证券代码：601717 证券简称：郑煤机 公告编号：2024-048 郑州煤矿机械集团股份有限公司 本公司董事会、全体董事及相关股东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法律责任。 重要内容提示： 1 大股东持股的基本情况：本次减持计划实施前，泓羿投资管理（河南）合伙 企业（有限合伙）（以下简称"泓羿投资"）持有郑州煤矿机械集团股份有限 公司（以下简称"公司"）股份 277,195,419 股，占公司总股本的 15.52%； 其一致行动人河南资产管理有限公司（以下简称"河南资产"）持有公司股 份 77,854,357 股，占公司总股本的 4.36%。泓羿投资与河南资产签署了《一 致行动协议书》，为一致行动人，合计持有公司 19.88%股份，为公司控股股 东。泓羿投资持有的公司股份为协议转让取得；河南资产持有的公司股份为 竞价交易取得。该部分股份均为无限售条件流通股。 减持计划的主要内容：公司于 2024 年 7 月 29 日披露《郑州煤矿机械集团股 份有限公司股东减持股份计划公告》（公告编号：2024-035），泓羿投资计划 自本公告披露日起 15 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [1][17]. Core Insights - The company's revenue for the first three quarters of 2024 reached 27.839 billion yuan, a year-on-year increase of 2.20%, while the net profit attributable to shareholders was 3.059 billion yuan, reflecting a significant growth of 23.97% [1]. - The coal machinery segment remains the primary source of profit, with a revenue of 14.527 billion yuan in the first three quarters, up 2.5% year-on-year [1]. - The automotive parts business is transitioning towards new energy, with a notable increase in revenue from related products, indicating potential for becoming a second growth curve for the company [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 24.02%, an increase of 2.15 percentage points year-on-year, and a net profit margin of 11.91%, up 2.22 percentage points [1]. - The company’s operating income is projected to grow steadily, with forecasts of 38.677 billion yuan, 41.252 billion yuan, and 44.058 billion yuan for 2024, 2025, and 2026 respectively [4][12]. Market Trends - The fixed asset investment growth in the coal mining and washing industry was 5.5% from January to September 2024, with a slight increase in commodity coal consumption [2]. - The automotive market is recovering, with a total vehicle sales increase of 2.4% year-on-year, and a significant rise in new energy vehicle sales by 32.53% [3]. Cost Management - The report highlights a decrease in material costs and an optimization of product structure, contributing to improved profitability [1]. - The company has effectively reduced its expense ratios across sales, management, R&D, and financial costs, leading to a total expense ratio decrease of 0.86 percentage points year-on-year [1]. Future Outlook - The company is expected to maintain a robust growth trajectory, with a projected PE ratio of 5.99X for 2024, indicating a favorable valuation compared to peers [4][15]. - The ongoing push for intelligent coal mining solutions is anticipated to enhance market share, particularly in hydraulic supports, which are critical components in coal machinery [1].

Group 1: Financial Performance and Projections - The company aims to achieve a revenue of RMB 100 billion by 2030 [3] - The automotive parts segment generated revenue of RMB 13.3 billion, but profits remain low due to high costs in certain regions [12] - The company's overseas business accounts for approximately 35% of total revenue, including both domestic manufacturing exports and overseas subsidiaries [29] Group 2: Shareholder Relations and Stock Performance - The company has not yet implemented its proposed share buyback plan, which was suggested to be between RMB 300 million and RMB 600 million [22] - The stock price is currently undervalued, with a P/E ratio of around 5, despite strong financial performance [23] - The company emphasizes the importance of maintaining stable and continuous cash dividends for long-term investor returns [35] Group 3: Market Conditions and Strategic Initiatives - The coal machinery business is facing downward pressure due to a slowdown in coal production and sales growth [6] - The company is actively pursuing digital transformation and smart manufacturing, having established a "lighthouse factory" to enhance operational efficiency [8] - The company plans to accelerate its transition to new energy products and improve its market competitiveness in the automotive parts sector [12] Group 4: Management Responses to Investor Concerns - The management acknowledges the impact of stock price fluctuations on investor confidence and is committed to improving operational management to enhance performance [28] - The company is open to considering increasing cash dividends in future announcements based on industry trends and financial conditions [35] - The management reassures investors that major shareholder reductions will not affect the company's fundamentals [28]

