证券代码：601918 证券简称：新集能源 中煤新集能源股份有限公司 投资者关系活动记录表 编号：2024-投关-009 投资者关系 活动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 新闻发布会 □路演活动 现场调研 电话会议 调研机构名称（排名不分先后）：北京东方睿石投资、北京国际信托、冰 河资产、禀赋资本、铂悦投资、博时基金、渤海汇金、财通资管、冲积资 产、大成基金、大家保险、大家资产、淡水泉（北京）投资、德邦基金、 东方阿尔法基金、东方基金、东吴基金、东兴证券、东证资管、度势投资、 方正证券资管、方正自营、非马投资、沣谊投资、富安达基金、富国基金、 工银瑞信、观富资产、光大保德信基金、广发基金、国海证券、国开证券 自营、国联安基金、国联资管、国融基金、国盛证券、国寿安保基金、国 寿养老、国寿资产、国泰基金、国泰君安资产、国投创益产业基金、国新 投资、国新自营、国信自营、海富通基金、海南容光私募基金、海通资管、 禾永投资、恒越基金、红土创新基金、鸿道投资、鸿盛私募基金、华安合 鑫、华安基金、华宝基金、华融证券、华杉投研、华商基金、华泰柏瑞、 华西基金、华西证券、华夏财富创新投资、华夏基金、华 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company has shown stable performance in H1 2024, with coal and electricity integration accelerating. The report anticipates positive developments in both coal and electricity sectors in H2 2024 [4]. - The company is expected to benefit from a favorable coal price environment and increased electricity demand during peak usage periods, alongside the contribution from new power plants coming online [4]. - The report has revised the profit forecast for 2024 upwards, projecting a net profit of 25.1 billion yuan, reflecting a year-on-year growth of 19.0% [4]. Financial Summary - In H1 2024, the company achieved revenue of 5.985 billion yuan, a decrease of 4.40% year-on-year, and a net profit of 1.176 billion yuan, down 10.11% year-on-year [4]. - The average selling price of coal in H1 2024 was 564 yuan/ton, an increase of 4.9% year-on-year, attributed to improved coal quality [4]. - The company’s coal production in H1 2024 was 10.379 million tons, a decrease of 7.65% year-on-year, while electricity generation increased by 12.41% year-on-year to 4.61 billion kWh [4]. Future Outlook - The company is actively advancing its coal-electricity integration strategy, with several new power plants under construction expected to enhance profitability and stability [4]. - The report highlights the potential for increased dividends in the future as the company transitions out of its capital expenditure phase, supported by stable earnings and high return on equity (ROE) [4].

证券研究报告 | 公司动态点评 2024 年 07 月 31 日 新集能源（601918.SH） 煤炭业务量跌价升，看好公司电力业务增长 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------|---------------------------------------------|----------------------|-------------------------------------------------|---------------------------------|--------------------------------------|----------------------------------------------------------------|-----------| | 财务指标 | 2022A | 2 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 07 月 31 日 新集能源(601918.SH) 上半年煤炭销量减少+费用增加影响业 绩，整体经营符合预期 公司发布 2024 年半年度报告：2024 年 1-6 月公司实现营业收 入 59.85 亿元，同比-4.40%；归母净利润约 11.76 亿元，同比10.11%；扣非归母净利润 11.38 亿元，同比-11.57%。分季度看， 据公司公告，2024 年第二季度公司实现营业收入 29.27 亿元，同 比-12.99%，环比-4.27%；归母净利润 5.78 亿，同比-19.03%，环 比-3.25%。 24Q2 煤炭产销量及火电发电量同比均降：1）煤炭业务方面， 2024 年第二季度公司原煤产量 536.47 万吨，同比-5.94%，环比 +6.99%；商品煤产量 466.58 万吨，同比-7.90%，环比-0.61%；商 品煤销量 457.97 万吨，同比-14.53%，环比+1.23%。吨煤价格 553.63 元/吨，同比+1.89%，环比-3.70%；吨煤成本 331.56 元/ 吨，同比-1.22%，环比-4.32%；吨煤毛利 ...

Investment Rating - The report maintains a "Buy-A" rating for Xinji Energy (601918 SH) [1] Core Views - The company's performance meets expectations with coal and power integration offering growth potential [1] - Revenue and net profit declined slightly due to reduced coal sales volume [1] - Coal business saw decreased production and sales but increased prices [1] - Power business experienced both volume and price increases [1] - Future capacity expansion and coal-power integration advantages are expected to enhance profitability [2] Financial Performance - 24H1 revenue: 5 985 billion yuan (-4 40% YoY) [1] - 24H1 net profit: 1 176 billion yuan (-10 11% YoY) [1] - 24H1 EPS: 0 45 yuan/share (-10 00% YoY) [1] - 24H1 ROE: 8 42% (-2 3 percentage points YoY) [1] - 24H1 operating cash flow: 1 76 billion yuan (-10 24% YoY) [1] Coal Business - 24H1 coal production: 9 3602 million tons (-4 82% YoY) [1] - 24H1 coal sales: 9 1036 million tons (-10 24% YoY) [1] - 24H1 coal sales revenue: 5 136 billion yuan (-6 17% YoY) [1] - Average coal price: 564 2 yuan/ton (+24 47 yuan/ton YoY) [1] Power Business - 24H1 electricity generation: 4 353 billion kWh (+12 66% YoY) [1] - 24H1 electricity price: 0 41 yuan/kWh (+1 28% YoY) [1] - 24H1 power business revenue: 1 791 billion yuan (+2 18 billion yuan YoY) [1] Future Development - Current coal-power installed capacity: 2 000 MW [2] - Multiple power plant projects under construction with significant capacity expansion potential [2] - Coal consumption from existing power plants accounts for about 40% of total production [2] - Coal-power integration expected to improve profitability and risk resistance [2] Valuation and Forecast - 2024-2026 EPS forecast: 0 82\0 92\0 99 yuan [3] - 2024-2026 PE ratio: 10 5\9 4\8 7 [3] - 2024-2026 revenue growth: 2 4%\5 9%\7 8% [5] - 2024-2026 net profit growth: 1 2%\11 2%\7 9% [5] - 2024-2026 ROE: 14 2%\13 6%\13 2% [5]

