Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's revenue for 2023 reached 12.845 billion yuan, an increase of 7.01%, while the net profit attributable to shareholders was 2.109 billion yuan, up by 1.57%, slightly below market expectations. In Q4, revenue was 3.153 billion yuan, a growth of 1.87%, but net profit dropped by 19.95% to 189 million yuan [2][3]. - The report highlights that the increase in costs and expenses in Q4 impacted performance. However, it is anticipated that the company's coal-electricity integration will enhance profitability and risk resistance in the future [2]. - The target price has been raised to 10.01 yuan, reflecting an increase of 3.94 yuan based on a comparable company average PE of 11x for 2024 [2][4]. Financial Summary - In 2023, the company produced 19.3691 million tons of commercial coal, a rise of 5.16%, and sold 19.6861 million tons, an increase of 8.70%. The coal segment generated revenue of 8.788 billion yuan, up by 12.39%. The average selling price of coal remained stable at 551 yuan/ton, while the cost per ton increased by 15 yuan to 351 yuan/ton, resulting in a gross profit of 200 yuan/ton [2][3]. - The company's electricity generation in 2023 was 10.479 billion kWh, down by 2.58%, with grid-connected electricity at 9.895 billion kWh, a decrease of 2.77%. The average grid-connected electricity price was 0.4098 yuan/kWh, up by 0.39%. The electricity segment's revenue was 4.056 billion yuan, down by 3.03% [2][3]. - The report projects EPS for 2024 at 0.91 yuan, 0.99 yuan for 2025, and 1.07 yuan for 2026, with a downward adjustment for 2024-2025 EPS forecasts due to increased safety cost provisions [2][3]. Profitability and Valuation Metrics - The operating profit margin for 2023 was 29.8%, with a return on equity of 15.6% and a return on invested capital of 9.3%. The company’s PE ratio for 2023 was 9.81, with a projected PE of 8.74 for 2024 [3][4]. - The report indicates a dividend yield of 1.4% for 2023, expected to rise to 1.7% in 2024 and 2.0% by 2026 [3][4].

证券代码:601918 证券简称:新集能源 编号:2024-017 中煤新集能源股份有限公司 关于高级管理人员辞职的公告 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。 2024 年 4 月 9 日，中煤新集能源股份有限公司（以下简称"公 司"）董事会收到公司总会计师王雪萍先生的书面辞职报告，王雪萍 先生因工作调整原因，申请辞去公司总会计师职务。辞职后，王雪 萍先生不再担任公司其它职务。 根据《公司法》和《公司章程》的有关规定，王雪萍先生的辞 职报告自送达董事会之日起生效。王雪萍先生的辞职不会影响公司 的正常运作。公司将按照法定程序尽快完成空缺职位的聘任工作。 王雪萍先生在担任公司总会计师期间恪尽职守，勤勉尽责，为 公司的规范治理和健康发展发挥了重要作用。公司董事会对王雪萍 先生在任期内为公司发展所做出的贡献表示衷心感谢。 2024 年 4 月 10 日 特此公告。 中煤新集能源股份有限公司董事会 ...

P.3 请仔细阅读本报告末页声明 投资者应注意，在法律许可的情况下，本公司及其本公司的关联机构可能会持有本报告中涉及的公司所发行的证券并进行 交易，也可能为这些公司正在提供或争取提供投资银行、财务顾问和金融产品等各种金融服务。 本报告版权归"国盛证券有限责任公司"所有。未经事先本公司书面授权，任何机构或个人不得对本报告进行任何形式的发 布、复制。任何机构或个人如引用、刊发本报告，需注明出处为"国盛证券研究所"，且不得对本报告进行有悖原意的删节 或修改。 分析师声明 | --- | --- | --- | --- | |----------------------------------------------------------------------------|----------|-------------|----------------------------------------| | | | | | | | | | | | 投资建议的评级标准 评级标准为报告发布日后的 6 个月内公司股价（或行业 | | 评级 买入 | 说明 相对同期基准指数涨幅在 15% 以上 | | 指数）相对同期基准 ...

