Investment Rating - The report maintains a "Buy" rating for key companies in the coal industry, including China Shenhua, Shaanxi Coal, and China Coal Energy, among others [2][3][11]. Core Insights - The report highlights that coal consumption has decreased due to tariff disruptions, with daily consumption in coastal provinces dropping from 1.871 million tons in late March to 1.760 million tons by April 24, reflecting a year-on-year decrease of 1.6% [1][7]. - Despite low coal prices, there is a lack of upward momentum for coal prices, with expectations of narrow fluctuations in the short term [1][8]. - The report suggests that while there may be a temporary rebound in coking coal prices due to seasonal demand, the overall price increase potential remains limited [2][10]. Summary by Sections Industry Overview - The report notes that the coal price has been experiencing narrow fluctuations, with recent prices reported at 657 CNY/ton for Qinhuangdao port, down 8 CNY from the previous week [8]. - The report indicates that the overall coal market is influenced by both weak demand and tariff disruptions, leading to cautious market sentiment [2][8]. Company Performance - Key companies such as China Shenhua and Shaanxi Coal are recommended for their stable performance and strong cash flow [2][11]. - The report provides earnings forecasts for major companies, with China Shenhua expected to have an EPS of 2.95 CNY in 2024, and a PE ratio of 13 [3]. Market Dynamics - The report highlights that the coal sector has underperformed compared to the broader market, with a weekly decline of 0.8% in the coal sector compared to gains in major indices [12][14]. - It also notes that the coking coal market is expected to stabilize in the short term due to increased demand for steelmaking [10][11]. Investment Recommendations - The report recommends focusing on industry leaders with stable earnings, such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as companies with strong cash flow like Jinkong Coal [2][11]. - It emphasizes the defensive value of companies with low debt and high cash flow amidst ongoing tariff disruptions [8].

新集能源（601918.SH）2025 年一季报点评 新电厂建设稳步推进，大股东增持彰显信心 2025 年 04 月 26 日 ➢ 事件：2025 年 4 月 25 日，公司发布 2025 年第一季度报告。2025 年第一 季度，公司实现营业收入 29.10 亿元，同比下降 4.85%；实现归母净利润 5.32 亿元，同比下降 11.01%；实现扣非归母净利润 5.38 亿元，同比下降 7.62%。 ➢ 毛利率同比提升，期间费用率同比略增。25Q1，公司实现毛利率为 42.74%， 同比提升 0.79pct；归母净利率为 18.28%，同比下降 1.27pct。其中，期间费用 为 3.25 亿元，同比增长 5.55%，期间费用率 11.17%，同比增长 1.10pct。 ➢ 25Q1 产销量同增，单位毛利逆势上涨。产销量方面，25Q1 公司生产原煤 554 万吨，同比增长 10.47%；生产商品煤 499 万吨，同比增长 6.27%；商品煤 销量为 460 万吨，同比增长 1.76%；其中，对内销量为 167 万吨，内销比例达 36.24%，同比提升 13.69pct，主因板集电厂二期投产，内部电厂供应量提升 ...

新集能源（601918.SH）2025 年一季报点评 新电厂建设稳步推进，大股东增持彰显信心 2025 年 04 月 26 日 ➢ 事件：2025 年 4 月 25 日，公司发布 2025 年第一季度报告。2025 年第一 季度，公司实现营业收入 29.10 亿元，同比下降 4.85%；实现归母净利润 5.32 亿元，同比下降 11.01%；实现扣非归母净利润 5.38 亿元，同比下降 7.62%。 | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 12,727 | 12,471 | 14,195 | 15,684 | | 增长率（%） | -0.9 | -2.0 | 13.8 | 10.5 | | 归属母公司股东净利润（百万元） | 2,393 | 2,292 | 2,581 | 2,904 | | 增长率（%） | 13.4 | -4.2 | 12.6 | 12.5 | | 每股收益（元） | 0.92 | 0.88 | 1.00 | 1.12 | | PE | 8 | 8 | 7 ...

