CHINA COAL ENERGY(601898)

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公司年报点评:23年归母净利同比+7%,持续推进“两个联营”高质量发展
Haitong Securities· 2024-03-27 16:00
[Table_MainInfo] 公司研究/煤炭 证券研究报告 中煤能源(601898)公司年报点评 2024年03月28日 [Table_InvestInfo] 23 年归母净利同比+7%,持续推进“两 投资评级 优于大市 维持 个联营”高质量发展 股票数据 0[3Ta月b2le7_日S收to盘ck价(In元fo)] 11.11 [Table_Summary] 52周股价波动(元) 7.72-13.39 投资要点: 总股本/流通A股(百万股) 13259/9152 总市值/流通市值(百万元) 147304/147304 23年归母净利同比+7%,其中23Q4环比-41%。2023年公司实现营收/归母 相关研究 净利1929.7/195.3亿元,同比-12.5%/+7.0%。Q4单季,公司归母净利28.5 [《Ta煤b炭le业_R务e盈p利or稳tI健nf,o]煤 化工盈利持续改善》 亿元,环比-41.3%,主因煤化工亏损及销售和管理费用提升所致。23年公司 2023.11.15 拟每股分派0.442元(含税),分红总额58.6亿元,分红比例为30%。 《煤炭业务仍稳健,煤化工盈利改善有望延 续》2023 ...
成本管控成效明显,静待产业布局完善实现央企价值重塑
Guotou Securities· 2024-03-25 16:00
Investment Rating - The investment rating for the company is "Add - A" with a 6-month target price of 13.52 CNY [3]. Core Views - The company reported a revenue of 192.97 billion CNY in 2023, a decrease of 12.5% year-on-year, while the net profit attributable to shareholders was 19.53 billion CNY, an increase of 7.0% year-on-year [1]. - The coal business showed growth in production and sales, with a total coal output of 134.22 million tons, up 12.6% year-on-year, and sales of 133.91 million tons, up 11.3% year-on-year [1]. - The company is focusing on cost control, achieving a unit cost of self-produced coal at 307 CNY/ton, down 4.9% year-on-year, despite a decrease in coal prices [1]. - The chemical products segment saw a slight increase in gross margin, with a chemical business gross margin of 15.4%, up from 13.3% in 2022 [2]. - The company plans to invest 160.1 billion CNY in 2024, with significant allocations to coal, coal chemical, coal power, and new energy sectors [7]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 192.97 billion CNY, with a net profit of 19.53 billion CNY, reflecting a 7.0% increase year-on-year [1]. - The company plans to increase its revenue to 203.38 billion CNY in 2024, with a projected net profit of 21.11 billion CNY, representing an 8.1% growth [8]. Coal Business - The company produced 134.22 million tons of coal in 2023, with a sales volume of 133.91 million tons, marking increases of 12.6% and 11.3% year-on-year, respectively [1]. - The unit price of self-produced coal was 602 CNY/ton, down 15.9% year-on-year, while the unit cost decreased to 307 CNY/ton [1]. Chemical Products - The sales volumes for polyethylene, polypropylene, urea, methanol, and ammonium nitrate were 763,000 tons, 716,000 tons, 2.141 million tons, 1.919 million tons, and 587,000 tons, respectively [2]. - The gross margin for the chemical business improved to 15.4% in 2023, up from 13.3% in 2022 [2]. Capital Expenditure and Future Plans - The company completed capital expenditures of 15.76 billion CNY in 2023 and plans to invest 16.01 billion CNY in 2024, focusing on coal and new energy projects [7]. - New projects in coal mining and power generation are expected to enhance production capacity and operational efficiency [7].
商品煤产量持续增长,产业链布局持续推进
Guoxin Securities· 2024-03-24 16:00
证券研究报告 | 2024年03月24日 中煤能源(601898.SH) 买入 商品煤产量持续增长,产业链布局持续推进 核心观点 公司研究·财报点评 煤价中枢下行致营收下降,利润正增长因资产减值大幅减少。2023年公司实 煤炭·煤炭开采 现营收1929.7亿元,同比-12.5%,归母净利润195.3亿元,同比+7.0%,扣 证券分析师:樊金璐 证券分析师:胡瑞阳 非归母净利润193.6亿元,同比+6.8%。其中2023Q4公司实现营收367.6亿 010-88005330 0755-81982908 fanjinlu@guosen.com.cn huruiyang@guosen.com.cn 元,同比-18.7%,归母净利润28.5亿元,同比+366.3%。营收下降主因2023 S0980522070002 S0980523060002 年煤价下行,归母净利润增长主因资产减值大幅减少85.2亿元。 基础数据 煤炭业务:产/销量继续增长,严控成本费用抵补煤价下行冲击。2023年公 投资评级 买入(维持) 合理估值 司商品煤产量13422万吨,同比+12.6%;商品煤销量28494万吨,同比+8.4%, 收盘价 ...
