事件 近日，公司发布2024 年年报，中煤能源2024 年实现营业收入1894.0 亿元，同比减少1.9%；归母净利润 193.23 亿元，同比下降1.1%；毛利率为24.9%，同比下降0.2pct，资产负债率为46.29%，同比下降 1.39pct。 投资要点 煤炭板块：增产提效抵消煤价波动 产量方面。自产商品煤全年累计产量达1.38 亿吨，同比增长2.5%，增量主要来自大海则煤矿产能贡 献。Q4 单季产量3526 万吨，环比Q3 降低1.54%，产能利用率维持高位。贸易煤全年销量2.85 亿吨，同 比持平。 价格与成本方面。自产煤售价全年均价562 元/吨，同比下滑6.6%，全年相比前三季度下降1.58%。成本 控制成效显著：吨煤销售成本281.73 元，同比下降25.28 元，降幅8.2%，主要受益于运输费用优化，及 折旧摊销减少。 毛利润方面。煤炭业务全年毛利396.28 亿元，占公司总毛利的84.1%，为核心盈利来源。Q4 单季毛利 103.75 亿元，环比Q3 上升10.31%。全年吨煤毛利280.27元，毛利率24.7%，同比下降0.2pct。 煤化工板块：产能扩张与成本优化双轮驱动 产量方面。 ...

下面有请郭总发言 谢谢 保持生产的基本稳定1到2月份的完成商品类产量2172万吨 同比月入减少18万吨完成商品类的销量3938万吨 同比减少52万吨完成矩形钉的产量24.6万吨 同比减少1.4万吨矩形钉销量21.3万吨 同比减少1万吨 完成尿柱的产量34.1万吨 同比增加5.3万吨尿柱胶量34.7万吨 同比增加8.8万吨完成甲醇产量34.2万吨 同比增加6.7万吨完成甲醇的胶量是34.7万吨 同比增加8.8万吨完成胶胺产量8万吨 同比减少0.1万吨胶量8.2万吨 同比斥平 农场单位产值完成16.2亿元,统计减少2.1亿元受今年以来主要产品价格下行影响 深度下跌整体来看呢这种下跌呢除常规的淡季因素外还主要是由供需错配库存积压进口煤冲击能源结构转型市场供销新衣品多方活力等多种因素共同作用的结果截至2月28日北方港5500大卡都以为建货价格是701元每尊交易月出下降了60元每尊交去年从需下降230元每尊降速在20% 进入三月份 特别是三月份中俄两会已经明确一系列稳增长政策包括上调目标财政赤字率增加超长期特别活战新增地方专项占发行额度进一步加大新旧动能转换支持地主促进房地产市场时间回轮等这些措施预计这些措施将进一步提 ...

证券代码：601898 证券简称：中煤能源 公告编号：2025-010 中国中煤能源股份有限公司 关于控股股东首次增持公司股份暨 增持计划进展的公告 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法律责任。 重要内容提示： 一、 增持主体 （一）增持主体：中国中煤，为公司控股股东。 （二）本次增持计划公告前增持主体已持有股份的数量、占公司总股本的比 例：在本次增持计划公告前，中国中煤直接持有公司 7,611,207,908 股 A 股股份， 通过全资子公司中煤能源香港有限公司持有公司 132,351,000 股 H 股股份，合计 约占公司已发行总股本的 58.40%。 二、 增持计划的主要内容 基于对公司未来发展前景的信心和对资本市场长期投资价值的认可，为提振 投资者信心，支持公司持续、健康、稳定发展，维护资本市场和公司股价稳定， 中国中煤决定实施本次增持计划。本次增持计划的具体内容详见公司于 2025 年 4 月 8 日披露的《中国中煤能源股份有限公司关于控股股东增持公司股份计划的公 1 增持计划基本情况：中国中煤能源股份有限公司于 ...

