证券代码:601918 证券简称:新集能源 编号:2025-022 中煤新集能源股份有限公司 关于控股股东增持公司股份的进展公告 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： 增持计划基本情况：中煤新集能源股份有限公司（以下简称"公 司"）于 2025 年 1 月 4 日披露了《中煤新集能源股份有限公司关于控 股股东增持公司股份计划的公告》（公告编号：2025-001），公司控股 股东中国中煤能源集团有限公司（以下简称"中国中煤"）拟自该公告 披露之日起 12 个月内通过上海证券交易所交易系统采用集中竞价方 式增持公司 A 股股份，增持总金额不低于人民币 2.5 亿元，不高于人 民币 5 亿元，且增持数量不超过公司总股本的 2%（以下简称"本次 增持计划"）。 增持进展情况：中国中煤于 2025 年 1 月 4 日至 2025 年 4 月 7 日期间通过上海证券交易所交易系统以集中竞价方式累计增持公司 7,920,495 股 A 股股份，占公司总股本比例约为 0.31%，累计增持金 额为 51,885,164 ...

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [2] Core Views - The coal price is currently at a bottom level, and there is no need for pessimism [1] - The market is becoming more sensitive to marginal positive news as the negative impact of price drops diminishes [1] - Leading coal companies have reported better-than-expected performance, with significant cost reduction and efficiency improvements [1] Industry Analysis - The CITIC Coal Index was at 3,325.2 points, up 0.55%, outperforming the CSI 300 Index by 1.92 percentage points, ranking 6th in the CITIC sector [1][71] - The coal market is expected to benefit from domestic policies aimed at stabilizing growth and expanding domestic demand [1] - The Newcastle coal futures price on April 4 was reported at $97 per ton, down 4% from $101 per ton on April 2 [1] - The domestic coal price has reached the anticipated bottom, with the largest price drops and speed of decline now behind [1] - The supply of low-calorie coal has slightly increased, while medium to high-calorie coal remains stable [1] - As of April 4, the price of North Port thermal coal was reported at 676 yuan per ton, stable week-on-week [1] - The report emphasizes that while the thermal coal market is entering a traditional off-season, the current prices are at the expected bottom range of 650-686 yuan per ton, and there is no need for excessive pessimism [1] Key Companies - China Shenhua (601088.SH): Buy rating, EPS forecast for 2024A is 2.95 yuan, PE ratio is 12.40 [7] - Shaanxi Coal (601225.SH): Buy rating, EPS forecast for 2025E is 2.26 yuan, PE ratio is 8.88 [7] - New Energy (601918.SH): Buy rating, EPS forecast for 2024A is 0.92 yuan, PE ratio is 7.50 [7] - Jinkong Coal (601001.SH): Buy rating, EPS forecast for 2025E is 1.53 yuan, PE ratio is 7.92 [7] - China Coal Energy (601898.SH): Buy rating, EPS forecast for 2024A is 1.46 yuan, PE ratio is 7.00 [7] - Electric Investment Energy (002128.SZ): Buy rating, EPS forecast for 2024A is 2.49 yuan, PE ratio is 8.50 [7] - Pingmei Shenma (601666.SH): Increase rating, EPS forecast for 2025E is 0.50 yuan, PE ratio is 17.30 [7] - Huai Bei Mining (600985.SH): Buy rating, EPS forecast for 2024A is 1.80 yuan, PE ratio is 7.70 [7]

Group 1 - The core viewpoint of the report indicates steady revenue growth in the main business of the company, with a focus on flexible sensors to create a second growth curve [4][5][6] - The company achieved a revenue of 2.54 billion yuan in 2024, a year-on-year increase of 19.23%, and a net profit of 139 million yuan, up 98.42% year-on-year [4][5] - The company is transitioning from a single coating material provider to an integrated solution provider, enhancing revenue across various business segments [5][6] Group 2 - The report highlights that Lululemon's North American market growth is weak, with a revenue of 3.6 billion USD in FY2024Q4, a year-on-year increase of 13% [9][10] - The company expects a low to mid-single-digit revenue growth in North America for FY2025, with challenges from economic concerns affecting consumer traffic [11][12] - In contrast, the Chinese market showed strong growth, with a revenue increase of 48% year-on-year, indicating a robust performance in that region [11][12] Group 3 - The report on Tongyi Zhong indicates that the company achieved a revenue of 649 million yuan in 2024, a year-on-year increase of 1.4%, but net profit decreased by 15.2% [15][16] - The company reported a significant increase in production and sales volumes, with historical highs in major product categories [17][18] - The company is expanding into the aramid fiber sector, aiming to create dual growth drivers [15][21] Group 4 - Xiamen International Trade's report emphasizes its focus on supply chain management, with a strategy to navigate through commodity cycles [28][29] - The company has divested from real estate and financial services to concentrate on its core supply chain business, which includes metals, energy, and agriculture [29][30] - The report projects revenue for 2024 to 2026 at 389.05 billion yuan, 404.61 billion yuan, and 418.84 billion yuan, respectively, with a focus