Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [3][4]. Core Views - The company's coal production is expected to increase, with the Baiyanzimiao mine contributing additional output in 2024. The company is also expanding its capacity at the Hongshaliang open-pit and underground mines to 3 million tons per year [2]. - The projected net profit attributable to the parent company for 2024-2026 is estimated at 1.951 billion, 2.152 billion, and 2.372 billion yuan, respectively, with corresponding EPS of 0.36, 0.40, and 0.44 yuan per share [3]. - The company’s coal and electricity business volume is anticipated to grow in 2024, with Q1 coal production reaching 5.2627 million tons, a 6.98% increase year-on-year [4]. - The clean and efficient gasification project is expected to start operations in the first half of 2024, which will enhance the company's downstream supply chain and improve profitability [5]. Financial Projections - The company's revenue is projected to reach 11.259 billion, 11.938 billion, 12.961 billion, and 14.014 billion yuan from 2024 to 2026, with growth rates of -8.2%, 6.0%, 8.6%, and 8.1% respectively [6]. - The net profit attributable to the parent company is forecasted to decline by 45.2% in 2025, followed by growth rates of 12.3%, 10.3%, and 10.2% in the subsequent years [6]. - The company’s PE ratio is expected to be 11, 9, 9, and 8 for the years 2024 to 2026 [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The report indicates that coal production and sales are improving, and the company's performance may be at an inflection point, with growth potential in coal chemical and power generation sectors [10] - The company achieved a revenue of 2.82 billion yuan in Q1 2024, a year-on-year decrease of 10.6%, and a net profit attributable to shareholders of 540 million yuan, down 44.0% year-on-year [10] - The report maintains profit forecasts, expecting net profits of 2.14 billion yuan, 2.38 billion yuan, and 2.78 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.40, 0.44, and 0.52 yuan [10] Financial Summary - The company has a total market capitalization of 18.464 billion yuan and a circulating market capitalization of 10.298 billion yuan [6] - The company's coal production in Q1 2024 was 5.26 million tons, an increase of 6.5% year-on-year, while coal sales were 4.17 million tons, up 0.2% year-on-year [10] - The report highlights that the company's gross profit margin and net profit margin showed significant improvement in Q1 2024, with margins of 36.6% and 19.0% respectively, despite a general decline in coal prices [10] Growth Potential - The company is currently constructing three new mines with an annual capacity of 6.9 million tons, and the largest coking coal resource project in Gansu province is in trial operation [10] - The report emphasizes that the coal, chemical, and power sectors all have growth potential, with plans to achieve a coal production capacity of 23.14 million tons and a chemical product capacity of 1.4 million tons by the end of the 14th Five-Year Plan [10]

Financial Performance - The company's operating revenue for Q1 2024 was ¥2,822,483,847.22, a decrease of 10.59% compared to ¥3,156,906,244.21 in the same period last year[18] - Net profit attributable to shareholders was ¥536,497,295.72, down 44.01% from ¥958,239,752.00 year-on-year[18] - The net cash flow from operating activities was negative at ¥-308,883,533.52, a decline of 166.80% compared to ¥462,395,561.24 in the previous year[18] - Operating profit decreased to CNY 629,027,671.38, a decline of 44.4% from CNY 1,133,227,586.32 in the previous year[51] - Basic earnings per share for the first quarter were CNY 0.1002, down from CNY 0.2078 in the previous year[51] Assets and Liabilities - Total assets at the end of the reporting period were ¥31,365,892,444.03, reflecting a 1.73% increase from ¥30,833,375,514.56 at the end of the previous year[18] - Current liabilities decreased to CNY 6,002,997,634.52 from CNY 7,116,755,524.26, a reduction of about 15.65%[31] - Non-current liabilities rose to CNY 8,139,367,964.64, compared to CNY 7,272,699,120.14, indicating an increase of approximately 11.92%[31] - Owner's equity increased to CNY 17,223,526,844.87, up from CNY 16,443,920,870.16, representing a growth of about 4.73%[31] - Total liabilities and equity increased to CNY 31,365,892,444.03 from CNY 30,833,375,514.56[50] Research and Development - Research and development expenses increased by 113.20% to ¥41,219,080.98 compared to ¥19,333,789.14 in the previous year[20] - Research and development expenses increased to CNY 41,219,080.98, up 113.0% from CNY 19,333,789.14 in the previous period[50] Shareholder Information - The total number of common shareholders at the end of the reporting period was 57,924[22] - The largest shareholder, Gansu Energy Chemical Investment Group Co., Ltd., holds 50.16% of shares, totaling 2,684,279,020 shares[22] - China Cinda Asset Management Co., Ltd. holds 8.59% of shares, amounting to 459,492,449 shares[22] - Owner's equity attributable to the parent company increased to CNY 16,789,961,995.82 from CNY 16,011,101,536.17[50] Construction and Projects - The company has completed the first phase of the Hongsha Liangjing Mine construction, with the second phase having progressed 1,207 meters[26] - The company is advancing the construction of the Wei Jia Di and Da Shui Tou coal washing plants, which are expected to enhance coal resource utilization efficiency[27] - The company has completed the water supply and waste rock road projects for the Jing Tai Coal Mine, with other construction ongoing[26] - The company is currently installing related equipment and conducting system testing for the underground pipeline and monitoring systems[26] - The company has initiated the construction of two coal washing plants to maximize coal product value and profitability[27] - The company has made significant progress in the construction of various facilities, including administrative offices and dormitories[26] - The company is on track with its project plans, having completed geological surveys and preliminary design work for the new coal washing plants[27] - The company completed the first phase of the clean and efficient gasification project, with significant progress in construction and installation of key systems[40] - The company is advancing the construction of the Lanzhou New Area cogeneration project, having completed foundational work and key construction milestones[43] Cash Flow and Financing - Cash inflow from financing activities increased to 720,000,000.00 from 353,900,003.51, reflecting a strong improvement in financing capabilities[54] - The net cash flow from financing activities was 590,334,595.23, a turnaround from -152,424,095.11, indicating a positive shift in financing strategy[54] - Cash inflow from investment activities was 100,000,000.00, a decrease from 2,986,788.76, suggesting a reduction in investment returns[53] - The company reported a net cash outflow of -74,091,031.64, an improvement from -371,586,183.21, indicating better cash management[54] - Cash flow from operating activities totaled 2,310,314,034.38, down from 2,981,703,450.25, highlighting a decline in revenue generation[53] - Payments to employees increased to 1,004,110,537.13 from 923,864,652.95, reflecting higher labor costs[53] - The company received tax refunds of 3,795,795.78, significantly higher than 329,534.22 in the previous period, indicating improved tax recovery[53] Inventory and Subsidies - The company’s inventory increased by 50.45% to ¥1,174,314,331.07 compared to the beginning of the year[20] - The company received government subsidies amounting to ¥14,781,935.62 during the reporting period[7]

