Investment Rating - The report maintains a "Buy" rating for the company [1][4][27] Core Insights - The company achieved a revenue of 7.07 billion yuan in the first half of 2024, representing a year-on-year growth of 32%. The net profit attributable to shareholders was 1.21 billion yuan, up 15% year-on-year [3][4] - The Alashan Phase I project has started production, contributing to increased output and sales, with a total soda ash production of 2.72 million tons in H1 2024, an increase of 1.89 million tons compared to the same period last year [4][6] - The company is expanding its production capacity with the Alashan Phase II project, which is expected to be completed by December 2025, with an investment of approximately 5.5 billion yuan [6][27] Financial Performance Summary - In Q2 2024, the company reported a revenue of 3.79 billion yuan, a year-on-year increase of 33% and a quarter-on-quarter increase of 16%. The net profit attributable to shareholders was 640 million yuan, up 60% year-on-year and 12% quarter-on-quarter [3][4] - The gross profit margin for sales was 44.3%, an increase of 12 percentage points year-on-year, while the net profit margin was 26.3%, up 8.9 percentage points year-on-year [3][4] - The company’s operating cash flow for Q2 2024 was 940 million yuan [3][14] Product Segment Performance - The soda ash segment generated revenue of 3.92 billion yuan in H1 2024, a year-on-year increase of 115%, with a gross margin of 56.4% [4][9] - The sodium bicarbonate segment achieved revenue of 920 million yuan, a slight increase of 0.3% year-on-year, with a gross margin of 52.8% [4][9] - The urea segment reported revenue of 1.70 billion yuan, a decrease of 20% year-on-year, with a gross margin of 26.4% [4][9] Future Earnings Forecast - The company is projected to achieve revenues of 14.65 billion yuan, 16.38 billion yuan, and 18.35 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 2.62 billion yuan, 3.25 billion yuan, and 3.71 billion yuan for the same years [6][27]

总会计师马玉盈马总证券事务代表沈楠沈总在会议开始前我们提示各位投资者在主讲嘉宾发言结束后将留有提问时间接下来有请公司领导发言谢谢尊敬的各位投资者各位老师大家上午好 我是公司董事会秘书纪玉虎欢迎大家参加远行能源半年度业绩交流会远行能源7月29日披露了半年报鉴于前期预约交流的机构比较多为了提高沟通效率我们今天通过进门财经电话的方式与大家一同进行交流互动下面 先由公司证券事务代表沈楠简要介绍一下公司半年度的一些基本情况下面又将沈楠好了大家上午好现在我把我们公司2024年半年报的一个情况做一个简述2024年1到6月公司共生产各类产品431.6万吨其中 纯碱是271.94万吨小苏打66.82万吨尿素84.02万吨其他化工产品是8.81万吨公司2024年1到6月累计实现营业收入70.7亿元到去年同期是增长了32%净利润18.48亿元规模净利润12.09亿元 这里面包含了投资收益1.11亿元较去年同期增长14.9%扣费规模净利润是12.08亿元这个也是较去年同期上升了11.3%加权平均净资产收益率8.63%每股收益0.32元报告期末公司的总资产是330.53亿元 所有者权益187.67亿元归属于母公司股东的所有者权益是13 ...

All 简业 务 选兴能源(00083) 银根项目有序放量，半年报业绩符合预期 远米能源 2024H1 点评 根各乎读 连关危涨 7 月 29 日发布 2024 辛中报，报告朝内突现密校 70.70 亿元，阿比增长 32.00%；实现归非冷利润 12.09 亿元，同比增长 14.90%；实现构非后归非冷利润 12.08 亿元，同比增长 11.30%。 共中，2024Q2 公司实现营收 37.89 亿元，同比增 关 32.86%，环比增长 15.50%，实现归与净利润 6.40 亿元，同比增长 59.85%，环 比增长 12.45%: 实现补非后归寻冷利润 6.40 亿元，同比增长 48.07%，环比增长 12.68%；公司业维持全项募。 投资实点 □ 公司主教祥金撰稿，她就休祥休馆欢增关态学 公司 Q2 密政和净利润保持增长主委是子公司银粮企业网拉希塔木煮天然减强目 一朝生产钱投产，但业绩仍全到处感、小苏打、尿素产品价格下活影响。天然感 法划处域和小苏打为公司主导产品，产销量径于行业前列。报告期内，公司共生 产名美产品 431.60 万吨，美中兑减 271.94 万吨，小茶打 66.82 万吨，原本 84.0 ...

