[Table_Title] 量价下滑影响上半年业绩，净现金&内生成长未来可期 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 潞安环能（601699.SH） 投资评级 买入 上次评级 买入 [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 邮 箱：zuoqianming@cindasc.com 刘 波 煤炭、钢铁行业研究助理 邮 箱：liubo1@cindasc.com 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金隅大厦 | B | | 座 | | | 邮编：100031 | | [Table_ReportDate] 2024 年 8 月 23 日 [Table_S 事件：202ummar 4 年y]8 月 22 日，潞安环能发布 2024 年半年度报告，2024 ...

Investment Rating - The investment rating for Lu'an Environmental Energy (601699.SH) is "Buy," consistent with the previous rating [1]. Core Views - The report highlights that the company's performance in the first half of 2024 was impacted by a decline in both volume and price, with a significant drop in revenue and net profit compared to the previous year [1][2]. - Despite the challenges, the company maintains a high gross margin in its coal business, indicating resilience in its operational efficiency [1]. - The company is strategically expanding its resources and enhancing its operational capabilities, which is expected to support future growth [1][2]. Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 17.654 billion yuan, a year-on-year decrease of 19.33%, and a net profit attributable to shareholders of 2.227 billion yuan, down 57.96% [1]. - The operating cash flow for the same period was 2.854 billion yuan, reflecting a decline of 7.52% year-on-year [1]. - The gross margin for the coal business was 45.63%, down from 56.58% in the previous year, indicating a decrease of 10.95 percentage points [1]. Production and Sales Summary - The company's raw coal production in the first half of 2024 was 27.67 million tons, a decrease of 6.33% year-on-year, while the sales volume of commercial coal was 24.55 million tons, down 10.04% [1]. - The average selling price of coal was 683.09 yuan per ton, a decline of 11.59% from 773 yuan per ton in the same period last year [1]. Strategic Initiatives - The company is focused on resource expansion and project development to address the short lifespan of existing mines, with plans for new mining projects and acquisitions [1][2]. - As of mid-2024, the company has four under-construction mines with a total capacity of 3 million tons per year and has secured coal exploration rights with a resource volume of 819.575 million tons [1][2]. Dividend and Cash Position - The company has a strong cash position with monetary funds amounting to 23.354 billion yuan and a debt coverage ratio of 494%, reflecting solid asset quality [2]. - The cash dividend payout ratio is 60%, with a total cash dividend amount of 4.753 billion yuan, demonstrating the company's commitment to returning value to shareholders [2]. Earnings Forecast - The forecasted net profit for the company from 2024 to 2026 is projected to be 5.151 billion, 5.809 billion, and 6.227 billion yuan, respectively, with corresponding EPS of 1.72, 1.94, and 2.08 yuan per share [2]. - The report maintains a positive outlook on the company's growth potential, supported by its strong market position and financial health [2].

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company's revenue for the first half of 2024 was 17.654 billion yuan, a year-on-year decrease of 19.33%, with net profit attributable to shareholders dropping by 57.96% to 2.227 billion yuan [1]. - In Q2 2024, the company's net profit was 939 million yuan, down 49.55% year-on-year and 24.94% quarter-on-quarter [1]. - The company experienced a decline in production and sales, with coal production of 27.67 million tons in H1 2024, a decrease of 6.33% year-on-year [1]. - The average selling price of coal decreased by 11.6% year-on-year to 683.09 yuan/ton, while the cost per ton increased by 10.1% to 371.4 yuan/ton, leading to a total gross profit of 7.652 billion yuan, down 35.2% year-on-year [1]. - The company successfully acquired exploration rights for the Shangma block for 12.126 billion yuan, which is expected to benefit long-term development [1]. - The projected net profits for 2024-2026 are 4.635 billion, 4.915 billion, and 5.126 billion yuan, respectively, with corresponding EPS of 1.55, 1.64, and 1.71 yuan per share [1][2]. Financial Summary - The company's total revenue is forecasted to decline from 43.137 billion yuan in 2023 to 40.282 billion yuan in 2024, with a growth rate of -20.6% and -6.6% respectively [2][6]. - The net profit attributable to shareholders is expected to decrease from 7.922 billion yuan in 2023 to 4.635 billion yuan in 2024, reflecting a decline of 44.1% [2][6]. - The company's PE ratio is projected to be 9 for 2024, with a PB ratio of 0.9 [2][6]. - The gross profit margin is expected to drop to 38.61% in 2024 from 47.71% in 2023 [6][7].