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [9][10]. Core Views - The report indicates that the coal price decline has negatively impacted performance, but there is a long-term positive outlook for the integrated development of coal, electricity, and chemicals [9]. - The company reported a revenue of 11.26 billion (百万元) in 2023, a decrease of 8.17% year-on-year, and a net profit attributable to shareholders of 1.74 billion, down 45.16% year-on-year [9]. - The coal production volume increased by 31.70% year-on-year to 19.68 million tons, and sales volume rose by 36.13% year-on-year to 19.27 million tons, attributed to the trial operation of the Hongshaliang open-pit mine [9]. - The company has a competitive advantage in the power generation sector, with a total electricity sales volume of 3.779 billion kWh and a low unit coal consumption [9]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are 2.14 billion, 2.27 billion, and 2.44 billion (百万元) respectively, with corresponding PE ratios of 8.9, 8.4, and 7.8 [10]. - The revenue forecast for 2024 is 11.88 billion (百万元), with a growth rate of 5.5% [11]. - The company’s return on equity (ROE) is expected to be 11.9% in 2024, with a gradual decline to 11.3% by 2026 [11]. - The report highlights a significant increase in R&D expenses by 29.3% year-on-year, indicating a commitment to technological upgrades and safety improvements [9].

开源煤炭营救员汤玥本周呢甘肃能化也披露了年报那我们看到今本周能化的这个市场表现也是非常的亮眼的啊然后今天呢我们非常有幸的请到了公司的董益腾总来给大家做一个交流啊今天的会议呢我们分为两个部分那么首先请腾总呢先简要介绍一下公司的一个情况然后我们再开始呃相应的问答环节啊腾总您您在吗在在在在哎行行您请您先介绍一下 感谢唐总感谢这位投资者对公司的关注我先汇报一下2023年的生产经营情况2023年是公司中大资产重组的首个完整的会计年度23年年内公司所处的行业比如说煤炭行业电力行业也经历了一些周期性的波动那么尤其是去年的 四到五月份吧那么煤炭价格也有较大幅度的下降那么年终虽然有七轮回升但是整体上相比二二年煤炭的综合售价也较大幅度的下降那么从去年的整体我们的经营思路上来看就是公司还是维持做好主业稳固主业的工作一方面是增加煤炭产品的产量 同时提高现有矿井的产出的热值同时全力的控制主营业务产品方面的成本从而消化市场变化对公司经营业绩的影响那么去年全年看到公司的煤炭产品的产量是1968万吨 这个相比去年的产量相当于473万吨的增加 销量上公司去年实现每天销量是1940万吨 这个销量同样就是相比去年有一个较大幅度的增长从去年的成本上 ...

