost per ton was 616 yuan, down 26% year-on-year [8]. Strategic Initiatives - The company has implemented a strategy to acquire quality coal resources, including a 60% stake in Xinjiang Wusu Sike Tree Coal Co. for 660 million yuan and the successful acquisition of exploration rights for a coal mine with a resource reserve of 1.668 billion tons for 1.748 billion yuan [8]. Financial Projections - The report projects net profits for 2025, 2026, and 2027 to be 660 million yuan, 1.33 billion yuan, and 1.96 billion yuan respectively, with corresponding earnings per share (EPS) of 0.27 yuan, 0.54 yuan, and 0.79 yuan [8][12]. - The price-to-earnings (P/E) ratio is expected to be 31, 15, and 10 times for the years 2025, 2026, and 2027 respectively [8][12].

编号：信评委函字[2025]跟踪 0166 号 平顶山天安煤业股份有限公司 2025 年度跟踪评级报告 声 明 平顶山天安煤业股份有限公司 2025 年度跟踪评级报告 ⚫ 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 中诚信国际信用评级有限责任公司 2025 年 4 月 29 日 2 ⚫ 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相 关性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、 准确性不作任何保证。 ⚫ 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 ⚫ 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委 托方、评级对象和其他第三方的干预和影响。 ⚫ 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议 任何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of RMB 9.84 [7]. Core Views - The company's Q1 2025 performance showed a significant decline in revenue and net profit due to a drop in coking coal prices, with revenue at RMB 5.4 billion, down 34.69% year-on-year, and net profit at RMB 152 million, down 79.50% year-on-year [1]. - The report anticipates a potential recovery in coking coal prices as demand improves, despite the current oversupply situation [2][3]. - The company maintains a high dividend payout ratio, averaging over 60% from 2019 to 2024, which supports its growth outlook [1]. Summary by Sections Financial Performance - In Q1 2025, the company produced 7.495 million tons of raw coal, a decrease of 13.1% year-on-year, and sold 6.317 million tons of commercial coal, down 8.6% year-on-year [3]. - The average selling price of commercial coal fell by 26.1% year-on-year to RMB 763.4 per ton, leading to a gross margin decline of 8.6 percentage points to 19.3% [3]. Price and Demand Dynamics - The coking coal market is currently characterized by strong supply and weak demand, but there are signs of demand recovery in Q2 2025, with an increase in operating rates at coking plants [2]. - The average price index for low-sulfur and high-sulfur metallurgical coal increased by 3.2% and 2.4% month-on-month in April 2025, indicating a potential price rebound [2]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company has been revised down by 52% for 2025, 40% for 2026, and 13% for 2027, now projected at RMB 780 million, RMB 1.26 billion, and RMB 1.89 billion respectively [4]. - The target price has been adjusted down to RMB 9.84 from RMB 10.3, reflecting the revised profit expectations [4].

Group 1: Fixed Income Market - The recent volatility in the US Treasury market is largely attributed to the upcoming June maturity, which may be overestimated in terms of its impact on financial markets [2] - In the short term, the supply pressure from maturing US Treasuries is expected to be limited, with a more significant focus on the debt ceiling adjustments anticipated in Q3 [2] - Long-term demand for US Treasuries may face a downward trend, with potential alternatives including European and Japanese bonds, as well as gold [2] Group 2: Technology Sector - The report discusses India's potential as the next manufacturing hub for Apple, highlighting the competitive tariff advantages for Indian exports compared to China [4] - Apple theoretically has the capacity to produce the required number of iPhones in India, but initial production will still rely on Chinese exports due to current limitations [4] - The localization of components in India is still in its early stages, with significant reliance on supply chains from other Asian countries for critical parts [4] Group 3: Energy and New Energy - The lithium battery production forecast for May shows a slight decline in overall production, primarily due to the cancellation of mandatory storage policies and the impact of US tariffs on exports [5] - Despite short-term fluctuations, the long-term outlook for the lithium battery industry remains positive, driven by new vehicle models and technologies [5] - Recent power outages in Spain, Portugal, and southern France have underscored the need for investment in grid upgrades and DC grid technology, presenting opportunities for Chinese power equipment companies [6] Group 4: Media and Publishing - Phoenix Media reported a Q1 2025 revenue of 3.226 billion yuan, reflecting a year-over-year decline, but a significant increase in net profit due to continued tax incentives [7] - The company maintains a stable core business and is rated as a "buy" based on its solid performance and favorable tax policies [7] Group 5: Financial Sector - The report indicates that the China Construction Bank's Q1 2025 net profit and revenue showed slight year-over-year changes, with a focus on asset quality and credit expansion [9] - The bank's diversified income sources and stable operations support a "buy" rating [9] Group 6: Consumer Goods - The report highlights the strong performance of China National Offshore Oil Corporation, with Q1 revenues showing a significant year-over-year increase, driven by stable oil and gas production [20] - The company is expected to maintain a "buy" rating due to its robust operational performance and project advancements [20] Group 7: Real Estate - The report notes that China Petroleum's Q1 2025 revenue and net profit exceeded expectations, attributed to increased natural gas production and sales [34] - The company is rated as "increase" based on its strong performance and potential for further growth in the natural gas sector [34]