公司报告 | 半年报点评 二季度业绩同比正增长，煤化工毛利有所扩大 Q2 归母净利润同比正增长，各项费用同比均有所下滑 根据公司 2024 年中报，2024 年上半年营业收入 929.84 亿元，同比-15%， 归母净利润 97.88 亿元，同比-17.3%，其中 Q2 单季度归母净利润为 48.18 亿元，同比+2.96%。Q2 单季度除销售费用外，各项费用同比均有所下滑， 其中管理费用同比-0.96%，研发费用同比-17.5%，财务费用同比-25.06%。 自产商品煤销量同环比均有所提升，单吨成本同比小幅度上升 2024 上半年商品煤产量达到 6650 万吨，同比-0.9%；商品煤销量为 13355 万吨，同比-8.9%，其中自产商品煤销量为 6619 万吨，同比+2.1%；买断贸 易煤销量为 6437 万吨，同比-15.5%。 2024 上半年，公司资产商品煤单位销售成本为 292.88 元/吨，同比+7.71 元/吨，增长 2.7%。结构上，材料成本同比+11.3%，人工成本同比+33.4%， 主要是公司加强生产接续露天矿自营剥离量增加以及地质条件变化所致， 人工成本抬升主要是公司提高一线队伍薪酬水平 ...

煤炭/煤炭开采 中报分红加大回馈股东，煤化一体高成长 中煤能源（601898.SH） 2024 年 08 月 26 日 ——2024 年中报点评报告 投资评级：买入（维持） | --- | --- | |--------------------|------------| | 日期 | 2024/8/23 | | 当前股价(元) | 12.96 | | 一年最高最低(元) | 13.68/7.89 | | 总市值(亿元) | 1,718.32 | | 流通市值(亿元) | 1,186.10 | | 总股本(亿股) | 132.59 | | 流通股本(亿股) | 91.52 | | 近 3 个月换手率(%) | 14.92 | 股价走势图 中煤能源 沪深300 -20% 0% 20% 40% 60% 80% 2023-08 2023-12 2024-04 2024-08 数据来源：聚源 相关研究报告 《特别派息和中期分红，煤炭央企彰 显 价 值 性 — 公 司 信 息 更 新 报 告 》 -2024.5.31 《煤价下行拖累 Q1 业绩，关注煤与煤 化工成长性—公司 2024年一季报点评 报告》-2024.4. ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated excellent performance and increased dividends, positioning itself as an undervalued leader in the thermal coal sector [1] - The company reported a revenue of 929.8 billion yuan for the first half of 2024, a decrease of 15% year-on-year, with a net profit attributable to shareholders of 97.9 billion yuan, down 17.3% year-on-year [3] - The company is expected to maintain stable performance due to its high long-term contract ratio and upcoming production from new mines [6] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 475.9 billion yuan, a quarter-on-quarter increase of 4.8% but a year-on-year decrease of 5.2% [3] - The net profit for Q2 2024 was 48.18 billion yuan, reflecting a quarter-on-quarter decrease of 3.0% but a year-on-year increase of 3.0% [3] Coal Business - The company produced 66.5 million tons of commodity coal in the first half of 2024, a decrease of 0.9% year-on-year, while sales volume was 133.55 million tons, down 8.9% year-on-year [4] - The average selling price for self-produced coal was 584 yuan per ton, a decrease of 40 yuan per ton (-6.4%) [4] Dividend Policy - The company distributed a cash dividend of 29.4 billion yuan for the first half of 2024, amounting to 0.221 yuan per share, and an additional special dividend of 15 billion yuan [5] - The total dividend for 2023 reached 73.6 billion yuan, representing 38% of the net profit attributable to shareholders [5] Future Outlook - Revenue projections for 2024-2026 are 1798.2 billion yuan, 1872.8 billion yuan, and 1931.8 billion yuan, with expected net profits of 184.0 billion yuan, 204.2 billion yuan, and 227.7 billion yuan respectively [6][7] - The company is expected to benefit from the commissioning of new coal mines and the expansion of its coal chemical business [6]

