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.

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The report highlights the effectiveness of cost control in coal production, emphasizing the potential for high dividends and growth [4][5] - The company reported a slight decline in revenue and net profit for 2024, with total revenue of 189.4 billion yuan, down 1.9% year-on-year, and a net profit of 19.3 billion yuan, down 1.1% year-on-year [4][5] - The report anticipates a decrease in profit forecasts for 2025-2026 due to falling coal prices, with expected net profits of 17.05 billion yuan in 2025, down 11.8% year-on-year, followed by a recovery in 2026 and 2027 [4][5] Financial Performance Summary - In 2024, the company achieved a total revenue of 189.4 billion yuan, with a year-on-year decline of 1.9% [4][8] - The net profit for 2024 was 19.3 billion yuan, reflecting a decrease of 1.1% year-on-year [4][8] - The earnings per share (EPS) for 2025-2027 are projected to be 1.29, 1.39, and 1.44 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 8.0, 7.3, and 7.1 [4][8] Business Segment Analysis - In the coal business, the company maintained stable production and sales, with coal production and sales of 138 million tons and 285 million tons, respectively, in 2024, showing a year-on-year increase of 2.5% and a slight decrease of 0.04% [5][6] - The average selling price of coal in 2024 was 564.2 yuan per ton, down 1.2% year-on-year, while the cost of coal was 425.1 yuan per ton, down 0.8% year-on-year [5][6] - The chemical business experienced a decline in production and sales due to scheduled maintenance, with urea production down 9.4% year-on-year [5][6] Dividend Potential - The company distributed a total cash dividend of 6.35 billion yuan in 2024, with a dividend payout ratio of 32.87%, indicating a slight decrease of 4.8 percentage points from the previous year [6] - The current dividend yield is approximately 4.7%, reflecting the company's commitment to high dividends amidst stable performance [6]

Investment Rating - The report maintains a "Recommended" investment rating for China Coal Energy [1] Core Views - The company's performance demonstrates resilience as increased volume and cost reductions offset the impact of price declines [7] - In 2024, the company achieved revenue of 189.4 billion yuan, a year-on-year decrease of 1.9%, and a net profit of 19.32 billion yuan, down 1.1% year-on-year [4][6] - The company plans to distribute a cash dividend of 5.92 yuan per 10 shares (including tax) for 2024 [4] Financial Summary - The total coal sales volume in 2024 was 28.483 million tons, a slight decrease of 11,000 tons year-on-year, with total revenue from coal business at 160.712 billion yuan, down 1.2% year-on-year [7] - The company's self-produced coal sales volume increased by 2.5% and 2.8% year-on-year, with unit sales price at 562 yuan/ton, down 6.6% [7] - The coal chemical business revenue was 20.518 billion yuan, a year-on-year decrease of 4.1%, with a gross margin of 15.2% [8] Future Projections - Revenue projections for 2025-2027 are 184.696 billion yuan, 189.190 billion yuan, and 194.618 billion yuan respectively, with expected net profits of 18.514 billion yuan, 19.616 billion yuan, and 20.224 billion yuan [6][9] - The report anticipates a continued decline in coal prices, with a projected PE ratio of 7.5 for 2025, 7.0 for 2026, and 6.8 for 2027 [8][9] Dividend Policy - The overall cash dividend rate increased from 30% in 2023 to 40.65% in 2024, with projected dividend yields of 5.7% for A shares and 7.7% for H shares based on the closing price on March 24, 2025 [8]

