证券代码：601898 证券简称：中煤能源 公告编号：2024-011 中国中煤能源股份有限公司 关于召开 2024 年第一季度业绩说明会的预告公告 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）视频直播及网络互动方式： 上证路演中心网址：https://roadshow.sseinfo.com/ "进门财经"网址：https://s.comein.cn/A9m4m Webcast Link(English): https://s.comein.cn/A9m46 （二）电话会议方式： 大陆：4001-888-938 香港：+852-57006920，台湾：+886-277031747，美国：+1-2025524791 国际：+86-1053827720 会议密码：601898（中文）001898（英文同传） 提问预征集方式： 1 本公告全文已于本公告日刊登于上海证券交易所网站、香港联合交易所有限 公司网站、本公司网站、中国证券报、上海证券报、证券时报和证券日报。 会议召开时间：2024 年 4 月 25 ...

Financial Performance - The company achieved a revenue of RMB 193 billion in 2023, a decrease of RMB 27.6 billion or 12.5% year-on-year due to falling coal and coal chemical prices[3]. - The profit attributable to shareholders increased to RMB 20.2 billion, up RMB 400 million or 2.3% year-on-year, with a return on equity of 14.71%[3]. - For the fiscal year ending December 31, 2023, the company achieved a pre-tax profit of CNY 33.695 billion, a decrease of 2.6% compared to the previous year, but a growth of 20.9% compared to 2021, with a three-year compound growth rate of 10.0%[8]. - The company's net cash inflow from operating activities was CNY 42.965 billion, maintaining over CNY 40 billion for three consecutive years, reflecting strong cash management capabilities[8]. - The gross profit for the year was CNY 41.583 billion, a decline of 16.2% from CNY 49.598 billion in the previous year[9]. - The company reported a net profit attributable to shareholders of CNY 20.184 billion, an increase of 2.3% year-on-year, and a growth of 33.0% compared to 2021[8]. - The coal business revenue decreased by 14.8% to 162.68 billion CNY from 190.92 billion CNY in the previous year[12]. - The company reported a significant decrease in the revenue from the trading coal segment, which fell by 21.7% to 81.49 billion CNY[12]. Production and Sales - The company produced 134.22 million tons of self-produced commercial coal, an increase of 15.05 million tons or 12.6% year-on-year, and sold 133.91 million tons, up 13.57 million tons or 11.3% year-on-year[3]. - The total coal sales volume reached 284.94 million tons, representing an 8.4% increase from 262.95 million tons in the previous year[69]. - The sales volume of self-produced coal increased by 1.357 million tons, contributing an additional CNY 9.713 billion in revenue[19]. - The company reported a coal sales volume of 13.391 million tons from self-produced coal, reflecting an 11.3% increase year-on-year[69]. - The production of major coal chemical products reached 6.036 million tons, a year-on-year increase of 6.5%[71]. - The sales volume of major coal chemical products was 6.126 million tons, up 9.7% compared to the previous year[71]. Cost Management - The unit sales cost of self-produced commercial coal decreased by RMB 13 per ton or 3.6%, contributing an additional profit of RMB 1.8 billion[4]. - The total sales cost of the coal business decreased by 13.1% from CNY 147.830 billion in 2022 to CNY 128.412 billion in 2023[21]. - The cost of sales for the year ended December 31, 2023, was 151.39 billion CNY, down 11.5% from 170.98 billion CNY in 2022[15]. - The sales cost of the coal chemical business segment declined by 7.5% to 18.472 billion RMB, attributed to lower procurement prices of raw and fuel coal[27]. Capital Structure and Investments - The capital structure improved with a debt-to-equity ratio decreasing by 5.8 percentage points to 28.5%[3]. - The company's total assets increased to 349.16 billion CNY as of December 31, 2023, up 2.8% from 339.73 billion CNY in 2022[10]. - Total liabilities decreased to 166.63 billion CNY, a reduction of 4.7% from 174.84 billion CNY in the previous year[10]. - The company plans to allocate CNY 16.01 billion for capital expenditures in 2024, representing a 1.6% increase from 2023[95]. - The company invested CNY 2.25 billion in technology upgrades and renewals, completing 150.15% of the planned CNY 6.13 billion[91]. Innovation and Technology - The company received 29 industry-level technology advancement awards and was granted 273 patents, showcasing its commitment to innovation and technology development[6]. - The company has completed the construction of 46 intelligent mining faces, with two winning national awards for innovation[66]. - The company established 46 intelligent mining faces and launched the first 120-ton electric heavy truck in the Anjialing open-pit mine, enhancing its smart manufacturing capabilities[101]. - The company is focusing on the clean and efficient transformation of coal, emphasizing the development of modern coal chemical industries such as coal-to-olefins and coal-to-urea[79]. Environmental Responsibility - The company has been recognized as a "Leader" in carbon peak actions for 2023 and was included in the top 50 companies for carbon neutrality contributions in China[109]. - The company has implemented a comprehensive pollution prevention strategy, focusing on air pollution control and wastewater treatment, with an emphasis on increasing wastewater reuse rates[108]. - The company is committed to green development and has not experienced any sudden environmental incidents during the reporting period[108]. - The company is actively promoting the comprehensive utilization of solid waste and hazardous waste management, including the use of coal gangue in mining operations[108]. Governance and Management - The total compensation for directors, supervisors, and senior management during the reporting period amounted to RMB 7.775 million[111]. - The company has a comprehensive remuneration structure that includes basic salary, bonuses, social insurance, and corporate annuities for directors, supervisors, and senior management[121]. - The company emphasizes the experience and qualifications of its senior management team, with extensive backgrounds in legal affairs, human resources, and financial management[118][119]. - The company has established 5 specialized committees under the board of directors to enhance governance and oversight[198]. Market and Strategic Outlook - The company is focusing on enhancing production efficiency and risk management to support high-quality development, aiming for a "zero death" safety target[84]. - The company plans to continue optimizing its industrial layout and accelerate green low-carbon transformation in line with the "14th Five-Year Plan" and the goal of becoming a world-class energy enterprise[6]. - The company aims to achieve high-quality development through green mining practices, with comprehensive energy consumption and resource utilization rates maintaining industry-leading levels in 2023[86]. - The company is committed to modernizing energy comprehensive services, emphasizing equipment manufacturing and innovative business models[98].

