Group 1: Company Performance and Strategy - The company aims to maintain a coal production capacity of approximately 50 million tons this year [5] - As of March 2024, the total credit granted by banks to the company is 21.85 billion yuan [4] - The company is focused on cost control and aims to enhance operational efficiency through management improvements [4][6] Group 2: Market Outlook and Pricing Mechanism - The company anticipates that coal prices will remain within a reasonable range, with minimal likelihood of extreme fluctuations [5][6] - The pricing mechanism for long-term coal contracts is based on market conditions, with approximately 25% of electricity coal being priced according to national guidelines [8] - The company plans to adjust its pricing strategy based on market demand and production costs [4][8] Group 3: Investor Relations and Shareholder Value - The company is committed to protecting the interests of all shareholders, particularly small shareholders, by stabilizing stock prices and enhancing market value [3][4] - The company intends to continue a high dividend payout policy, responding to investor demands for cash dividends [7][8] - The management is focused on maintaining a steady dividend policy as a means of protecting and rewarding investors [8] Group 4: Future Developments and Innovations - The company is actively participating in resource bidding to strengthen its coal resource reserves and enhance market competitiveness [6][7] - There are ongoing efforts to upgrade existing mines, with one mine already in production and two others undergoing technological improvements [6][7] - The company plans to achieve full operational status for its intelligent mining projects by the end of 2027 [7]

Group 1: Event Details - The company will participate in the "2024 Investor Online Collective Reception Day" on May 20, 2024, from 15:00 to 17:00 [1] - Investors can join the event via the "Panjing Roadshow" website, WeChat official account, or by downloading the Panjing Roadshow APP [1] - Questions can be submitted via email until May 19, 2024, at 17:00 [1] Group 2: Participants and Topics - Key company representatives attending include General Manager Shi Hongmiao, Board Secretary Ma Zefeng, Accounting Head Wang Jianjun, and Securities Affairs Representative Fan Yalin [1] - The discussion will cover 2023 performance, corporate governance, development strategy, operational status, financing plans, and sustainable development [1]

证券代码：601699 股票简称：潞安环能 编号：2024-027 山西潞安环保能源开发股份有限公司 2024 年 4 月主要运营数据公告 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。 | 运营指标 | 单位 | 2024 | 年 4 | 月 | 2023 | 年 4 月 | | 同比变化（%） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 本月 | | 累计 | 本月 | 累计 | 本月 | 累计 | | 原煤产量 | 万吨 | 475 | | 1799 | 515 | 1985 | -7.77 | -9.37 | | 商品煤销量 | 万吨 | 383 | | 1564 | 486 | 1757 | -21.19 | -10.98 | 以上主要运营数据来自本公司初步统计，可能与公司定期报告披 露的数据有差异，仅供投资者及时了解公司生产经营状况，不对公司 未来经营状况作出预测或承诺，敬请广大投资者理性投资，注意投资 风险。 特此公告。 山 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its investment potential [4]. Core Views - The company has reported its 2023 annual results and 2024 Q1 results, which are generally in line with market expectations. The 2023 revenue was 43.137 billion yuan, a year-on-year decrease of 20.55%, and the net profit attributable to shareholders was 7.922 billion yuan, down 44.11% year-on-year. For Q1 2024, revenue was 8.659 billion yuan, a decline of 27.19% year-on-year, with a net profit of 1.288 billion yuan, down 61.9% year-on-year [4][7]. Summary by Sections Financial Performance - In 2023, the company achieved a coal production of 60.46 million tons, an increase of 6.3% year-on-year, and coal sales of 54.98 million tons, up 3.9% year-on-year. The average coal price was 727.6 yuan/ton, down 21.8% year-on-year, with a gross profit margin of 52.2%, a decrease of 9.2 percentage points [4][5]. - For Q1 2024, coal production was 13.24 million tons, a decrease of 9.9% year-on-year, and coal sales were 11.81 million tons, down 7.1% year-on-year. The average coal price was 689.4 yuan/ton, down 20.7% year-on-year, with a gross profit margin of 45.2%, a decline of 14.4 percentage points [4][5]. Cost Management - The company's total expenses for 2023 were 5.318 billion yuan, a decrease of 7.2% year-on-year. Management expenses increased by 11.59% to 3.61 billion yuan, while financial expenses saw a significant drop of 103.53% to -0.26 billion yuan due to reduced borrowings and interest expenses [5]. Dividend Policy - The company plans to distribute a cash dividend of 1.589 yuan per share, resulting in a high dividend yield of approximately 7.5% based on the closing price on April 30, 2023 [5]. Profit Forecast - The profit forecast for 2024 has been revised down from 15.125 billion yuan to 8.099 billion yuan, with additional forecasts for 2025 and 2026 at 8.241 billion yuan and 8.411 billion yuan, respectively. The current market capitalization corresponds to a PE ratio of 7.8X for 2024, indicating a 22% valuation discount compared to comparable companies in the industry [4][5].

