证券代码：601666 股票简称：平煤股份 编号：2024-032 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。 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 根据《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，截至 2024 年 3 月 31 日， 公司已累计回购股份 26,241,182 股，占目前公司总股本的比例为 1.06%，购买的最高价为 12.01 元/股、最低价为 9.76 元/股，已支付 的总金额为 278,712,737.15 元（不含印花税、交易佣金等交易费用）。 上述回购进展符合既定的回购股份方案。 重要内容提示： ●本次回购方案实施情况：截至 2024 年 3 月 31 日，平顶山天安 煤业股份有限公司（以下简称"公司"）已累计回购股份 26,241,182 股，占目前公司总股本的比例为 1.06%，购买的最高价为 12.01 元/ 股、最低价为 9.76 元/股，已支付的总金额为 278,712,737.15 元（不 ...

证券代码：601666 证券简称：平煤股份 编号：2024-033 平顶山天安煤业股份有限公司 关于可转换公司债券转股结果暨股份变动的公告 转债代码：113066 转债简称：平煤转债 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。 重要内容提示： ●转股情况：平顶山天安煤业股份有限公司可转换公司债券（以下 简称"平煤转债"）自 2023 年 9 月 22 日起开始转股，2024 年第一季度 共计 1,183,535,000 元"平煤转债"转换为公司股份，因转股形成的股 份数量为 130,632,214 股；截至 2024 年 3 月 31 日，累计共有 1,471,760,000 元"平煤转债"转换为公司股份，因转股形成的股份数 量为 162,444,856 股，占可转债转股前公司已发行股份总额的 7.02%。 ●未转股可转债情况：截至 2024 年 3 月 31 日，尚未转股的"平 煤转债"金额为 1,428,240,000 元，占"平煤转债"发行总额的 49.25%。 一、可转债发行上市概况 1、"平煤转债"发行上市 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company maintains high profitability from premium coking coal and offers attractive dividends, making it a long-term hold [2] - The company reported a significant increase in performance in the first three quarters, with expectations for continued high growth throughout the year [4] - The company is focusing on a premium coal strategy and efficiency improvements, highlighting its long-term value through high dividends [4] Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 31.561 billion yuan, a year-on-year decrease of 12.44%. The net profit attributable to shareholders was 4.003 billion yuan, down 30.25% year-on-year [4] - The coal segment generated revenue of 30.815 billion yuan, accounting for 97.63% of total revenue, with a gross margin of 31.81%, down 3.09 percentage points year-on-year [4] - The company sold a total of 31.0283 million tons of coal in 2023, with a sales price of 983.17 yuan per ton, down 12.07% year-on-year [4] Production and Sales - The company produced 30.71 million tons of raw coal, a slight increase of 1.35% year-on-year, while the sales volume of coking coal rose by 6.29% to 12.7136 million tons [4] - The company plans to increase its premium coal production to 13.05 million tons in 2024, reflecting a growth strategy in premium coal sales [4] Dividend Policy - The company announced a cash dividend of 9.90 yuan per 10 shares, totaling 2.425 billion yuan, which represents 60.59% of the net profit available for distribution [4] - The company aims to distribute at least 60% of its annual distributable profits as cash dividends, emphasizing its commitment to shareholder returns [4] Profit Forecast - The forecasted net profit for 2024-2026 is 4.42 billion, 5.00 billion, and 5.30 billion yuan respectively, with corresponding PE ratios of 6.8, 6.0, and 5.7 times [4][5] - The company is expected to maintain high profitability as a leading regional coking coal producer [4]

平顶山天安煤业股份有限公司 会议资料 未公开披露 请妥善保存 平顶山天安煤业股份有限公司 2023 年年度股东大会会议资料 2024 年 4 月 平顶山天安煤业股份有限公司 会议资料 目 录 | 2023 | 年度董事会工作报告 | 1-1 | | --- | --- | --- | | 2023 | 年度监事会工作报告 | 2-1 | | 2023 | 年度财务决算报告 | 3-1 | | 2023 | 年度利润分配预案 | 4-1 | | 2023 | 年年度报告（正文及摘要） | 5-1 | | 关于 | 2024 年生产经营投资计划的议案 | 6-1 | | | 关于授权公司开展境内外融资业务的议案 | 7-1 | 平顶山天安煤业股份有限公司 会议资料 2023 年度董事会工作报告 各位股东： 2023 年，公司董事会严格按照《公司法》《证券法》等法律法 规及《公司章程》等有关规定要求，科学决策、规范运作、高效运行， 持续提升公司经营质量，积极维护全体股东及公司合法权益。现将 2023 年董事会工作报告如下： 一、2023 年工作回顾 （一）董事会运行更加规范高效。2023 年，公司共召开 18 次董 ...

平顶山天安煤业股份有限公司 2023 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 2023 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 | 根据《证券法》《证券发行上市保荐业务管理办法》《上海证券交易所股票 上市规则》和《上海证券交易所上市公司自律监管指引第 11号 -- 持续督导》 等有关法律、法规的规定,华泰联合证券有限责任公司(以下简称"华泰联合证 券"或"保荐机构"）作为平顶山天安煤业股份有限公司（以下简称"平煤股份"、 "公司"或"上市公司"）公开发行可转换公司债券的保荐机构,对平煤股份进 行持续督导，持续督导期为 2023 年 4 月 10 日至 2024 年 12 月 31 日。现就 2023 年度持续督导工作总结如下: 2 4 华泰联合证券 平顶山天安煤业股份有限公司 2023 年持续督导年度报告书 | | 应及时向上海证券交易所报告。 ...

[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]