| --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

研究所： 证券分析师： 陈晨 S0350522110007 chenc09@ghzq.com.cn 联系人 ： 林国松 S0350123070007 lings@ghzq.com.cn [Table_Title] 在建电厂全部开工建设，煤电一体化进程加快 ——新集能源（601918）2024 年半年报点评 总股本（万股） 259,054.18 最近一年走势 2024 年 7 月 31 日，新集能源发布 2024 年半年报：2024 年上半年，公 司实现营业收入 59.9 亿元，同比-4.4%，归属于上市公司股东净利润实 现 11.8 亿元，同比-10.1%，基本每股收益为 0.45 元，同比-10.0%。加 权平均 ROE 为 8.42%，同比减少 2.29 个百分点。分季度来看，二季度 营业收入实现 29.3 亿元，环比-4.3%，同比-13.0%，归母净利润实现 5.8 亿元，环比-3.3%，同比-19.0%，业绩环比变动较少。 表现 1M 3M 12M 煤炭业务：热值改善叠加高比例长协，综合售价同比小幅上涨。产 销量方面，2024 年上半年，公司实现商品煤产量 936 万吨，同比 -4.8%，商品煤销量 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced a decline in both production and sales, but the coal-electricity integration is progressing steadily [1][2] - The company is expected to achieve net profits of 2.18 billion, 2.48 billion, and 2.89 billion yuan for the years 2024 to 2026, corresponding to P/E ratios of 10.1, 8.9, and 7.6 respectively [3] Summary by Sections Coal Segment - In H1 2024, the coal segment (including internal sales) generated revenue of 5.1 billion yuan, a decrease of 6.2% year-on-year, with a gross profit of 2.05 billion yuan, down 3.6% [1] - The coal production in H1 2024 was 10.38 million tons, a decline of 7.7% year-on-year, with external sales of 7.12 million tons, down 14.0% [1] - The average selling price of coal in H1 2024 was 564 yuan per ton, an increase of 4.5% year-on-year [1] Power Segment - In H1 2024, the company generated 4.61 billion kWh of electricity, an increase of 12.4% year-on-year, with an average on-grid electricity price of 0.41 yuan per kWh, up 1.3% [2] - The company has significant growth potential in its coal-electricity business, with several projects under construction totaling 7,250 MW of installed capacity [2] Financial Projections - The company is projected to achieve revenues of 13.01 billion, 13.78 billion, and 15.4 billion yuan from 2024 to 2026, with corresponding growth rates of 1.3%, 5.9%, and 11.8% [3] - The net profit for 2024 is expected to be 2.18 billion yuan, reflecting a year-on-year growth of 3.2% [3]

Investment Rating - The report maintains a "Recommend" rating for the company, with expected EPS of 0.97/1.07/1.30 yuan for 2024-2026 and PE ratios of 9/8/7 times based on the closing price on July 30, 2024 [1][9] Core Views - The company's performance in H1 2024 met expectations, with a revenue of 5.985 billion yuan, down 4.40% YoY, and a net profit attributable to the parent company of 1.176 billion yuan, down 10.11% YoY [1] - The decline in coal production and sales in Q2 2024 was the main reason for the performance drop, with coal production down 5.94% YoY and sales down 14.53% YoY [1] - The power generation business showed improved profitability in H1 2024, with a 12.66% YoY increase in power generation and a 29.69% YoY increase in profit for the main operating entity [1] - New power plant projects are progressing well, with the Banji Power Plant Phase II expected to start operation in the second half of the year [1] Financial Performance - In Q2 2024, the company achieved revenue of 2.927 billion yuan, down 12.99% YoY, and a net profit attributable to the parent company of 578 million yuan, down 19.03% YoY [1] - The gross profit margin in Q2 2024 was 41.47%, up 1.43 percentage points YoY, while the net profit margin was 19.75%, down 1.47 percentage points YoY [1] - The company's coal unit price in Q2 2024 was 553.63 yuan/ton, up 1.89% YoY, with a unit gross profit of 222.07 yuan/ton and a gross profit margin of 40.11% [1] Future Outlook - The company's coal-power integration business model is expected to maintain high profitability and drive valuation growth [1] - Revenue is forecasted to grow to 13.356 billion yuan in 2024, 14.230 billion yuan in 2025, and 16.122 billion yuan in 2026, with net profit attributable to the parent company expected to reach 2.506 billion yuan, 2.763 billion yuan, and 3.380 billion yuan respectively [9] - The company's power generation business is expected to continue growing, supported by new power plant projects and stable coal prices [1]

