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 (%) | ...

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 ...