2024 年 04 月 19 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 销售结构有优化，高分红政策再延续 Q1 证券分析师： 陈晨 S0350522110007 chenc09@ghzq.com.cn 证券分析师： 王璇 S0350523080001 ——潞安环能（ ） 年报 一季 601699 2023 &2024 wangx15@ghzq.com.cn 联系人 ： 林国松 S0350123070007 报点评报告 lings@ghzq.com.cn 最近一年走势 事件 : 2024年4月19日，潞安环能发布2023年年度报告以及2024年一季度 报告：2023年公司实现营业收入431.4亿元，同比-20.6%，归属于上市 公司股东净利润79.2亿元，同比-44.1%，扣非后归属于上市公司股东净 利润78.9亿元，同比-45.1%。基本每股收益为2.65元，同比-44.09%。 加权平均ROE为16.4%，同比减少17.62个百分点。 分季度看，2023年第四季度，公司实现营业收入101.2亿元，环比-9.0%， 同比-29.3%；实现归属于上市公司股东净利润6.5亿元，环 ...

[Table_Main] 证券研究报告 | 公司点评 潞安环能(601699.SH) 2024年04月19日 潞安环能：24Q1 产销下滑拖累 买入（维持） 所属行业：煤炭 业绩，高股息凸显投资价值 当前价格(元)：23.82 ——公司年报及一季报点评 证券分析师 翟堃 投资要点 资格编号：S0120523050002 邮箱：zhaikun＠tebon.com.cn 事件：公司发布 2023 年及 2024 年一季度业绩报告。2023 年，公司实现营业总  薛磊 收入431.37亿元，同比-20.6%；归母净利润79.22亿元，同比-44.1%；扣非归母 资格编号：S0120524020001 净利润78.89亿元，同比-45.11%；单季度来看，Q4公司实现营业收入101.24亿 邮箱：xuelei＠tebon.com.cn 元，同比-29.3%，环比-9.0%；归母净利润6.52亿元，同比-86.7%，环比-67%； 研究助理 扣非归母净利润6.47亿元，同比-87.4%,环比-67.2%。2024年一季度，公司实现 营业总收入86.59亿元，同比-27.2%，环比-14.5%；归母净利润12.88亿元 ...

