[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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on a premium coal strategy and has increased its dividend to demonstrate value [5] - In 2023, the company achieved a net profit attributable to shareholders of 4.003 billion yuan, a year-on-year decrease of 30.25% [5] - The company expects net profits to grow in the coming years, with forecasts of 4.661 billion yuan in 2024, 4.955 billion yuan in 2025, and 5.340 billion yuan in 2026, representing year-on-year growth of 16.4%, 6.3%, and 7.8% respectively [5] Financial Performance Summary - In 2023, the company produced 30.71 million tons of raw coal, a year-on-year increase of 1.4%, and sold 31.028 million tons of commercial coal, a year-on-year increase of 0.3% [5] - The average selling price of commercial coal was 983 yuan per ton, down 12.1% year-on-year [5] - The gross profit margin for coal business in 2023 was 32.1%, a decrease of 3.2 percentage points year-on-year [5] - The company plans to sell 13.05 million tons of premium coal in 2024 [5] Dividend and Shareholder Returns - The company announced a cash dividend of 0.99 yuan per share for 2023, totaling 2.425 billion yuan, which is 60.59% of the distributable net profit [5] - The dividend yield based on the closing price on March 19, 2024, is 8.1%, highlighting the company's long-term investment value [5] Future Outlook - The company anticipates improved performance due to supportive government policies aimed at stabilizing growth and a potential rebound in coking coal prices due to supply constraints [5] - The company is also working on optimizing its workforce and has plans for asset injections to enhance growth potential [5]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a total revenue of 31.561 billion yuan for 2023, a year-on-year increase of 12.44%, while the net profit attributable to shareholders was 4.003 billion yuan, a decrease of 30.25% year-on-year [5] - The company plans to distribute a cash dividend of 9.90 yuan per 10 shares, totaling 2.425 billion yuan, which represents 60.59% of the net profit attributable to shareholders, resulting in a dividend yield of 8.1% [5] - The company is expected to have a total coal production capacity of over 40 million tons and a premium coal output of over 15 million tons by 2025 due to the planned asset injection from the parent group [6] - Revenue forecasts for 2024-2026 are projected at 34 billion, 35.4 billion, and 36.1 billion yuan respectively, with net profits of 4.4 billion, 4.665 billion, and 4.983 billion yuan [6] Financial Performance Summary - The company achieved a quarterly revenue of 8.465 billion yuan in Q4 2023, a year-on-year increase of 7.9% and a quarter-on-quarter increase of 18.8% [5] - The average selling price of coal was 983.19 yuan per ton for the year, down 12.1% year-on-year, while the comprehensive cost was 668 yuan per ton, down 7.71% year-on-year [5] - The company’s total assets were reported at 77.685 billion yuan, with a total market value of 28.5 billion yuan [7] - The company’s earnings per share (EPS) for 2023 was 1.71 yuan, with projections of 1.88 yuan, 1.99 yuan, and 2.12 yuan for 2024, 2025, and 2026 respectively [8]

[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 ...