智通财经APP讯，中煤能源(01898)发布公告，于2024年3月，该公司商品煤产量1083万吨，同比减少7.5%，商品煤销量2397万吨，同比减少16.9%，其中，自产商品煤销量1106万吨，同比减少3.7%。 2024年1-3月，该公司商品煤产量3273万吨，同比减少1.7%，商品煤销量6387万吨，同比减少14.6%，其中，自产商品煤销量3231万吨，同比减少3.7%。 ...

以上生产经营数据源自本公司内部统计，为投资者及时了解本公司生产经营 概况之用，可能与本公司定期报告披露的数据有差异。 2024 年 3 月份主要生产经营数据公告 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法律责任。 | 指标项目 | 单位 | 2024 | 年 | 2023 | 年 | 变化比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 3 月份 | 累计 | 3 月份 | 累计 | 3 月份 | 累计 | | 一、煤炭业务 | | | | | | | | | （一）商品煤产量 | 万吨 | 1,083 | 3,273 | 1,171 | 3,330 | -7.5 | -1.7 | | （二）商品煤销量 | 万吨 | 2,397 | 6,387 | 2,883 | 7,477 | -16.9 | -14.6 | | 其中：自产商品煤销量 | 万吨 | 1,106 | 3,231 | 1,148 | 3,257 | -3.7 | -0.8 | | 二、 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 煤炭开采 ＃investSuggestion＃ ＃ ＃d中yCom煤pan能y＃ 源 （ 601898 ） investSug 增持 ( 维ges持tion ）Ch 601898 规模优 势凸显韧 性＃ ，title＃ 煤 化一 体增长可期 ange＃ ＃createTime1＃ 2024年 03月 21 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃事s件um：m中ary煤＃能 源发布2023年度报告。2023年，公司实现营收1929.7亿元，同比-12.5%；归母净利润 司 195.3亿元，同比+7.0%；扣非归母净利润193.6亿元，同比+6.8%；加权平均净资产收益率14.2%，同 市场数据日期 2024-03-21 比-0.68pct。23Q4单季度，公司实现营收367.6亿元，同比-18.7%，环比-21.5%；归母净利润28.46亿 点 收盘价（元） 11.41 元，同比扭亏为盈，环比-41.36%；扣非归母净利润27.95亿元，同比扭亏为盈，环比-42.0%。据2023 年年报，公司拟每股含税派息0.44 ...

