北京市海问律师事务所 关于郑州煤矿机械集团股份有限公司 2021 年限制性股票激励计划 回购注销部分限制性股票实施情况的 法律意见书 致：郑州煤矿机械集团股份有限公司 北京市海问律师事务所（"本所"）是经北京市司法局批准成立并在中华人 民共和国（"中国"，就本法律意见书而言，不包括香港特别行政区、澳门特别 行政区和台湾地区）境内执业的律师事务所。本所受郑州煤矿机械集团股份有限 公司（"公司"或"郑煤机"）的委托，担任公司实施 2021 年限制性股票激励 计划（"本次股权激励计划"）的专项法律顾问，就公司本次股权激励计划回购 注销部分限制性股票实施情况（"本次回购注销"）所涉及的相关事宜，出具本《北 京市海问律师事务所关于郑州煤矿机械集团股份有限公司 2021 年限制性股票激 励计划回购注销部分限制性股票实施情况的法律意见书》（"本法律意见书"）。 本所根据《中华人民共和国公司法》（"《公司法》"）、《中华人民共和国证券 法》（"《证券法》"）、《上市公司股权激励管理办法》（"《管理办法》"）及 适用的其他法律、法规、行政规章、规范性文件（以下合称"中国法律"）的规 定，按照律师行业公认的业务标准、道德规范和勤 ...

Investment Rating - The report maintains a "Buy" rating for Zheng Coal Machinery (601717) [2][7][64] Core Viewpoints - The company achieved rapid growth in its mid-year report, driven by both coal machinery and automotive parts sectors [5][20] - The coal machinery segment continues to innovate and capture market share, particularly in intelligent mining equipment [6][39] - The automotive parts business is transitioning towards new energy applications, showing promising growth [32][34] Summary by Sections 1. Mid-Year Performance Highlights - In the first half of 2024, the company reported total revenue of 189.43 billion, a year-on-year increase of 4.02%, and a net profit of 21.62 billion, up 28.56% [4][13] - The coal machinery segment generated revenue of 98.04 billion, growing by 4.41%, while the automotive parts segment reached 91.49 billion, increasing by 3.58% [5][20] 2. Coal Machinery Business Growth - The coal machinery segment's net profit significantly increased, with a reported 21.57 billion, reflecting a 26.44% year-on-year growth [20][24] - The company maintains a market share of over 50% in hydraulic supports, a key product in the coal machinery sector [6][47] 3. Automotive Parts Business Transition - The automotive parts segment is focusing on new energy vehicle components, with notable growth in revenue from shock absorber seals and battery cooling systems [32][33] - The segment's revenue for the first half of 2024 was 90.96 billion, with a net profit of 0.94 billion, indicating a need for further improvement in profitability [34][35] 4. Stable Coal Demand and Market Concentration - The coal industry in China remains stable, with a focus on intelligent mining, which is expected to enhance market concentration [39][43] - The report highlights the increasing demand for intelligent mining equipment, which is anticipated to drive future growth for leading companies like Zheng Coal Machinery [42][43] 5. Profit Forecast and Valuation - The forecast for 2024-2026 predicts revenues of 399.09 billion, 437.26 billion, and 481.77 billion, with net profits of 39.71 billion, 43.73 billion, and 47.47 billion respectively [7][52] - The company's valuation remains attractive compared to peers, with a projected PE ratio decreasing from 4.89X in 2024 to 4.09X in 2026 [7][56]

证券代码：601717 证券简称：郑煤机 公告编号：2024-041 董事、高级管理人员持股的基本情况：本次减持计划实施前，本公司董事长 焦承尧先生持有公司 A 股股份 4,426,964 股，占公司总股本的 0.248%；董事 会秘书张易辰先生持有公司 A 股股份 112,700 股，占公司总股本的 0.0063%。 集中竞价减持计划的主要内容：公司于 2024 年 5 月 15 日披露《董事、高级 管理人员集中竞价减持股份计划公告》（公告编号：2024-020），自本公告披 露之日起 15 个交易日后的三个月内（窗口期等不得减持股份期间不减持）， 焦承尧先生拟通过集中竞价交易方式减持不超过 1,106,700 股，占公司总股 本的 0.062%；张易辰先生拟通过集中竞价交易方式减持不超过 28,100 股， 占公司总股本的 0.0016%。减持价格按市场价格确定。 集中竞价减持计划的实施结果情况：截至本公告披露日，本次减持计划的减 持时间区间届满。在减持期内，焦承尧先生减持公司 A 股股份 200,000 股， 张易辰先生减持公司 A 股股份 25,700 股。 郑州煤矿机械集团股份有限公司 董事、高级管 ...

