Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights continuous cost optimization and excellent performance in the third quarter, with a focus on the company's coal production and sales metrics [1][3] - The company has shown resilience in its coal business despite a decrease in sales prices, with a notable improvement in gross margins due to cost management strategies [4][6] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 140.41 billion yuan, a year-on-year decrease of 10.1%, and a net profit attributable to shareholders of 14.61 billion yuan, down 12.4% year-on-year [3] - In Q3 2024, the company reported operating revenue of 47.43 billion yuan, a slight decrease of 0.3% quarter-on-quarter but an increase of 1.2% year-on-year [3] Coal Business - The company produced 35.81 million tons of commodity coal in Q3 2024, representing a 6.0% increase quarter-on-quarter and a 5.2% increase year-on-year [1][4] - The average selling price of self-produced coal decreased by 4.7% quarter-on-quarter, while the unit cost fell by 6.9%, leading to a gross profit of 270.1 yuan per ton and a gross margin of 49.6% [1][4] Coal Chemical Business - The report indicates that the coal chemical segment has seen improvements in gross margins due to cost optimization, with polyethylene and polypropylene sales volumes increasing by 2.8% and 2.6% respectively [4][5] - The overall unit gross profit for coal chemical products has improved compared to the previous year, despite some price declines [5] Future Outlook - The company is expected to see revenue of 179.82 billion yuan in 2024, with a projected net profit of 18.40 billion yuan, reflecting a stable outlook supported by high long-term contract ratios and upcoming production from new mines [6][7] - The company plans to enhance shareholder returns through increased dividends, maintaining a positive growth trajectory in the coming years [6]

Q3 公司自产煤销售收入为 186.67 亿元（同比-5.07%，环比-3.46%），销售 | --- | |-------------------------------------------------------------------------------| | | | 成本为 93.84 亿元（同比 -13.82% ，环比 -6.01% ），吨煤售价为 545.98 | | 吨（同比 -3.32% ，环比 -4.34% ），吨煤成本为 274.46 元 / 吨（同比 -12.23% | | 环比 -6.86% ）。 | 中煤能源（601898.SH） 24Q3 业绩符合预期，高分红性质凸显 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------|------------------------------|-------------------|--------------------- ...

证券研究报告 | 2024年10月25日 中煤能源（601898.SH） 优于大市 降本增量对冲煤价下行影响，业绩稳健性凸显 公司发布 2024 年三季报：2024 年前三季度公司实现营收 1404.1 亿元，同比 -10.1%，归母净利润 146.1 亿元，同比-12.4%。其中 2024Q3 公司实现营收 474.3 亿元，同比+1.2%，归母净利润 48.3 亿元，同比-0.6%。 煤炭板块：自产煤产销量环比增长，同时成本下降对冲煤价下行影响，盈利 能力保持稳健。2024Q3 商品煤产量 3581 万吨，同比+5.2%/环比+6.0%；商品 煤销售量 7196 万吨，同比+5.6%，环比+3.3%，其中自产商品煤销量 3419 万 吨，同比-1.8%，环比+0.9%，买断贸易煤销量 3677 万吨，同比+10.8%，环 比+6.1%。2024Q3 自产动力煤、炼焦煤销售均价分别为 488 元/吨、1176 元 /吨，分别同比下降 15 元/吨、90 元/吨，环比下降 21 元/吨、62 元/吨。自 产商品煤单位销售成本 274 元/吨，同比下降 38 元/吨，环比下降 20 元/吨， 主要系折旧摊销、运 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 本报告导读： 业绩符合市场预期，山西产量恢复及大海则放量，助力 Q3 产销双升，同时煤化工 经营稳定，毛利抬升。 投资要点： 请务必阅读正文之后的免责条款部分 经营稳健，国改排头兵 中煤能源(601898) [Table_Industry] 煤炭/能源 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|---------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | [table_Authors] 黄涛 ( 分析师 ) | 王楠瑀 ( 研究助理 ) | | | | | | | | 021-38674879 | 021-38032030 | | | | | | | | huangtao@gtjas.com | wangnanyu028176@gtjas.com | | | | | | | 登 ...

中煤能源（601898.SH） 煤炭开采 证券研究报告/公司点评报告 2024 年 10 月 24 日 Q3 业绩符合预期，降本增利显著 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------- ...