业绩同比有所下滑，未来增量可期 根据公司 2024 年半年报披露，2024H1 营业收入为 59.85 亿元，同比-4.40%； 归母净利润为 11.76 亿元，同比-10.11%；扣非归母净利润为 11.38 亿元， 同比-11.57%；经营现金流净额为 17.55 亿元，同比-10.24%。我们认为业绩 下滑主要是受到煤价淡季下跌的影响所致。 受煤价调整影响，业绩同比有所下滑 公司报告 | 半年报点评 煤炭业务较为稳定，吨煤售价环比略有调整 2024H1 公司煤炭业务销售收入为 51.4 亿元，同比-6.17%，其中对外销售收 入为 40.2 亿元，同比-9.75%。2024H1 原煤产量为 1037.9 万吨，同比-7.65%， 商品煤产量为 936.02 万吨，同比-4.82%，商品煤销量为 910.36 万吨，同比 -10.24%，其中对外销量 711.98 万吨，同比-13.98%。 中煤新集利辛发电子公司 2024H1 营业收入为 17.88 亿元，同比+13.8%，净 利润为 2.54 亿元，同比+29.9%。上半年发电量为 46.1 亿千瓦时，同比 +12.41%，上网电量为 43.53 亿 ...

新集能源 (601918 CH) ): 增持 ): 9.55 风险提示：安徽和华东电力需求不及预期，煤价波动，综合电价下行风险。 研究员 王玮嘉 SAC No. S0570517050002 SFC No. BEB090 wangweijia@htsc.com +(86) 21 2897 2079 1H24 业绩受煤炭业务影响而同比下滑，看好公司电力长期成长性 公 司 1H24 实现营业收入 / 归母净利润 59.9/11.8 亿 元 ， 同 比 下 降 4.4%/10.1%，对应 2Q24 营收/归母净利润为 29.3/5.8 亿元，同比下降 13.0%/19.0%。公司 1H24 业绩同比下降主要系商品煤销量同比减少 103.87 万吨，以及管理费用同比+31.6%。1H24 公司煤电度电净利润高达 5.8 分， 同比+15%，截至 2024 年 6 月底公司控股煤电潜在产能增长空间 198%， 持续看好公司电力业务成长性。我们维持公司 2024-2026 年归母净利润预 测 21.5/24.5/26.6 亿元，可比公司 2024 年 PE Wind 一致预期均值为 12.4x。 考虑公司目前大部分利润仍 ...

规划燃煤机组容量高达 596 万千瓦，分布于安徽、江西等地。其中，板 集电厂二期有望于 2024 年 10 月投产；江西上饶电厂、滁州电厂和六安 电厂均已开工，公司预计均于 2026 年投运。至 2026 年，公司煤电控股 装机有望达到 796 万千瓦，未来三年装机与板块业绩有望实现高速增 长。未来其电厂的煤炭需求主要由公司自产煤供应，新建电厂有望具备 较强的燃料成本优势，形成"煤电一体"产业新格局。至 2027 年公司有 望实现商品煤由大部分外销转向基本内销，实现从煤炭公司向煤电一体 化公司的转型，从而获得稳定盈利实现估值修复。同时，在安徽经济高 速发展推动用电量需求增长的大背景下，新建煤电机组的利用小时数有 望维持高位，且我们预计可维持较好的电价水平。叠加安徽电力现货市 场加快推进，省内煤电机组有望获得现货增量收益。 ➢ 风险因素：煤电利用小时数下滑风险；煤电电价下降风险；煤矿安全生 产事故风险；煤质下降风险。 资料来源：iFind，信达证券研发中心预测。注：截至 2024 年 7 月 30 日收盘价。 | --- | --- | --- | --- | --- | --- | --- | --- | - ...