Investment Rating - The report assigns a "Buy" rating for Zheng Coal Machine (601717) with a target price of 14.93 CNY over the next six months [1]. Core Insights - The company reported significant profit growth in H1 2024, with a revenue of 18.94 billion CNY, a year-on-year increase of 4.0%, and a net profit attributable to shareholders of 2.16 billion CNY, up 28.6% year-on-year [2][22]. - The coal machinery segment is the primary driver of profit growth, benefiting from product structure optimization and a decrease in material costs [2][22]. - The automotive parts segment is undergoing a transformation, with substantial improvements in profitability, particularly in the new energy vehicle components sector [2][22]. Summary by Sections 1. Business Performance - The coal machinery segment achieved a revenue of 9.8 billion CNY in H1 2024, a 4.4% increase year-on-year, with a net profit of 2.16 billion CNY, reflecting a 26.4% increase [2][22]. - The automotive parts segment generated a revenue of 9.15 billion CNY, a 3.6% increase year-on-year, with a notable 20.4% growth in the revenue from the subsidiary Yaxin Technology [2][22]. - The company is a leader in the coal machinery market, maintaining over 30% market share domestically and expanding its international presence [12][14]. 2. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 3.75 billion CNY, 4.07 billion CNY, and 4.42 billion CNY, respectively, with a compound annual growth rate of 10.5% [3][28]. - The target market capitalization for 2024 is estimated at 26.7 billion CNY, corresponding to the target price of 14.93 CNY [3][32]. - The report anticipates a stable development in the coal machinery segment and a recovery in the automotive parts segment's profitability [3][32]. 3. Strategic Developments - The company is actively optimizing its industrial layout and exploring opportunities in emerging sectors, with recent IPO approvals for its investee companies [3][27]. - The company has diversified its shareholding structure, enhancing governance and competitiveness through mixed ownership reforms [27][28].

[联系人： Table_Contacts]罗英 021-38003839 [Table_Page] 中报点评|专用设备 [Table_Title] 郑煤机(601717.SH/00564.HK) 24Q2 业绩再创新高，汽车业务增长可期 [Table_Summary] 核心观点： ⚫ 公司 24Q2 业绩超预期，利润率表现亮眼。根据中报，公司 24H1 实现 营收 189.5 亿元，同比+4.0%，实现扣非前/后归母净利润 21.6/19.4 亿 元，同比+28.7%/+29.3%；其中，24Q2 实现营业收入 92.8 亿元，同 环比分别+3.1%/-4.0%，实现扣非前/后归母净利润分别为 11.2/10.1 亿 元，同比分别+24.6%/+20.3%，环比分别+7.4%/+9.0%。公司 24H1 毛 利率/净利率分别为 24.1%/12.3%，同比分别+2.0pct /+2.4pct；其中， 24Q2 毛利率为 24.3%，同环比分别+1.0pct/+0.4pct，净利率 12.5%， 同环比分别+2.0pct/+0.4pct。 ⚫ 煤机业务：保持行业领先地位，积极调整应对行业变化。24H1 煤机板 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 鄭州煤礦機械集團股份有限公司 呈交日期: 2024年9月4日 FF301 第 1 頁 共 10 頁 v 1.1.0 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00564 | 說明 | H股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 243,234,200 | | 0 | | 243,234,200 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 243,234,200 | | 0 | | 243,234,200 | | 2. 股份分類 | 普通股 ...

[Table_Finance] 公 司 [Table_Author] 报 告 点 评 报 告 公司事件点评 [Table_MainInfo] 24H1 业绩持续增长，公司盈利能力有所改善 研 ——郑煤机（601717）2024 半年报点评 分析师： 宁前羽 SAC NO： S1150522070001 2024 年 09 月 02 日 究 [Table_Analysis] 机械设备——专用设备 [Table_Summary] 事件： 证券分析师 宁前羽 022-23839174 ningqy@bhzq.com 公司公告 2024 年半年度报告，2024 年上半年公司实现营业收入 189.43 亿 元，同比增长 4.02%；实现归属于上市公司股东的净利润 21.62 亿元，同比 增长 28.56%；稀释每股收益为 1.21 元/股，同比增长 27.15%。 证 点评： 公司营收稳步增长，归母净利润增速较快 券 研 | --- | --- | |-------------------------|-------| | | | | | | | | | | [Table_Invest] 评级： | 增持 | | 上次 ...