Financial Performance - The company's operating revenue for 2023 was ¥43,137,029,684.41, a decrease of 20.55% compared to ¥54,297,074,121.79 in 2022[19]. - The net profit attributable to shareholders for 2023 was ¥7,921,598,466.91, down 44.11% from ¥14,174,774,891.79 in the previous year[19]. - The net cash flow from operating activities decreased by 73.79% to ¥8,852,240,335.36 from ¥33,768,674,757.81 in 2022[19]. - Basic earnings per share for 2023 were ¥2.65, a decline of 44.09% from ¥4.74 in 2022[20]. - The weighted average return on equity decreased by 17.62 percentage points to 16.37% in 2023 from 33.99% in 2022[20]. - The total assets at the end of 2023 were ¥86,762,330,545.14, down 8.48% from ¥94,805,965,098.34 at the end of 2022[19]. - The company reported a decrease in net assets attributable to shareholders by 1.41% to ¥48,060,457,101.77 at the end of 2023[19]. - The company's total revenue decreased by 20.55% year-on-year to approximately 43.14 billion RMB, while operating costs fell by 5.85% to about 22.55 billion RMB[32]. - The net cash flow from operating activities dropped significantly by 73.79% to approximately 8.85 billion RMB[32]. - The company reported a significant reduction in income tax expenses, which decreased by 43.98% to approximately ¥2.39 billion, reflecting a decrease in total profit[33]. Dividend Distribution - The company plans to distribute a cash dividend of 15.89 CNY (including tax) for every 10 shares based on a total share capital of 2,991,409,200 shares as of December 31, 2023[4]. - The company distributed a total dividend of 8.526 billion yuan, ranking first in the history of the Shanxi sector and among the top listed companies nationwide[25]. - The company has a cash dividend policy that prioritizes cash dividends, with a total cash dividend amount of ¥4,753,349,218.80, which represents 60% of the net profit attributable to ordinary shareholders in the consolidated financial statements[94]. Operational Highlights - The company achieved a total coal production of 60.46 million tons in 2023, marking a significant milestone as it surpassed the 60 million tons threshold for the first time[25]. - The company completed energy supply tasks amounting to 13.56 million tons, demonstrating its commitment to energy security[27]. - In 2023, the company's raw coal production reached 60.46 million tons, with sales of 54.98 million tons, generating coal sales revenue of 40 billion RMB, accounting for 93.47% of total revenue[29]. - The average selling price of commercial coal was 727.66 RMB per ton[31]. - The company has 19 production mines, with advanced production capacity of 48.8 million tons, leading the industry[30]. Risk Management and Challenges - The company acknowledges potential uncertainties in achieving its 2024 operational targets due to coal industry policies and supply-demand factors[6]. - The company emphasizes the importance of investor awareness regarding risks associated with forward-looking statements in the annual report[5]. - The company anticipates challenges from external factors such as weak downstream demand and increased competition from imported coal[56]. - The coal price is expected to face significant pressure due to increased imports and weak demand from downstream sectors[56]. - The company is highly sensitive to product price fluctuations due to its reliance on downstream demand from steel, electricity, infrastructure, and real estate, making it vulnerable to economic conditions and commodity price volatility[65]. Governance and Compliance - The company has received a standard unqualified audit report from Lixin Accounting Firm[3]. - The board of directors and supervisory board members have all attended the board meeting, ensuring the integrity of the annual report[2]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[6]. - The company has not violated decision-making procedures in providing guarantees to external parties[6]. - The company held 2 shareholder meetings and 5 board meetings during the reporting period, discussing a total of 17 and 35 proposals respectively, demonstrating active governance practices[66]. Environmental Initiatives - The company has invested ¥4,587.98 million in environmental protection during the reporting period[99]. - The company is focused on environmental protection initiatives, including water pollution prevention and the promotion of low-carbon technologies[62]. - The company reported a total emission of 3.7367 tons of particulate matter from the coking furnace chimney, with a concentration of 1.675 mg/m³, which is below the standard limit of 10 mg/m³[102]. - The sulfur dioxide emissions from the coking furnace chimney were recorded at 7.216 mg/m³, significantly lower than the standard limit of 30 mg/m³, with a total emission of 16.24469 tons[102]. - The company has committed to continuous improvement in pollution control measures, with ongoing investments in emission reduction technologies[106]. Strategic Focus and Future Plans - The company aims to maintain a coal production scale of 50 million tons and achieve over 30 billion in revenue for 2024[58]. - The strategic focus for 2020-2025 includes a "one core, two wings, and four drives" framework to enhance high-quality development[57]. - The company is committed to zero safety production accidents and minimizing environmental pollution risks in 2024[58]. - The company is focusing on green mining practices, implementing "green intelligent mining" techniques to improve resource utilization efficiency[59]. - The company is committed to digital transformation, with plans to launch a comprehensive digital management platform for core business operations by the end of the year[59]. Human Resources and Talent Management - The company has a total of 3,850 R&D personnel, accounting for 11.20% of the total workforce[45]. - The company has implemented a training program for employees, focusing on skill enhancement and compliance with safety regulations[91]. - The company has a performance-oriented salary system, with a focus on frontline employees and high-skilled talents, ensuring that the compensation structure includes various components such as basic salary and performance bonuses[90]. - The company is emphasizing the importance of performance-based compensation to attract and retain key talent[61]. Financial Position and Assets - The total assets decreased from ¥94.81 billion in 2022 to ¥86.76 billion in 2023, a decline of approximately 8.5%[158]. - The company's total equity at the end of 2023 was CNY 49,223,223,313.24, showing a slight increase from CNY 49,211,233,500.40 in 2022[169]. - The company reported a total of CNY 20,331,081,741.13 in initial balances for deposits with related parties, with a total deposit amount of CNY 136,356,260.44 during the period[130]. - The company has a significant ownership structure, with 91.51% of the total share capital held by the Shanxi Lu'an Mining (Group) Co., Ltd[180]. - The company has a history of profitable operations and possesses financial resources to support its ongoing business activities, indicating a strong ability for sustainable operations[183].