Investment Rating - The investment rating for China Coal Energy Co., Ltd. (601898.SH) is "Buy," maintaining the previous rating of "Buy" [1]. Core Views - The report highlights that the company's coal sales structure advantage mitigates the impact of coal price fluctuations on performance. The company achieved a stable increase in coal production and sales, with self-produced coal sales reaching 66.19 million tons, a year-on-year increase of 2.1% [1][2]. - The report anticipates that the demand for coal in the second half of the year will provide strong support for long-term contract prices, and the market prices are not expected to decline significantly. The company's high proportion of long-term contracts and internal growth momentum are expected to bring stable upward performance expectations [2]. Financial Performance Summary - In the first half of 2023, the company reported total operating revenue of 92.984 billion yuan, a year-on-year decrease of 14.97%, and a net profit attributable to shareholders of 9.788 billion yuan, down 17.30% [1]. - The company's operating cash flow was 14.890 billion yuan, a decrease of 12.59% year-on-year, with basic earnings per share of 0.74 yuan, down 16.85% [1]. - The asset-liability ratio stood at 47.97%, a decrease of 1.91 percentage points year-on-year [1]. - For the second quarter of 2024, the company reported a single-quarter operating revenue of 47.589 billion yuan, a year-on-year decrease of 5.20%, but a quarter-on-quarter increase of 4.84% [1]. Dividend Policy - The company plans to distribute a special dividend and a mid-year dividend for 2024, proposing a cash dividend of 0.113 yuan per share, with a total distribution of 7.36 billion yuan for the 2023 fiscal year, resulting in a dividend payout ratio of 37.7% [2]. - The mid-year profit distribution plan for 2024 suggests a cash dividend of 0.221 yuan per share, corresponding to a dividend yield of approximately 1.7% based on the stock price as of August 23, 2024 [2]. Earnings Forecast - The report projects that the company will achieve net profits attributable to shareholders of 19.847 billion yuan, 20.697 billion yuan, and 21.455 billion yuan for the years 2024, 2025, and 2026, respectively, with earnings per share of 1.50 yuan, 1.56 yuan, and 1.62 yuan [2].

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 （於中華人民共和國成立之股份有限公司） （股份代號：01898） 截至2024年6月30日止6個月之中期業績 財務摘要： 董事會宣佈本集團根據國際會計準則第34號「中期財務報告」編製的本集團截至 2024年6月30日止6個月的中期業績。本集團的中期業績未經審計，但已經本公司 核數師安永會計師事務所審閱。 * 僅供識別 1 • 2024年上半年本集團的收入為人民幣929.84億元，較2023年同期減少人民 幣163.73億元（即-15.0%）。 • 2024年上半年本公司股東應佔利潤為人民幣106.95億元，較2023年同期減 少人民幣20.37億元（即-16.0%）。 • 2024年上半年本公司每股基本盈利為人民幣0.81元，較2023年同期減少人 民幣0.15元。 • 2024年上半年息稅折舊攤銷前利潤為人民幣231.07億元，較2023年同期減 少人民幣32.70億元（即- ...