干源证券 煤炭/煤炭开采 Q3 盈利保持稳健，关注高分红潜力和主业成长性 中煤能源（601898.SH） 2024 年 10 月 24 日 投资评级：买入（维持） 张绪成（分析师） ——公司信息更新报告 | --- | --- | |-------------------------|------------| | 日期 | 2024/10/23 | | 当前股价 ( 元 ) | 13.24 | | 一年最高最低 ( 元 ) | 15.92/8.31 | | 总市值 ( 亿元 ) | 1,755.45 | | 流通市值 ( 亿元 ) | 1,211.72 | | 总股本 ( 亿股 ) | 132.59 | | 流通股本 ( 亿股 ) | 91.52 | | 近 3 个月换手率 (%) | 15.44 | 股价走势图 -24% 0% 24% 48% 72% 96% 2023-10 2024-02 2024-06 中煤能源 沪深300 数据来源：聚源 相关研究报告 《深度系列二：低估值央煤，高分红 与高成长潜力足—公司深度报告》 -2024.9.19 《中报分红加大回馈股东，煤化一体 高成长—2024 年中报点评 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company's Q3 2024 net profit attributable to shareholders increased by 0.17% quarter-on-quarter, attributed to effective cost control, with a decrease in various expenses [1] - The coal business revenue for the first three quarters of 2024 was 117.85 billion yuan, down 11% year-on-year, primarily due to falling coal prices [2] - The company maintained its profit forecast for 2024-2026, with net profit estimates of 19.39 billion yuan, 19.86 billion yuan, and 20.52 billion yuan respectively, corresponding to EPS of 1.46, 1.50, and 1.55 yuan [3] Financial Performance Summary - In Q3 2024, the company's operating revenue was 47.428 billion yuan, a year-on-year increase of 1.2%, while the net profit attributable to shareholders was 4.826 billion yuan, a year-on-year decrease of 0.6% [1] - The coal production for the first three quarters of 2024 was 102 million tons, a year-on-year increase of 1.1%, with a slight decrease in mining costs [2] - The company's EBITDA for 2024 is projected to be 49.03 billion yuan, with a P/E ratio of 9.05 and a P/B ratio of 1.12 [7][10] Cost Management - The unit sales cost of self-produced coal for the first three quarters of 2024 was 286.6 yuan/ton, down 2.8% year-on-year, mainly due to reductions in depreciation, maintenance, transportation, and other costs [2] - The gross profit margin for polyolefins increased by 13.4% year-on-year, while the gross profit margin for urea decreased by 25.7% [3] Market Position - The company's total A-share market capitalization is approximately 121.17 billion yuan, with a total A-share capital of 9.152 billion shares [4] - The stock price has shown fluctuations, with a peak of 15.92 yuan and a low of 8.31 yuan over the past year [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown stable performance despite a decline in revenue and profit due to effective cost control and a continuous optimization of its asset structure [1][2] - The coal sales volume has maintained a growth trend, with a slight increase in overall coal sales despite a decrease in prices [1][2] - The company is expected to achieve steady growth in profits due to its high proportion of long-term contracts and internal growth momentum [2] Financial Performance Summary - For the first three quarters of 2024, the company reported operating revenue of 140.41 billion yuan, a year-on-year decrease of 10.11%, and a net profit attributable to shareholders of 14.61 billion yuan, down 12.43% year-on-year [1] - The company's cash flow from operating activities was 25.76 billion yuan, a decrease of 9.16% year-on-year, with basic earnings per share at 1.10 yuan, down 12.70% year-on-year [1] - The coal sales volume for the first three quarters was 100.38 million tons, an increase of 0.7% year-on-year, with the average selling price of thermal coal at 503 yuan per ton, down 5.5% year-on-year [1][2] Cost Control and Profitability - The company has effectively controlled costs, with the unit sales cost of self-produced coal decreasing by 2.8% year-on-year to 286.6 yuan per ton [1] - The gross profit from coal business was 29.25 billion yuan, a decrease of 7.0% year-on-year, indicating that good cost control has helped stabilize performance in a declining market [1] - The company’s chemical products also showed significant cost reductions, with unit sales costs for various products decreasing [1] Debt and Asset Management - The company has continued to repay debts, with non-current liabilities due within one year decreasing by 36.6% year-on-year to 13.79 billion yuan [1] - The asset-liability ratio improved to 47.08%, a decrease from the previous year, indicating a stronger balance sheet [1] Earnings Forecast - The company is expected to achieve net profits of 19.23 billion yuan, 19.57 billion yuan, and 20.25 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding earnings per share of 1.45 yuan, 1.48 yuan, and 1.53 yuan [2][3]