Core Viewpoint - The company has released its first quarter report for 2025, ensuring the accuracy and completeness of the financial information presented, and has outlined ongoing projects and their progress [1][2][3]. Financial Data - The financial statements for the first quarter of 2025 have not been audited [3]. - The company has confirmed that there are no significant changes in accounting data and financial indicators [4]. Project Updates - As of March 2025, the company has made significant progress on various power plant projects: - At the Shangrao power plant, the first boiler has completed 26,300 out of approximately 65,000 heat exchange tubes, and the main plant roof has been completed [5]. - At the Chuzhou power plant, the second boiler has completed 8,400 heat exchange tubes out of approximately 53,000, with 90% of the main plant's steel framework installed [5]. - At the Liu'an power plant, the first boiler's ninth layer of steel structure has been installed, and the chimney construction has reached 150 meters [5]. Governance and Compliance - The board of directors has approved the first quarter report and established a market value management approach to enhance investor confidence and align the company's intrinsic and market value [9][10].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights the resilience of the company's Q1 performance, with expectations for steady improvement in the profitability of coal-electricity synergy [1][4] - The coal segment showed significant year-on-year production growth, with a 10.47% increase in raw coal output and a 5.23% increase in segment gross profit despite falling coal prices [3][6] - The electricity segment benefited from the commissioning of new power plants, leading to a 46.91% year-on-year increase in electricity sales volume, although average selling prices decreased [3][6] Financial Performance Summary - In Q1 2025, the company reported revenue of 2.91 billion yuan, a decrease of 4.85% year-on-year and 17.76% quarter-on-quarter [1] - The net profit attributable to shareholders was 532 million yuan, down 11.01% year-on-year and 6.47% quarter-on-quarter [1] - The operating cash flow was 749 million yuan, reflecting a decrease of 23.43% year-on-year and 18.02% quarter-on-quarter [1] Segment Analysis - **Coal Segment**: - Q1 2025 raw coal production reached 5.5394 million tons, up 10.47% year-on-year, while the average selling price was 581.97 yuan/ton, a slight increase of 1.26% year-on-year [3][6] - The cost of goods sold for coal was 324.12 yuan/ton, down 6.43% year-on-year, contributing to a gross profit increase of 5.23% [3][6] - **Electricity Segment**: - The company achieved an electricity sales volume of 3.426 billion kWh in Q1 2025, a 46.91% increase year-on-year [3][6] - The average selling price for electricity was 374.9 yuan/MWh, down 8.14% year-on-year [3][6] Profitability Forecast - The report projects net profits for 2025-2027 to be 2.369 billion, 2.744 billion, and 2.878 billion yuan respectively, with corresponding EPS of 0.91, 1.06, and 1.11 yuan per share [6]

中煤新集能源有限公司董事会审计与风险委员会 黄国良 潘红霞 崔利国 2025年4月23日 根据《上海证券交易所股票上市规则》《上海证券交易所上市 公司自律监管指引第1号——规范运作》和《公司章程》《董事会审 计与风险委员会工作细则》等相关规定，作为中煤新集能源股份有 限公司（以下简称"公司"）董事会审计与风险委员会委员，于2025 年4月23日召开了审计与风险委员会2025年第二次会议，认真审核了 公司提交十届二十三次董事会关于《公司2025年第一季度报告》议 案的相关材料，并与管理层及相关人员进行沟通，提出如下审核意 见： 中煤新集能源股份有限公司董事会审计与风险委员会 关于十届二十三次董事会相关议案的审核意见 1、公司严格按照股份有限公司财务制度规范运作，公司2025年 第一季度报告公允地反映了公司2025年第一季度的财务状况和经营 成果；董事会的编制和审议程序符合法律、行政法规和中国证监会、 上海证券交易所的规定，报告内容真实、准确、完整。 2、同意将关于《公司2025年第一季度报告》的议案提交十届二 十三次董事会审议。 ...

