证券研究报告 | 2024年08月27日 中煤能源（601898.SH） 优于大市 业绩保持稳健，派发中期分红积极回报投资者 公司发布 2024 年半年报：2024H1 公司实现营收 929.8 亿元，同比-15.0%， 归母净利润 97.9 亿元，同比-17.3%。其中 2024Q2 公司实现营收 475.9 亿元， 同比-5.2%，归母净利润 48.2 亿元，同比+3.0%。 煤炭板块：自产煤产销量稳定，受煤价下行及成本上升影响，煤炭板块毛利 下滑。2024H1 商品煤产量 6650 万吨，同比-0.9%；商品煤销售量 13355 万吨， 同比-8.9%，其中自产商品煤销量 6619 万吨，同比+2.1%，买断贸易煤销量 6437 万吨，同比-15.5%。2024H1 自产动力煤、炼焦煤销售均价分别为 511 元/吨、1371 元/吨，分别同比下降 37 元/吨、41 元/吨。自产商品煤单位销 售成本 292.9 元/吨，同比增加 7.7 元/吨，主要系人工成本同比+33.4%；但 相比2023年全年水平低14.1元/吨。综合看，2024H1煤炭板块实现毛利198.5 亿元，同比减少 26.7 亿元，其中 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.96 CNY [5] Core Views - The company reported a year-on-year increase in net profit for Q2, with a single-quarter net profit of 48.18 billion CNY, up 2.96% year-on-year, despite a 15% decline in revenue for the first half of 2024 [1] - The company's self-produced coal sales volume increased by 2.1% year-on-year, while the overall coal sales volume decreased by 8.9% [2] - The gross profit margin for polyolefins expanded due to a decrease in procurement costs, with a gross profit of 1,089 CNY per ton, up 241 CNY per ton year-on-year [3] - The forecast for net profit for 2024-2026 has been adjusted upwards to 193.9 billion CNY, 198.6 billion CNY, and 205.2 billion CNY, respectively, with corresponding EPS of 1.46 CNY, 1.50 CNY, and 1.55 CNY [3] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 929.84 billion CNY, down 15% year-on-year, and a net profit of 97.88 billion CNY, down 17.3% year-on-year [1] - Q2 saw a reduction in various expenses, with management expenses down 0.96%, R&D expenses down 17.5%, and financial expenses down 25.06% [1] Coal Production and Sales - The total coal production for the first half of 2024 was 66.5 million tons, a decrease of 0.9% year-on-year, while self-produced coal sales reached 66.19 million tons, an increase of 2.1% [2] - The unit sales cost of coal was 292.88 CNY per ton, reflecting a slight increase of 2.7% year-on-year [2] Polyolefins and Cost Structure - The average price of polyolefins was 6,955 CNY per ton, up 0.8% year-on-year, while the cost was 5,866 CNY per ton, down 3.1% year-on-year [3] - The overall operating cost for the coal chemical sector decreased by 7.8% year-on-year, with material costs dropping by 13.1% [3] Valuation Metrics - The company’s total market capitalization is approximately 118.61 billion CNY, with a total share capital of 9,152 million shares [4] - The company’s price-to-earnings ratio (P/E) for 2024 is projected at 8.86, indicating a favorable valuation compared to historical performance [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5]. Core Views - The company has increased its mid-year dividend, demonstrating a commitment to shareholder returns while showing high growth potential in coal and chemical integration [5]. - Despite a decline in coal prices impacting performance, the company is expected to benefit from high dividend potential and growth in its main business [5]. - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 196.2 billion, 214.0 billion, and 225.5 billion yuan respectively, reflecting a year-on-year growth of 0.4%, 9.1%, and 5.4% [5]. Financial Performance Summary - In H1 2024, the company achieved operating revenue of 929.8 billion yuan, down 15.0% year-on-year, and a net profit attributable to shareholders of 97.9 billion yuan, down 17.3% year-on-year [5]. - The coal business reported a revenue of 777.7 billion yuan in H1 2024, a decrease of 16.8% year-on-year, with a gross profit of 198.5 billion yuan, down 11.9% year-on-year [5]. - The company’s coal production and sales in H1 2024 were 66.5 million and 66.19 million tons respectively, with an average selling price of 584.3 yuan per ton, down 6.4% year-on-year [5]. Dividend Potential and Capacity Growth - The company has a strong potential for increasing its dividend payout, with a cash dividend ratio of 37.7% for 2023 and an expected total dividend ratio of 45% for 2024 [5]. - The company has ongoing projects that will increase coal production capacity, including two new coal mines with a total capacity of 6.4 million tons [5]. - The coal chemical business is also expanding, with a new project in Yulin, Shaanxi, expected to start production in 2024, adding significant capacity [5].