股 票 研 究 [Table_industryInfo] 煤炭/能源 [ Table_Main[潞ITnaf 安bol]e 环_Ti能tle]( 601699) [评Tab级le_：Inv est] 增持 上次评级： 增持 2024Q1 销量下行，Q2 有望迎来量价拐点 目标价格： 27.94 上次预测： 20.44 公 ——2023年年报及 2024 一季报点评 当前价格： 21.24 司 黄涛(分析师) 邓铖琦(分析师) 2024.04.24 更 021-38674879 010-83939825 [交Ta易bl数e_M据a rket] 新 huangtao@gtjas.com dengchengqi024452@gtjas.co 报 证书编号 S0880515090001 mS0 880523050003 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 15.24 6- 32 ,8 5. 319 8 告 本报告导读： 总股本/流通A股（百万股） 2,991/2,991 流通 B股/H股（百万股） 0/0 2024Q1受“三超”影响销量下行；量价预计压力最大时候已过，Q2均有望迎来拐点； 流通股 ...

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [1][3] Core Views - The company continues to offer high dividends, with a proposed dividend of 15.89 CNY per 10 shares, totaling approximately 4.753 billion CNY, which represents 60% of the 2023 net profit attributable to shareholders [2] - The company is expected to benefit from a rebound in metallurgical coal prices, leading to a potential recovery in performance [1][3] Financial Performance Summary - In 2023, the company achieved total revenue of 43.137 billion CNY, a year-on-year decrease of 20.55%, and a net profit attributable to shareholders of 7.922 billion CNY, down 44.11% year-on-year [1] - The first quarter of 2024 saw a revenue of 8.659 billion CNY, a decline of 27.19% year-on-year, with a net profit of 1.288 billion CNY, down 61.90% year-on-year [1] - The company’s coal production reached 60.46 million tons in 2023, an increase of 6.26% year-on-year, while the sales volume of commercial coal was 54.98 million tons, up 3.85% year-on-year [1] Earnings Forecast - The expected EPS for 2024, 2025, and 2026 are 2.39 CNY, 2.62 CNY, and 2.86 CNY respectively, with corresponding PE ratios of 9.2, 8.3, and 7.7 [3][4] - The report anticipates a gradual recovery in revenue and profit margins, with projected revenues of 37.964 billion CNY in 2024, 38.493 billion CNY in 2025, and 41.091 billion CNY in 2026 [4][11] Market Data - As of April 22, 2024, the closing price of the company's stock was 21.87 CNY, with a year-to-date high of 28.58 CNY and a low of 15.13 CNY [1] - The current dividend yield stands at 7.27%, which remains attractive in the context of a low interest rate environment [2]