on maintaining a high dividend yield [32] Group 5 - The report on Bawang Tea indicates that it leads the high-end tea beverage market with 6,440 stores, achieving a GMV of 10.8 billion yuan in 2023 [33][34] - The company is benefiting from a growing market for high-end tea beverages, with a projected market size increase from 4.748 trillion yuan in 2019 to 8.189 trillion yuan in 2024 [34][35] - Bawang Tea's strategy focuses on a limited number of new products while optimizing supply chain efficiency, resulting in a gross margin of 51.5% [35] Group 6 - Aikodi's report shows a revenue of 6.746 billion yuan in 2024, a year-on-year increase of 13.24%, with a net profit of 940 million yuan [36][37] - The company is expanding its global footprint with new production bases in Malaysia and Mexico, enhancing its supply chain stability [39][40] - The report anticipates continued revenue growth driven by new product lines and market expansion, projecting revenues of 7.9 billion yuan in 2025 [40] Group 7 - Longxing Technology's report indicates a revenue of 4.355 billion yuan in 2024, with a net profit increase of 28.7% [41][42] - The company is expanding its production capacity with new projects and acquisitions, aiming to increase its market share in the carbon black industry [46] - The report highlights a significant improvement in gross margin, reaching 13.01% in Q4 2024, driven by operational efficiencies [45][46]

证券研究报告 2025年04月06日 煤炭开采 新集能源(601918.SH)深度报告之二：安徽火电预计未来三 年依然偏紧，新集能源煤电投产将增厚业绩 评级：买入(维持) 陈晨(证券分析师) 张益(联系人) S0350522110007 S0350124100016 chenc09@ghzq.com.cn zhangy33@ghzq.com.cn 最近一年走势 -31% -20% -10% 1% 11% 21% 2024/04/03 2024/06/03 2024/08/03 2024/10/03 2024/12/03 2025/02/03 2025/04/03 新集能源 沪深300 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 新集能源 | 7.0% | -1.2% | -21.8% | | 沪深300 | -0.7% | 2.3% | 8.2% | | 市场数据 | 2025/04/03 | | --- | --- | | 当前价格（元） | 6.86 | | 52周价格区间（元） | 6.21-10.71 | | 总市值（百万） ...

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Views - The report emphasizes the importance of coal as a defensive asset amid unexpected U.S. tariffs, highlighting the need for a balanced approach in coal investments [1][4] - The coal market is currently in a bottoming phase, with potential for price stabilization and rebound supported by various factors including long-term contract price ceilings and self-rescue actions by coal companies [3][4] - The report suggests that the coal sector is entering a new phase of investment opportunities, driven by macroeconomic policies and capital market support [4][12] Summary by Sections Investment Logic - The coal sector is viewed as a stable dividend investment due to weak domestic economic performance and external pressures from U.S. tariff policies, with insurance funds starting new allocations in coal [4][12] - The cyclical elasticity of coal stocks is expected to improve as supply-demand fundamentals continue to enhance, particularly after the March Two Sessions and the arrival of the spring construction season [4][12] Key Market Indicators - The coal sector saw a slight increase of 0.6%, outperforming the CSI 300 index by 1.97 percentage points [7][9] - The current PE ratio for the coal sector is 10.6, and the PB ratio is 1.22, indicating relatively low valuations compared to other sectors [9][12] Coal Price Trends - Port coal prices have stabilized, with CCTD Q5500 coal priced at 676 CNY/ton, remaining unchanged week-on-week [3][15] - The inventory at ports has decreased, with the total inventory in the Bohai Rim area at 30.271 million tons, down 3.08% from the previous week [3][15] Supply and Demand Dynamics - The operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia remains steady at 82.1% [3][15] - Daily coal consumption by coastal power plants has decreased to 1.844 million tons, a drop of 3.96% [3][15] Company Performance and Recommendations - Selected coal stocks are expected to benefit from the current market conditions, with recommendations for companies such as China Shenhua, Shaanxi Coal, and China Coal Energy based on their dividend potential [4][12][13] - The report highlights the importance of capital inflows from industry players, indicating a recognition of the current value bottom in the coal sector [4][12]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal price at ports has stabilized, and the investment value of leading coal companies is emphasized [2][4] - The supply constraints in the coal mining industry remain unchanged, while demand may fluctuate, leading to price dynamics and rebalancing [7][74] - The report highlights the strong cash flow and high asset quality