Investment Rating - The report maintains a "Recommended" investment rating for China Coal Energy (601898.SH) [4][8] Core Views - The company's performance demonstrates resilience as increased volume and cost reductions offset the impact of price declines. In 2024, the company achieved a revenue of 189.4 billion yuan, a slight decrease of 1.9% year-on-year, and a net profit of 19.32 billion yuan, down 1.1% year-on-year [4][7][8] - The company plans to distribute a cash dividend of 5.92 yuan per 10 shares (including tax) for the year 2024 [4] Summary by Sections Financial Performance - In 2024, the total coal sales volume was 284.83 million tons, a minor decrease of 110,000 tons year-on-year. The total revenue from coal business was 160.71 billion yuan, down 1.2% year-on-year, with a gross margin of 24.7%, a slight decrease of 0.2 percentage points [7] - The self-produced coal sales volume increased by 2.5% to 137.57 million tons, while the sales revenue from this segment was 77.30 billion yuan, down 4.1% year-on-year [7] - The company’s coal chemical business revenue was 20.52 billion yuan, a decrease of 4.1% year-on-year, with a gross margin of 15.2% [8] Future Projections - Revenue projections for 2025-2027 are 184.70 billion yuan, 189.19 billion yuan, and 194.62 billion yuan respectively, with expected net profits of 18.51 billion yuan, 19.62 billion yuan, and 20.22 billion yuan [6][8] - The report anticipates a continued decline in coal prices, with the average price of Qinhuangdao port thermal coal expected to drop by 11.4% in 2024 [8] Dividend Policy - The overall cash dividend rate increased from 30% in 2023 to 40.65% in 2024, with projected dividend yields of 5.7% for A shares and 7.7% for H shares based on the closing price on March 24, 2025 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The report highlights the effectiveness of cost control in coal production, emphasizing the potential for high dividends and growth [4][5] - The company reported a revenue of 189.4 billion yuan in 2024, a decrease of 1.9% year-on-year, and a net profit of 19.3 billion yuan, down 1.1% year-on-year [4][5] - The report anticipates a decline in net profit for 2025 to 17.0 billion yuan, a decrease of 11.8% year-on-year, followed by a recovery in 2026 and 2027 [4][8] Financial Performance Summary - In 2024, the company achieved a total coal production and sales volume of 138 million tons and 285 million tons respectively, with a slight increase in production but a minor decrease in sales [5][6] - The average selling price of coal in 2024 was 564.2 yuan per ton, down 1.2% year-on-year, while the cost per ton was 425.1 yuan, a decrease of 0.8% year-on-year [5][6] - The company plans to increase its coal and coal chemical production capacity, with ongoing projects expected to contribute to future growth [6] Dividend Potential - The total cash dividend for 2024 is projected at 6.35 billion yuan, with a dividend payout ratio of 32.87%, indicating a slight decline from the previous year [6] - The current dividend yield stands at 4.7%, reflecting the company's commitment to shareholder returns amidst stable operational performance [6]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company has a stable net profit performance and places a high emphasis on shareholder returns [1] - The coal business shows stable growth with strong cost control capabilities [2] - The company benefits from a decrease in coal prices, leading to a reduction in unit sales costs [3] - The company is committed to a stable cash dividend policy, with a total cash dividend of approximately 6.355 billion yuan for 2024, reflecting a payout ratio of about 35% [4] - Profit forecasts for 2025-2026 have been adjusted downwards due to coal price risks, with projected net profits of 17.5 billion yuan and 17.7 billion yuan respectively [4] Financial Performance Summary - In 2024, the company achieved operating revenue of 189.399 billion yuan, a decrease of 1.9% year-on-year [5] - The operating cost for 2024 was 142.278 billion yuan, down 1.6% year-on-year [5] - The attributable net profit for 2024 was 19.323 billion yuan, a decline of 1.1% year-on-year [5] - The company's cash flow from operations was 34.139 billion yuan, a decrease of 20.5% year-on-year [1] Coal Business Performance - The coal business generated operating revenue of 160.712 billion yuan in 2024, a decrease of 1.2% year-on-year [2] - The total coal production for the year reached 137.57 million tons, an increase of 2.5% year-on-year [2] - The unit sales cost for self-produced coal was 281.73 yuan per ton, down 8.2% year-on-year [2] Coal Chemical Business Performance - The coal chemical business reported operating revenue of 20.518 billion yuan in 2024, a decrease of 4.1% year-on-year [3] - The total production of coal chemical products was 5.69 million tons, a decrease of 5.7% year-on-year [3] Shareholder Returns - The company has increased the frequency of cash dividends, distributing a special dividend of 1.5 billion yuan, totaling 10.3 billion yuan for the year [4] - The company emphasizes market value management and investor communication [4]