Financial Performance - In the first half of 2024, the company achieved a total revenue of 7.07 billion yuan, representing a 32% increase compared to the same period last year [5] - The net profit attributable to shareholders was 1.209 billion yuan, up 14.90% year-on-year [5] - The weighted average return on equity was 8.63%, with earnings per share at 0.32 yuan [5] - As of June 30, 2024, total assets amounted to 33.053 billion yuan, with equity attributable to shareholders at 13.790 billion yuan [5] Production Output - The company produced a total of 4.316 million tons of various products in the first half of 2024, including: - Soda ash: 2.7194 million tons - Sodium bicarbonate: 668,200 tons - Urea: 840,200 tons - Other chemical products: 88,100 tons [4] Project Updates - The first phase of the Alashan natural soda project has all four production lines operational, with the first three lines reaching full production [5] - Approximately 1 billion yuan worth of construction projects remain uncompleted as of June 30, 2024 [5] - The second phase of the Alashan natural soda project is progressing as planned, with funding sourced from internal funds and project loans [5] Market Conditions - The average selling price of products from Mengda Mining was significantly lower than the market average due to a decline in coal prices and a high proportion of long-term contracts [6] - The coal supply for the Alashan natural soda project primarily comes from imports from Mongolia, supplemented by sources from Xinjiang and Gansu [6] Investor Relations - The company is currently awaiting a decision on the arbitration matter with China Coal Energy and will disclose updates as they arise [5] - There are no current plans for a high dividend payout similar to last year [6]

Investment Rating - The report maintains an "Outperform" rating for the company [3][10]. Core Insights - In the first half of 2024, the company's recurring net profit increased by 11.30% year-on-year, with operating income reaching 7.070 billion yuan, a 32% increase compared to the previous year [2][6]. - The Alashan project has secured water rights of 10 million cubic meters per year, which supports its production needs [8][9]. Financial Performance - For 2024H1, the company reported a net profit of 1.209 billion yuan, up 14.90% year-on-year, and a recurring net profit of 1.208 billion yuan, reflecting an 11.30% increase [6][10]. - In Q2 2024, the company achieved operating income of 3.789 billion yuan, a quarter-on-quarter increase of 15.50% and a year-on-year growth of 32.86% [6][10]. Product Segmentation - The company's self-produced soda ash generated operating income of 3.924 billion yuan, a significant increase of 115.03%, with a production volume of 2,719,400 tonnes [7]. - The self-produced baking soda had an operating income of 919 million yuan, with a gross profit margin of 52.79%, and a production volume of 668,200 tonnes [7]. - The self-produced urea reported an operating income of 1.696 billion yuan, down 20.32% year-on-year, with a production volume of 840,200 tonnes [7]. Resource and Technical Advantages - The company possesses significant natural alkali resources, including proven reserves of 193.08 million tonnes at the Anpeng alkali mine and 105.867 million tonnes at the Tamusu natural alkali mine, which is the largest proven natural alkali mine in China [9][10]. - The company utilizes advanced hydrothermal solution mining processes, ensuring environmentally friendly production with no waste liquid emissions [9]. Earnings Forecast - The company is expected to achieve net profits of 2.670 billion yuan, 3.041 billion yuan, and 3.624 billion yuan for the years 2024, 2025, and 2026 respectively [10]. - The target price is set at 8.64 yuan, based on a price-to-earnings ratio of 12 times for 2024 [10].