Investment Rating - The investment rating for Zhengmei Machine (601717) is "Outperform the Market" [2] Core Views - The report highlights that the coal machinery business is experiencing a high level of profitability, while the automotive parts segment is undergoing a transition towards new energy [6][8] - The company achieved a revenue of 27.84 billion yuan in Q3 2024, with a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 3.06 billion yuan, up 24% year-on-year [6] - The coal machinery segment's revenue and net profit in Q3 2024 were 4.72 billion yuan and 980 million yuan, respectively, showing a year-on-year decrease in revenue but an increase in net profit [6] - The automotive parts segment's revenue in Q3 2024 was 1.19 billion yuan, with a significant decline in net profit, attributed to the ongoing transition to new energy [7] Summary by Sections Financial Performance - In Q3 2024, the company reported a net profit of 900 million yuan, with a year-on-year increase of 14.1% but a quarter-on-quarter decrease of 17.2% [6] - The total revenue for the first three quarters of 2024 was 27.84 billion yuan, with a net profit of 3.06 billion yuan, reflecting a year-on-year growth of 24% [6][9] Business Segments - Coal Machinery Segment: In Q3 2024, the segment's revenue was 4.72 billion yuan, with a net profit of 980 million yuan, indicating a year-on-year decrease in revenue but an increase in net profit [6] - Automotive Parts Segment: The segment's revenue for Q3 2024 was 1.19 billion yuan, with a drastic decline in net profit, primarily due to the impact of the new energy transition [7] Investment Outlook - The report projects that the company's net profit attributable to shareholders will reach 3.73 billion yuan in 2024, with an estimated EPS of 2.09 yuan [8][12] - The valuation is based on a PE ratio of 9-10 times for 2024, suggesting a reasonable value range of 18.81 to 20.9 yuan per share [8]

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 2024-047 郑州煤矿机械集团股份有限公司 关于召开 2024 年第三季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法律责任。 重要内容提示： 一、说明会类型 郑州煤矿机械集团股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日在上海证券交易所网站（www.sse.com.cn）披露了《2024 年第三季度报告》。 为便于广大投资者更加全面深入地了解公司 2024 年前三季度经营成果、财务状 况等情况，公司计划于 2024 年 11 月 06 日（星期三）15:00-16:00 在"价值在线" 1 （三）会议召开方式：网络互动方式 三、参加人员 （网址：www.ir-online.cn）举办 2024 年第三季度业绩说明会，与投资者进行沟 通和交流，广泛听取投资者的意见和建议。 会议召开时间：2024 年 11 月 ...

Investment Rating - The report maintains a "Buy" rating for Zheng Coal Machinery (601717) [1] Core Views - The company's profitability continues to improve, with profit growth exceeding expectations. For the first three quarters of 2024, the company achieved operating revenue of 27.84 billion yuan, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 3.06 billion yuan, a year-on-year increase of 24.0% [1][2] - The coal machinery segment is the main contributor to profit growth, with revenue of 14.53 billion yuan, up 2.5% year-on-year, and net profit of 3.14 billion yuan, up 25.9% year-on-year. The growth is attributed to product structure optimization and a decrease in material costs [2] - The automotive parts transformation is progressing, with revenue of 13.32 billion yuan, up 1.8% year-on-year, and a significant improvement in profitability. The company is focusing on expanding its presence in the passenger vehicle market and accelerating the electrification transformation of its automotive parts segment [3] Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported operating revenue of 27.84 billion yuan, with a net profit of 3.06 billion yuan. The