2024 年 04 月 08 日 新集能源(601918.SH) 24Q1 煤炭业务产销同比微降，吨煤毛利表现亮眼：据公司公告， 1）产销量方面：24Q1 公司原煤产量 501.43 万吨，同比-9.41%/ 环比+4.51%；商品煤产量 469.44 万吨，同比-1.53%/环比+4.73%； 商品煤销量 452.39 万吨，同比-5.44%/环比+1.58%。2）价格方面： 24Q1 公司商品煤单位售价 575 元/吨，同比+7.33%/环比+0.27%。 3）成本方面：24Q1 公司商品煤单位成本 347 元/吨，同比+7.06%/ 环比-15.35%。4）毛利方面：24Q1 公司商品煤单位毛利 228 元/ 吨，同比+7.73%/环比+39.25%。综合来看，24Q1 吨煤毛利亮眼得 益于吨煤价格的提升，主要贡献或来自两方面：一是公司吨煤售 价根据安徽省发改委所确定的长协价格参考执行，其价格波动明 显小于市场价格波动。同时，公司作为煤炭央企，需切实发挥保 供主力军作用，据 Wind 投资者平台回复，2022 年上半年长协煤 占比约 91%，2023 年前三季度长协煤占比约 85%，2024 年长协煤 ...

证券代码:601918 证券简称:新集能源 编号:2024-016 中煤新集能源股份有限公司 2024 年第一季度经营数据公告 经营指标 单位 2024 年 1-3 月累计 上年同期 同比增 减(%) 原煤产量 万吨 501.43 553.54 -9.41 商品煤产量 万吨 469.44 476.75 -1.53 商品煤销量 万吨 452.39 478.41 -5.44 其中：对外销量 万吨 350.35 382.92 -8.51 煤炭主营销售收入 万元 260,091.28 256,274.88 1.49 其中：对外销售收入 万元 201,339.02 206,021.02 -2.27 煤炭主营销售成本 万元 156,762.58 154,845.18 1.24 煤炭销售毛利 万元 103,328.70 101,429.69 1.87 一、煤炭业务 公司电力业务全部在安徽地区，全部为火电。 本公告经营数据未经审计，请投资者注意投资风险并审慎使用。 特此公告。 中煤新集能源股份有限公司董事会 2024 年 4 月 9 日 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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [18]. Core Views - The company has demonstrated stable performance in coal and electricity operations, with a focus on transforming into a new energy base in northern Anhui [1]. - The company plans to build a new integrated coal and electricity base, which is expected to enhance coal production capacity and power generation installations [16]. - The forecasted net profit for 2024-2026 is projected to be 23.4 billion, 23.6 billion, and 31.1 billion CNY respectively, with an EPS of 0.90, 0.91, and 1.20 CNY [16]. Financial Summary - **Revenue**: The company reported a revenue of 12,845 million CNY in 2023, with a year-on-year growth of 7.0%. The forecast for 2024 is a slight decline to 12,716 million CNY, followed by 12,531 million CNY in 2025, and a significant increase to 14,735 million CNY in 2026 [2][17]. - **Net Profit**: The net profit for 2023 is 2,109 million CNY, with a growth of 1.6% year-on-year. The projections for 2024 and 2025 are 2,336 million CNY and 2,360 million CNY respectively, with a notable increase to 3,114 million CNY in 2026 [2][17]. - **EPS**: The earnings per share (EPS) are expected to be 0.81 CNY in 2023, increasing to 0.90 CNY in 2024, 0.91 CNY in 2025, and reaching 1.20 CNY in 2026 [2][17]. - **Gross Margin**: The gross margin is projected to improve from 39.7% in 2023 to 47.5% in 2026, indicating enhanced profitability [2][17]. - **Return on Equity**: The return on equity (ROE) is expected to decrease slightly from 15.6% in 2023 to 14.0% in 2025, before recovering to 16.4% in 2026 [2][17]. Business Segment Analysis - **Coal Business**: The coal production and sales volume for 2023 were 1,937 million tons and 1,969 million tons respectively, with a year-on-year increase of 5.2% and 8.7%. The average selling price for coal was 551 CNY per ton, showing a slight increase of 0.2% year-on-year [16]. - **Electricity Generation**: The company generated 103.93 billion kWh of electricity in 2023, a decrease of 2.7% year-on-year. However, the fourth quarter saw a recovery in sales volume, with a year-on-year increase of 19.5% [16]. Valuation - The company is valued based on a price-to-earnings (P/E) ratio of 10-12 times for 2024, leading to a reasonable value range of 9.02 to 10.82 CNY per share [16].

新集能源（601918.SH） 拥有华东区位优势，煤电一体化进程持续推进 事件：新集能源发布 2023 年年度报告：2023 年公司实现营业收入 128.45 亿元，同比增长 7.01%，归母净利润为 21.09 亿元，同比增长 1.57%， 扣非后的归母净利润为 20.53亿元，同比减少 1.47%。基本每股收益为 0.81 元，同比增长 1.50%，加权平均净资产收益率为 16.84%，同比减少 2.8pct。 点评： 发电业务方面火电成本控制得当，盈利改善。根据公司 2023 年报，1）产销 量：2023 年公司火电发电量为 103.93 亿千瓦时（同比-2.67%），火电上网 电量为 98.72 亿千瓦时（同比-2.78%）。2）售价：售电价为 409.79 元/兆瓦 时（同比+0.40%）。3）成本与盈利：单位售电成本为 317.16 元/兆瓦时 （-0.42%），单位售电毛利为 93.70 元/兆瓦时（同比+4.44%）。 请仔细阅读本报告末页声明 作者 邮箱：yiw@cgws.com 相关研究 公司费率同比减少，降本增效初有成效。根据公司 2023 年报，2023 年公司 销售费用率为 0.45 ...