[Table_Main] 证券研究报告 | 公司点评 新集能源(601918.SH) 2024 年 07 月 31 日 买入（维持） 所属行业：煤炭/煤炭开采 当前价格(元)：8.49 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 薛磊 资格编号：S0120524020001 邮箱：xuelei＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 0% 29% 57% 86% 114% 143% 171% 新集能源 沪深300 | --- | --- | --- | --- | |------------------------------------------------------------------------|----------------|--------------|-------| | -29% -57% \n2023-07 \n资料来源：聚源数据、德邦研究所 \n沪深 300 对比 | 2023-11 \n1M | 2024-03 \n2M | 3M | | 绝对涨幅 (%) | ...

Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Views - The company's performance in the first half of 2024 met market expectations, with revenue of 5.985 billion yuan (-4.4%) and net profit attributable to shareholders of 1.176 billion yuan (-10.11%) [1][3]. - The high proportion of long-term contracts (85%) stabilizes coal prices, while effective cost control maintains a good level of profit margin [1][3]. - The integration of coal and electricity continues to develop, enhancing the company's profitability and risk resistance [1][3]. Financial Summary - Revenue for 2024 is projected to be 13.654 billion yuan, with a growth rate of 6.3% compared to 2023 [2]. - Net profit attributable to shareholders is expected to reach 2.365 billion yuan in 2024, reflecting a 12.1% increase [2]. - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 0.91 yuan, 0.99 yuan, and 1.07 yuan respectively [1][2]. Operational Performance - In Q2 2024, the company achieved a coal production of 4.66 million tons (-8%) and sales of 4.58 million tons (-15%) [1]. - The average selling price of coal in Q2 was 553 yuan/ton, showing a year-on-year increase of 10 yuan/ton but a quarter-on-quarter decrease of 21 yuan/ton [1]. - The company's electricity generation in the first half of 2024 was 4.61 billion kWh (+12.41%), with a slight decline in Q2 due to increased hydropower generation [1][3]. Future Outlook - The target price has been adjusted to 10.92 yuan, reflecting an increase of 1.06 yuan from the previous estimate [1][5]. - The company is preparing to construct new power plants, which will further enhance its coal production capacity and electricity generation [1][3].

涵盖了煤炭采掘、火力发电、新能源等领域为客户提供多元化的能源服务目前公司共有5C生产矿井生产矿井核电生产能力年薪350万吨每年分别为星期一矿180万吨星期二矿270万吨牛庄每矿1100万吨口罩冬矿500万吨板金每矿300万吨公司控股理性电厂一期傲存100再建理性电厂二期 澳城六十六,上饶电厂澳城一百,楚州电厂澳城六十六,六安电厂澳城六十六,参谷宣城电厂一台六十六,一台六十三,拥有设计异化澳幌两个第一制煤电厂,公司生产煤炭,消亡安徽省内及省外周边区域,主要拥有火力发电、化工、建材等行业,运输方式以体刃为主,器刃为辅。 公司控股的内建电厂为大型坑口电厂发电效率 盈利能力 正居安徽省前列星际公司在发展过程中中国体现出五大优势分别为一 资源储量优势公司矿区总面积约1092平方公里含每面积684平方公里公司矿泉内资源储量62.04亿单现有矿泉向深土延伸资源储量26.51亿单 共计818.551等为公司今后可持续发展奠定现实的赋源基础二 趣味优势公司地区安徽省东部仅年进阶发达在能源缺乏的长三角地区矿修类铁路运输十分便捷具有供应灵活和运输成本低的优势三 美种优势公司所产美种属于器美和三分之一较美具有中低灰 特低硫 特低银和 ...

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研究所： 证券分析师： 陈晨 S0350522110007 chenc09@ghzq.com.cn 联系人 ： 林国松 S0350123070007 lings@ghzq.com.cn [Table_Title] 在建电厂全部开工建设，煤电一体化进程加快 ——新集能源（601918）2024 年半年报点评 总股本（万股） 259,054.18 最近一年走势 2024 年 7 月 31 日，新集能源发布 2024 年半年报：2024 年上半年，公 司实现营业收入 59.9 亿元，同比-4.4%，归属于上市公司股东净利润实 现 11.8 亿元，同比-10.1%，基本每股收益为 0.45 元，同比-10.0%。加 权平均 ROE 为 8.42%，同比减少 2.29 个百分点。分季度来看，二季度 营业收入实现 29.3 亿元，环比-4.3%，同比-13.0%，归母净利润实现 5.8 亿元，环比-3.3%，同比-19.0%，业绩环比变动较少。 表现 1M 3M 12M 煤炭业务：热值改善叠加高比例长协，综合售价同比小幅上涨。产 销量方面，2024 年上半年，公司实现商品煤产量 936 万吨，同比 -4.8%，商品煤销量 ...