of leading coal companies, characterized by high profitability, high cash flow, high barriers to entry, high dividends, and high safety margins [7][74] Summary by Sections 1. Thermal Coal - Port inventory continues to decrease, and port prices have stabilized [10][13] - The production side shows stable supply, with a slight decrease in capacity utilization in the main production areas [13][21] - Demand has improved, with increased daily consumption in coastal and inland power plants [13][24] - The average daily coal input at ports has decreased, leading to a reduction in northern port inventories [29][33] 2. Coking Coal - Production continues to contract, with a decrease in capacity utilization due to previous production issues [39][73] - Demand has improved, with rising daily iron output and reduced inventory at coking enterprises [39][73] - The overall supply-demand situation for coking coal has improved, with a decrease in production enterprise inventory [39][73] 3. Coke - The market anticipates price increases for coke after the Qingming Festival, with rising production rates in coking plants [52][73] - The average profit per ton of coke has decreased, indicating a challenging profitability environment [54][73] 4. Anthracite - The price of anthracite remains stable, with high operating rates in major production areas [68][74] 5. Key Companies and Profit Forecasts - The report identifies key companies to focus on, including China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company, among others, with strong investment recommendations [8][75] - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, indicating their investment potential [8][75]

Summary of Coal Industry Conference Call Industry Overview - The coal industry is experiencing significant pressure in Q1 2025 due to a sharp decline in spot prices, impacting profitability across most companies [3][4][10] - The average price of thermal coal at Qinhuangdao Port fell to 722 RMB, a year-on-year decrease of nearly 20% and a quarter-on-quarter decline of about 12% [3][4] - Coking coal prices at Jintang Port averaged 1,443 RMB, reflecting a year-on-year drop of 40% and a quarter-on-quarter decrease of approximately 15% [3][4] Key Points - The decline in coal prices was unexpected, with long-term contract prices remaining relatively stable, showing only a 2.6% year-on-year decrease [4][5] - New Hope Energy outperformed due to increased calorific value, power generation growth, and electricity price compensation, while leading coking coal companies like Shanxi Coking Coal and Pingmei faced negative impacts from falling spot prices [4][6] - National raw coal monthly average production increased by 4% year-on-year but decreased by 10% quarter-on-quarter, with Shanxi showing significant growth while production in Shaanxi and Inner Mongolia declined [4][7] Company Performance - Major companies like Shaanxi Coal, China Shenhua, Yanzhou Coal, and China Coal are expected to see a year-on-year decline in Q1 performance, but overall stability is anticipated [4][8] - Yanzhou Coal is projected to have a growth potential for the year, benefiting from internal growth, increased production in the Shaanxi region, and new mines coming online [4][9] - New Hope Energy is expected to report Q1 earnings of 5.5 to 6.5 billion RMB, maintaining stable performance despite the challenging environment [11] Market Outlook - In the short term, coal prices may bottom out in Q2, but the rate of decline is expected to slow, with the market becoming more sensitive to positive news [4][12] - The coal sector may achieve excess returns due to marginal improvements in supply and demand, risk release from Q1 reports, and upcoming stock registration dates [4][12] - Long-term investment in the coal sector remains attractive, with stable dividend yields from leading companies and a focus on growth potential in companies like Electric Power Investment and New Hope Energy [13] Coking Coal Sector - The coking coal sector shows signs of short-term improvement, with potential for price rebounds due to faster recovery in iron and steel production [14] - Recommendations include prioritizing Huabei Mining for its better safety margins and lower valuations, while Pingmei is suggested for its dividend potential and cost reduction efforts in 2025 [14]