公司简评报告:煤炭产销量稳步增长,未来分红提升空间大
Capital Securities· 2024-03-23 16:00
[Table_Title] 煤炭产销量稳步增长,未来分红提升空间大 [Table_ReportDate] 中煤能源(601898)公司简评报告 | 2024.03.22 [评Ta级ble:_R an买k]入 核心观点 [ Table_Authors] [Tabl e_Summary] 张飞 ⚫ 事件:公司发布 2023 年年度业绩报告,2023 年实现营业收入 1929.69 行业分析师 亿元,同比下降12.5%(经调整,下同);归属于上市公司股东的净利润 SAC执证编号:S0110523080001 195.34 亿元,同比增加 7.0%;归属上市公司股东的扣除非经常性损益 zhangfei@sczq.com.cn 电话:010-81152685 的净利润为193.64亿元,同比增加6.8%;实现基本每股收益为1.47元, 同比增加6.5%。 [市T场ab指le数_C走ha势rt]( 最近1年) ⚫ 煤炭量增价减业绩下滑,自产煤成本下降吨煤毛利维持高位水平。煤炭 1 中煤能源 沪深300 业务2023年实现营业收入(合并抵消前,下同)1626.81亿元(-14.8%), 总营收占比达到 79.5%(-2.5 ...
2023年年报点评:持续优化产业布局,分红仍有提升空间
Guotai Junan Securities· 2024-03-21 16:00
股 票 研 究 [Table_industryInfo] 煤炭/能源 [ Table_Main[中ITnaf 煤bol]e 能_Ti源tle]( 601898) [评Tab级le_:Inv est] 增持 上次评级: 增持 持续优化产业布局,分红仍有提升空间 目标价格: 14.58 上次预测: 11.13 公 ——2023年年报点评 当前价格: 11.41 司 黄涛(分析师) 2024.03.22 更 021-38674879 [交Ta易bl数e_M据a rket] 新 huangtao@gtjas.com 证书编号 S0880515090001 52周内股价区间(元) 7.82-13.36 报 总市值(百万元) 151,281 告 本报告导读: 总股本/流通A股(百万股) 13,259/9,152 流通 B股/H股(百万股) 0/4,107 持续优化产业布局,打造“煤炭-煤电-煤化工-新能源”产业链;减值规模趋缓,分红 流通股比例 100% 仍有提升空间。 日均成交量(百万股) 44.16 投资要点: 日均成交值(百万元) 511.33 [T able维_S持um“m增ar持y] ”评级。公司2023 年 ...
2023年报点评报告:销售结构优化,降本增效推进
Guohai Securities· 2024-03-21 16:00
2024 年 03 月 21 日 公司研究 评级:买入 (维持 ) 研究所: [Table_Title] 销售结构优化,降本增效推进 证券分析师: 陈晨 S0350522110007 chenc09@ghzq.com.cn 证券分析师: 王璇 S0350523080001 ——中煤能源( ) 年报点评报告 601898 2023 wangx15@ghzq.com.cn 最近一年走势 事件 : 2024年3月21日,中煤能源发布2023年度报告:2023年,公司实现营业 收入1929.7亿元,同比减少12.5%;归母净利润实现195.3亿元,同比增 长7.0%;扣非归母净利润实现193.6亿元,同比增长6.8%。基本每股收益 为1.47元,同比增长6.5%。加权平均ROE为14.21%,同比下降0.68个 百分点。 分季度看,2023年四季度,公司实现营业收入367.6亿元,环比减少21.5%, 同比减少18.7%;归母净利润实现28.5亿元,环比减少41.4%,同比增加 366.3%;归母净利润实现27.9亿元,环比减少42.0%,同比增加354.0%。 相对沪深300表现 2024/03/21 业绩同比大幅 ...