关于控股股东增持公司股份计划的公告 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、 增持主体 证券代码：601898 证券简称：中煤能源 公告编号：2025-009 中国中煤能源股份有限公司 （四）本次拟增持股份的价格：本次增持不设定价格区间，中国中煤将基于 对公司股票价值的合理判断，根据公司股票价格波动情况及资本市场整体趋势， 择机逐步实施。 （一）增持主体：中国中煤，为公司控股股东。 （二）增持主体已持有股份的数量、占公司总股本的比例：截至本公告披露 日，中国中煤直接持有公司 7,611,207,908 股 A 股股份，通过全资子公司中煤能 源香港有限公司持有公司 132,351,000 股 H 股股份，合计约占公司已发行总股本 的 58.40%。 （三）增持主体在本次公告前十二个月内未披露增持计划。 二、 本次增持计划的主要内容 （一）本次拟增持股份的目的：基于对公司价值的认可和对未来持续稳定发 展的信心，为提升投资者信心，支持公司持续、健康、稳定发展，维护资本市场 和公司股价稳定，中国中煤拟实施本 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 189.39 billion yuan for 2024, a year-on-year decrease of 1.85%, and a net profit attributable to shareholders of 19.32 billion yuan, down 1.08% year-on-year. The earnings per share (EPS) was 1.46 yuan. The fourth quarter saw a revenue increase of 33.26% year-on-year [6] - The company plans to distribute a cash dividend of 5.92 yuan per 10 shares, resulting in a total dividend payout of 7.855 billion yuan, with a dividend payout ratio of approximately 40.65% [6] - The company has seen an increase in self-produced coal sales, with a total production of 138 million tons, a 2.5% increase year-on-year, while the average selling price of coal decreased by 1.2% to 564 yuan per ton [6] - The company is advancing its "coal-electricity-chemical-new" integrated industrial chain, with several projects under construction and in operation [6] - Due to falling coal prices, the profit forecasts for 2025 and 2026 have been revised down to 17.51 billion yuan and 17.78 billion yuan, respectively, with a new forecast for 2027 at 18.67 billion yuan [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 186.30 billion yuan, with a year-on-year decrease of 1.6% [5] - Net profit forecast for 2025 is 17.51 billion yuan, reflecting a year-on-year decrease of 9.4% [5] - The company's return on equity (ROE) is projected to decline from 12.7% in 2024 to 11.3% in 2025 [5] - The price-to-earnings (PE) ratio for 2025 is estimated at 8, compared to an average PE of 11 for comparable companies [6]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a stable performance and increasing dividend payout ratio [2][82]. Core Insights - The company is a state-owned enterprise controlled by the State-owned Assets Supervision and Administration Commission (SASAC), with a leading position in coal resources [6][11]. - The company has a diversified business model covering the entire coal industry chain, including coal mining, coal chemical production, and financial services, establishing a "coal-electricity-chemical-new" circular economy system [10][81]. - The company has significant coal reserves, with a total coal resource of 26.52 billion tons and a recoverable reserve of 13.82 billion tons, ranking among the top coal companies in China [6][81]. - The company has seen a steady increase in coal production and sales, with a total capacity increase of 22.1 million tons from 2020 to 2024 [6][81]. - The company has a high proportion of long-term contracts, which effectively mitigates the impact of falling coal prices [6][82]. - The company is actively expanding its coal chemical business, which provides cost advantages and helps stabilize its coal business against cyclical fluctuations [6][82]. Summary by Sections Company Overview - The company is a major state-owned enterprise in the coal industry, with a strong focus on clean and efficient coal utilization and the development of new energy [10][81]. - The company has a robust financial management strategy, with a debt-to-asset ratio of 46.3% in 2024, indicating sound financial health [21]. Coal Industry - The coal market is expected to experience tight supply and demand balance, with high inventory levels leading to potential price fluctuations in the short term [25][59]. - Domestic coal production is projected to grow slightly, with a total output of approximately 4.8 billion tons in 2025 [29]. Company Coal Business - The company has a leading position in coal resource reserves, with 21 operating mines and a total approved capacity of 16.3 million tons per year [63][81]. - The company has successfully reduced its coal production costs, with an average cost of 425.1 yuan per ton in 2024, down 0.8% year-on-year [71][82]. Company Coal Chemical Business - The company has a well-integrated coal chemical business, producing methanol, polyolefins, and urea, with a total production capacity of 5.69 million tons in 2024 [76][77]. - The company is planning new projects to enhance its coal chemical production capacity, which is expected to contribute to future growth [77][78]. Investment Recommendations - The company is expected to achieve a net profit of 17.746 billion yuan in 2025 and 19.143 billion yuan in 2026, with corresponding PE ratios of 7.56 and 7.01 [82].