Q3 revenue was 8.90 billion yuan, down 1.5% year-on-year, while net profit was 0.90 billion yuan, up 14.1% year-on-year. The company maintained a good expense control with a period expense ratio of 10.6% [1][3] - The gross margin for Q1-Q3 was 24.0%, up 2.2 percentage points year-on-year, and the net profit margin was 11.9%, also up 2.2 percentage points year-on-year [1] Segment Analysis - The coal machinery segment's revenue and profit growth are driven by high-margin products and a stable increase in overall revenue. The intelligent control systems for coal mining are leading in the market, contributing to the industry's transformation and high-quality development [2] - The automotive parts segment saw revenue growth driven by the rapid increase in shock absorber sealing systems, with a focus on expanding into the new energy vehicle market, which is experiencing significant growth [3] Profit Forecast and Investment Suggestion - The company is expected to achieve net profits of 3.87 billion yuan, 4.20 billion yuan, and 4.56 billion yuan for 2024, 2025, and 2026, respectively, with a projected compound annual growth rate of 12% in net profit over the next three years. The current price-to-earnings ratios are 6.2, 5.7, and 5.3 for the respective years [3][5]

Investment Rating - The report maintains a **Buy** rating for the company with a target price of **18.92 RMB** [2][4] Core Views - **24Q3 revenue slightly declined by 1.5% YoY**, but net profit attributable to shareholders increased by **14.1% YoY** to **8.97 billion RMB** [1] - **Gross margin improved to 23.9%**, up by **2.56 percentage points YoY**, and net profit margin increased to **10.1%**, up by **1.38 percentage points YoY** [1] - **Coal machinery segment** saw a **25.69% YoY increase in net profit** to **29.84 billion RMB**, driven by optimized product mix and lower material costs [1] - **Automotive components segment** revenue grew by **1.84% YoY** to **133.30 billion RMB**, but net profit declined by **19.98% YoY** to **0.75 billion RMB** [1] - **Yaxing Group** (a subsidiary) achieved a **21.42% YoY revenue growth** to **38.64 billion RMB**, while **SEG** (another subsidiary) saw a **5.57% YoY revenue decline** to **93.75 billion RMB** due to reduced sales in the European market [1] Financial Forecasts - **2024-2026 net profit forecasts** are **36.4 billion RMB**, **39.4 billion RMB**, and **44.2 billion RMB**, respectively [2] - **EPS forecasts** for 2024-2026 are **2.04 RMB**, **2.20 RMB**, and **2.48 RMB**, respectively [2] - **Revenue growth** is expected to be **1.7% in 2024**, **5.7% in 2025**, and **8.4% in 2026** [3] - **Net profit growth** is projected at **11.2% in 2024**, **8.1% in 2025**, and **12.4% in 2026** [3] - **Gross margin** is forecasted to be **23.6% in 2024**, **23.1% in 2025**, and **23.4% in 2026** [3] Valuation and Performance - The company is valued at **8.6x PE for 2025**, with a target price of **18.92 RMB** [2] - **52-week high/low prices** are **17.11 RMB** and **10.61 RMB**, respectively [4] - **Market capitalization** is **23.73 billion RMB** [4] - **Absolute performance** over the past 12 months is **9.51%**, while **relative performance** against the CSI 300 is **-0.66%** [4] Segment Performance - **Coal machinery segment** contributed **145.27 billion RMB** in revenue for 24Q1-3, with a **2.50% YoY growth** [1] - **Automotive components segment** contributed **133.30 billion RMB** in revenue for 24Q1-3, with a **1.84% YoY growth** [1] Financial Ratios - **ROE** is expected to be **17.0% in 2024**, **16.6% in 2025**, and **16.9% in 2026** [3] - **Net profit margin** is forecasted to be **9.8% in 2024**, **10.1% in 2025**, and **10.4% in 2026** [3] - **P/E ratio** is **6.5x for 2024**, **6.0x for 2025**, and **5.4x for 2026** [3]

郑煤机：前三季度净利润30.59亿元 同比增长23.97% 财联社10月28日电，郑煤机发布2024年第三季度报 告，前三季度实现营业收入278.39亿元，同比增长2.20%；净利润30.59亿元，同比增长23.97%；基本每 股收益1.721元。 其中，第三季度实现营业收入88.96亿元，同比下降1.48%；净利润8.97亿元，同比增长14.14%。 公司表示，营业收入增长主要是由于煤机板块和汽车零部件板块的收入增长。 查看公告原文 ...

