Investment Rating - Buy (Maintained) [1][2] Core Views - The company's revenue and net profit have declined significantly in 2024, with revenue decreasing by 19.28% YoY to RMB 26.649 billion and net profit attributable to shareholders decreasing by 61.51% YoY to RMB 2.798 billion [2] - The company's Q3 2024 performance showed a continued decline, with revenue decreasing by 19.19% YoY and net profit attributable to shareholders decreasing by 71.03% YoY [2] - Despite the decline in performance, the company's Q3 coal production and sales showed some improvement, with coal production increasing by 2.56% QoQ and coal sales increasing by 6.12% QoQ [2] - The company's profitability is under pressure due to declining coal prices and rising costs, with the gross profit per ton of coal decreasing by 30.53% YoY in the first three quarters of 2024 [2] - The company is expected to see a recovery in performance from 2025, with revenue and net profit expected to grow by 3.7% and 12.7% YoY, respectively [4] Financial Performance and Valuation - The company's revenue is expected to be RMB 34.405 billion, RMB 35.686 billion, and RMB 36.694 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of -20%, 4%, and 3% [1] - The company's net profit attributable to shareholders is expected to be RMB 3.511 billion, RMB 3.959 billion, and RMB 4.320 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of -56%, 13%, and 9% [1] - The company's EPS is expected to be RMB 1.17, RMB 1.32, and RMB 1.44 in 2024, 2025, and 2026, respectively [1] - The company's P/E ratio is expected to be 13.1X, 11.6X, and 10.6X in 2024, 2025, and 2026, respectively [1] - The company's ROE is expected to be 7%, 7%, and 8% in 2024, 2025, and 2026, respectively [1] Production and Sales - The company's coal production in the first three quarters of 2024 was 42.47 million tons, a decrease of 4.82% YoY, with mixed coal production of 21.21 million tons (down 4.29% YoY) and PCI coal production of 14.99 million tons (down 6.49% YoY) [2] - The company's coal sales in the first three quarters of 2024 were 38.07 million tons, a decrease of 5.79% YoY, with mixed coal sales of 21.24 million tons (down 3.59% YoY) and PCI coal sales of 14.88 million tons (down 3.94% YoY) [2] - In Q3 2024, the company's coal production was 14.80 million tons (down 1.86% YoY, up 2.56% QoQ), with mixed coal production of 7.44 million tons (up 8.61% YoY, up 1.64% QoQ) and PCI coal production of 5.29 million tons (down 8.95% YoY, up 9.07% QoQ) [2] - In Q3 2024, the company's coal sales were 13.52 million tons (up 1.81% YoY, up 6.12% QoQ), with mixed coal sales of 7.39 million tons (up 10.79% YoY, up 1.23% QoQ) and PCI coal sales of 5.52 million tons (down 2.65% YoY, up 15.72% QoQ) [2] Industry Outlook - The company is expected to benefit from the trend of large-scale blast furnaces in downstream steel mills, which will drive demand for PCI coal [2] - The company, as a leading PCI coal producer in China, is expected to see further growth in production in Q4 2024, driven by Shanxi's coal production target [2] Financial Ratios - The company's gross margin was 47.7% in 2023, but is expected to decline to 36.6% in 2024, before recovering to 37.8% and 38.7% in 2025 and 2026, respectively [4] - The company's net margin was 21.5% in 2023, but is expected to decline to 11.9% in 2024, before recovering to 13.0% and 13.8% in 2025 and 2026, respectively [4] - The company's ROE was 16.0% in 2023, but is expected to decline to 6.8% in 2024, before recovering to 7.3% and 7.6% in 2025 and 2026, respectively [4] - The company's debt-to-equity ratio was 18.3% in 2023, and is expected to remain stable at around 18.5% in 2024, before declining to 17.6% and 16.7% in 2025 and 2026, respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Views - The third quarter saw improvements in the production and sales of blown coal, with the company's coal resource reserves further strengthened [2]. - For the first three quarters of 2024, the company reported operating revenue of 26.649 billion yuan, a year-on-year decrease of 19.28%, and a net profit attributable to shareholders of 2.798 billion yuan, down 61.51% year-on-year [3]. - The company has successfully acquired a coal exploration right, enhancing its resource reserves by approximately 22% [3]. Financial Performance Summary - In Q3 2024, the company achieved operating revenue of 8.99 billion yuan, remaining flat quarter-on-quarter but down 19% year-on-year [3]. - The net profit attributable to shareholders in Q3 2024 was 570 million yuan, a decrease of 39% quarter-on-quarter and 71% year-on-year [3]. - The average ROE for the company was 5.89%, a decrease of 9.02 percentage points year-on-year [3]. Coal Business Overview - In the first three quarters of 2024, the company faced pressure on both volume and price, with a year-on-year decline in gross profit per ton [3]. - The company's raw coal production was 42.47 million tons, down 4% year-on-year, and the sales volume of commercial coal was 38.07 million tons, down 6% year-on-year [3]. - The comprehensive selling price of commercial coal was 662 yuan/ton, a decrease of 12% year-on-year, while the comprehensive cost was 376 yuan/ton, an increase of 9.6% year-on-year [3]. Future Earnings Forecast - The company is expected to generate operating revenues of 36.825 billion yuan, 38.256 billion yuan, and 39.741 billion yuan for 2024, 2025, and 2026, respectively [6]. - The net profit attributable to shareholders is projected to be 4.155 billion yuan, 4.812 billion yuan, and 5.415 billion yuan for the same years, reflecting a year-on-year decrease of 48% in 2024, followed by increases of 16% and 13% in 2025 and 2026 [6]. - The estimated EPS for the next three years is 1.39 yuan, 1.61 yuan, and 1.81 yuan, with corresponding P/E ratios of 10.5, 9.1, and 8.1 [6].