Investment Rating - The report assigns a "Buy" rating for Zheng Coal Machine (601717.SH) [2] Core Views - The coal industry is experiencing a high level of capital expenditure, leading to increased demand for coal machinery equipment. In the first seven months of 2024, fixed asset investment in coal mining and washing industries grew by 10.5% year-on-year, indicating a sustained upward cycle in the coal industry [2][3] - The automotive parts business is accelerating, with market share expected to increase. In the first half of 2024, China's automobile production and sales reached 13.89 million and 14.04 million units, respectively, with year-on-year growth of 4.9% and 6.1%. The new energy vehicle sector saw production and sales of 4.93 million units, reflecting a year-on-year increase of 30.1% and 32% [2][3] - The company's performance has improved significantly, with a 4.01% year-on-year increase in revenue and a 28.56% increase in net profit attributable to shareholders in the first half of 2024 [2][3] Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 18.953 billion yuan, a year-on-year increase of 4.01%. The net profit attributable to shareholders was 2.162 billion yuan, up 28.56% year-on-year, with a net profit excluding non-recurring gains and losses of 1.937 billion yuan, reflecting a 29.25% increase [2][3] - The coal machinery segment accounted for 50% of revenue in H1 2024, with a year-on-year revenue growth of 4.41% and a net profit growth of 27.61% [3] - The automotive parts segment represented 48% of revenue, with a year-on-year revenue increase of 3.58% and a net profit growth of 54.05%, driven by the rapid growth of new energy vehicle business [3] Earnings Forecast - The company is projected to achieve revenues of 39.989 billion, 44.393 billion, and 48.832 billion yuan for 2024, 2025, and 2026, respectively. The earnings per share (EPS) are expected to be 2.15, 2.43, and 2.77 yuan, with corresponding price-to-earnings (PE) ratios of 6, 5, and 4 times [4]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that the coal machinery sector continues to thrive, with the automotive parts division accelerating its transition to new energy [6] - The company's revenue and net profit for the first half of 2024 reached 18.94 billion and 2.16 billion yuan, respectively, showing a year-on-year increase of 4% and 28.6% [6] - The coal machinery segment's net profit grew by 26% in the first half of 2024, benefiting from a stable coal industry and increasing orders [6] - The automotive parts segment saw significant improvement in profitability, with a net profit increase of 71.8% year-on-year [6] - The company is making progress in its investment business, with IPO applications for its subsidiaries receiving approval [6] Financial Performance Summary - In the first half of 2024, the company achieved a revenue of 18.94 billion yuan, with a net profit of 2.16 billion yuan, reflecting a 4% increase in revenue and a 28.6% increase in net profit year-on-year [6] - The coal machinery segment generated a revenue of 9.8 billion yuan, with a net profit of 2.16 billion yuan, marking a 4.4% and 26.4% increase year-on-year, respectively [6] - The automotive parts segment reported a revenue of 9.15 billion yuan, with a net profit of 180 million yuan, showing a 3.6% increase in revenue and a 71.8% increase in net profit year-on-year [6] Earnings Forecast and Valuation - The company is expected to achieve net profits of 3.73 billion, 4.31 billion, and 4.94 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 2.09, 2.41, and 2.76 yuan [7] - The report assigns a PE ratio of 9 to 10 for 2024, leading to a reasonable value range of 18.81 to 20.9 yuan per share [7] Business Segment Analysis - The hydraulic supports and other coal machinery equipment segment is projected to generate revenues of 14.88 billion, 16.25 billion, 17.72 billion, and 19.21 billion yuan from 2024 to 2026, with a year-on-year growth rate of 22.15% in 2023 [9] - The automotive parts segment is expected to generate revenues of 17.57 billion, 19.15 billion, 20.55 billion, and 21.78 billion yuan from 2024 to 2026, with a year-on-year growth rate of 14.94% in 2023 [9]

郑州煤矿机械集团股份有限公司 Zhengzhou Coal Mining Machinery Group Co., Ltd. 证券代码：601717 证券简称：郑煤机 公告编号：临 2024-040 郑州煤矿机械集团股份有限公司（以下简称"公司"）已于 2024 年 8 月 29 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 09 月 05 日下午 15:00- 16:30 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2024 年半年度经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许 的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 09 月 05 日下午 15:00-16:30 （二）会议召开地点：上海证券交易所上证路演中心 郑州煤矿机械集团股份有限公司 关于召开 2024 年半年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 ...