中煤新集能源股份有限公司第十届独立董事 专门会议 2024 年第二次会议审核意见 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》《独立董 事制度》《关联交易决策制度》等有关规定，我们作为中煤新集能 源股份有限公司（以下简称"公司"）独立董事，于 2024 年 7 月 29 日召开了第十届独立董事专门会议 2024 年第二次会议，认真审核了 《关于<2024 年半年度中煤财务有限责任公司风险持续评估报告>的 议案》的相关材料，并与公司相关人员进行了有效沟通，基于独立、 客观判断的原则，提出如下审核意见： 中煤新集能源股份有限公司独立董事 王作棠 崔利国 黄国良 2024 年 7 月 29 日 2 3、经审阅公司出具的《关于 2024 年半年度中煤财务有限责任 公司的风险持续评估报告》，我们认为该报告是客观、公正的，充分 反映了中煤财务公司的经营资质、业务和风险状况，我们一致同意 该风险持续评估报告。 4、全体独立董事一致同意本议案并同意将本议案提交公司十届 1 十六次董事会审议。 1、中煤财务有限责任公司（以下简称"中煤财务公司"）作为 非银行金融 ...

Coal Production and Sales - In the first half of 2024, the company reported a total coal production of 52.5 million tons in Anhui Province, a decrease of 6.7% year-on-year[12]. - The company produced 9.36 million tons of commercial coal, a year-on-year decrease of 4.82%[35]. - The sales volume of commercial coal was 9.10 million tons, down 10.24% year-on-year[35]. - The national coal production from January to June 2024 was 2.266 billion tons, down 1.7% year-on-year, while coal imports reached 250 million tons, an increase of 12.5%[12]. - The company anticipates that key coal-producing provinces will increase production in the second half of 2024 to meet annual targets[12]. Financial Performance - The company generated operating revenue of 5.99 billion yuan, a decrease of 4.40% compared to the previous year[36]. - The total profit amounted to 1.76 billion yuan, with a net profit attributable to the parent company of 1.18 billion yuan[35]. - The net cash flow from operating activities was 1.76 billion yuan, a decline of 10.24% year-on-year[36]. - The company reported non-recurring gains and losses totaling approximately 37.90 million yuan[31]. - The company reported a net profit for the first half of 2024 of CNY 705,548,226.85, compared to CNY 873,554,452.58 in the first half of 2023, indicating a decline of 19.3%[123]. Environmental Responsibility - The company has completed environmental impact assessments for multiple projects, including the new coal mine and power plant upgrades, ensuring compliance with regulations[10]. - The company has established a carbon emission management system, with annual carbon verification completed for its power plants in 2023[18]. - The company is actively monitoring and managing carbon emissions, with regular checks and updates to its carbon emission records[18]. - The company is committed to maintaining a high level of environmental responsibility and has not reported any violations of decision-making procedures regarding external guarantees[4]. - The company has completed environmental credit restoration following administrative penalties for emissions violations[1]. Operational Efficiency and Management - The company is focusing on improving management practices across budgeting, cost, and asset management to enhance operational efficiency[14]. - The company is actively pursuing market expansion and structural transformation to enhance its resilience against market fluctuations[54]. - The company reported a significant focus on improving operational efficiency and reducing costs to navigate financial challenges[54]. - The company is committed to implementing its "14th Five-Year" development plan, emphasizing innovation and safety[35]. - The company has implemented a weekly reporting system to enhance the management of its assistance teams in rural areas[62]. Capital Expenditures and Investments - The company aims to expand its coal and power generation projects, with substantial capital expenditures planned for the next two years[54]. - The company signed a cooperation development