Revenue and Profit Performance - Revenue for the third quarter was RMB 8,896,382,747.87, a decrease of 1.48% year-over-year[2] - Net profit attributable to shareholders of the listed company was RMB 897,179,793.38, an increase of 14.14% year-over-year[2] - The coal machinery segment's revenue for the first nine months was RMB 1,452,657.39 million, an increase of 2.50% year-over-year[8] - The automotive parts segment's revenue for the first nine months was RMB 1,332,991.99 million, an increase of 1.84% year-over-year[8] - Net profit for the coal machinery segment was RMB 313,633.38 million, an increase of 25.90% year-over-year[8] - Net profit for the automotive parts segment was RMB 17,911.68 million, an increase of 20.32% year-over-year[9] - Total operating revenue increased by 595.82 million yuan (2.19%) year-over-year, driven by a 354.58 million yuan (2.5%) increase in the coal machinery sector and a 241.24 million yuan (1.84%) increase in the automotive parts sector[10] - Yaxing's total revenue reached 3.86 billion yuan, a 21.42% year-over-year increase, primarily due to rapid growth in vibration damping and sealing system-related businesses[10] - SEG's revenue decreased by 5.57% year-over-year to 9.37 billion yuan, mainly due to reduced sales in the European market[10] - Net profit increased by 675.41 million yuan (25.58%) year-over-year, with the coal machinery sector contributing 645.17 million yuan (25.90%) due to optimized income structure and lower material costs[10] - Net profit attributable to the parent company increased by 591.38 million yuan (23.97%) year-over-year, mainly driven by the coal machinery sector[10] - Total operating revenue for the first three quarters of 2024 reached 27.86 billion yuan, a 2.2% increase compared to 27.26 billion yuan in the same period of 2023[18] - Net profit attributable to the parent company's shareholders in the first three quarters of 2024 was 3.06 billion yuan, up 24% from 2.47 billion yuan in the same period of 2023[20] - Total profit for the first three quarters of 2024 was 4.00 billion yuan, a 27% increase from 3.15 billion yuan in the same period of 2023[19] - Total revenue for the first three quarters of 2024 reached 9,901,375,982.93 RMB, a slight increase from 9,811,109,113.06 RMB in the same period of 2023[29] - Net profit for the first three quarters of 2024 was 3,479,750,203.45 RMB, up from 2,687,264,919.95 RMB in the same period of 2023[29] Cash Flow and Financial Position - Net cash flow from operating activities for the first nine months was RMB 2,353,779,343.50, an increase of 93.20% year-over-year[2] - Total assets as of the end of the reporting period were RMB 48,952,955,597.94, a decrease of 0.45% compared to the end of the previous year[3] - Equity attributable to shareholders of the listed company was RMB 21,998,834,055.38, an increase of 7.95% compared to the end of the previous year[3] - Total assets decreased slightly from 491.74 billion yuan at the end of 2023 to 489.53 billion yuan as of September 30, 2024[15][17] - Current assets decreased from 365.22 billion yuan at the end of 2023 to 360.96 billion yuan as of September 30, 2024[15] - Monetary funds decreased by 25.5% from 5.88 billion yuan at the end of 2023 to 4.38 billion yuan as of September 30, 2024[14] - Accounts receivable increased by 21.8% from 7.86 billion yuan at the end of 2023 to 9.57 billion yuan as of September 30, 2024[14] - Total liabilities decreased from 272.93 billion yuan at the end of 2023 to 253.26 billion yuan as of September 30, 2024[16][17] - Short-term borrowings increased by 112.8% from 662.06 million yuan at the end of 2023 to 1.41 billion yuan as of September 30, 2024[16] - Long-term borrowings decreased by 38% from 6.16 billion yuan at the end of 2023 to 3.82 billion yuan as of September 30, 2024[16] - Retained earnings increased by 12.8% from 121.64 billion yuan at the end of 2023 to 137.24 billion yuan as of September 30, 2024[17] - Total equity increased by 8% from 218.81 billion yuan at the end of 2023 to 236.27 billion yuan as of September 30, 2024[17] - Fixed assets increased by 6.8% from 4.85 billion yuan at the end of 2023 to 5.18 billion yuan as of September 30, 2024[15] - Cash flow from operating activities in the first three quarters of 2024 was 25.89 billion yuan, a 2.3% decrease compared to 26.50 billion yuan in the same period of 2023[22] - Sales of goods and services received cash of 24.34 billion yuan in the first three quarters of 2024, a 2.5% decrease compared to 24.97 billion yuan in the same period of 2023[22] - Operating cash flow increased to 2,353,779,343.50 RMB, up by 93.2% compared to the previous period[24] - Investment cash flow showed a