F 证券研究报告 动力煤 新集能源（601918.SH） 买入-A(维持) Q1 营收、利润双增，煤电一体化助力经营稳健 2024 年 4 月 30 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年第一季度报告：报告期内公司实现营业收入 30.58 亿 元，同比+5.59%；实现归母净利润 5.98 亿元，同比+0.62%；扣非后归母净 利润 5.82 亿元，同比-0.16%；基本每股收益 0.23 元/股，加权平均净资产 收益率 4.32%，同比减少 0.7 个百分点。经营活动产生的现金流量净额 9.78 亿元，同比+40.35%。截至 2024 年 3 月 31 日，公司总资产 383.15 亿元，同 比+5.57%，净资产 141.61 亿元，同比+4.75%。 事件点评 市场数据：2024 年 4 月 29 日 Q1 煤炭产、销减量，售价同、环比提高，收入增长。2024Q1 公司原煤 收盘价（元）： 8.80 产量 501.43 万吨，同比-9.41%，环比 2023Q4 变化+4.51%；商品煤产量 469.44 年内最高/最低（元）： 9.80/4.05 万吨，同比-1 ...

本次会议请面向开源证券的专业投资机构客户 感谢您的理解和支持,谢谢 各位投资者大家晚上好我是开源证券能源开采的首席张旭成今天呢和各位投资者再来汇报一下我们对煤炭板块的投资观点本周的煤炭板块出现了深幅的下跌看了一下指数大概是跌了7%这次的大跌呢我们也分析了有两个原因第一个呢是认为三月底这波反弹啊 反弹特别快而且煤炭的涨幅也比较多如果看煤炭指数的话大概涨了10%如果看个股的话其实有的股票涨了20%所以这个时候呢有一些资金也出现了获利了结啊我认为出现获利了结这个事情实际上是很正常的现象因为现在整个市场上对啊投资的预期收益率都没有那么高啊如果在短期的一两周的时间里边有这么高的收益的话 做一个兑现也是正常的第二个因素我们是认为最近正处在年报跟一季报披露的这段时间里面煤炭的公司如果要看一季度的同比实际上是都出现了比较明显的下滑但是我们实际上应该接受一个现实就是一季度同比下滑是非常正常的一个现象但是可能市场上的 投资者的预期不是这样子的所以看到一级爆煤炭公司都出现了同比较大数值的下滑觉得煤炭的高盈利是否无法持续了所以说对整个煤炭板块又带来了一定的冲击我们现在对整个板块的观点还是维持我们之前的观点和逻辑就是认为煤炭的基本面 ...

各位投资者大家晚上好我是开源证券能源开采的首席张旭成今天呢和各位投资者再来汇报一下我们对煤炭板块的投资观点本周呢煤炭板块出现了深幅的下跌看了一下指数大概是跌了7%这次的大跌呢我们也分析了有两个原因第一个呢是认为三月底这波反弹啊 反弹特别快而且煤炭的涨幅也比较多如果看煤炭指数的话大概涨了10%如果看个股的话其实有的股票涨了20%所以这个时候呢有一些资金也出现了获利了结我认为出现获利了结这个事情实际上是很正常的现象因为现在整个市场上对投资的预期收益率都没有那么高如果在短期的一两周的时间里边有这么高的收益的话 做一个兑现也是正常的第二个因素我们是认为最近正处在年报跟一级报披露的这段时间里面美产的公司如果要看一季度的同比实际上是都出现了比较明显的下滑但是我们实际上应该接受一个现实就是一季度同比下滑是非常正常的一个现象但是可能市场上的 投资者的预期不是这样子的所以看到异地豹煤炭公司都出现了同比较大数值的下滑觉得煤炭的高盈利是否无法持续了所以说对整个煤炭板块又带来了一定的冲击我们现在对整个板块的观点还是维持我们之前的观点和逻辑就是认为煤炭的基本面 现在还是处在向好的趋势里面煤炭股的投资逻辑我认为现在是高股息和周期弹性的双 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company achieved a revenue of 3.058 billion yuan in Q1 2024, a year-on-year increase of 5.59%, and a net profit attributable to shareholders of 598 million yuan, up 0.62% year-on-year [1] - The gross profit margin improved to 41.95%, an increase of 1.95 percentage points year-on-year, driven by rising coal prices despite a slight decline in coal production [1][2] - The company is progressing steadily with new power plant projects, which are expected to contribute to significant revenue growth in the coming years [3] Financial Performance - In Q1 2024, the company reported a gross profit of 1.283 billion yuan, a 10.74% increase year-on-year, with a unit coal price of 574.93 yuan/ton, up 7.33% year-on-year [2] - The company’s coal production decreased by 9.41% year-on-year to 5.0143 million tons, while the sales volume of commercial coal fell by 1.53% and 5.44% respectively [2] - The company’s power generation increased significantly by 27.10% year-on-year to 24.62 billion kWh, with an average on-grid electricity price of 0.4081 yuan/kWh, a 1.49% increase year-on-year [2] Future Projections - The company is expected to see net profits attributable to shareholders of 2.504 billion yuan, 2.831 billion yuan, and 3.418 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 0.97, 1.09, and 1.32 yuan per share [3][5] - The report forecasts a PE ratio of 9, 8, and 7 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation outlook [3][5]