Investment Rating - The report maintains a "Buy" rating for China Coal Energy (601898.SH) [2] Core Views - The company's revenue for the first three quarters of 2024 was CNY 140.41 billion, a year-on-year decrease of 10.11%, while the net profit attributable to shareholders was CNY 14.61 billion, down 12.43% year-on-year [4] - The coal business showed a recovery in production and sales in Q3 2024, with a total coal production of 35.81 million tons and sales of 71.69 million tons, representing year-on-year increases of 5.2% and 5.6%, respectively [4] - The company has a strong cash position with CNY 88.92 billion in cash and a debt-to-asset ratio of 47.08%, indicating potential for increased shareholder returns [5] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of CNY 47.43 billion, a year-on-year increase of 1.2%, and a net profit of CNY 4.83 billion, down 0.6% year-on-year [4] - For the first three quarters of 2024, the company reported a net profit of CNY 14.61 billion, a decrease of 12.43% compared to the previous year [4] Coal Business - The total coal production and sales for the first three quarters of 2024 were 102.31 million tons and 205.51 million tons, respectively, with production up 1.1% and sales down 4.3% year-on-year [4] - The average selling price of self-produced coal was CNY 571 per ton, down 5.3% year-on-year, while the cost per ton was CNY 286.6, a decrease of 2.8% year-on-year [4] Chemical Business - The company reported stable sales in its chemical segment, with polyolefins sales of 1.135 million tons, a year-on-year increase of 2.7% [5] - The average selling prices for polyolefins and urea were CNY 6,971 and CNY 2,134 per ton, respectively, with urea prices down 11.4% year-on-year [5] Future Growth Potential - The company is expected to see growth in coal production with new mines projected to be operational by 2025, and ongoing projects in coal chemical processing and power generation [6] - Revenue projections for 2024-2026 are CNY 1,917 billion, CNY 1,984 billion, and CNY 2,018 billion, with net profits expected to be CNY 192 billion, CNY 212 billion, and CNY 225 billion, respectively [6]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 12.00 for the Hong Kong stock and RMB 16.90 for the A-share [5][6]. Core Views - The company's net profit for the third quarter was RMB 4.83 billion, a year-on-year decrease of 0.6% and a quarter-on-quarter increase of 0.1%, indicating stable earnings [1]. - The decline in the proportion of self-produced coal sales negatively impacted the profit margins, alongside a decrease in the chemical segment's production and sales due to maintenance [2][3]. - The company is expected to maintain stable profitability due to a high proportion of long-term coal sales contracts, especially as the traditional peak season for coal approaches in the fourth quarter [1][4]. Summary by Sections Coal Production - The average selling price of self-produced coal in the third quarter was RMB 546 per ton, down 3.2% year-on-year and 4.3% quarter-on-quarter [2]. - The unit cost of self-produced coal decreased to RMB 274 per ton, a reduction of 12.2% year-on-year and 6.9% quarter-on-quarter, partially offsetting the impact of falling prices on profit margins [2]. - The total coal production reached 35.81 million tons, a year-on-year increase of 5.2% and a quarter-on-quarter increase of 6% [2]. Chemical Production - The chemical segment experienced significant production declines due to equipment maintenance, with urea production down 46.3% year-on-year and methanol production down 30% [3]. - The unit cost for urea increased by 27.4% year-on-year, while methanol's unit cost rose by 22.7% year-on-year, leading to a sharp decline in the segment's profit margins [3]. Profit Forecast and Valuation - The forecasted net profit for 2024-2026 is RMB 20.19 billion, RMB 21.92 billion, and RMB 23.45 billion respectively [4][7]. - The average PE ratio for comparable companies in the industry for 2025 is 9.7x, while the company is assigned a PE of 10.7x for 2024-2025, leading to a target price of RMB 16.90 for A-shares and HKD 12.00 for H-shares [4][8].