新集能源 20250401 请介绍一下新集能源公司在 2024 年的经营业绩和基本情况。 摘要 新集能源是一家专业从事煤炭开采销售和发电业务的上市公司，业务主要集中 在安徽省及周边省份。公司拥有丰富的煤炭资源，煤炭品质优良，业务范围涵 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 • 新集能源 2024 年原煤产量 2,152 万吨，商品煤销量 1,887 万吨，均价 567.43 元/吨，单位成本 432.24 元/吨。发电量 129.72 亿度，售电量 122.55 亿度，均价 0.4,078 元/度，单位成本 0.3,379 元/度。营业收入 127.27 亿元，利润总额 37.26 亿元，归母净利润 23.93 亿元，每股收益 0.924 元。 • 2024 年单吨人工成本同比下降 1%，得益于绩效管理调整和严格的成本管控， 包括工资、材料、管理、销售及财务费用控制。预计 2025 年将继续加强成 本控制以应对煤价下跌压力。 • 2024 年度电燃料成本增长 3%，主要因板集电厂一期和二期投产，但燃料成 本仍低于同行业。板集电厂燃料成本优势源于长协煤供应和坑口电厂的运 输优势。 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10] Core Viewpoints - The coal price has experienced unexpected declines in the first quarter, leading to a year-on-year profit drop for most companies. However, companies with a higher proportion of long-term contracts, benefiting from improved calorific value and increased electricity generation, such as Xinji Energy, are expected to perform relatively well [2][7] - Despite the seasonal decline in coal demand post-heating season and high port inventories, the report suggests that the negative factors affecting coal stocks may gradually diminish, recommending a proactive approach towards the coal sector [6][24] Summary by Sections Price Trends - As of March 28, 2025, the average price of Qinhuangdao port Q5500 thermal coal was 722 CNY/ton, a year-on-year decrease of 19.9% and a quarter-on-quarter decrease of 12.2%. The long-term contract price remained more stable at 690 CNY/ton, down 2.6% year-on-year and 1.1% quarter-on-quarter [7][14] - The average price of Shanxi main coking coal at Jing Tang port was 1443 CNY/ton, reflecting a significant year-on-year decline of 40.2% and a quarter-on-quarter decline of 15.4% [15] Production and Sales - In the first two months of 2025, the average monthly coal production in China was 38 million tons, a year-on-year increase of 4%. However, production decreased by 10% compared to the previous quarter [7][17] - Major coal companies like China Shenhua and Shaanxi Coal & Energy reported varied production changes, with Shenhua's production down 2.6% year-on-year and Shaanxi's up 9.4% [17] Profitability Forecast - The report anticipates that key coal companies will see an average profit decline of 7% to 17% year-on-year in Q1 2025, while a quarter-on-quarter increase of 3% to 16% is expected [7][8] - Xinji Energy is highlighted as a company likely to maintain stable performance due to its long-term contracts and operational efficiencies [2][8] Investment Recommendations - The report suggests a marginal allocation strategy focusing on high-quality leaders with stable profits, such as China Shenhua and Shaanxi Coal, as well as growth-oriented companies like Electric Power Investment and Xinji Energy [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.393 billion yuan in 2024, an increase of 284 million yuan year-on-year (up 13.44%) [2][6]. - In Q4 2024, the net profit attributable to shareholders is projected to be 569 million yuan, a year-on-year increase of 380 million yuan (up 201.28%) but a quarter-on-quarter decrease of 80 million yuan (down 12.32%) [2][6]. - The cash dividend is set at 414 million yuan, with a dividend payout ratio of 17.32%, a decrease of 1.1 percentage points year-on-year [2][6]. - The integration of coal and electricity operations is accelerating, with growth attributes gradually being realized [2][15]. - The second phase of the Banji Power Plant is expected to be operational by September 2025, which will provide additional electricity output to offset the impact of declining electricity prices in Anhui on profitability [15]. Summary by Sections Coal Production - In Q4, the company achieved coal production and sales of 5.17 million tons and 5.09 million tons, respectively, representing year-on-year increases of 15% and 14% [7]. - The average selling price of coal in Q4 was 582 yuan per ton, a year-on-year increase of 2% [7][8]. - The cost of coal per ton in Q4 was 346 yuan, a decrease of 15% year-on-year [7]. - The gross profit per ton of coal in Q4 was 236 yuan, an increase of 44% year-on-year [8]. Electricity Generation - In Q4, the company generated and sold 4.3 billion and 4.1 billion kilowatt-hours of electricity, respectively, with year-on-year increases of 38% and 41% [9]. - The average on-grid electricity price (excluding tax) in Q4 was 0.4118 yuan per kilowatt-hour, a year-on-year increase of 0.4% [9]. - For the full year 2024, the company is expected to generate and sell 12.9 billion and 12.2 billion kilowatt-hours of electricity, respectively, with year-on-year increases of 23% [9]. Future Projections - The company has several power plant projects under construction, including the Shangrao Power Plant (2*1000MW) and Chuzhou Power Plant (2*660MW), expected to be connected to the grid in March 2026 [15]. - The company anticipates significant profitability from these projects once they are fully operational [15].