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 - In the first half of 2024, the company's revenue was RMB 92.98 billion, a decrease of RMB 16.37 billion (15.0%) compared to the same period in 2023[1][2] - The profit attributable to shareholders for the first half of 2024 was RMB 10.70 billion, down RMB 2.04 billion (16.0%) from the same period in 2023[1][2] - Basic earnings per share for the first half of 2024 were RMB 0.81, a decrease of RMB 0.15 compared to RMB 0.96 in the same period of 2023[1][3] - EBITDA for the first half of 2024 was RMB 23.11 billion, a decrease of RMB 3.27 billion (12.4%) from the previous year[1][2] - The company reported a gross profit of RMB 21.36 billion for the first half of 2024, down from RMB 23.95 billion in the same period of 2023[2] - The operating profit for the first half of 2024 was RMB 18.03 billion, a decrease from RMB 20.71 billion in the same period of 2023[2] - The company reported a decrease in contract liabilities from RMB 5,040,221 thousand to RMB 3,551,810 thousand, a reduction of approximately 29.5%[5] - The company reported a gross profit of 21.359 billion yuan for the first half of 2024, down 2.594 billion yuan or 10.8% from 23.953 billion yuan in the same period last year[36] - The pre-tax profit for the first half of 2024 was 17.983 billion yuan, down 3.209 billion yuan or 15.1% from 21.192 billion yuan in the previous year[36] Assets and Liabilities - Non-current assets totaled RMB 236.17 billion as of June 30, 2024, an increase from RMB 229.49 billion at the end of 2023[1][4] - Current assets amounted to RMB 124.96 billion as of June 30, 2024, compared to RMB 119.67 billion at the end of 2023[1][4] - The company's total assets reached RMB 361.13 billion as of June 30, 2024, up from RMB 349.16 billion at the end of 2023[1][4] - As of June 30, 2024, total liabilities amounted to RMB 173,396,822 thousand, an increase from RMB 166,631,766 thousand as of December 31, 2023, representing a growth of approximately 4.6%[5] - Current liabilities totaled RMB 100,496,781 thousand, slightly up from RMB 98,157,965 thousand at the end of 2023, indicating a 2.4% increase[5] - Non-current liabilities rose to RMB 72,900,041 thousand from RMB 68,473,801 thousand, reflecting a growth of about 6.3%[5] - Total equity reached RMB 187,737,345 thousand as of June 30, 2024, compared to RMB 182,523,561 thousand at the end of 2023, marking an increase of approximately 2.4%[6] - The company’s total assets amounted to RMB 361,134,167 thousand as of June 30, 2024, up from RMB 349,155,327 thousand, indicating a growth of approximately 3.4%[6] Dividends and Shareholder Returns - The company declared an interim dividend of RMB 0.221 per share for 2024, as approved by the board[1] - The company declared a total dividend of approximately RMB 7,360,214,700 for the six months ended June 30, 2024, compared to RMB 5,475,828,000 for the same period in 2023[22] - The company plans to distribute an interim dividend of RMB 0.221 per share, totaling approximately RMB 2.936 billion[31] - For the first half of 2024, the net profit attributable to shareholders is CNY 9,787,792,000, with a proposed cash dividend of CNY 2,936,337,600, also representing 30% of the net profit[100] Market Performance - Domestic market revenue for the six months ended June 30, 2024, was RMB 92,348,923, a decrease of 14.9% from RMB 108,489,052 for the same period in 2023[17] - Overseas market revenue for the same period was RMB 634,947, down 26.8% from RMB 867,674 in 2023[17] - Total revenue for the six months ended June 30, 2024, was RMB 92,983,870, a decline of 15.7% compared to RMB 109,356,726 in 2023[17] - The coal segment generated revenue of RMB 93,523,044 thousand, with external transaction revenue of RMB 88,690,967 thousand[16] - The coal business revenue fell by 16.8% to CNY 777.67 billion, while the revenue after inter-segment sales elimination decreased by 16.9% to CNY 737.44 billion[39] Operational Efficiency - The company achieved a total coal production of 66.5 million tons in the first half of 2024, which is approximately flat compared to 66.7 million tons in the same period of 2023, reflecting a decrease of 0.9%[82][83] - The company’s coal production efficiency remains high at 34.7 tons per worker, maintaining an industry-leading level[82] - The company has completed the construction of 66 intelligent mining faces and 43 intelligent tunneling faces, enhancing safety and production efficiency[82] - The company has 13 coal mines that have passed the intelligent coal mine acceptance, indicating a commitment to technological advancement in operations[82] Financial Management - The company has maintained its accounting policies consistent with those used in the previous fiscal year, ensuring stability in financial reporting[9] - The company has no supplier financing arrangements, which minimizes liquidity risk exposure[11] - The company issued 2 billion yuan in 15-year technology innovation bonds to enhance funding for innovation[35] - The company issued CNY 2 billion of technology innovation corporate bonds on July 16, 2024, with a maturity of 15 years and an interest rate of 2.58%[104] Strategic Initiatives - The company plans to enhance production efficiency and reduce costs through improved operational strategies and technology advancements[52] - The company is focusing on clean and efficient coal conversion, developing modern coal chemical industries such as coal-to-olefins and coal-to-urea, maintaining industry-leading operational indicators[95] - The company is committed to innovation, increasing R&D investment, and enhancing digital management systems to support intelligent mining construction[95] - The company is advancing the integration of coal, electricity, coal chemical, and new energy, leveraging its extensive mining resources and infrastructure[95]

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 ...

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 ...