公司研究 | 年报点评 中煤能源 601898.SH 量增助力业绩稳健，产业布局优化赋予公 买入 （维持） 股价（2024年03月28日） 11.16元 司成长性 目标价格 14.22元 52周最高价/最低价 13.39/7.36元 总股本/流通A股（万股） 1,325,866/1,325,866 A股市值（百万元） 147,967 核心观点 国家/地区 中国 行业 煤炭 ⚫ 业绩符合预期，降本增产成效显著：中煤能源发布2023年年报，公司实现营收 报告发布日期 2024年04月07日 1929.69亿元，同比-12.5%，实现归母净利润195.34亿元，同比+7.0%，全年业绩 符合预期。在2023年煤价中枢同比下跌的不利外部环境下，公司业绩实现同比提升 1周 1月 3月 12月 的一个原因是煤炭、煤化工产品产销量提升，以量补价稳定了业绩。2023年，公司 绝对表现% -2.19 -11.15 15.17 43.7 自产商品煤产量13422万吨，同比增长12.6,%，主要煤化工产品产量604万吨，同 相对表现% -0.51 -13.2 12.05 55.67 比增长6.5%。业绩提升的另一原因是公司资产减值 ...

Investment Rating - The report maintains a "Buy" rating for China Coal Energy, expecting a price increase of over 15% relative to the industry index within the next six months [4][13]. Core Views - The coal business volume increased while prices fell, indicating potential for growth despite current challenges [3]. - The company reported a revenue of 192.97 billion yuan in 2023, a decrease of 12.5% year-on-year, while net profit increased by 7% to 19.53 billion yuan [1][2]. - The company has a stable dividend policy with a proposed cash dividend of 0.442 yuan per share, resulting in a dividend yield of 3.98% [7]. Financial Performance Summary - **Revenue and Profitability**: - 2023 revenue was 192.97 billion yuan, down from 220.58 billion yuan in 2022, with a projected revenue of 201.23 billion yuan for 2024 [1][9]. - Net profit for 2023 was 19.53 billion yuan, with an expected increase to 21.10 billion yuan in 2024 [1][9]. - **Coal Business**: - In 2023, the company produced 134 million tons of coal, a year-on-year increase of 12.6%, while coal sales volume was 285 million tons, up 8.4% [3]. - The average selling price of self-produced coal decreased by 15.9% to 602.04 yuan per ton [3]. - **Cost and Margin**: - The gross margin for self-produced coal was 49%, down 5.9 percentage points year-on-year [3]. - The total revenue from coal business was 162.68 billion yuan, a decline of 14.8% from the previous year [3]. - **Coal Chemical Business**: - The coal chemical segment saw a production increase of 6.5% to 6.036 million tons, with sales rising by 9.7% [7]. - Revenue from coal chemical products was 21.39 billion yuan, reflecting a stable cost control and an increase in gross profit [7]. Growth Potential - The company has ongoing projects that indicate growth potential, including the completion of the Dahuize coal mine and the development of new power generation projects [7]. - The company aims to enhance its coal-electricity-chemical integration strategy, which is expected to provide a competitive edge [7].

