中煤新集能源股份有限公司 关于董事辞职的公告 证券代码:601918 证券简称:新集能源 编号:2024-032 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 9 月 27 日，中煤新集能源股份有限公司（以下简称"公 司"）董事会收到公司董事何为军先生的书面辞职报告，何为军先 生因工作变动原因申请辞去公司第十届董事会董事职务和董事会审 计与风险委员会委员职务。辞职后，何为军先生不再担任公司其它 职务。 根据《公司章程》的有关规定，何为军先生的辞职自辞职报告 送达公司董事会之日起生效。何为军先生与公司董事会并无意见分 歧，相关辞任不会导致公司现有董事会成员人数低于法定最低人数， 能够保证董事会正常运作。公司持股 5%以上股东国华能源有限公司 已向公司提名了新的董事人选。公司将按照法定程序尽快完成董事 职位的补选工作。 何为军先生在担任公司董事和董事会审计与风险委员会委员期 间认真履行工作职责，充分行使职权，恪尽职守，勤勉尽职，为公 司的规范治理和健康发展发挥了重要作用。公司董事会对何为军先 生在任期内为公司发展所 ...

王作棠先生在担任公司独立董事期间认真履行工作职责，充分 行使职权，恪尽职守，勤勉尽职，为公司的规范治理和健康发展发 挥了重要作用。公司董事会对王作棠先生在任期内为公司发展所做 1 出的贡献表示衷心感谢。 证券代码:601918 证券简称:新集能源 编号:2024-031 特此公告。 中煤新集能源股份有限公司 关于独立董事任期届满的提示性公告 中煤新集能源股份有限公司董事会 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 9 月 5 日，中煤新集能源股份有限公司（以下简称"公 司"）董事会收到公司独立董事王作棠先生的书面辞职报告，王作 棠先生自 2018 年 9 月 6 日起担任公司独立董事已满六年，根据《上 市公司独立董事管理办法》等有关规定，独立董事在同一家上市公 司连续任职时间不得超过六年，王作棠先生申请辞去公司第十届董 事会独立董事职务及董事会提名委员会主任委员和董事会战略发展 委员会委员职务。 根据《公司章程》的有关规定，独立董事王作棠先生的辞职将 导致公司独立董事人数少于董事会总人数的三分之一。该辞职报 ...

煤电一体盈利稳增，稀缺成长央企标的 [Table_Industry] [Table_ 评级：Invest 买入（首次） ] [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 12,003 12,845 12,717 14,334 20,373 增长率 yoy% -4% 7% -1% 13% 42% 净利润（百万元） 2,064 2,109 2,379 2,512 2,944 增长率 yoy% -15% 2% 13% 6% 17% 每股收益（元） 0.80 0.81 0.92 0.97 1.14 每股现金流量 1.16 1.47 1.80 2.04 2.62 净资产收益率 17% 14% 15% 15% 16% P/E 10.7 10.5 9.3 8.8 7.5 PEG -1.02 0.14 8.45 1.25 0.64 P/B 1.9 1.6 1.6 1.5 1.4 备注：股价为 2024 年 8 月 13 日收盘价 市场价格：8.52 元 联系人：鲁昊 [Table_Profit] 基本状况 总股本(百万股) 2,5 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is steadily advancing its coal-electricity integration, with recent developments such as the successful grid connection of the Phase II Unit 3 of the Lixin Power Plant, which is expected to enhance its operational performance in the second half of the year [2][3] - The company anticipates marginal growth in its fundamentals, with coal business calorific value expected to increase from 4400K to 4500K, and production volume recovering due to regulatory easing in Anhui [2] - The electricity business is projected to see a rise in on-grid electricity volume during peak usage periods, with additional contributions from new power plants expected in 2024 [2] - The company maintains its profit forecasts for 2024-2026, expecting net profits of 2.51 billion, 2.71 billion, and 3.19 billion yuan respectively, with year-on-year growth rates of +19.0%, +7.8%, and +18.0% [2][3] Financial Summary - Revenue is projected to grow from 12.84 billion yuan in 2023 to 16.30 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 15.5% [3][4] - The net profit is expected to increase from 2.11 billion yuan in 2023 to 3.19 billion yuan in 2026, reflecting a strong growth trajectory [3][4] - The company's gross margin is forecasted to improve from 39.7% in 2023 to 54.3% in 2026, indicating enhanced operational efficiency [3][4] - The earnings per share (EPS) is projected to rise from 0.81 yuan in 2023 to 1.23 yuan in 2026, showcasing the company's profitability growth [3][4] Valuation Insights - The company is currently valued at a price-to-earnings (P/E) ratio of 8.9, which is significantly lower than its peers, indicating a potential undervaluation [2][3] - The report highlights that the company's coal-electricity integration is expected to enhance its profitability stability and may lead to a higher valuation premium in the future [2] - The company is also positioned to benefit from a high dividend potential as it completes its capital expenditure phase, with an anticipated increase in dividend payouts [2]