Investment Rating - The investment rating for the company is adjusted to "Cautious Recommendation" [3] Core Views - The company's net profit attributable to shareholders for the first three quarters of 2024 is 2.798 billion yuan, a year-on-year decrease of 61.51%, with operating revenue of 26.649 billion yuan, down 19.28% year-on-year [1] - In Q3 2024, the company achieved operating revenue of 8.995 billion yuan, a year-on-year decline of 19.19%, and a net profit of 572 million yuan, down 71.03% year-on-year [1] - The overall coal production for the first three quarters of 2024 is 42.47 million tons, a decrease of 4.82% year-on-year, with a comprehensive coal price of 662.15 yuan/ton, down 12.3% year-on-year [1] - The company is expected to have net profits of 3.615 billion yuan, 3.833 billion yuan, and 4.207 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.21 yuan, 1.28 yuan, and 1.41 yuan per share [2][4] Summary by Sections Financial Performance - In Q3 2024, the company reported a coal production of 14.8 million tons, a year-on-year decrease of 1.86%, while the coal sales volume was 13.52 million tons, an increase of 1.81% year-on-year [1] - The comprehensive gross profit from coal business for Q3 2024 was 3.239 billion yuan, down 33.01% year-on-year, with a gross margin of 38.4%, a decrease of 12.2 percentage points year-on-year [1] - The company's total revenue for 2023 is projected at 43.137 billion yuan, with a significant decline expected in 2024 [4] Cost and Pricing - The comprehensive cost of coal is 376.12 yuan/ton, an increase of 9.6% year-on-year, while the cost per ton in Q3 2024 is 384.69 yuan, up 8.26% year-on-year [1] - The average selling price of coal in Q3 2024 is 624.28 yuan/ton, down 13.23% year-on-year [1] Future Outlook - The company is facing challenges due to weak demand for its main product, pulverized coal, leading to a cautious outlook for the next few years [1][2] - The projected PE ratios for 2024, 2025, and 2026 are 13, 12, and 11 respectively, indicating a declining trend in valuation [2][4]