[Table_MainInfo] 公司研究/煤炭 证券研究报告 中煤能源（601898）公司年报点评 2024年03月28日 [Table_InvestInfo] 23 年归母净利同比+7%，持续推进“两 投资评级 优于大市 维持 个联营”高质量发展 股票数据 0[3Ta月b2le7_日S收to盘ck价（In元fo）] 11.11 [Table_Summary] 52周股价波动（元） 7.72-13.39 投资要点： 总股本/流通A股（百万股） 13259/9152 总市值/流通市值（百万元） 147304/147304 23年归母净利同比+7%，其中23Q4环比-41%。2023年公司实现营收/归母  相关研究 净利1929.7/195.3亿元，同比-12.5%/+7.0%。Q4单季，公司归母净利28.5 [《Ta煤b炭le业_R务e盈p利or稳tI健nf，o]煤 化工盈利持续改善》 亿元，环比-41.3%，主因煤化工亏损及销售和管理费用提升所致。23年公司 2023.11.15 拟每股分派0.442元（含税），分红总额58.6亿元，分红比例为30%。 《煤炭业务仍稳健，煤化工盈利改善有望延 续》2023 ...

Investment Rating - The investment rating for the company is "Add - A" with a 6-month target price of 13.52 CNY [3]. Core Views - The company reported a revenue of 192.97 billion CNY in 2023, a decrease of 12.5% year-on-year, while the net profit attributable to shareholders was 19.53 billion CNY, an increase of 7.0% year-on-year [1]. - The coal business showed growth in production and sales, with a total coal output of 134.22 million tons, up 12.6% year-on-year, and sales of 133.91 million tons, up 11.3% year-on-year [1]. - The company is focusing on cost control, achieving a unit cost of self-produced coal at 307 CNY/ton, down 4.9% year-on-year, despite a decrease in coal prices [1]. - The chemical products segment saw a slight increase in gross margin, with a chemical business gross margin of 15.4%, up from 13.3% in 2022 [2]. - The company plans to invest 160.1 billion CNY in 2024, with significant allocations to coal, coal chemical, coal power, and new energy sectors [7]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 192.97 billion CNY, with a net profit of 19.53 billion CNY, reflecting a 7.0% increase year-on-year [1]. - The company plans to increase its revenue to 203.38 billion CNY in 2024, with a projected net profit of 21.11 billion CNY, representing an 8.1% growth [8]. Coal Business - The company produced 134.22 million tons of coal in 2023, with a sales volume of 133.91 million tons, marking increases of 12.6% and 11.3% year-on-year, respectively [1]. - The unit price of self-produced coal was 602 CNY/ton, down 15.9% year-on-year, while the unit cost decreased to 307 CNY/ton [1]. Chemical Products - The sales volumes for polyethylene, polypropylene, urea, methanol, and ammonium nitrate were 763,000 tons, 716,000 tons, 2.141 million tons, 1.919 million tons, and 587,000 tons, respectively [2]. - The gross margin for the chemical business improved to 15.4% in 2023, up from 13.3% in 2022 [2]. Capital Expenditure and Future Plans - The company completed capital expenditures of 15.76 billion CNY in 2023 and plans to invest 16.01 billion CNY in 2024, focusing on coal and new energy projects [7]. - New projects in coal mining and power generation are expected to enhance production capacity and operational efficiency [7].

证券研究报告 | 2024年03月24日 中煤能源（601898.SH） 买入 商品煤产量持续增长，产业链布局持续推进 核心观点 公司研究·财报点评 煤价中枢下行致营收下降，利润正增长因资产减值大幅减少。2023年公司实 煤炭·煤炭开采 现营收1929.7亿元，同比-12.5%，归母净利润195.3亿元，同比+7.0%，扣 证券分析师：樊金璐 证券分析师：胡瑞阳 非归母净利润193.6亿元，同比+6.8%。其中2023Q4公司实现营收367.6亿 010-88005330 0755-81982908 fanjinlu@guosen.com.cn huruiyang@guosen.com.cn 元，同比-18.7%，归母净利润28.5亿元，同比+366.3%。营收下降主因2023 S0980522070002 S0980523060002 年煤价下行，归母净利润增长主因资产减值大幅减少85.2亿元。 基础数据 煤炭业务：产/销量继续增长，严控成本费用抵补煤价下行冲击。2023年公 投资评级 买入(维持) 合理估值 司商品煤产量13422万吨，同比+12.6%；商品煤销量28494万吨，同比+8.4%， 收盘价 ...