主业产销双增,核心煤炭央企价值仍待显现
Shanxi Securities· 2024-03-21 16:00
动力煤 中煤能源(601898.SH) 增持-A(首次) 主业产销双增,核心煤炭央企价值仍待显现 2024年3月21日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布2023年年度报告:报告期内公司实现营业收入1929.69亿元, 同比-12.5%;实现归母净利润195.34亿元,同比+7.0%;扣非后归母净利润 193.64亿元,同比+6.8%;基本每股收益1.47元/股,加权平均净资产收益 率14.21%,同比减少0.67个百分点。经营活动产生的现金流量净额429.65 亿元,同比-1.5%。截至2023年12月31日,公司总资产3493.60亿元,同 比+2.7%,净资产1441.21亿元,同比+10.1%。 事件点评 市场数据:2024年3月20日 受益于产能释放和减值规模缩减,归母净利润逆势增长。2023年公司营 收盘价(元): 11.81 业收入及营业成本双降,营收主要受煤炭价格下降影响,秦港动力煤/港平 年内最高/最低(元): 13.39/7.72 均焦煤价格分别变化 -23.99%、-17.54%,动力煤年度长协均价变化-1.09%; 流通A股/总股本(亿): 91.52/ ...
中煤能源:量增价稳彰显业绩韧性,产业布局仍具成长空间
Xinda Securities· 2024-03-20 16:00
证券研究报告 中煤能源:量增价稳彰显业绩韧性,产业布局仍 公司研究 具成长空间 公司点评报告 2024年3月21日 中煤能源(601898.SH) 投资评级 买入 事件: 2024年3月20日,中煤能源发布年度报告,2023年公司实现营业 收入 1929.69 亿元,同比下降 12.52%,实现归母净利润 195.34 亿元,同 上次评级 买入 比上涨7%;扣非后净利润193.64亿元,同比上涨6.8%。经营活动现金流 量净额429.65亿元,同比下降1.5%;基本每股收益1.47元/股,同比上涨 6.5%。资产负债率为47.7%,同比下降3.8pct。 2023年第四季度,公司单季度营业收入367.60亿元,同比下降18.73%, 环比下降 21.54%;单季度归母净利润 28.46 亿元,环比下降 41.36%;单 左前明 能源行业首席分析师 季度扣非后净利润27.95亿元,环比下降41.99%。 执业编号:S1500518070001 点评: 联系电话:010-83326712 煤炭主业以量补价,成本端管控较为出色。2023 年全年完成商品煤产 邮 箱:zuoqianming@cindasc.com ...
中煤能源(601898) - 2023 Q4 - 年度财报
2024-03-20 16:00
Financial Performance - The net profit attributable to shareholders for the year ended December 31, 2023, was CNY 20,183,598,000 under IFRS and CNY 19,534,049,000 under Chinese GAAP, with a proposed cash dividend of CNY 5,860,214,700, representing 30% of the net profit under Chinese GAAP, equating to CNY 0.442 per share[4]. - The company's operating revenue for 2023 was CNY 192,968,833, a decrease of 12.5% compared to CNY 220,576,859 in 2022[15]. - The net profit attributable to shareholders for 2023 was CNY 19,534,049, representing a 7.0% increase from CNY 18,259,055 in 2022[15]. - The net cash flow from operating activities for 2023 was CNY 42,965,340, a decline of 1.5% from CNY 43,634,064 in 2022[15]. - The basic earnings per share for 2023 was CNY 1.47, up 6.5% from CNY 1.38 in 2022[17]. - The company achieved a total profit of 33.049 billion yuan in 2023, a 0.5% increase from the previous year and a 26.8% increase compared to 2021, with a three-year compound growth rate of 12.6%[27]. - Net profit attributable to shareholders reached 19.534 billion yuan, up 7.0% year-on-year and 42.2% compared to 2021, with a three-year compound growth rate of 19.2%[27]. - The company maintained a strong cash flow with net cash inflow from operating activities at 42.965 billion yuan, consistently above 40 billion yuan over the past three years[27]. Production and Sales - The production of self-produced commercial coal was 134.22 million tons, an increase of 15.05 million tons or 12.6% year-on-year[24]. - The sales volume of self-produced commercial coal was 133.91 million tons, an increase of 13.57 million tons or 11.3% year-on-year[24]. - The total coal production for the year was 133.42 million tons, with sales volume at 133.91 million tons, generating sales revenue of 80.62 billion RMB[98]. - The company achieved a record coal production of 134.22 million tons in 2023, an increase of 12.6% from 119.17 million tons in 2022[30]. - Total coal sales volume reached 284.94 million tons, up 8.4% from 262.95 million tons in 2022, with self-produced coal sales increasing by 11.3% to 133.91 million tons[33]. Cost Management - The unit sales cost of self-produced commercial coal decreased by 16 RMB per ton, a decline of 4.9%, contributing an additional profit of 2.1 billion RMB[25]. - The company’s asset-liability ratio decreased by 3.8 percentage points to 47.7%, reflecting improved financial stability[24]. - The company’s coal business operating costs were CNY 122.14 billion, a decrease