[Table_Main] 证券研究报告 | 公司点评 潞安环能(601699.SH) 2024 年 08 月 23 日 买入（维持） 所属行业：煤炭/煤炭开采 当前价格(元)：14.21 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 薛磊 资格编号：S0120524020001 邮箱：xuelei＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 潞安环能 沪深300 -40% -20% 0% 20% 40% 60% 80% 100% 2023-08 2023-12 2024-04 2024-08 | --- | --- | --- | --- | |-------------|--------|--------|--------| | 资料来源: | | | | | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -10.85 | -29.13 | -32.66 | | 相对涨幅(%) | -4.47 | -23.91 | -22.78 | 资料来源：德邦研究所，聚源数据 相 ...

煤炭/煤炭开采 公 司 研 究 量价承压业绩回落，关注喷吹煤弹性和高分红 潞安环能（601699.SH） 2024 年 08 月 23 日 投资评级：买入（维持） ——公司 2024 年中报点评报告 | --- | --- | |--------------------|-------------| | 日期 | 2024/8/22 | | 当前股价(元) | 14.21 | | 一年最高最低(元) | 28.58/13.86 | | 总市值(亿元) | 425.08 | | 流通市值(亿元) | 425.08 | | 总股本(亿股) | 29.91 | | 流通股本(亿股) | 29.91 | | 近 3 个月换手率(%) | 38.53 | 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 量价承压业绩回落，关注喷吹煤弹性和高分红。维持"买入"评级 公司发布 2024 年中报。2023H1 公司实现营业收入 176.5 亿元，同比-19.33%， 归母净利润 22.3 亿元，同比-57.96%，扣非归母净利润 22.5 亿元，同比-57.31%。 单 Q ...

煤炭/煤炭开采 公 司 研 究 量价承压业绩回落，关注喷吹煤弹性和高分红 潞安环能（601699.SH） 2024 年 08 月 23 日 投资评级：买入（维持） ——公司 2024 年中报点评报告 | --- | --- | |--------------------|-------------| | 日期 | 2024/8/22 | | 当前股价(元) | 14.21 | | 一年最高最低(元) | 28.58/13.86 | | 总市值(亿元) | 425.08 | | 流通市值(亿元) | 425.08 | | 总股本(亿股) | 29.91 | | 流通股本(亿股) | 29.91 | | 近 3 个月换手率(%) | 38.53 | 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 量价承压业绩回落，关注喷吹煤弹性和高分红。维持"买入"评级 公司发布 2024 年中报。2023H1 公司实现营业收入 176.5 亿元，同比-19.33%， 归母净利润 22.3 亿元，同比-57.96%，扣非归母净利润 22.5 亿元，同比-57.31%。 单 Q ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 17.51 yuan, down from 25.89 yuan [2][6] Core Views - The company reported H1 2024 revenue of 17.654 billion yuan, a decrease of 19.33% YoY, and net profit attributable to shareholders of 2.227 billion yuan, down 57.96% YoY [2] - Q2 2024 revenue was 8.995 billion yuan, down 9.96% YoY, and net profit was 939 million yuan, down 50.99% YoY, both below market expectations [2] - The company's coal production in H1 2024 was 27.67 million tons, a decrease of 6.3% YoY, with commercial coal sales of 24.55 million tons, down 10% YoY [2] - The company's Q2 production recovery was significant, with commercial coal production reaching 14.43 million tons, a decrease of only 3% YoY, compared to a 10% decline in Q1 [2] - The report expects the company's production and sales to return to normal levels in Q3, with sales expected to stabilize or grow [2] Financial Performance - The company's average selling price in H1 2024 was 683 yuan/ton, down 90 yuan/ton YoY, but the price pressure eased in Q2, with the average selling price at 677 yuan/ton, down only 3 yuan/ton YoY [2] - The company's cost per ton increased by 44 yuan/ton YoY in Q2, reaching 365 yuan/ton, which significantly impacted profitability [2] - The company's gross profit per ton in Q2 was 312 yuan/ton, down 46.5 yuan/ton YoY [2] - The report forecasts EPS for 2024-2026 to be 1.67, 2.09, and 2.55 yuan, respectively, with downward revisions of 0.62, 0.50, and 0.37 yuan [2] Industry and Market Context - The company's coal production in Shanxi Province recovered to 114 million tons in June 2024, reaching the 2023 monthly average, indicating a return to normal production levels [2] - The report highlights that the company's production and sales pressure peaked in H1 2024, with expectations of improvement in H2 [2] - The company's resource tax increased in Q2 2024, with the tax rate for raw coal rising from 8% to 10%, and the tax rate for processed coal rising from 6.5% to 9%, leading to an additional tax burden of approximately 250 million yuan per quarter [2] Financial Forecasts - The report forecasts the company's revenue for 2024-2026 to be 37.509 billion, 39.741 billion, and 42.156 billion yuan, respectively, with growth rates of -13.0%, 6.0%, and 6.1% [4] - Net profit attributable to shareholders is expected to be 4.997 billion, 6.248 billion, and 7.629 billion yuan for 2024-2026, with growth rates of -36.9%, 25.0%, and 22.1% [4] - The company's ROE is expected to be 9.9%, 11.7%, and 13.6% for 2024-2026, respectively [4]