net outflow of -628,502,141.03 RMB, an improvement from -1,996,992,526.38 RMB in the previous period[24] - Financing cash flow had a net outflow of -3,238,918,326.53 RMB, compared to a net inflow of 51,012,771.06 RMB previously[24] - Cash and cash equivalents decreased by 1,526,300,876.34 RMB, ending at 2,962,838,287.95 RMB[24] - Total assets decreased slightly to 39,301,813,226.29 RMB from 39,897,248,585.15 RMB[26] - Current assets totaled 22,781,894,780.28 RMB, with a notable increase in other receivables to 1,443,828,682.82 RMB[26] - Non-current assets stood at 16,519,918,446.01 RMB, with long-term equity investments at 13,031,263,820.86 RMB[26] - Total liabilities decreased to 16,858,760,352.16 RMB from 19,547,395,060.11 RMB, with a significant reduction in long-term borrowings[27] - Shareholders' equity increased to 22,443,052,874.13 RMB, driven by higher retained earnings of 14,792,012,732.59 RMB[27] - The company's short-term borrowings were reported at 100,709,028.00 RMB, a new addition to the current liabilities[27] - Total assets as of the end of Q3 2024 were 39,301,813,226.29 RMB, slightly down from 39,897,248,585.15 RMB at the end of Q3 2023[28] - Operating cash flow for the first three quarters of 2024 was 527,679,559.05 RMB, a decrease from 662,382,727.97 RMB in the same period of 2023[31] - Investment cash flow for the first three quarters of 2024 was 1,524,626,064.26 RMB, a significant improvement from -378,825,954.28 RMB in the same period of 2023[32] - Total equity as of the end of Q3 2024 was 22,443,052,874.13 RMB, up from 20,349,853,525.04 RMB at the end of Q3 2023[28] - Sales revenue from goods and services in the first three quarters of 2024 was 8,873,214,225.73 RMB, down from 9,314,167,951.42 RMB in the same period of 2023[31] - Cash and cash equivalents at the end of Q3 2024 were 1,538,677,537.17 RMB, down from 1,842,823,111.49 RMB at the end of Q3 2023[32] Non-Recurring Items and Other Income - Non-recurring gains and losses for the period amounted to RMB 60,738,611.16, with government subsidies contributing RMB 48,160,681.70[4][5] - Other income in the first three quarters of 2024 was 362.85 million yuan, a 120.9% increase compared to 164.29 million yuan in the same period of 2023[19] - Investment income in the first three quarters of 2024 was 174.38 million yuan, a 57.1% increase compared to 110.98 million yuan in the same period of 2023[19] - Investment income increased by 63.40 million yuan (57.13%) year-over-year, driven by gains from SEG's derivative financial products such as forward foreign exchange contracts and commodities[10] - Credit impairment losses increased by 212.19 million yuan year-over-year, with the coal machinery sector accounting for 195.57 million yuan of the increase due to reduced repayments[10] Shareholder and Equity Information - The top shareholder, Hongyi Investment Management (Henan) Partnership, holds 270.46 million shares, representing 15.15% of the total shares[11] - HKSCC NOMINEES LIMITED, the second-largest shareholder, holds 220.74 million shares, representing 12.36% of the total shares[11] - China Agricultural Bank's CSI 500 ETF participated in securities lending, with 1.74 million shares lent out at the beginning of the year, but none remained at the end of the reporting period[13] Research and Development Expenses - Research and development expenses for the first three quarters of 2024 were 1.21 billion yuan, a 6.9% decrease compared to 1.30 billion yuan in the same period of 2023[18] - R&D expenses increased to 372,964,809.42 RMB in the first three quarters of 2024, compared to 303,520,881.64 RMB in the same period of 2023[29] Earnings Per Share and Comprehensive Income - Basic earnings per share for the first three quarters of 2024 were 1.721 yuan, a 22.9% increase from 1.400 yuan in the same period of 2023[21] - Total comprehensive income for the first three quarters of 2024 was 3.24 billion yuan, a 35.2% increase compared to 2.40 billion yuan in the same period of 2023[21] Interest Expenses - Interest expenses decreased to 94,328,431.63 RMB in the first three quarters of 2024, compared to 130,958,093.74 RMB in the same period of 2023[29]

证券代码：601717 证券简称：郑煤机 公告编号：2024-046 郑州煤矿机械集团股份有限公司董事、高级管理人员 集中竞价减持股份期间届满暨减持结果公告 本公司董事会、全体董事及相关股东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法律责任。 重要内容提示： | 股东名 | 股东身份 | 持股数量 | 持股比 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | 称 | | （股） | 例 | | | 贾浩 | 董事、监事、高级管理人员 | 2,442,300 | 0.137% | 其他方式取得：2,442,300 股 | 一、集中竞价减持主体减持前基本情况 1 董事、高级管理人员持股的基本情况：本次股份减持计划实施前，公司副董 事长、总经理贾浩先生持有公司 A 股股份 2,442,300 股，占公司总股本的 0.137%；董事付祖冈先生持有公司 A 股股份 3,945,620 股，占公司总股本的 0.221%；副总经理付奇先生、张海斌先生均持有公司 A 股股份 846,200 股， 各占公司总股本的 0.047% ...