Investment Rating - The report maintains a "Buy" rating for Lu'an Environmental Energy, expecting a price increase of over 15% relative to the industry index in the next six months [14]. Core Views - The report highlights that the company's performance is under pressure due to falling coal prices, but it continues to provide high dividends to shareholders [2][6]. - The company is recognized as the only national high-tech enterprise in the coal industry, with advanced mine automation and strong market competitiveness [7]. Financial Summary - In 2023, the company achieved operating revenue of 43.14 billion yuan, a decrease of 20.55% year-on-year, and a net profit attributable to shareholders of 7.92 billion yuan, down 44.11% year-on-year [2]. - The average selling price of coal in 2023 was 727.66 yuan/ton, a decline of 21.81% year-on-year, while the average selling cost was 347.69 yuan/ton, a slight decrease of 3.27% year-on-year [4]. - The company's coal business generated a gross profit of 20.89 billion yuan in 2023, down 30.92% year-on-year, with a gross margin of 52.22% [4]. Production and Sales - In 2023, the total coal production was 60.46 million tons, an increase of 6.26% year-on-year, while total sales reached 54.98 million tons, up 3.85% year-on-year [4]. - The company plans to increase its coal production capacity by 7.2 million tons per year through ongoing and planned mining projects [6]. Dividend Policy - The company maintains a high dividend strategy, proposing a cash dividend of 1.589 yuan per share, resulting in a total cash dividend of 4.753 billion yuan, which corresponds to a dividend yield of 6.67% [6]. Earnings Forecast - The report forecasts that the company will achieve operating revenues of 44.22 billion yuan, 45.79 billion yuan, and 47.03 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 8.05 billion yuan, 8.12 billion yuan, and 8.36 billion yuan [7][8].

[Table_MainInfo] 公司研究/煤炭 证券研究报告 潞安环能（601699）公司年报点评 2024年04月23日 [Table_InvestInfo] 投资评级 优于大市 维持 业绩承压，分红维持 60% 股票数据 [Table_Summary] 0[4Ta月b2le2_日S收to盘ck价（In元fo）] 21.87 投资要点： 52周股价波动（元） 15.13-28.58 总股本/流通A股（百万股） 2991/2991  24Q1 业绩有所承压，分红比例维持 60%。2023 年公司取得营收/归母净利 总市值/流通市值（百万元） 65422/65422 431.4/79.2亿元，同比-20.6%/-44.1%，其中Q4单季归母净利6.5亿元，同 相关研究 /环比-86.7%/-67%。23 年公司拟每股派发现金股利 1.59 元，现金分红比例 [《Ta费b率le上_R升e叠p加or子tI公nf司o]亏 损拖累23Q2业绩， 60%（较22年持平），按4月22日收盘价21.87元计，对应股息率7.3%。 降本成效开始显现》2023.08.19 24Q1取得营收/归母净利86.6/12.9亿元，同 ...

Q1 量价双降业绩承压下行，高股息仍具吸引力 潞安环能(601699.SH） 证券研究报告/公司点评 2024年4月20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：23.82元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 54,297 43,137 42,843 44,466 45,743 分析师：杜冲 增长率yoy% 20% -21% -1% 4% 3% 执业证书编号：S0740522040001 净利润（百万元） 14,168 7,922 7,585 8,238 8,775 电话： 增长率yoy% 111% -44% -4% 9% 7% 每股收益（元） 4.74 2.65 2.54 2.75 2.93 Email：duchong@zts.com.cn 每股现金流量 11.29 2.96 4.88 4.12 4.27 联系人：鲁昊 净资产收益率 29% 16% 13% 13% 12% 电话： P/E 5.0 9.0 9.4 8.6 8.1 P/B 1.5 1.5 ...

证券研究报告 | 年报点评报告 2024年04月19日 潞安环能（601699.SH） 扬帆再起航 公司发布2023年及24Q1业绩公告。2023年公司实现营业收入431亿， 买入（维持） 同比-20.6%；实现归母净利润79.2亿元，同比-44.1%。24Q1年公司实现 股票信息 营业收入86.6亿，同比-27.2%；实现归母净利润12.9亿元，同比-61.9%。 行业 煤炭开采 前次评级 买入 煤炭产销稳定。2023 年，公司实现煤炭产销 6046 万吨/5498 万吨，同比 4月18日收盘价(元) 23.99 +6.3%/+3.9%，其中喷吹煤产销 2180 万吨/2162 万吨，同比 总市值(百万元) 71,763.91 +6.8%/+6.0%，混煤产销2955万吨/2941万吨，同比-1.2%/-0.9%。 总股本(百万股) 2,991.41 其中自由流通股(%) 100.00 24Q1公司实现煤炭产销1324万吨/1181万吨，环比-16.4%/-18.9%，同比 30日日均成交量(百万股) 43.60 -9.9%/-7.1%，其中喷吹煤产销485万吨/459万吨，环比-15.9%/-25.1%， ...