Dividend Distribution - The company plans to distribute a cash dividend of 15.89 CNY per 10 shares to all shareholders based on a total share capital of 2,991,409,200 shares as of December 31, 2023[3] Annual Report Correction - The correction made to the annual report does not impact the company's 2023 annual operating performance[3] - The company expresses apologies for any inconvenience caused to investors due to the correction and emphasizes the commitment to enhance the quality of information disclosure in the future[4]

潞安环能（601699.SH）2023年年报及2024年一季报点评 23 年高分红持续，股息率 6.62% 2024年04月19日 ➢ 事件：2024年4月18日，公司发布2023年年报及2024年一季报，2023 推荐 维持评级 年公司实现归属于母公司所有者的净利润79.22亿元，同比减少44.11%；营业 当前价格： 23.99元 收入431.37亿元，同比减少20.55%；2024年一季度公司实现归属于母公司所 有者的净利润 12.88 亿元，同比减少 61.9%；营业收入 86.59 亿元，同比减少 27.19%。 [Table_Author] ➢ 2023年现金分红60%，股息率6.62%。据公告，2023年公司拟每10股 派发现金股利15.89元（含税），现金分红金额达到47.53亿元，占2023年归 母净利润的60%。以2024年4月18日股价测算，股息率6.62%。 ➢ 23Q4 售价下滑，管理费用环比大幅提升。2023 年公司实现归属于母公司 所有者的净利润 79.22 亿元，同比减少 44.11%。公司全年实现煤炭产量 6046 万吨，同比增长6.26%，商品煤销量5498 万吨，同比增长 ...

山西潞安环保能源开发股份有限公司 关于在潞安集团财务有限公司办理 存贷款业务的风险评估报告 按照上海证券交易所《上海证券交易所上市公司自律监管指引第 5 号—交易与关联交易（2023 年 1 月修订）》的要求，山西潞安环保能源 开发股份有限公司（以下简称"本公司"）通过查验潞安集团财务有限公 司（以下简称"财务公司"）《金融许可证》、《营业执照》等证件资料， 并查阅了财务公司 2023 年度的财务报表，对其经营资质、业务和风险状 况进行了评估，具体情况报告如下： 一、财务公司基本情况 财务公司于 2007 年 7 月 25 日经中国银行保险监督管理委员会 长治监管分局颁发机构编码为 L0085H314040001 的《中华人民共和国 金融许可证》，2007 年 8 月 7 日经长治市工商行政管理局批准成立， 2024 年 1 月 23 日，换发《营业执照》，统一社会信用代码 91140400235989941U。公司注册地址为山西省长治市潞州区府后西街 388 号颐龙湾综合楼E1 栋东侧裙楼1-4 层。 财务公司的经营范围：吸收成员单位的存款；办理成员单位贷款； 办理成员单位票据贴现；办理成员单位资金结算与收 ...

证券代码：601699 股票简称：潞安环能 公告编号：2024-022 一、 拟聘任年度财务审计机构的基本情况 （一）机构信息 1．基本信息 山西潞安环保能源开发股份有限公司 关于续聘 2024 年度审计机构的公告 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。 重大内容提示： 拟聘任年度财务审计机构：立信会计师事务所(特殊普通合伙) 拟聘任内控审计机构：信永中和会计师事务所（特殊普通合伙） 本议案尚需提交山西潞安环保能源开发股份有限公司（以下简称"公司"） 股东大会审议。 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会计泰斗潘 序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制的 特殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。 立信是国际会计网络 BDO 的成员所，长期从事证券服务业务，新证券法实施前具 有证券、期货业务许可证，具有 H 股审计资格，并已向美国公众公司会计监督委 员会（PCAOB）注册登记。 截至 2023 年末，立信拥有合伙人 ...