2025 年 3 月 23 日 公司研究 降本对冲煤价下行，非煤业务盈利稳健 ——中煤能源（601898.SH）2024 年报点评 要点 事件： 2024 年 3 月 21 日，公司发布了 2024 年年度报告，公司实现营业收入 1893.99 亿元，同比-1.9%，归母净利润 193.23 亿元，同比-1.1%，扣非净利润 191.02 亿元，同比-1.3%。 24Q4 归母净利润同比大增，盈利季节性特征减弱。2024 年 Q4，公司单季度实 现营业收入 489.87 亿元（同比+33.3%，环比+3.3%），实现归母净利润 47.09 亿元（同比+65.5%，环比-2.4%），实现扣非净利润 46.77 亿元（同比+67.4%、 环比-1.9%）。往年公司 Q4 单季度归母净利润通常会显著低于 Q1-Q3，但 2024 年 Q4 公司归母净利润和前三季度基本持平，盈利的季节性特征明显减弱。 降本对冲煤价下行，煤炭业务盈利维持稳健。（1）2024 年公司煤炭业务实现营 收 1607.12 亿元，同比-1.2%，毛利润 396.28 亿元，同比-2.2%，其中自产煤毛 利润 385.29 亿元，同比-2.5% ...

中煤能源（601898.SH）2024 年年报点评 业绩微降，稳定性凸显 2025 年 03 月 22 日 ➢ 事件：2025 年 3 月 21 日，公司发布了 2024 年年度报告。2024 年，公司 实现营业收入 1894.0 亿元，同比下降 1.9%；归母净利润为 193.2 亿元，同比下 降 1.1%；扣非归母净利润为 191.0 亿元，同比下降 1.3%。另外，公司国际会计 准则下的归母净利润为 181.6 亿元，同比下降 10.0%，和中国会计准则下归母净 利润的差异主要在于专项储备及相关递延税调整存在 11.7 亿元。 推荐 维持评级 当前价格： 10.23 元 [Table_Author] ➢ 24Q4 归母净利润同比大增、环比微降。24Q4，公司实现营业收入 489.9 亿元，同比增长 33.3%、环比增长 3.3%；归母净利润为 47.1 亿元，同比大增 65.5%、环比下降 2.4%；扣非归母净利润为 46.8 亿元，同比大增 67.4%、环比 下降 1.9%。 ➢ 24Q4 煤炭产量环比增长，动力煤价格稳定。1）24 全年量增价减：公司商 品煤产量为 13757 万吨，同比+2.5%， ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 中國中煤能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：01898） 截至2024年12月31日止年度業績公告 財務摘要： 中國中煤能源股份有限公司董事會欣然宣佈本集團根據國際財務報告準則編製的 本集團截至2024年12月31日止年度的經審核年度業績如下： 1 • 2024年本集團的收入為人民幣1,893.99億元，較2023年減少人民幣35.70億 元（即-1.9%）。 • 2024年本公司股東應佔利潤為人民幣181.56億元，較2023年減少人民幣 20.28億元（即-10.0%）。 • 2024年本公司每股基本盈利為人民幣1.37元，較2023年減少人民幣0.15元。 • 2024年息稅折舊攤銷前盈利為人民幣405.85億元，較2023年減少人民幣 41.69億元（即-9.3%）。 • 董事會建議按照每股人民幣0.258元（含稅）派發2024年年度末期股息，此項 建議尚待 ...