Investment Rating - The report maintains a "Buy" rating for the company [5][3]. Core Views - The company's performance has been negatively impacted by rising costs and declining coal prices, leading to a significant drop in net profit [3][2]. - The company has secured coal exploration rights in the Xiangyuan County, which will enhance its sustainable development by increasing coal reserves [3][2]. - Due to the significant decline in coking coal prices, the earnings forecast for the company has been revised downwards for 2024-2026 [3][2]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 26.649 billion, a year-on-year decrease of 19.28%, and a net profit attributable to shareholders of 2.798 billion, down 61.51% [1]. - In Q3 2024, the company achieved a net profit of 572 million, which is a 39.09% decrease from the previous quarter and a 71.03% decrease year-on-year [1]. - The average selling price of coal in Q3 2024 was 624 yuan per ton, down 13.2% year-on-year and 7.8% quarter-on-quarter, while the cost per ton increased to 385 yuan, up 8.3% year-on-year and 5.3% quarter-on-quarter [3][2]. Production and Sales Summary - In Q3 2024, the company's raw coal production was 14.8 million tons, a year-on-year decrease of 1.9% but an increase of 2.6% from the previous quarter [2]. - The total coal sales volume in Q3 2024 was 13.52 million tons, reflecting a year-on-year increase of 1.8% and a quarter-on-quarter increase of 6.1% [2]. - The company has seen a recovery in production and sales due to easing safety supervision pressures [2]. Future Earnings Forecast - The expected net profits for 2024, 2025, and 2026 are projected to be 3.525 billion, 4.873 billion, and 5.319 billion respectively, with corresponding P/E ratios of 13.0X, 9.4X, and 8.6X [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's performance is under pressure due to falling coal prices, with a focus on growth potential and the elasticity of coking coal [2] - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue of 26.65 billion yuan, down 19.28% year-on-year, and a net profit of 2.8 billion yuan, down 61.51% year-on-year [2] - The report emphasizes the company's status as the only national high-tech enterprise in the coal industry, maintaining a high dividend payout ratio and having growth potential in production capacity [2] Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 26.65 billion yuan, a net profit of 2.8 billion yuan, and a net profit margin of 9.3% [3] - The company's coal production for the first three quarters was 42.47 million tons, a decrease of 4.82% year-on-year, while the sales volume was 38.07 million tons, down 5.79% year-on-year [2] - The average selling price of the company's coal decreased to 662.2 yuan/ton, down 12.32% year-on-year [2] Production Capacity and Market Position - The company has ongoing projects that are expected to contribute to production capacity growth, including the newly operational coal mine and several in construction with a total capacity of 3 million tons per year [2] - The company won a coal exploration right in Shanxi province for 12.126 billion yuan, which is expected to add 81.9575 million tons of coal resources [2] - The report notes that the company's long-term coal contracts are limited, allowing for higher profit elasticity in response to market conditions [2] Dividend Policy - The company plans to distribute a cash dividend of 15.89 yuan per 10 shares for 2023, totaling 4.753 billion yuan, with a dividend payout ratio of 60% [2] - The expected dividend yield based on the current market capitalization is 4.7%, indicating strong investment value [2]