一、审议通过关于《公司 2025 年第一季度报告》的议案。 公司董事会审计与风险委员会对本议案出具了审核意见。 同意 8 票，弃权 0 票，反对 0 票 二、审议通过关于制定《中煤新集能源股份有限公司市值管理 办法》的议案。 为进一步规范和加强公司市值管理工作，明确公司市值管理的 基本原则、组织架构、职责分工和具体措施，更好地维护公司自身 内在价值与市场价值的匹配，增强投资者信心，推动投资价值合理 反映公司质量，同意公司制定《中煤新集能源股份有限公司市值管 1 证券代码:601918 证券简称:新集能源 编号:2025-025 中煤新集能源股份有限公司 十届二十三次董事会决议公告 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。 中煤新集能源股份有限公司（以下简称"公司"）十届二十三次董 事会于 2025 年 4 月 14 日书面通知全体董事，会议于 2025 年 4 月 24 日在淮南市采取现场与视频相结合方式召开。会议应到董事 8 名， 实到 8 名。会议由董事长王志根先生主持。会议召开和表决程序符 合《公司法》等有关法律、 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,909,615,284.74, a decrease of 4.85% compared to CNY 3,057,916,211.41 in the same period last year[3] - Net profit attributable to shareholders was CNY 531,834,538.12, down 11.01% from CNY 597,626,575.56 year-on-year[3] - The net profit for Q1 2025 was CNY 566.30 million, a decrease of 14.5% compared to CNY 662.53 million in Q1 2024[20] - Operating profit for Q1 2025 was CNY 840.15 million, down from CNY 900.31 million in Q1 2024, reflecting a decline of 6.7%[20] - Total revenue from operating activities in Q1 2025 was CNY 3.60 billion, a decrease of 3.2% from CNY 3.72 billion in Q1 2024[23] - The total profit before tax for Q1 2025 was CNY 832.94 million, down from CNY 911.03 million in Q1 2024, reflecting a decline of 8.5%[20] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 23.43%, amounting to CNY 749,040,692.36 compared to CNY 978,239,766.97 in the previous year[3] - Cash flow from operating activities for Q1 2025 was CNY 749.04 million, down 23.4% from CNY 978.24 million in Q1 2024[23] - Cash and cash equivalents increased to CNY 2,390,125,584.72 as of March 31, 2025, compared to CNY 2,286,458,017.05 at the end of 2024, indicating improved liquidity[14] - The company reported a cash and cash equivalents balance of CNY 2.22 billion at the end of Q1 2025, slightly down from CNY 2.26 billion at the end of Q1 2024[24] - The total cash inflow from financing activities in Q1 2025 was CNY 2.45 billion, a decrease of 25.8% from CNY 3.30 billion in Q1 2024[24] Assets and Liabilities - The total assets at the end of the reporting period were CNY 45,539,133,988.05, reflecting a 1.95% increase from CNY 44,665,923,358.32 at the end of the previous year[5] - Total assets increased to CNY 45,539,133,988.05 as of March 31, 2025, compared to CNY 44,665,923,358.32 at the end of 2024, showing growth in the asset base[16] - Total liabilities rose to CNY 27,514,305,331.83 from CNY 27,251,223,226.25, reflecting increased borrowing or obligations[16] - The company's equity increased to CNY 18,024,828,656.22 from CNY 17,414,700,132.07, indicating a strengthening financial position[17] Shareholder Information - The top three shareholders are China Coal Energy Group Co., Ltd. (30.61%), Guohua Energy Co., Ltd. (7.59%), and Anhui Xinjic Coal Power (Group) Co., Ltd. (7.18%) with no related party transactions among them[9] - The company reported a total of 95,720 common shareholders at the end of the reporting period[7] Inventory and Costs - The company's inventory increased by 62.59%, primarily due to an increase in coal stock[6] - The total operating costs for Q1 2025 were CNY 2,089,980,172.31, down from CNY 2,184,754,492.11 in Q1 2024, reflecting a cost reduction strategy[18] - Inventory rose significantly to CNY 500,409,767.55 from CNY 307,775,023.90, indicating potential overstocking or increased production[15] Project Updates - As of the end of March 2025, the company has made significant progress on the Shangrao Power Plant project, with 26,300 boiler heating surfaces combined for Unit 1 and 8,200 for Unit 2[11] - The construction progress of the Chuzhou Power Plant project is on schedule, with 90% completion of the main plant steel frame[12] - The company will continue to monitor investment projects closely and fulfill information disclosure obligations to mitigate investment risks[12] Research and Development - Research and development expenses were CNY 1.10 million in Q1 2025, compared to CNY 0 in Q1 2024, indicating an increase in investment in innovation[20] Return on Equity - The weighted average return on equity decreased by 0.96 percentage points to 3.36% from 4.32%[3] Earnings Per Share - The basic and diluted earnings per share for Q1 2025 were both CNY 0.205, down from CNY 0.231 in Q1 2024, representing a decrease of 11.3%[20] Investment Contributions - Cash received from investment increased by 261.11%, mainly due to capital contributions from minority shareholders in new projects[6] - The company raised CNY 227.50 million from minority shareholders in Q1 2025, significantly higher than CNY 63.00 million in Q1 2024[24]