Financial Performance - The net profit attributable to shareholders for the first half of 2024 is CNY 9,787,792,000, representing a 30% profit distribution plan of CNY 2,936,337,600 to shareholders, equating to CNY 0.221 per share (including tax) based on the total issued share capital of 13,258,663,400 shares [2]. - The company's operating revenue for the first half of 2024 was CNY 92,983,870, a decrease of 15.0% compared to CNY 109,356,726 in the same period last year [13]. - The net profit attributable to shareholders for the first half of 2024 was CNY 9,787,792, down 17.3% from CNY 11,834,895 in the previous year [13]. - The net cash flow from operating activities was CNY 14,890,089, a decline of 12.6% compared to CNY 17,035,311 in the same period last year [13]. - The basic earnings per share for the first half of 2024 was CNY 0.74, down 16.9% from CNY 0.89 in the same period last year [13]. - The weighted average return on equity decreased by 2.08 percentage points to 6.55% compared to 8.63% in the previous year [13]. - The total profit amounted to 16.720 billion RMB, down by 3.418 billion RMB or 17.0% year-on-year [40]. - The company's gross profit for the first half of 2024 was 241.94 billion RMB, a decrease of 25.46 billion RMB or 9.5% from 267.40 billion RMB in the first half of 2023, with a gross margin of 26.0% [45]. Revenue and Sales - In the first half of 2024, the company achieved operating revenue of 93 billion yuan, a decrease of 15.0% year-on-year, and a net profit attributable to shareholders of 9.8 billion yuan, down 17.3% year-on-year [19]. - The total coal production reached 66.5 million tons, remaining stable year-on-year, while self-produced coal sales increased by 1.34 million tons to 66.19 million tons [19]. - The company reported a total of 205.8 million tons of major chemical products, including polyolefins, urea, and ammonium nitrate, with a year-on-year increase of 2 million tons [19]. - The coal production in Shanxi province was 42.95 million tons, a decrease of 3.1% year-on-year, while production in the Inner Mongolia and Shaanxi regions increased by 7.2% to 20.2 million tons [24]. - In the first half of 2024, the company achieved coal sales of 13,355 million tons, a decrease of 8.9% year-on-year, with self-produced coal sales increasing by 2.1% to 6,619 million tons [26]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 361,378,832, reflecting a 3.4% increase from CNY 349,359,919 at the end of the previous year [13]. - The total liabilities reached 173.36 billion RMB, reflecting a growth of 4.1% from the previous year [76]. - The company's total equity attributable to shareholders increased to 147.46 billion RMB, up from 144.12 billion RMB, a growth of 2.4% [156]. - The company's interest-bearing debt at the beginning and end of the reporting period was CNY 415.71 billion and CNY 411.49 billion, respectively, reflecting a year-on-year decrease of 1.0% [148]. Investment and Capital Expenditures - The company completed capital expenditures of 5.28 billion RMB in the first half of 2024, representing 32.95% of the annual plan of 16.01 billion RMB [78]. - The coal segment accounted for 29.95 billion RMB of capital expenditures, achieving 39.64% of its annual target [79]. - The company successfully issued 2 billion RMB of technology innovation corporate bonds on July 16, 2024, with a term of 15 years and an interest rate of 2.58% [140]. Environmental and Safety Concerns - The report includes a risk statement regarding macroeconomic fluctuations, product price volatility, safety production, project investment, environmental protection, and rising costs [5]. - The company has committed to environmental protection and sustainable development, aligning with national ecological and environmental policies [99]. - The company emphasizes ecological restoration and high-quality green mine construction as part of its environmental strategy [104]. - Safety risks remain a concern due to the inherent dangers of coal mining, prompting the company to strengthen safety management systems [87]. Shareholder Returns and Dividends - The company plans to implement a total dividend of 10.3 billion yuan for 2023 and 2024, enhancing shareholder returns [20]. - For the fiscal year 2023, the company distributed cash dividends amounting to CNY 5,860,214,700, which is 30% of the net profit of CNY 19,534,049,000, resulting in a dividend of CNY 0.442 per share (tax included) and an additional special dividend of CNY 1.5 billion, equating to CNY 0.113 per share (tax included) [97]. - The company has committed to distributing at least 20% of its distributable profits as cash dividends when profitable [118]. Financial Management and Strategy - The company actively adjusted its marketing strategy and optimized resource allocation to respond to market changes and stabilize sales [25]. - The company is focusing on the integration of coal, electricity, and chemical industries, enhancing its competitive edge in the energy sector [38]. - The company is committed to innovation and has increased R&D investment to support the development of intelligent coal mining and digital management systems [38]. Related Party Transactions - The company signed a series of ongoing related party transaction framework agreements with China Coal, including coal supply and financial service agreements, with annual transaction limits set until December 31, 2026 [121]. - The total transaction amount for coal supply framework agreement was 73.31 billion RMB, while the purchase amount from related parties was 247 billion RMB, accounting for 10.7% of similar transactions [122]. Market Outlook - The company anticipates continued pressure on coal prices due to increased supply and weakened demand, with expectations of a weak and volatile market [86]. - The company plans to enhance marketing management and adjust strategies to improve product profitability amid fluctuating prices [86].

