证券代码：601699 股票简称：潞安环能 公告编号：2024-047 二、交易进展情况 依据采矿权评估报告（中水致远矿评字[2024]第 010003 号），经 协商一致，2024 年 9 月 11 日，公司与集团公司正式签署了《采矿权 转让协议》。根据该协议，公司将在一个月内向集团公司一次性支付 价款 69523.85 万元人民币，其中：增值税额 3935.31 万元。 三、本次交易对公司的影响 山西潞安环保能源开发股份有限公司 关于公司所属常村煤矿矿区范围优化调整暨关联交 易进展的公告 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。 一、本次交易的概述 山西潞安环保能源开发股份有限公司（以下简称"公司"）于 2023 年 12 月 19 日召开了第七届董事会第十九次会议、第七届监事会第十 四次会议，审议通过了《关于公司所属常村煤矿矿区范围优化调整的 议案》，拟将山西潞安矿业（集团）有限责任公司（以下简称"集团 公司"）古城煤矿矿区北部面积约 7 平方公里井田调整至公司所属常 村煤矿。具体内容详见公司 2023 年 ...

证券代码：601699 股票简称：潞安环能 编号：2024-048 山西潞安环保能源开发股份有限公司 2024 年 8 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 8 月 | 2023 | 年 8 月 | | 同比变化（%） | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 本月 | 累计 | 本月 | 累计 | 本月 | 累计 | | 原煤产量 | 万吨 | 492 | 3752 | 503 | 3932 | -2.19 | -4.58 | | 商品煤销量 | 万吨 | 438 | 3319 | 457 | 3568 | -4.16 | -6.98 | 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。 山西潞安环保能源开发股份有限公司董 ...

证券研究报告 | 公司动态点评 2024 年 08 月 23 日 潞安环能（601699.SH） 24Q2 吨煤盈利持稳，煤炭增储持续推进 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 54,297 | 43,137 | 35,571 | 37,242 | 39,016 | | 增长率 yoy（%） | 19.8 | -20.6 | -17.5 | 4.7 | 4.8 | | 归母净利润（百万元） | 14,175 | 7,922 | 4,562 | 4,631 | 4,883 | | 增长率 yoy（%） | 110.6 | -44.1 | -42.4 | 1.5 | 5.4 | | ROE（%） | 31.8 | 18.8 | 10.7 | 10.5 | 10.9 | | EPS 最新摊薄（元） | 4.74 | ...

公 司 点 评 报 告 ＃assAuthor＃ 公 司 研 究 | --- | --- | |---------------------------|------------| | | | | ＃市场数据 市场数据日期 | 2024-08-22 | | 收盘价（元） | 14.21 | | 总股本（百万股） | | | | 2991.41 | | 流通股本（百万股） | 2991.41 | | 净资产（百万元） | 46179.49 | | 总资产（百万元） | 81176.16 | | 每股净资产 ( 元 ) | 15.44 | ＃相关报告 relatedReport＃ 《【兴证煤炭】潞安环能 2023 年 报及 2024 一季报点评：60%高 分红延续，Q1 量价下滑拖累业 绩》2024-04-21 《【兴证煤炭】潞安环能 2023 年 中报点评：业绩环比回落明显， 毛利率维持高水平》2023-08-19 《【兴证煤炭】潞安环能 2022 年 报及 2023 年一季报点评：业绩 同比高增，分红率跃至 60%》 2023-05-01 ＃分析师： emailAuthor＃ liranran@xyzq.com. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2024 was significantly impacted by a decrease in coal production and sales, a drop in coal prices, and an increase in resource tax rates, leading to a substantial decline in revenue and net profit [4][5] - Despite the challenges, the company has managed to maintain a relatively low valuation, which presents a potential investment opportunity given its strong market position in the coal sector [5][6] 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% [4] - The second quarter of 2024 saw a slight recovery with operating revenue of 8.99 billion yuan, a quarter-on-quarter increase of 3.9%, but a year-on-year decrease of 10% [4] - The company's coal production for the first half of 2024 was 27.67 million tons, a year-on-year decrease of 6.3%, while coal sales were 24.55 million tons, down 9.5% [5] Production and Cost Analysis - The average selling price of coal in the first half of 2024 was 683 yuan per ton, a year-on-year decrease of 11.6%, while the average cost was 371 yuan per ton, an increase of 10.1% [5] - The gross profit per ton of coal was 312 yuan, reflecting a year-on-year decline of 28.4% [5] Future Earnings Forecast - The company is projected to have operating revenues of 36.825 billion yuan, 38.256 billion yuan, and 39.741 billion yuan for 2024, 2025, and 2026 respectively, with a year-on-year decrease of 15% in 2024 followed by a growth of 4% in the subsequent years [8] - Net profit attributable to shareholders is expected to be 4.519 billion yuan in 2024, down 43% from the previous year, with a gradual recovery anticipated in 2025 and 2026 [8] Resource Acquisition - The company successfully acquired a coal exploration right for 12.126 billion yuan, which is expected to enhance its resource reserves by approximately 22% [7]