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-010 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 参与单位名 称及人员 线上参会人员：社会公众股东 时间 2024 年 8 月 6 日（星期二）上午 9:00-10:00 地点 上海证券交易所上证路演中心（网址：http://roadshow.sseinfo.com/） 上市公司接 待人员姓名 董事长王志根先生；董事、总经理郭占峰先生；总会计师程茂玖先生；独 立董事黄国良先生；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 2024 年半年度业绩说明会 2024 年 1-6 月份，公司生产原煤 1037.9 万吨，生产商品煤 936.02 万吨，销售商品煤 910.36 万吨，发电量 46.10 亿度，售电量 43.53 亿度。公司半年度实现营业收入 59.85 亿元，实现利润总额 17.60 亿元，净利润 12.90 亿元，每股收益 0.45 元/股。 本次业绩说明会，公司通过线上回复 ...

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].

Investment Rating - The report assigns a "Buy-A" investment rating to the company, indicating a strong potential for returns over the next six months [2][3]. Core Views - The company is expected to achieve revenues of CNY 12.61 billion, CNY 13.30 billion, and CNY 15.80 billion for the years 2024, 2025, and 2026, respectively, with growth rates of -1.8%, 5.5%, and 18.8% [2]. - Net profits are projected to be CNY 2.30 billion, CNY 2.51 billion, and CNY 2.89 billion for the same years, with growth rates of 9.1%, 8.9%, and 15.4% [2]. - The company benefits from its affiliation with China Coal Group, possessing advantageous coal resource locations and significant reserves, primarily selling thermal coal with a high proportion of long-term contracts, enhancing revenue stability [2]. - The integration of coal and power generation projects, mainly located in Anhui province, is expected to significantly boost performance once fully operational by 2026, leveraging synergies to improve profitability and risk resilience [2]. Financial Performance Summary - For the first half of 2024, the company reported revenues of CNY 5.985 billion, a decrease of 4.4% year-on-year, and a net profit of approximately CNY 1.176 billion, an increase of 10.11% year-on-year [1]. - In Q2 2024, the company achieved revenues of CNY 2.927 billion, down 12.99% year-on-year, and a net profit of CNY 578 million, down 19.03% year-on-year [1]. - Coal production in Q2 2024 was 5.3647 million tons, a decrease of 5.94% year-on-year, while coal sales volume dropped by 14.53% year-on-year to 4.5797 million tons [1]. - The average selling price of coal was CNY 553.63 per ton, up 1.89% year-on-year, while the cost per ton was CNY 331.56, down 1.22% year-on-year, resulting in a gross profit of CNY 222.07 per ton, an increase of 6.91% year-on-year [1]. Valuation Metrics - The report sets a target price of CNY 12.02 for the next six months, based on a price-to-earnings ratio of 13.5x for 2024 [2][3]. - The company's market capitalization is approximately CNY 22.36 billion, with a current share price of CNY 8.63 [3].

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 (%) | ...