| --- | --- | |---------------------------------------------------------|---------------------------------------------------| | | | | 上海 | 深圳 | | 地址：上海市浦东新区世纪大道 1788 号陆家嘴金控广场 1 | 地址：深圳市福田区金田路 2030 号卓越世纪中心 1 号 | | 楼 10 层 | 楼 45 层 | | 邮编： 200120 | 邮编： 518000 | | 邮箱： research@kysec.cn | 邮箱： research@kysec.cn | | 北京 | 西安 | | 地址：北京市西城区西直门外大街 18 号金贸大厦 C2 座 9 层 | 地址：西安市高新区锦业路 1 号都市之门 B 座 5 层 | | 邮编： 100044 | 邮编： 710065 | | 邮箱： research@kysec.cn | 邮箱： research@kysec.cn | 煤炭/煤炭开采 公 司 研 究 Q1 业绩稳健，煤电一体化加速推进 新集能源（60191 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company's Q1 2024 performance met expectations, with a net profit of 598 million yuan, a year-on-year increase of 0.62%, and revenue of 3.058 billion yuan, up 5.59% year-on-year [2]. - The coal segment demonstrated resilience, achieving revenue of 2.6 billion yuan in Q1 2024, a year-on-year increase of 1.49%, and a gross profit of 1 billion yuan, up 1.87% year-on-year [2]. - The electricity segment saw both volume and price increases, with a power generation of 2.46 billion kWh, up 27% year-on-year, and an average on-grid electricity price of 0.4081 yuan/kWh, up 1% year-on-year [3]. - The company has significant growth potential in its coal-electricity integration business, with ongoing projects totaling 7,250 MW in installed capacity [3]. Financial Summary - For 2024-2026, the company is expected to achieve net profits of 2.4 billion yuan, 2.6 billion yuan, and 3.1 billion yuan, corresponding to P/E ratios of 9.5, 8.7, and 7.5 respectively [3]. - The company's revenue is projected to grow from 12.845 billion yuan in 2023 to 17.001 billion yuan in 2026, reflecting a compound annual growth rate of 16.6% [5]. - The latest diluted EPS is expected to increase from 0.81 yuan in 2023 to 1.19 yuan in 2026 [5].

本报告仅供 Choice 东方财富 使用，请勿传阅。 煤电协同发展，业绩稳健运行 24Q1 公司吨煤价格同环比双增，电价亦有上浮。据公司公告， 煤炭业务方面，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%。24Q1 公司商 品煤单位售价 575 元/吨，同比+7.33%/环比+0.27%。24Q1 公司商 品煤单位成本 347 元/吨，同比+7.06%/环比-15.35%。24Q1 公司 商品煤单位毛利 228 元/吨，同比+7.73%/环比+39.25%。电力业务 方面，24Q1 公司发电量为 24.62 亿千瓦时，同比+27.10%/环比19.83%；上网电量为 23.32 亿千瓦时，同比+27.92%/环比-19.83%； 平均上网电价（不含税）为 0.4081 元/千瓦时，同比+1.49%。此 外，受益于机组性能稳定、煤源煤质可靠，机组具备顶峰能力强、 调节灵活等特点，公司在容量电价的获取方面具有优势，1-3 月 公司容量电费执行率 ...