Investment Rating - The coal industry is rated as "Overweight" indicating a positive outlook for the sector [1]. Core Insights - The report highlights that the coal prices have reached the cost line for some mines, leading to an expected reduction in production. The supply side is constrained due to regular safety inspections and maintenance on major railways, which is anticipated to support coal prices during the off-season [1]. - The report emphasizes that while electricity demand is entering a low season, the combination of maintenance on railways and reduced import volumes is expected to stabilize coal prices [1]. - The report recommends several companies for investment, including China Shenhua, Shaanxi Coal, and China Coal Energy, which are characterized by stable operations and high dividends. It also suggests关注淮北矿业, 平煤股份, and 电投能源 for their undervalued potential [1]. Recent Industry Policies and Developments - The report notes that the Xinjiang coal transportation project has been approved, which will enhance coal transportation capacity significantly, thus reducing logistics costs and supporting energy security [5]. - The report mentions the implementation of a differentiated electricity pricing mechanism in Shandong to optimize power resource allocation [9]. Price Trends - As of April 18, 2025, the prices for various types of coal have shown mixed trends, with some prices remaining stable while others have seen slight declines. For instance, the price for Shanxi's main coking coal remains at 1380 RMB/ton, unchanged from the previous week [10][13]. - The report indicates that international coal prices have fluctuated, with Indonesian coal prices decreasing while South African prices have increased [11]. Supply and Demand Dynamics - The report states that the average daily coal inflow to the Bohai Rim ports has decreased by 4.10% week-on-week, while the outflow has dropped significantly by 20.04% due to adverse weather conditions [22]. - The coal inventory at the Bohai Rim ports has increased by 6.93% week-on-week, indicating a buildup of stock amid declining demand [22]. Shipping Costs - Domestic coastal shipping costs have risen by 6.95% week-on-week, reflecting increased transportation expenses [32]. - International shipping rates have shown mixed trends, with some routes experiencing slight increases while others have decreased [32]. Company Valuation - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalization, and earnings per share (EPS) projections for the coming years [36].

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9]. Core Insights - The report highlights two significant divergences in the first quarter economic data: 1) the divergence between GDP growth and electricity consumption growth; 2) the increase in raw coal production while power plant inventories are decreasing. The GDP growth of 5.4% contrasts with a mere 2.5% increase in electricity consumption, primarily due to economic structural transformation and unexpected weather impacts on residential electricity use. Additionally, despite high raw coal production, power plant inventories have declined due to weak power generation demand and structural inventory accumulation at ports and pits [2][7]. Summary by Sections Market Performance - The coal index (Yangtze) increased by 2.56%, outperforming the CSI 300 index by 1.98 percentage points, ranking 3rd out of 32 industries. The thermal coal market price as of April 18 is 663 RMB/ton, showing a slight decrease of 2 RMB/ton week-on-week [6][20]. Thermal Coal Market - The report notes that while seasonal demand for coal is weak, the market is expected to stabilize as the negative factors affecting coal stocks are likely to diminish. The report suggests a positive outlook for coal stocks due to high dividend yields and narrowing second-order effects of falling coal prices [6][20]. Coking Coal Market - The coking coal price at Jing Tang Port remains stable at 1380 RMB/ton. The report emphasizes the need to monitor potential domestic demand stimulus policies and the sustainability of steel production increases [6][21]. Economic Divergences - The report elaborates on the divergence between GDP growth and electricity consumption, attributing it to structural upgrades in the economy and unexpected weather impacts. The first quarter saw a raw coal production increase of 9.704 million tons (8.1% year-on-year), while power plant inventories decreased by approximately 21.03 million tons since the beginning of the year [7][8]. Investment Recommendations - The report recommends marginal allocations to long-term stable profit leaders such as China Shenhua (A+H) and Shaanxi Coal, as well as growth-oriented companies like Xinji Energy and Electric Power Investment Energy. It also highlights flexible growth stocks such as Yanzhou Coal Mining (A+H) and Shanxi Coking Coal [8].