证 券 研 究 报 告 远兴能源（000683）2024 年中报点评 强推（维持） Q2 业绩符合预期，阿碱项目稳步放量 目标价：8.52 元 当前价：6.36 元 事项： ❖ 公司发布 24 年 中 报 ， 24Q2 实现营收 37.89 亿 元 ， 同 比 / 环 比 分 别 +32.86%/+15.50% ； 实 现 归 母 净 利 润 6.40 亿元，同比 / 环 比 分 别 +59.85%/+12.45% ； 实 现 扣 非 归 母 净 利 润 6.40 亿元，同比 / 环比分别 +48.07%/+12.68%，二季度业绩符合预期。 评论： ❖ 阿碱负荷稳步提升，增量利润逐步兑现。得益于银根矿业阿拉善塔木素天然碱 项目一期部分产线的稳定运行，公司碱化工产品产销两旺，营收及利润规模稳 步增长。24H1 公司生产纯碱 271.94 万吨，小苏打 66.82 万吨，尿素 84.02 万 吨，按照现有产能来看，则纯碱、小苏打、尿素上半年产能利用率分别实现约 80%、89%、87%。我们按照公司 23H1 纯碱产量 83.22 万吨、小苏打产量 55.48 万吨计，假设中源化学产品产量基本稳定，则 24H1 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's Q2 performance met expectations, driven by the Alashan project, and the target price has been adjusted to 7.40 CNY from the previous 8.21 CNY [4][6]. - The company's revenue for H1 2024 reached 7.07 billion CNY, a year-on-year increase of 32.00%, while the net profit attributable to shareholders was 1.209 billion CNY, up 14.90% year-on-year [4]. - The report highlights strong domestic demand for soda ash, with H1 2024 apparent consumption in China reaching 18.17 million tons, a year-on-year increase of 28.49% [4]. Financial Summary - The company achieved total revenue of 10.987 billion CNY in 2022, with a projected increase to 16.206 billion CNY in 2024, reflecting a growth rate of 34.6% [5]. - The net profit attributable to shareholders is expected to rise from 2.660 billion CNY in 2022 to 2.509 billion CNY in 2024, indicating a growth of 78.0% [5]. - The earnings per share (EPS) is projected to be 0.67 CNY in 2024, down from the previous estimate of 0.75 CNY [4][5]. Market Data - The company's current stock price is 6.36 CNY, with a target price of 7.40 CNY, indicating potential upside [6][7]. - The total market capitalization is approximately 23.728 billion CNY [7]. Production Capacity and Growth - The Alashan natural soda ash project is expected to significantly contribute to the company's growth, with phase one planned for 5 million tons/year of soda ash and 400,000 tons/year of sodium bicarbonate [4]. - The report notes that the company is positioned for low-cost expansion due to its resource advantages, ensuring long-term growth prospects [4].

九届十四次监事会决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 证券代码：000683 证券简称：远兴能源 公告编号：2024-052 内蒙古远兴能源股份有限公司 2.审议通过《2024 年半年度报告及摘要》 经审核，监事会认为董事会编制和审议公司 2024 年半年度报告及摘要的程 序符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映 了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 1.内蒙古远兴能源股份有限公司（以下简称公司）于 2024 年 7 月 19 日以书 面、传真或电子邮件方式向公司 3 名监事发出了关于召开九届十四次监事会会议 的通知。 2.会议于 2024 年 7 月 26 日在鄂尔多斯市东胜区鄂托克西街博源大厦 19 层 会议室以现场的方式召开。 3.本次监事会应到监事 3 名，实到监事 3 名，经全体监事一致同意，推举监 事邢占飞先生主持会议。 4.本次监事会会议的召开符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的规定。 二、监事会会议审议情况 经监事认真审 ...

合并资产负债表 | 编制单位合内内蒙古远兴能源股 | 公司 2024年06月30日 | | 单位:人民币元 | | --- | --- | --- | --- | | | 附注 | 2024年6月30日 | 2023年12月31日 | | 流动资产: | | | | | 货币资金1527 | 七、1 | 2, 222, 214, 955. 02 | 3, 568, 084, 918. 52 | | 交易性金融资 | | | | | 衍生金融资产 | | | | | 应收票据 | | | | | 应收账款 | 七、5 | 90, 212, 454. 35 | 59, 868, 632. 84 | | 应收款项融资 | 七、7 | 1, 358, 680, 961. 45 | 962, 519, 780. 79 | | 预付款项 | 七、9 | 141, 294, 827. 44 | 94, 537, 977. 92 | | 其他应收款 | 七、8 | 143, 963, 615. 61 | 204, 267, 831. 13 | | 存货 | 七、10 | 750, 588, 264. 10 | 534, 82 ...

法定代表人: 2024年半年度非经营性资金占用及其他关联资金往来情况汇总表 | | 上市公司名称:内蒙古远兴能源股份有限公司 | | | | | | 单位:万元 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 占用方与上市公司的关联 上市公司核算的会 非经营性资金占 资金占用方名 年初余额 | 2024年半年度往来累计 | 2024年半年度往来 | 2024年半年度信不 | | | | | | 关系 计科目 | 发生金额(不含利息) | 资金的利息 | Act Carper | 6月末余额 | 占用形成原因 | 占用性质 | | | CON 控股股东、实际控制人及其附属企业 | | | | | | 经营性占用 | | | 100 小计 - | | | | | | 经营性占用 | | - | - | - | | - | - | - | - | | | 前控股股东、实际控制人及其附属企业 10101 188 | | | | | | 非经营性占用 非经营性占用 | | | 小计 l l - | - | - | ﻟ | l | - | - | | - | ...