agreement for the Liu'an Power Plant project with a contract value of CNY 62,624.32 million in February 2024[87]. - In May 2024, the company entered into a procurement contract for the Liu'an Power Plant project with a total contract value of CNY 175,770.8548 million[105]. - The company plans to invest CNY 4.765 million in 2024 for targeted assistance projects, focusing on 13 initiatives including industrial support and education[62]. - The company has ongoing construction projects with significant milestones achieved, including the completion of boiler blowpipe for unit 3 and turbine cover for unit 4 at the Banjic Power Plant[106]. Legal and Compliance Issues - The company is involved in ongoing litigation with Tianjin Weichen Investment Co., Ltd. regarding a claim of CNY 223,698,361.6 for fund occupation losses[66]. - The company has faced a court ruling requiring it to pay CNY 2,831,941 for material losses to Anhui Yifan Spraying Material Co., Ltd.[66]. - The company is currently cooperating with the court regarding a judgment to pay CNY 20,849,333.5 in a lawsuit involving Zhongyuan Rail Transit Engineering Co., Ltd.[66]. - The company has a total of 394,104,579.52 CNY involved in a lawsuit against Anhui Liu Zhuang Real Estate Co., Ltd., which has been resolved in favor of the company[76]. - The company is currently involved in a lawsuit with Huainan New Jinjiang Hotel Co., Ltd. for an amount of 80,587,979.10 CNY, which is in the enforcement stage[79]. Carbon Neutrality and Sustainability Initiatives - The company has established a leadership group for carbon peak and carbon neutrality work, completing the "Carbon Peak Action Plan" to guide its efforts[48]. - The company is focusing on high-quality development in traditional coal and electricity industries while expanding into new energy sectors[35]. - The company emphasizes sustainable practices in its operations, including waste management and energy efficiency initiatives[186]. - The company has initiated a low-concentration gas power generation project at New Ji No. 2 Mine, which commenced construction in December 2023[48]. - The company continues to monitor and manage its emissions in accordance with national pollution discharge standards[42]. Financial Position and Assets - The total assets of the company were approximately ¥39.75 billion, an increase from ¥36.29 billion, reflecting a growth of 6.77%[115]. - The total liabilities amounted to approximately ¥23.87 billion, an increase from ¥21.47 billion in the previous period, reflecting a growth of 11.14%[115]. - The total equity attributable to shareholders reached approximately ¥14.40 billion, up from ¥13.52 billion, indicating a growth of 6.46%[115]. - The company reported a total of CNY 1.19 billion in payable employee compensation, down from CNY 1.35 billion, which is a decrease of about 12.1%[135]. - The company reported cash and cash equivalents of CNY 2,383,239,198.04 as of June 30, 2024, compared to CNY 1,635,189,131.94 at the end of 2023, representing an increase of approximately 46%[97].

中煤新集能源股份有限公司关于2024年半年度 中煤财务有限责任公司的风险持续评估报告 中煤财务公司由中国中煤能源集团有限公司（持股 9%，出资 2.7 亿元）和中国中煤能源股份有限公司（持股 91%，出资 27.3 亿 元）共同出资设立，注册资本金 30 亿元，注册地址为：北京市朝 阳区黄寺大街 1 号中煤大厦 6 层。 二、内部控制基本情况 （一）控制环境 中煤财务公司根据现代公司治理结构要求，设立了股东会、董 事会、监事会和经营层的三会一层治理架构，董事会下设审计（稽 核）委员会、风险管理委员会。中煤财务公司制定了《公司章程》 《股东会议事规则》《董事会议事规则》《监事会议事规则》《审 计（稽核）委员会工作规则》《风险管理委员会工作规则》《总经 理工作细则》等制度文件，规范各治理主体的议事规则和工作职责， 确保各治理主体职责边界清晰，符合独立运作、有效制衡原则。中 煤财务公司董事会由五名董事组成，监事会由三名监事组成，经营 层现有总经理 1 人、副总经理 2 人。2024 年上半年，中煤财务公司 持续加强内部控制和合规管理，更新印发内部管理制度汇编，强化 制度刚性约束；汇总整理分析行业行政处罚案例，以案为 ...