of CNY 20.34 billion or 14.3% compared to CNY 142.49 billion in 2022[59]. - The gross profit for the coal business in 2023 was CNY 40.54 billion, down CNY 7.89 billion or 16.3% from CNY 48.43 billion in 2022, with a gross margin of 24.9%[63]. Investments and Projects - The company is advancing the construction of a 900,000-ton polyolefin project in Yulin, Shaanxi, and has completed investment decisions for the "Liquid Sunshine" project, which is included in the national energy innovation plan[26]. - The Dahu Coal Mine project has been approved to increase its construction scale from 15 million tons/year to 20 million tons/year, with a total investment of RMB 17.066 billion, and completed an investment of RMB 2.249 billion in 2023, totaling RMB 16.964 billion[105]. - The company’s capital expenditure for 2023 was planned at 18.02 billion RMB, with actual spending reaching 15.76 billion RMB, achieving 87.44% of the target[102]. - The company plans to allocate a capital expenditure of 16.009 billion yuan for 2024, representing a 1.6% increase from the 15.757 billion yuan completed in 2023[123]. Environmental and Social Responsibility - The company is actively participating in carbon peak and carbon neutrality initiatives, aligning with national environmental goals[179]. - The company has invested in ecological restoration projects, adhering to environmental red line regulations and focusing on land reclamation and soil conservation[184]. - The company has been recognized as a national "Green Factory" for its commitment to ecological and environmental responsibilities[179]. - The company invested CNY 32.6714 million in rural revitalization projects, benefiting over 30,470 people[196]. Governance and Compliance - The company established a governance structure consisting of the shareholders' meeting, party committee, board of directors, supervisory board, and management, ensuring clear responsibilities and regulatory compliance[134]. - The company has implemented a comprehensive internal control system, ensuring effective management and supervision of significant decisions and financial transactions[174]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties, nor any violations in decision-making procedures for external guarantees[5]. - The company plans to continue strict compliance with laws and regulations to protect the interests of shareholders in 2024[133]. Future Outlook and Strategy - The company plans to produce and sell over 129 million tons of coal in 2024, with polyolefin products and urea production targets set at 1.45 million tons and 1.85 million tons, respectively[114]. - The company aims to enhance coal supply capacity and industry leadership by optimizing production and marketing strategies, focusing on efficient collaboration between production and sales[115]. - The company is committed to achieving a "zero death" safety goal and will strengthen risk management and safety culture to support high-quality development[115]. - The company aims to create a world-class energy enterprise by 2035, focusing on multi-energy complementarity and green low-carbon development[113].
2023年年报点评:煤炭产量释放驱动业绩增长,新项目赋能长期发展
Minsheng Securities· 2024-03-20 16:00
中煤能源(601898.SH)2023年年报点评 煤炭产量释放驱动业绩增长,新项目赋能长期发展 2024年03月21日 [T able_Author] 分析师:周泰 分析师:李航 研究助理:王姗姗 执业证号:S0100521110009 执业证号:S0100521110011 执业证号:S0100122070013 邮箱:zhoutai@mszq.com 邮箱:lihang@mszq.com 邮箱:wangshanshan_yj@mszq.com ➢ 事件:2024年3月20日,公司发布了2023年年度报告。2023年,公司 推荐 维持评级 实现营业收入1929.7亿元,同比-12.5%;归母净利润为195.3亿元,同比+7.0%; 当前价格: 11.81元 扣非归母净利润193.6亿元,同比+6.8%。 ➢ 23Q4业绩环比下滑。23Q4,公司实现营业收入367.6亿元,同比-18.7%, 环比-21.5%;实现归母净利润28.5亿元,同比扭亏,环比-41.4%;实现扣非归 相关研究 母净利润27.9亿元,同比扭亏,环比-42.0%。 1.中煤能源(601898.SH)2023年三季报点 ➢ 2023年综合 ...