Core Viewpoint - Company reports a slight decline in revenue and net profit for 2024, but shows strong performance in Q4 with a significant year-on-year increase in net profit [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 189.4 billion yuan, a year-on-year decrease of 1.9%, and a net profit attributable to shareholders of 19.3 billion yuan, down 1.1% [1] - The company reported a net profit of 4.7 billion yuan in Q4 2024, reflecting a year-on-year increase of 65% [1] Group 2: Coal Production and Sales - The company produced 138 million tons of commercial coal in 2024, a year-on-year increase of 2.5%, with sales volume remaining stable at 285 million tons [2] - The average selling price of coal (excluding tax) was 564 yuan per ton, a decrease of 1.2% year-on-year, while the self-produced coal price was 562 yuan per ton, down 6.7% [2] - The company achieved coal revenue of 160.7 billion yuan, a decrease of 1.2% year-on-year, with a gross profit of 39.6 billion yuan, down 2.2% [2] Group 3: Coal Chemical Business - The company reported olefin sales of 1.52 million tons in 2024, up 2.6%, with an average price of 6,991 yuan per ton, an increase of 1.2% [3] - Urea sales decreased by 4.9% to 2.04 million tons, with an average price of 2,047 yuan per ton, down 15.5% [3] - The total revenue from coal chemical business was 20.5 billion yuan, a year-on-year decrease of 4.1%, with a gross profit of 3.1 billion yuan, down 5.6% [3] Group 4: New Capacity and Projects - The company is advancing new coal, electricity, and renewable energy projects, including a coal mine with an annual capacity of 20 million tons and a coal chemical project with an annual capacity of 900,000 tons [4] - The company has a dividend payout ratio of approximately 32%, with a total dividend of 0.48 yuan per share, corresponding to a dividend yield of 4.6% [4] - Revenue projections for 2025-2027 are estimated at 182.9 billion, 183.1 billion, and 183.7 billion yuan, with net profits of 17.29 billion, 18.70 billion, and 18.72 billion yuan respectively [4]

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [4][9]. Core Views - The company reported a slight decline in revenue and net profit for 2024, with operating income at 189.4 billion yuan, down 1.85% year-on-year, and net profit attributable to shareholders at 19.32 billion yuan, down 1.08% year-on-year [4]. - The coal business remains the primary revenue driver, accounting for 84.51% of total revenue, with both production and sales increasing despite a decrease in average selling prices [5][6]. - The company is focused on a full industrial chain layout in coal, coal power, coal chemical, and new energy, which is expected to stabilize operational performance and enhance valuation [8][9]. Market Performance - As of March 25, 2025, the company's closing price was 10.49 yuan, with a market capitalization of 1390.83 billion yuan [2]. - The stock reached a yearly high of 15.92 yuan and a low of 9.77 yuan [2]. Financial Data - Basic earnings per share for 2024 were reported at 1.46 yuan, with a diluted earnings per share also at 1.46 yuan [3]. - The return on equity (ROE) was 12.98%, reflecting a decrease of 1.20 percentage points year-on-year [3]. - The company’s total assets were 3579.65 billion yuan, with net assets of 1519.11 billion yuan, showing year-on-year increases of 2.5% and 5.4%, respectively [4]. Future Projections - Expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.38 yuan, 1.55 yuan, and 1.77 yuan, respectively [9]. - The price-to-earnings (P/E) ratios for the same years are estimated at 7.6, 6.8, and 5.9 times [9].