[Table_Title] ➢ 风险因素：国内外能源政策变化带来短期影响；国内外宏观经济失速或 复苏严重不及预期；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。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 左前明，中国矿业大学博士，注册咨询（投资）工程师，信达证券研发中心副总经理，中国地质矿产经济 学会委员，中国国际工程咨询公司专家库成员，中国价格协会煤炭价格专委会委员，曾任中国煤炭工业协 会行业咨询处副处长（主持工作），从事煤炭以及能源相关领域研究咨询十余年，曾主持"十三五"全国 煤炭勘查开发规划研究、煤炭工业技术政策修订及企业相关咨询课题上百项，2016 年 6 月加盟信达证券 研发中心，负责煤炭行业研究。2019 年至今，负责大能源板块研究工作。 吴柏莹，吉林大学产业经济学硕士，2022 年 7 月加入信达证券研究开发中心，从事煤炭行业研究。 分析师声明 本报告是基于信达证券认为可靠的已公开信息编制，但信达证券不保证所载信息的准确性和完整性。本报告所载的意见、评估及 预测仅为本报告最初出具日的观点和判断，本报告所指的证券或投资标的 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 3,057,916,211.41, representing a year-on-year increase of 5.59%[6] - The net profit attributable to shareholders of the listed company was CNY 597,626,575.56, a slight increase of 0.62% compared to the same period last year[6] - The total profit for the period was CNY 911,025,403.29, compared to CNY 806,412,101.38 in the previous year[14] - The company reported a net profit of CNY 662,533,855.34, up from CNY 628,252,334.52 in the same period last year[14] - The company reported a net profit of CNY 900,309,122.53 for Q1 2024, compared to CNY 797,919,432.37 in Q1 2023, reflecting an increase of approximately 12.8%[35] Cash Flow and Liquidity - The net cash flow from operating activities increased by 40.35% to CNY 978,239,766.97, driven by a year-on-year increase in electricity generation[5] - The net cash flow from operating activities for Q1 2024 was ¥978,239,766.97, compared to ¥697,000,451.15 in Q1 2023, an increase of about 40.4%[30] - The net cash flow from financing activities for Q1 2024 was CNY 1,420,306,683.09, a significant increase from CNY 53,747,923.83 in Q1 2023[32] - The cash inflow from financing activities totaled CNY 3,296,002,429.38 in Q1 2024, compared to CNY 1,522,466,461.45 in Q1 2023, showing a substantial increase[32] - The net increase in cash and cash equivalents for Q1 2024 was CNY 795,566,677.30, compared to CNY 379,168,478.80 in Q1 2023, indicating a growth of approximately 109.5%[32] Assets and Liabilities - The total assets at the end of the reporting period were CNY 38,314,704,508.34, reflecting a 5.57% increase from the end of the previous year[6] - The total liabilities decreased from ¥22,000,000,000 to ¥21,000,000,000, indicating a reduction of approximately 4.5%[25] - The total liabilities as of Q1 2024 were CNY 22,715,195,584.09, up from CNY 21,469,568,113.23 in the previous year, marking an increase of about 5.8%[34] - The total equity attributable to shareholders increased to CNY 14,161,414,083.69 in Q1 2024 from CNY 13,519,083,453.03 in Q1 2023, representing a growth of approximately 4.7%[34] Shareholder Information - The total number of common shareholders at the end of the reporting period is 87,707[18] - The largest shareholder, China Coal Energy Group Co., Ltd., holds 785,292,157 shares, accounting for 30.31% of total shares[18] Operational Highlights - The company recognized non-recurring gains and losses totaling CNY 15,587,504.30 during the reporting period[7] - The company received government subsidies amounting to CNY 1,054,216.86, which are closely related to its normal business operations[7] - The company has initiated construction on two new power generation projects, each with significant capacity, starting in March 2024[21] - The company is closely monitoring the progress of its external investment projects and will fulfill its information disclosure obligations[21] Cost and Revenue Analysis - The total operating costs for Q1 2024 amounted to CNY 2,184,754,492.11, compared to CNY 2,117,962,302.16 in Q1 2023, reflecting an increase of about 3.1%[35] - The company reported a total revenue from sales of goods and services of ¥3,711,200,816.92 in Q1 2024, compared to ¥3,597,540,956.33 in Q1 2023, marking an increase of about 3.2%[30] Investment in Innovation - Research and development expenses for Q1 2024 were CNY 1,098,424.63, indicating ongoing investment in innovation[35]

北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：中煤新集能源股份有限公司 北京市嘉源律师事务所 关于中煤新集能源股份有限公司 2023 年年度股东大会的 法律意见书 北京市嘉源律师事务所 关于中煤新集能源股份有限公司 2023 年年度股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 嘉源(2024)-04-278 北京市嘉源律师事务所（以下简称"本所"）接受中煤新集能源股份有限公 司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《上市公司股东大会规则》（以下简称"《股东大会规则》"）等现 行有效的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以 及《中煤新集能源股份有限公司章程》（以下简称"《公司章程》"）的有关规 定，指派本所律师对公司2023年年度股东大会（以下简称"本次股东大会"）进 行见证，并依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 提供的与本次股东大会有关的文件和资料，并 ...