潞安环能内文 2024-03-08.indd 1 2024/4/11 10:39:43 2023 年环境、社会及公司治理报告 1 | 关于本报告 | 01 | | --- | --- | | 董事长致辞 | 03 | | 关于我们 | 05 | | 公司概况 | 05 | | 主营业务 | 06 | | 行业地位 | 07 | | 所获荣誉 | 08 | | 市场表现 | 08 | | 公司战略 | 09 | | ESG/社会责任体系 | 10 | | --- | --- | | ESG责任文化和体系 | 10 | | 潞安环能价值体系 | 10 | | 社会责任贡献价值衡量 | 11 | | 利益相关方沟通 | 11 | | 业绩回报 | 12 | | 法人治理架构 | 15 | | --- | --- | | 守法合规经营 | 21 | | 深化国企改革 | 22 | | 党建引领发展 | 23 | | 核心产品 | 28 | | --- | --- | | 先进产能和智能化矿井建设 | 31 | | 营销定价 | 32 | | 客户服务与品质保障 | 34 | | 知识产权保护 | 37 | | --- ...

山西潞安环保能源开发股份有限公司 二〇二三年度刘渊独立董事工作报告 作为山西潞安环保能源开发股份有限公司（以下简称"公 司")的独立董事,2023年度我认真学习并严格遵照《公司法》 《证券法》等法律法规、《上市公司独立董事管理办法》《上市 公司治理准则》《股票上市规则》等中国证监会和上海证券交易 所监管规章,以及公司《章程》《独立董事工作制度》等内部制 度有关规定,积极履行独立董事职责,积极发挥独立董事监督 指导作用,为公司规范的质量提升做出有益贡献。现将 2023 年度我作为公司独立董事的工作情况报告如下: 一、独立董事基本情况 (一)个人基本情况 本人 1974年 2月出生,大学本科,中国国籍,1999年获 得中国司法部律师资格。2001年至2007年任山西元升律师事 务所副主任;2007年至 2013年任山西中略律师事务所副主任; 2013 年至今任北京德恒(太原)律师事务所高级合伙人。本人 于 2023年11月 30日正式履职公司独立董事。 (二)独立性情况说明 作为公司的独立董事,经自查,本人未在公司担任除独立 董事外的其他职务,直系亲属、主要社会关系均不在公司或其 附属企业任职,也没有为公司或其附 ...

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。 为满足公司经营与业务发展的需要，公司拟向招商银行股份有限公司太原分 行申请授信额度 30 亿元；向交通银行股份有限公司长治分行申请授信额度 25 亿元；向平安银行股份有限公司太原分行申请授信额度 20 亿元；向华夏银行股 份有限公司长治分行申请授信额度 20 亿元；向渤海银行股份有限公司长治分行 申请授信额度10亿元；向北京银行股份有限公司西安分行申请授信额度10亿元； 向中国农业银行蒲县支行申请授信额度 10 亿元。 证券代码：601699 股票简称：潞安环能 公告编号：2024-018 山西潞安环保能源开发股份有限公司 关于申请办理综合授信业务的公告 特此公告。 山西潞安环保能源开发股份有限公司董事会 2024 年 4 月 19 日 以上申请综合授信业务金额共计 125 亿元，期限为三年，用于办理流动资金 贷款、项目贷款、银行承兑汇票、国内信用证等融资业务。 上述内容已经公司 2024 年 4 月 17 日第七届董事会第二十一次会议全体董事 审议，以 7 票同意，0 票 ...