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].

[Table_MainInfo] 公司研究/煤炭 证券研究报告 中煤能源（601898）公司季报点评 2024 年 10 月 24 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------------|-----------------| | 股票数据 | | | 10 [ Table_StockInfo 月 23 日收盘价（元） ] | 13.24 | | 52 周股价波动（元） | 8.31-15.92 | | 总股本 / 流通 A 股（百万股） | 13259/9152 | | 总市值 / 流通市值（百万元） | 175545/175545 | | 相关研究 | | | [Table_ReportInfo] 《 Q2 归母净利同比逆势增长，边际与远期稳 | | | 健成长可期》 2024.08.27 | | | 《中煤能源深度报告：稳健与成长兼具，边际 与远期可期 20240815 》 | 2024.0 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has demonstrated stable performance with a notable value proposition despite a decline in revenue and net profit year-on-year [1][2]. - The coal production and sales have shown resilience, with a slight increase in self-produced coal sales in Q3 2024 [2]. - The report projects a gradual recovery in net profit over the next few years, with expected net profits of 19.2 billion, 21.4 billion, and 23.7 billion for 2024, 2025, and 2026 respectively [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company reported total 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% [1]. - In Q3 2024, the company achieved a net profit of 4.83 billion yuan, a slight decrease of 0.55% year-on-year, while revenue increased by 1.23% to 47.43 billion yuan [1]. - The average selling price of self-produced thermal coal decreased by 5.5% year-on-year to 503 yuan/ton for the first three quarters of 2024 [2]. Production and Cost Analysis - The company produced and sold 102.31 million tons and 205.51 million tons of raw coal respectively in the first three quarters of 2024, reflecting a year-on-year increase of 1.1% in production but a decrease of 4.3% in sales [2]. - The cost of self-produced coal for the first three quarters of 2024 was 287 yuan/ton, a year-on-year increase of 2.8%, while in Q3 2024, the cost dropped to 274 yuan/ton, down 12.2% year-on-year [2]. Future Projections - The report forecasts net profits for 2024, 2025, and 2026 to be 19.2 billion, 21.4 billion, and 23.7 billion yuan respectively, with corresponding P/E ratios of 9.2X, 8.2X, and 7.4X [2][3].

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company's coal business shows internal and external extensibility, supported by high long-term contracts, which ensures steady profit growth. The synergy of coal and chemical integration helps improve valuation. The forecasted net profits for 2024-2026 are 189.58 billion, 199.00 billion, and 214.11 billion yuan, respectively, with corresponding EPS of 1.43, 1.50, and 1.61 yuan per share, leading to PE ratios of 9, 9, and 8 times based on the closing price on October 23, 2024 [1][2]. Financial Performance Summary - 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. The third quarter saw a slight year-on-year decline in net profit but a marginal quarter-on-quarter increase [1]. - In Q3 2024, the company reported operating revenue of 47.43 billion yuan, a year-on-year increase of 1.2% but a quarter-on-quarter decrease of 0.3%. The net profit for the same period was 4.83 billion yuan, showing a slight year-on-year decline of 0.6% but a quarter-on-quarter increase of 0.2% [1]. - The gross profit margin in Q3 2024 was 23.5%, down 1.5 percentage points from the previous quarter, while the expense ratio slightly decreased to 4.5% [1]. - Coal production in Q3 2024 reached 35.81 million tons, up 5.2% year-on-year and 6.0% quarter-on-quarter. The unit cost of self-produced coal was 274.4 yuan per ton, down 12.2% year-on-year and 6.9% quarter-on-quarter [1]. - The chemical segment's profitability declined in Q3 2024, with production of various chemicals showing mixed results in terms of volume and pricing [1]. Financial Forecasts - The projected operating revenue for 2024 is 183.41 billion yuan, with a year-on-year decrease of 5.0%. The net profit attributable to shareholders is expected to be 18.96 billion yuan, down 3.0% year-on-year [2][4]. - The company is expected to maintain a PE ratio of 9 for 2024 and 2025, decreasing to 8 by 2026 [2][4].

Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the Asia-Pacific region [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Market Expansion - The company successfully entered two new markets in Europe, contributing to a 20% increase in international sales [4]. - A new distribution center was opened in South America to support regional growth [1]. - Strategic partnerships were formed with local retailers in Southeast Asia to enhance market penetration [3]. Product Development - Launched three new products in the tech segment, which accounted for 25% of total revenue [2]. - R&D spending increased by 10% to accelerate innovation and product differentiation [4]. - Customer feedback on the latest product line has been overwhelmingly positive, with a 90% satisfaction rate [1]. Operational Efficiency - Implemented new supply chain management software, reducing logistics costs by 5% [3]. - Streamlined manufacturing processes, resulting in a 7% reduction in production time [2]. - Employee training programs were expanded, leading to a 15% improvement in workforce productivity [4]. Risk Management - Identified potential risks in the supply chain due to geopolitical tensions and implemented contingency plans [1]. - Increased cybersecurity measures to protect sensitive customer data, reducing the risk of data breaches [3]. - Conducted regular financial audits to ensure compliance with international accounting standards [2]. Customer Engagement - Launched a new loyalty program, resulting in a 10% increase in repeat customers [4]. - Enhanced customer service through the introduction of AI-powered chatbots, improving response times by 30% [1]. - Conducted customer satisfaction surveys, with 85% of respondents reporting a positive experience [2].

中国中煤能源股份有限公司第五届董事会 2024 年第七次会议通知于 2024 年 10 月 9 日以书面方式送达，会议于 2024 年 10 月 23 日以现场表决方式召开。会 议应到董事 7 名，实际出席董事 6 名，独立非执行董事黄江天委托独立非执行董 事景奉儒代为出席并行使表决权，公司监事、高级管理人员等有关人员列席了会 议，公司董事长王树东为本次会议主持人。本次会议的召开程序及出席董事人数 符合《中华人民共和国公司法》等法律法规和《公司章程》的规定。 二、 董事会会议审议情况 经与会董事一致同意，会议形成决议如下： （一）批准《关于<公司 2024 年第三季度报告>的议案》 证券代码：601898 证券简称：中煤能源 公告编号：2024-042 中国中煤能源股份有限公司 第五届董事会 2024 年第七次会议决议公告 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： 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。 一、 ...

证券代码：601898 证券简称：中煤能源 公告编号：2024-041 中国中煤能源股份有限公司 重要内容提示： 上证路演中心网址：http://roadshow.sseinfo.com/roadshowList.do "进门财经"网址（中文）：https://s.comein.cn/ABZHN "进门财经"网址（英文同传）：https://s.comein.cn/ABZHJ （二）电话会议拨入方式： 大陆：4001-510-269 香港：+852-800931266，台湾：+886-277083288，美国：+1-2087016888 国际：+86-010-21377168 关于召开 2024 年第三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。 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 10 月 25 日（星期五）下午 16:00-17:00 会议召开方式：电话会议（中英文双语 ...

北京市嘉源律师事务所 关于中国中煤能源股份有限公司 控股股东增持股份的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 ellines 务所 YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI AN 北京市嘉源律师事务所 关于中国中煤能源股份有限公司控股股东 本所律师在出具本法律意见书之前已得到相关方的保证,即其已向本所提供 了本所出具本法律意见书所必需的、真实的原始书面材料或副本材料或口头陈述, 其已向本所提供或披露了本所出具本法律意见书所需的有关事实,其向本所提供 的有关副本材料或复印件与原件一致。本法律意见书仅供本次增持之目的使用, 未经本所律师书面许可,不得用作任何其他目的。 基于上述,本所律师发表法律意见如下: 一、 增持人的主体资格 增持股份的法律意见书 嘉源(2024)-05-346 敬启者: 北京市嘉源律师事务所(以下简称"本所")接受中国中煤能源股份有限公 司(以下简称"中煤能源"或"公司")的委托,根据《中华人民共和国公司法》 (以下简称"《公司 ...

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。 证券代码：601898 证券简称：中煤能源 公告编号：2024-038 中国中煤能源股份有限公司 2024 年中期 A 股利润分派实施公告 A 股每股现金红利 0.221 元（含税） 中国中煤能源股份有限公司董事会于 2024 年 6 月 28 日的 2023 年度股东周年大 会获批准授权制定并实施 2024 年中期现金分红方案。本次利润分配方案已经公司于 2024年8月23日召开第五届董事会2024年第五次会议审议通过。第五届董事会2024 年第五次会议决议公告刊登于 2024 年 8 月 23 日的上海证券交易所网站、香港联交 所网站和本公司网站，8 月 24 日的《中国证券报》《上海证券报》《证券时报》和《证 券日报》。 二、 分配方案 重要内容提示： 每股分配比例 扣税后每股现金红利：自然人股东和证券投资基金的现金红利暂不扣缴个人所 得税，待实际转让股票时根据持股期限计算应纳税额；合格境外机构投资者 （QFII）股东的现金红利为每股 0.1989 元，沪股通香港联合交易所 ...

证券代码：601898 证券简称：中煤能源 公告编号：2024-039 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实施结果公告 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 7,605,207,608 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 58.36%。 二、 本次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，为促进 公司持续、健康、稳定发展，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 2023 年 10 月 16 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告》（公告编号：2023-035）。 三、 增持计划实施结果情况 1 增持计划基本情况：中国中 ...