本次会议仅面向开源证券的专业投资机构客户或受邀客户仅供在新媒体背景下研究观点的及时交流第三方专家发言内容仅代表其个人观点所有信息或所表述的意见并不构成对任何人的投资建议 各位投资人下午好我是开源煤炭研究员汤岳 本周甘肃能化披露了年报我们看到本周能化的市场表现也是非常的亮眼的然后今天我们非常有幸的请到了公司的董秘腾总来给大家做一个交流今天的会议我们分为两个部分那么首先请腾总先简要介绍一下公司的一个情况然后我们再开始相应的问答环节腾总您在吗在的在的 请您先介绍一下感谢唐总感谢各位投资者对公司的关注我先汇报一下2023年的生产经营情况2023年是公司重大资产重组的首个完整的会计年度23年年内公司所处的行业主要是煤炭行业电力行业 也经历了一些周期性的波动那么尤其是去年的四到五月份吧那么煤炭价格也有较大幅度的下降那么年中虽然有七种回升但是整体上相比二二年煤炭的综合售价也较大幅度的下降那么从去年的 整体我们的经营思路上来看就是公司还是维持做好主业稳固主业的工作一方面是增加煤炭产品的产量同时提高现有矿井的产出的热值同时全力的控制主营业务 方面的成本从而就是消化吧这个市场变化对公司进行业绩的影响那么去年全年看公司的煤炭产品的 ...

甘肃能化23年报交流240419开源_原文 2024年04月19日 17:48 可以。 发言人2 00:01 本次会议仅面向开源证券的专业投资机构客户或受邀客户，仅供在新媒体背景下研究观点的及时交流。 第三方专家发言内容仅代表其个人观点，所有信息或所表述的意见并不构成对任何人的投资建议。未经 开源证券事先书面许可，任何机构或个人严禁录音、转发及相关解读。涉嫌违反上述情形的，我们将保 留一切法律权利。感谢您的理解和支持，谢谢。 发言人3 00:34 各位投资人下午好，我是开元煤炭研究员汤月。本周甘肃能化也是披露了年报，我们看到今本周能化的 这个市场表现也是非常的亮眼的。然后今天我们非常有幸的请到了公司的董秘唐总来给大家做一个交 流，今天的会议我们分为两个部分。首先请滕总先简要介绍一下公司的一个情况，然后我们再开始相应 的问答环节。滕总您在吗？ 在的。 发言人3 01:09 行行，那您请您先介绍一下。 发言人4 01:13 好，感谢唐总，感谢各位投资者对公司的关注。我先汇报一下2023年的生生产经营情况。2023年是公 司重大资产重组的首个完整的会计年度。二三年年内公司所处的这个行业主要是煤炭行业、电力行 业，也 ...

甘肃能化（000552.SZ）2023 年年报点评 ➢ 事件：2024 年 4 月 15 日，公司发布 2023 年年报。2023 年，公司实现营 业收入 112.59 亿元，同比下降 8.17%；归母净利润 17.38 亿元，同比减少 45.16%。 ➢ 23Q4 盈利同环比均降。23Q4，公司实现营业收入 26.53 亿元，同比下降 6.09%，环比下降 6.94%；归母净利润 1.78 亿元，同比减少 59.55%，环比下降 36.22%。23Q4 公司资产减值损失 1.70 亿元，对业绩形成拖累。 ➢ 现金股利支付率 30.79%，股息率 2.87%。公司拟每股派发现金红利 0.10 元（含税），共计派发现金股利 5.35 亿元，占当年合并报表实现的归母净利润 的 30.79%，以 2024 年 4 月 16 日收盘价 3.48 元计算，股息率为 2.87%。 ➢ 煤炭产销大幅增长，成本降幅不及售价，毛利率同比下滑。2023 年，公司 所属煤炭业务实现煤炭产量 1967.68 万吨，同比增长 31.70%；煤炭销量 1926.73 万吨，同比增长 36.13%；煤炭产品吨煤收入 448.52 元/吨， ...

| 索引 | 页码 | | --- | --- | | 一、重大资产重组业绩承诺实现情况说明的审核报告 | 1-2 | | 二、窑街煤电集团有限公司重大资产重组业绩承诺实 | 1-2 | | 现情况说明 | | 窑街煤电集团有限公司 | 信永中和会计师事务所 北京市东城区朝阳门北大街 联系电话: +86 (010) 6554 2288 | | | --- | --- | | 8 号富华大厦 A 座 9 层 | telephone: +86 (010) 6554 2288 | | 9/F, Block A, Fu Hua Mansion, ShineWing | | | No.8, Chaoyangmen Beidajie, | | | Dongcheng District, Beijing, 传真: | +86 (010) 6554 7190 | | certified public accountants 100027, P.R.China | facsimile: +86 (010) 6554 7190 | 重大资产重组业绩承诺实现情况说明的 审核报告 重大资产重组业绩承诺实现情况说明的 审核报告 XYZ ...