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [4][9]. Core Views - The company reported a slight decline in revenue and net profit for 2024, with operating income at 189.40 billion yuan, down 1.85% year-on-year, and net profit attributable to shareholders at 19.32 billion yuan, down 1.08% year-on-year [4]. - The coal business remains the primary revenue driver, accounting for 84.51% of total revenue, with both production and sales increasing despite a decrease in average selling prices [5][6]. - The company is focused on a full industry chain layout in coal, coal power, coal chemical, and new energy, which is expected to stabilize operational performance and enhance valuation [8]. Market Performance - As of March 25, 2025, the company's closing price was 10.49 yuan, with a market capitalization of 1390.83 billion yuan [2]. - The stock reached a yearly high of 15.92 yuan and a low of 9.77 yuan [2]. Financial Data - Basic earnings per share for 2024 were reported at 1.46 yuan, with a return on equity of 12.98% [3]. - The company’s total assets as of the end of 2024 were 3579.65 billion yuan, reflecting a year-on-year increase of 2.5% [4]. - The net cash flow from operating activities was 341.40 billion yuan, down 20.5% year-on-year [4]. Future Projections - Expected earnings per share for 2025, 2026, and 2027 are projected to be 1.38 yuan, 1.55 yuan, and 1.77 yuan respectively, with corresponding price-to-earnings ratios of 7.6, 6.8, and 5.9 [9][11]. - Revenue is expected to grow gradually, with projections of 192.10 billion yuan in 2025, 199.45 billion yuan in 2026, and 211.90 billion yuan in 2027 [11][15].

Summary of China Coal Energy Co., Ltd. Conference Call Company Overview - **Company**: China Coal Energy Co., Ltd. - **Industry**: Coal and Energy - **Market Cap**: US$17,206 million - **Stock Rating**: Equal-weight - **Price Target**: HK$9.12 - **Current Price**: HK$8.12 Key Financial Results - **2024 Net Profit**: Rmb18.2 billion, down 10% YoY, slightly below estimates of Rmb18.6 billion and Rmb18.4 billion [1][2] - **Final Dividend Declared**: Rmb0.258/share, maintaining a 35% payout ratio similar to the previous year [2] - **Cost of Goods Sold**: Decreased by 2% YoY to Rmb344.8/ton [2] - **EBIT**: Down 20% YoY in the chemicals and machinery segment [2] - **Average Selling Price (ASP)**: Thermal ASP dropped 6.6% YoY to Rmb562/ton [2] Revenue and Production Data - **Quarterly Revenue**: - 1Q23: Rmb59,158 million - 2Q23: Rmb50,198 million - 3Q23: Rmb46,852 million - 4Q23: Rmb36,760 million - 1Q24: Rmb45,395 million - 2Q24: Rmb47,590 million - 3Q24: Rmb47,428 million - 4Q24: Rmb48,987 million - **YoY Revenue Growth**: 33% [4] Market Dynamics - **Contract vs. Spot Prices**: Convergence of contract and spot prices indicates potential risks for contract price cuts, which account for 75% of China Coal's volume [3][8] - **QHD5500 Price**: Rmb687/ton, indicating a slight decrease [9] Risks and Outlook - **Downside Risks**: - Potential for contract price cuts due to convergence with spot prices [3][8] - Weak performance in the chemicals and machinery segment [2] - **Upside Risks**: - Stronger-than-expected recovery in coal demand [13] - Higher realized domestic coal prices [13] Valuation Metrics - **EPS Estimates**: - 2024: Rmb1.41 - 2025: Rmb1.26 - 2026: Rmb1.10 [6] - **P/E Ratio**: 4.2 for 2024 [6] - **EV/EBITDA**: 3.9 for 2024 [6] - **Dividend Yield**: 8.7% for 2024 [6] Conclusion - The financial results for China Coal Energy Co., Ltd. reflect a modest shortfall compared to expectations, with stable dividend payouts. The company faces challenges in the chemicals and machinery segment while navigating market dynamics that could impact pricing strategies. The outlook remains cautious, with potential upside from demand recovery and pricing but significant risks from market price fluctuations.