证券研究报告 | 半年报点评 gszqdatemark 2024 08 23 年 月 日 潞安环能（601699.SH） 产销环比修复，增储保障可持续发展 公司发布 2024 年半年度业绩公告。公司发布 24 年半年报，24H1 实现收 入 176.5 亿，同比-19.3%，实现归母净利 22.3 亿，同比-58%；其中，Q2 单季实现归母净利 9.4 亿元，环比-27.1%，同比-51%。 安监压力有所消退，Q2 产量环比提升。 ➢ 24H1 实现原煤产量 2767 万吨，同比-6.3%，其中 Q2 原煤产量 1443 万吨，环比+9%，同比-2.8%。 ➢ 混煤 24H1 产量 1377 万吨，同比-10.1%；Q2 产量 732 万吨，环比 +13.5%，同比-3%。 ➢ 喷吹煤 24H1 产量 970 万吨，同比-5.1%；Q2 产量 485 万吨，环比 持平，同比-6.4%。 ➢ 24H1 实现商品煤销量 2455 万吨，同比-9.5%，其中 Q2 销量 1274 万吨，环比+7.9%，同比-11.7%。 ➢ 混煤 24H1 销量 1385 万吨，同比-9.8%；Q2 销量 730 万吨，环比 +1 ...

[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].

Investment Rating - The report maintains a "Buy" rating for Lu'an Environmental Energy (601699.SH) [1] Core Views - The company reported a significant decline in performance for the first half of 2024, with revenue of 17.654 billion yuan, down 19.33% year-on-year, and a net profit of 2.227 billion yuan, down 57.96% year-on-year [3][4] - The decline in performance is attributed to increased resource tax rates, reduced coal sales volume, and falling prices of coking coal [3][4] - Future growth is anticipated due to government support for equipment upgrades and the expected stabilization of coal prices [4] Financial Performance Summary - For Q2 2024, the company achieved revenue of 8.995 billion yuan, a decrease of 10.0% year-on-year, but an increase of 3.9% quarter-on-quarter [3] - The net profit for Q2 2024 was 939 million yuan, down 51% year-on-year and down 27.19% quarter-on-quarter [3] - The company’s coal production for H1 2024 was 27.67 million tons, down 6.3% year-on-year, with a total coal sales volume of 24.55 million tons, down 9.5% year-on-year [4] Future Outlook - The company has acquired coal exploration rights in Shanxi province for 12.126 billion yuan, which is expected to enhance its resource reserves and competitive advantage [4] - The company is actively pursuing capacity expansion projects at several mines, indicating potential for future growth [4] - Revenue forecasts for 2024-2026 have been adjusted to 37.8 billion, 39.9 billion, and 40.7 billion yuan, respectively, with net profits projected at 4.1 billion, 4.4 billion, and 4.5 billion yuan [4][7]