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-002 投资者关系 特定对象调研 □分析师会议 □媒体采访 业绩说明会 活动类别 新闻发布会 □路演活动 □现场调研 □电话会议 参与单位名 社会公众股东 称及人员 时间 2024 年 3 月 21 日（星期四）下午 15:00-17:00 现场：上海证券交易所上证路演中心 地点 线上：http://roadshow.sseinfo.com 上市公司接 董事长王志根先生；总会计师王雪萍先生；副总经理徐进先生，独立董事 待人员姓名 黄国良先生；董事会秘书戴斐先生及部分职能部门负责人。 投资者关系活动主要内容摘要 新集能源 2023 年度业绩暨现金分红说明会 2023年，公司生产原煤 2139.99万吨、生产商品煤 1936.91万吨，销售商品煤 1968.61 万吨；2023 年，公司累计发电 104.79 亿度（含瓦斯发电），上网电量 98.95 亿度，其中 利辛电厂发电103.93 亿度，上网售电量98.72 亿度。 2023 年，公司实现营业收入 128.45 亿元，实现利润总额 34. ...

| --- | --- | --- | --- | |-------------------------------------------------------------------------------------------|----------|---------------|------------------------------------| | 投资建议评级标准 | | 评级 \n推荐 | 说明 \n相对基准指数涨幅 15% 以上 | | 以报告发布日后的 12 个月内公司股价（或行业 | | 谨慎推荐 | 相对基准指数涨幅 5%～15% 之间 | | 指数）相对同期基准指数的涨跌幅为基准。其 | 公司评级 | 中性 | 相对基准指数涨幅 -5%～5% 之间 | | 中： A 股以沪深 300 指数为基准；新三板以三 板成指或三板做市指数为基准；港股以恒生指 | | 回避 | 相对基准指数跌幅 5% 以上 | | 数为基准；美股以纳斯达克综合指数或标普 | | 推荐 | 相对基准指数涨幅 5% 以上 | | 500 指数为基准。 | 行业评级 | 中性 | 相对基准指数涨幅-5%～5% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) as of March 21, 2024 [15][19]. Core Views - The report highlights that the company achieved a revenue of 12.84 billion yuan in 2023, a year-on-year increase of 7.0%, and a net profit attributable to shareholders of 2.11 billion yuan, up 1.6% year-on-year [3]. - The company is expected to benefit from its high long-term contract coal ratio and improved coal quality, which mitigates the impact of market coal price fluctuations [5][19]. - The report anticipates a steady increase in power generation capacity, with a projected output of 11.5 billion kWh in 2024, reflecting a commitment to expanding its integrated coal and power operations [7][19]. Summary by Sections Financial Performance - In 2023, the company reported a basic earnings per share (EPS) of 0.81 yuan, a 1.5% increase year-on-year, and a weighted average return on equity (ROE) of 16.8%, down 2.8 percentage points from the previous year [3][20]. - The fourth quarter of 2023 saw a revenue of 3.15 billion yuan, a decrease of 8.1% quarter-on-quarter but an increase of 1.9% year-on-year [4]. Coal Business - The company produced 19.37 million tons of commercial coal in 2023, a year-on-year increase of 5.2%, with sales reaching 19.69 million tons, up 8.7% year-on-year [5]. - The average selling price of coal remained stable at 585 yuan per ton, reflecting a 0.3% year-on-year increase despite a general market price decline [5]. - The total cost per ton of coal rose to 308 yuan, a 12.1% increase year-on-year, primarily due to rising labor and electricity costs [5]. Power Generation Business - The company generated 10.39 billion kWh of electricity in 2023, a decrease of 2.7% year-on-year, with an average on-grid electricity price of 0.4109 yuan per kWh, down 0.3% year-on-year [7]. - The report projects a significant increase in power generation capacity, with plans for new power plants that will enhance the company's self-sufficiency in coal supply [19]. Future Outlook - The company is expected to see net profits of 2.35 billion yuan in 2024, representing a 12% year-on-year growth, with EPS projected to rise to 0.91 yuan [20]. - The anticipated increase in integrated operations and stable coal quality is expected to enhance profitability and reduce earnings volatility [19].