公司代码：601699 公司简称：潞安环能 2024 年半年度报告 山西潞安环保能源开发股份有限公司 2024 年半年度报告 1 / 156 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王志清、主管会计工作负责人白宏峰及会计机构负责人（会计主管人员）王建军 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期公司无利润分配预案和公积金转增股本预案。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划和发展战略等陈述，不构成公司对投资者的实质承诺，敬请投资者 注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险 ...

证券代码：601699 股票简称：潞安环能 公告编号：2024-043 山西潞安环保能源开发股份有限公司 第八届董事会第三次会议决议公告 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。 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： （一）《关于审议公司<二○二四年半年度报告>的议案》 具体内容见公司 2024 年半年度报告及摘要。 经审议，以同意 9 票、反对 0 票、弃权 0 票通过了该议案。 本议案在提交董事会前已经第八届董事会财务审计风控委员会 2024 年第六 次会议审议通过。 （二）《关于审议公司<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>的议案》 具体内容见上交所网站 www.sse.com.cn 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 三次会议于 2024 年 8 月 22 日在公司会议室以现场方式召开。会议通知已于 2024 年 8 月 12 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 ...

1、潞安集团财务有限公司是经中国银行业监督管理委 员会山西监管局批准设立的非银行金融机构。财务公司已建 立完善的风险管理体系。 2、公司与财务公司发生的存贷款等金融业务,遵循公 平公正的交易原则,交易定价公允合理,不存在损害中小股 东利益的情形。公司出具的风险评估报告符合《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》相 山西潞安环保能源开发股份有限公司 独立董事 2024年第二次专门会议纪要 独董专字 2024 第 02 号 山西潞安环保能源开发股份有限公司独立董事 2024 年 第二次专门会议于 2024年8月22日以现场方式召开。会议 应到独立董事三人,实到独立董事三人,符合《上市公司独 立董事管理办法》等法律法规、规范性文件和《公司章程》 的有关规定。全体独立董事共同推举刘渊先生召集并主持本 次会议。经会议审议并表决,一致通过以下事项: 一、审核事前认可事项 1、事前认可"公司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"的关联交易事项 经对公司与潞安集团财务有限公司(以下简称"财务公 司")开展金融业务,以及《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》 ...