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].

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 year-on-year decrease of 4.25%, 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 projected net profits for 2025-2027 are 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 a 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 coal 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, 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 forecasted net profits for the next three years are 1.144 billion yuan for 2025, 1.510 billion yuan for 2026, and 1.942 billion yuan for 2027, with corresponding PE ratios of 19, 15, and 11 [4][3]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 平煤股份（601666） 邮 箱：zuoqianming@cindasc.com 高 升 能源、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 煤炭行业研究助理 邮 箱：liubo1@cindasc.com [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 产量波动影响业绩，大精煤+走出去战略赋予成长 [Table_ReportDate] 2025 年 3 月 21 日 [Table_S 事件： ummary] 2025 年 3 月 20 日，平煤股份发布 2024 年度报告，2024 年，公司实现营 业收入 302.81 亿元，同比下降 4.25%，实现归母净利润 23 ...

平顶山天安煤业股份有限公司（以下简称"公司"）于 2025 年 3 月 20 日召开第九届董事会第四十次会议和第九届监事会第二十一次会议， 审议通过了《2024 年度利润分配预案》，现将有关事宜公告如下： 一、利润分配预案的基本情况 经审计，我公司 2024 年度合并报表归属于上市公司股东可供分配 净利润为 2,349,559,452.79 元。根据《公司法》和《公司章程》有关 规定，并参照公司董事会拟定的《平顶山天安煤业股份有限公司未来三 年股东分红回报规划（2023-2025 年）》相关条款，2024 年年度利润分 配时，以公司实施利润分配方案时股权登记日的总股本为基数（不含回 购账户），向全体股东派发现金股利。以 2025 年 3 月 10 日股本 2,475,149,754 股，扣除回购专户 113,297,122 股后剩余 2,361,852,632 股为基数，每 10 股派发现金股利 6.0 元（含税）,共计 1,417,111,579.2 元，占当年归属于上市公司股东可供分配净利润的 60.31%，未分配部分 用于公司的发展。 在实施权益分派股权登记日前公司总股本发生变动的，拟维持每股 证券代码 ...

2、发行期限：期限不超过 10 年（含 10 年）。 3、发行时间：根据实际资金需求情况，在中国银行间市场交易商 协会注册有效期内择机一次或分期发行。 证券代码：601666 股票简称：平煤股份 编号：2025-022 平顶山天安煤业股份有限公司 关于拟注册发行中期票据的公告 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 为拓宽平顶山天安煤业股份有限公司（以下简称"公司"）的融资 渠道，公司根据业务发展对资金的需求，拟向中国银行间市场交易商协 会申请注册金额不超过 40 亿元（含）人民币的中期票据，并在中期票 据注册额度有效期内，根据公司自身资金需求在中国境内一次或分期发 行。具体方案和授权事宜如下： 一、注册发行额度方案 1、注册额度：不超过 40 亿元（含）人民币。 构借款及债券、项目建设等。 8、本次决议的效力：本次发行事宜决议需经公司股东会审议通过 后，在本次发行中期票据的注册有效期内持续有效。 二、授权事宜 为有效协调融资业务的具体事宜，提请股东会授权董事会及董事会 授权人士根据有关法律法规的规定及监管机构的 ...

平顶山天安煤业股份有限公司 2024 年度内部控制审计报告 守正创新审字 202500023 号 (特殊普通合伙) 河南守正创新 十日 目 录 | 项 目 | | 起始页码 | | --- | --- | --- | | 内部控制审计报告 | | 1 | | 平顶山天安煤业股份有限公司 | 2024 年度内部控制评价报告 | 3 | 河南守正创新会计师事务所（特殊普通合伙） 地址：河南自贸试验区郑州片区（郑东）东风南路与金水东路交叉口 绿地新都会 9 号楼 9 层 906 电话：0371-65335617 65335627 四、财务报告内部控制审计意见 内部控制审计报告 守正创新审字 202500023 号 平顶山天安煤业股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们 审计了平顶山天安煤业股份有限公司（以下简称"平煤股份"）2024 年 12 月 31 日的 财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评 价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是平煤股份董事 会的责 ...