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%， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7]. Core Views - The report highlights that the company's performance is under pressure due to a decline in coal prices, but it emphasizes the potential for high earnings elasticity and strong dividends [7]. - The company reported a significant decrease in revenue and net profit for 2023 and Q1 2024, with revenues of 43.14 billion yuan in 2023, down 20.55% year-on-year, and a net profit of 7.92 billion yuan, down 44.11% year-on-year [7][10]. - The report anticipates a slight recovery in net profit for 2024-2026, projecting net profits of 8.07 billion yuan in 2024, 8.17 billion yuan in 2025, and 8.30 billion yuan in 2026, reflecting year-on-year growth of 1.9%, 1.2%, and 1.6% respectively [7][10]. Financial Performance Summary - In 2023, the company achieved an operating income of 431.4 billion yuan, with a net profit of 79.2 billion yuan, and a significant drop in earnings per share (EPS) to 2.65 yuan [7][10]. - The coal production and sales volume increased in 2023, with raw coal production at 60.46 million tons and sales at 54.98 million tons, representing year-on-year increases of 6.3% and 3.9% respectively [8]. - The average selling price of coal decreased by 21.8% year-on-year to 728 yuan per ton in 2023, impacting the company's profitability despite a slight reduction in costs [8][9]. Dividend and Valuation - The company plans to distribute a cash dividend of 15.89 yuan per 10 shares, totaling 4.753 billion yuan, with a dividend payout ratio of 60%, resulting in a dividend yield of 6.7% based on the closing price on April 19, 2024 [9]. - The current price-to-earnings (P/E) ratio is projected to be 8.9 for 2024, 8.8 for 2025, and 8.6 for 2026, indicating that the stock is undervalued compared to its earnings potential [7][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][9] Core Views - The company reported a significant decline in revenue and net profit for 2023, with revenue at 43.14 billion yuan, down 20.6% year-on-year, and net profit at 7.92 billion yuan, down 44.1% year-on-year [3][4] - The first quarter of 2024 also showed a decline in performance, with revenue of 8.66 billion yuan, down 27.2% year-on-year, and net profit of 1.29 billion yuan, down 61.9% year-on-year, primarily due to falling coal prices and sales volume [3][5] - Despite the challenges, the company continues to maintain a high dividend policy, proposing a cash dividend of 1.59 yuan per share, totaling 4.75 billion yuan, which represents 60% of the net profit [6][9] Summary by Sections Financial Performance - In 2023, the company achieved a total coal production of 60.46 million tons, up 6.3% year-on-year, and sales of 54.98 million tons, up 3.9% year-on-year [4][5] - The average selling price of coal decreased to 728 yuan per ton, down 21.8% year-on-year, while the comprehensive cost per ton was 348 yuan, down 3.3% year-on-year, resulting in a gross profit of 380 yuan per ton, down 33.5% year-on-year [4][5] - The company’s return on equity (ROE) for 2023 was 16.4%, a decrease of 17.62 percentage points year-on-year [3][9] Market Position and Outlook - The company is positioned as a leading producer of spray coal in Shanxi province, benefiting from favorable resource endowments and mining conditions [6][9] - The forecast for 2024-2026 indicates a gradual recovery, with expected revenues of 39.65 billion yuan, 41.14 billion yuan, and 42.68 billion yuan, respectively, with net profits projected to be 6.59 billion yuan, 7.17 billion yuan, and 7.86 billion yuan [6][8][9] - The company is expected to maintain a high dividend yield of 6.6% based on the current stock price [6][9]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant decline in revenue and net profit for 2023, with total revenue of 43.137 billion yuan, down 20.6% year-on-year, and a net profit of 7.922 billion yuan, down 44.1% year-on-year [5] - The coal production and sales increased slightly, but the prices decreased, leading to pressure on performance [5] - The company plans to distribute a dividend of 4.753 billion yuan, with a dividend payout ratio of 60%, resulting in a high dividend yield of 6.6% [6] - Future profit forecasts for 2024-2026 are 7.33 billion, 7.77 billion, and 7.98 billion yuan respectively, with corresponding EPS of 2.45, 2.60, and 2.67 yuan [6] Financial Performance Summary - In 2023, the company achieved total revenue of 431.37 billion yuan, a decrease of 20.6% year-on-year, and a net profit of 79.22 billion yuan, down 44.1% year-on-year [5] - For Q4 2023, the company reported revenue of 10.124 billion yuan, down 29.3% year-on-year, and a net profit of 0.652 billion yuan, down 86.7% year-on-year [5] - In Q1 2024, total revenue was 8.659 billion yuan, down 27.2% year-on-year, while net profit was 1.288 billion yuan, down 61.9% year-on-year [6] Production and Sales Data - In 2023, the company produced 60.46 million tons of raw coal and sold 54.98 million tons of commercial coal, representing increases of 6.3% and 3.9% year-on-year respectively [5] - The average selling price of commercial coal was 728 yuan per ton, down 21.8% year-on-year [5] - In Q1 2024, raw coal production and commercial coal sales were 13.24 million tons and 11.81 million tons, down 9.93% and 7.08% year-on-year respectively [6] Dividend and Valuation - The company is expected to maintain a high dividend yield, with a projected dividend of 0.98 yuan per share in 2024, resulting in a dividend yield of 4.1% [8] - The price-to-earnings (P/E) ratio is projected to be 9.79, 9.24, and 9.00 for 2024, 2025, and 2026 respectively [8] Market Comparison - The company's stock has underperformed compared to the market, with a relative decline of 34% against the CSI 300 index [2][3]

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].