北京市嘉源律师事务所 北京市嘉源律师事务所 关于中国中煤能源股份有限公司 2024 年第一次临时股东大会的 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 SREUT ■ S Fi IA YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致:中国中煤能源股份有限公司 关于中国中煤能源股份有限公司 2024年第一次临时股东大会的 法律意见书 嘉源(2024)-04-627 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"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公 司法》")《上市公司股东大会规则》(以下简称"《股东大会规则》")等现 行有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以 及《中国中煤能源股份有限公司章程》(以下简称"《公司章程》")的有关规 定,指派本所律师对公司2024年第一次临时股东大会(以下简称"本次股东大会") 进行见证,并依法出具本法律意见书。 为出具本法律意见书,本所指 ...

证券代码：601898 证券简称：中煤能源 公告编号：2024-036 中国中煤能源股份有限公司 第五届董事会 2024 年第六次会议决议公告 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、 董事会会议召开情况 中国中煤能源股份有限公司第五届董事会 2024 年第六次会议通知于 2024 年 8 月 9 日以书面方式送达，会议于 2024 年 8 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 7 名，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《关于公司董事会专门委员会组成人员的议案》 赞成票：7 票， 反对票：0 票， 弃权票：0 票。 同 ...

中国中煤能源股份有限公司 2024 年度"提质增效重回报"行动方案中期评估报告 2024 年上半年，中国中煤能源股份有限公司深入贯彻落实党的 二十大及历次全会精神，全面践行"存量提效、增量转型"发展思路， 不断增强核心功能、提高核心竞争力，将提高上市公司发展质量与 生产经营、改革发展等工作有机融合、一体推进、相互促进，全力 推动《中国中煤能源股份有限公司 2024 年度"提质增效重回报"行动 方案》（简称《行动方案》）各项任务高质量落实并取得实效。根据 上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的 倡议》有关要求，现就公司《行动方案》各方面措施执行情况及实 施效果逐项进行评估。2024 年上半年，公司未收到投资者关于改进 《行动方案》的相关意见和建议。具体情况如下： 一、《行动方案》执行情况和效果评估 （一）统筹发展和安全，高质量推进生产经营和改革发展。 1.持续优化产业结构。2024 年上半年，公司深入推进中煤特色 "两个联营"建设，推动产业深度融合发展。在持续巩固煤炭主业优 势的同时，加快建设坑口清洁高效煤电项目，有序推进绿色转型发 展，依托采煤沉陷区、复垦区发展新能源产业，稳步推动现代煤 ...

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 或完整性亦不作出任何陳述，並明確表示不對因本公告全部或任何部分內容而產生或因依賴這 些內容而造成的任何損失承擔任何責任。 1 • 2023年上半年本集團的收入為人民幣1,093.57億元，較2022年同期減少人 民幣86.82億元（即7.4%）。 • 2023年上半年本公司股東應佔利潤為人民幣127.32億元，較2022年同期減 少人民幣17.97億元（即12.4%）。 • 2023年上半年本公司每股基本盈利為人民幣0.96元，較2022年同期減少人 民幣0.14元。 • 2023年上半年息稅折舊攤銷前利潤為人民幣263.77億元，較2022年同期減 少人民幣26.99億元（即9.3%）。 • 本公司並無派付2023年中期股利。 簡明合併利潤及其他綜合收益表 截至2023年6月30日止六個月 中國中煤能源股份有限公司 （於中華人民共和國成立之股份有限公司） （股票代碼：01898） 截至2023年6月30日止6個月之中期業績 財務摘要： 董事會宣佈本集團根據國際會計準則第34號「中期財務報告」編製的本集團截至 2023年6月3 ...