Investment Rating - The investment rating for Lu'an Huaneng (601699.SH) is "Buy" [1] Core Views - The report highlights that the decline in volume and price has impacted short-term performance, but there is an expectation of improved production in the coming quarters, which may stabilize performance [1][3] - The company has a strong cash position and high dividend payout ratio, reflecting its investment value [2] - Lu'an Huaneng is positioned as a leader in the domestic blowing coal industry, with high-quality coal assets and a robust cash coverage of interest-bearing debt, indicating both stable operations and high growth potential [3] Financial Performance Summary - For the first three quarters of 2024, the company reported operating revenue of 26.649 billion yuan, a year-on-year decrease of 19.28%, and a net profit attributable to shareholders of 2.798 billion yuan, down 61.51% year-on-year [1] - The company's coal production for the first three quarters was 42.47 million tons, a decrease of 4.82% year-on-year, while the third quarter saw a production increase of 2.56% quarter-on-quarter [1] - The average selling price of coal decreased to 662 yuan per ton, down 12.32% from the previous year, while the cost per ton increased to 376 yuan, up 9.55% year-on-year [1] Earnings Forecast - The forecasted net profit for Lu'an Huaneng for 2024-2026 is 3.664 billion, 4.646 billion, and 5.906 billion yuan respectively, with corresponding EPS of 1.22, 1.55, and 1.97 yuan per share [3][4] - The report indicates that the company is expected to maintain a high dividend payout ratio, with cash dividends amounting to 4.753 billion yuan for 2023, representing 60% of net profit [2]

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|--------|--------|--------|--------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 54,297 | 43,137 | 34,449 | 37,029 | 38,884 | | (+/-)% | 19.8% | -20.6% | -20.1% | 7.5% | 5.0% | | 净利润（归母） | 14,175 | 7,922 | 3,314 | 4,509 | 5,039 | | (+/-)% | 110.6% | -44.1% | -58.2% | 36.1% | 11.8% | | 每股净收益（元） | 4.74 | 2.65 | 1.11 | 1.51 | 1.68 | | 净资产收益率 (%) | 29.1% | 16. ...

证券代码：601699 证券简称：潞安环能 公告编号：2024-057 山西潞安环保能源开发股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 会议召开时间：2024 年 11 月 12 日(星期二)上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心网络互动 三、参加人员 董事、总经理：史红邈先生 独立董事：刘渊先生 山西潞安环保能源开发股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大投资 者更全面深入地了解公司 2024 年第三季度经营成果和财务状况，公 司计划于 2024 年 11 月 12 日(星期二)上午 10:00-11:00 举行 2024 年 第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 会议召开方式：上证路演中心网络互动 投资者可 ...

上述内容已经公司 2024 年 10 月 30 日第八届董事会第五次会议全体董事审 议，以 9 票同意，0 票反对，0 票弃权的表决结果通过，公司将根据实际资金需 求状况，具体办理后续相关融资事宜。 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 10 月 31 日 证券代码：601699 股票简称：潞安环能 公告编号：2024-056 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 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，公司拟向潞安集团财务有限公司申请授 信额度 20 亿元；向兴业银行股份有限公司长治分行申请授信额度 20 亿元；向中 国建设银行潞安支行申请授信额度 19 亿元；向光大银行股份有限公司太原分行 申请授信额度10亿元；向民生银行股份有限公司太原分行申请授信额度 10亿元； 向恒丰银行股份有限公司西安分行申请授信额度 9 亿元；向长治潞州农村商业银 行股份有限公司申请授信额度 5 亿元。 以上申请综合授信业务金额共计 93 亿元， ...

证券代码：601699 股票简称：潞安环能 公告编号：2024-055 山西潞安环保能源开发股份有限公司 第八届董事会第五次会议决议公告 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。 一、董事会会议召开情况 山西潞安环保能源开发股份有限公司（以下简称"公司"）第八 届董事会第五次会议于 2024 年 10 月 30 日在公司会议室以现场结合 通讯方式召开。会议通知已于 2024 年 10 月 18 日以通讯方式向全体 董事发出。本次会议应出席董事 9 名，实际出席 9 名。 本次会议由公司董事长王志清先生主持，六名监事列席会议。本 次会议的召集、召开、表决程序和所形成的决议均符合《公司法》等 相关法律法规及《公司章程》的相关规定。 二、董事会会议审议情况 本次董事会审议并通过了以下议案： （二）《关于申请办理综合授信业务的议案》 具体内容详见 2024-056 号《关于申请办理综合授信业务的公告》。 经审议，以同意 9 票、反对 0 票、弃权 0 票通过了该议案。 （一）《关于审议公司〈2024 年第三季度报告〉的议案 ...