公司摊薄每股收益为0.12元，在已披露的同业公司中排名第15，较去年同报告期摊薄每股收益减少0.05 元，同比较去年同期下降28.32%。 公司最新总资产周转率为0.08次，在已披露的同业公司中排名第16，较去年同期总资产周转率减少0.03 次，同比较去年同期下降27.63%。最新存货周转率为2.68次，在已披露的同业公司中排名第23，较去年 同期存货周转率减少0.99次，同比较去年同期下降26.98%。 公司股东户数为15.30万户，前十大股东持股数量为38.56亿股，占总股本比例为67.91%，前十大股东持 股情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | T | 山西焦煤集团有限责任公司 | 57.29% | | 2 | 国新投资有限公司 | 3.14% | | 3 | 中国太平洋人寿保险股份有限公司-传统保险高分红股票管理组合 | 1.77% | | 4 | 香港中央结算有限公司 | 1.46% | | 5 | 上海宝钢国际经济贸易有限公司 | 0.98% | | 6 | 中国工商银行股份有限公司-华泰柏瑞沪深300交易型开放式指数证券投资基金 | 0 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 山西焦煤(000983) 投资评级 买入 上次评级 买入 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 高 升 能源、钢铁行业首席分析师 执业编号：S1500524100002 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 做优做强主业与提质增效并进，公司业绩改善可期 [Table_ReportDate] 2025 年 4 月 30 日 [Table_S 事件：2025 ummar年y]4 月 28 日 ，山西焦煤发布 2024 年年报及 2025 年一季报， 2024 年全年，公司实现营业收入 452.90 亿元，同比下降 18.43%，实现归 母净利润 31.08 亿元，同比下降 54.10%；扣非后净利润 30.15 亿元，同比 下降 55.77%。经营 ...

投资评级 买入 上次评级 买入 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 山西焦煤(000983) 高 升 能源、钢铁行业首席分析师 执业编号：S1500524100002 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 做优做强主业与提质增效并进，公司业绩改善可期 [Table_ReportDate] 2025 年 4 月 30 日 [Table_S 事件：2025 ummar年y]4 月 28 日 ，山西焦煤发布 2024 年年报及 2025 年一季报， 2024 年全年，公司实现营业收入 452.90 亿元，同比下降 18.43%，实现归 母净利润 31.08 亿元，同比下降 54.10%；扣非后净利润 30.15 亿元，同比 下降 55.77%。经营 ...

Financial Performance - In 2024, the company's operating revenue was CNY 45.29 billion, a year-on-year decrease of 18.4% [1] - The net profit attributable to shareholders was CNY 3.11 billion, down 54.1% year-on-year [1] - Earnings per share were CNY 0.5475 [1] - In Q1 2025, operating revenue was CNY 9.026 billion, a decline of 14.46% year-on-year [1] - Net profit for Q1 2025 was CNY 681 million, down 28.33% year-on-year [1] Dividend Distribution - The company plans to distribute a cash dividend of CNY 2.2 per 10 shares (including tax), totaling CNY 1.25 billion, which accounts for 40.19% of the net profit attributable to shareholders for the year [2] - The board has proposed to authorize the formulation of a mid-term profit distribution plan for 2025 [2] Sales and Market Outlook - The sales model combines long-term contracts and market sales, with a 1.2 million ton increase in coal sales year-on-year despite a decline in sales prices [1] - The company expects improved sales performance due to stable steel prices and ongoing national policies [1] Cost Control Measures - The company employs monthly operational analysis and dynamic adjustments to enhance efficiency [3] - Focus on cash flow management and strict budget control to minimize unnecessary expenditures [3] - Continuous cost analysis to control fixed and variable costs effectively [3] Power Generation Sector - The company has optimized coal cost management and marketing strategies in response to the rising share of renewable energy and declining spot electricity prices [4] - Achieved CNY 140 million in revenue from carbon quota trading in 2024 [4] Production and Sales Strategy - The company adheres to a "price stability and volume-price linkage" principle, enhancing production and sales coordination [5] - Focus on contract fulfillment and improving collection of receivables to maximize benefits [5] Market Value Management - The company has established a market value management system in line with regulatory requirements [6] - Plans to conduct capital operations and potentially inject quality assets when appropriate [6]

Investment Rating - The report maintains a "Recommended" rating for the company, considering its expected internal and external growth and high cash dividend ratio [4][6]. Core Views - The company experienced a significant decline in both revenue and net profit for 2024, with revenue at 45.29 billion yuan, down 18.43% year-on-year, and net profit at 3.11 billion yuan, down 54.1% year-on-year [1][5]. - The first quarter of 2025 also showed a decline in revenue to 9.03 billion yuan, down 14.46% year-on-year, and net profit at 681 million yuan, down 28.33% year-on-year [1][2]. - The company plans to maintain a stable operational strategy for 2025, targeting coal production of 46 million tons and coking coal production of 1.67 million tons [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a raw coal output of 47.22 million tons, a year-on-year increase of 2.47%, while the sales volume of commercial coal decreased by 20% to 25.6 million tons [2]. - The average selling price of coal fell by 5.43% to 1,037.23 yuan per ton, while the cost of sales per ton increased by 9.55% to 495.41 yuan per ton, leading to a decrease in gross margin by 6.85 percentage points to 52.29% [2]. Business Segments - The electricity and heat business reported a slight profit with a gross margin of 2.51%, while the coking business remained in a loss position with a gross margin of -0.48% [3]. - The company plans to produce 3.5 million tons of coke and generate 19.3 billion kWh of electricity in 2025, indicating a stable operational outlook [3]. Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 2.68 billion yuan, 3.02 billion yuan, and 3.24 billion yuan, respectively, with corresponding EPS of 0.47 yuan, 0.53 yuan, and 0.57 yuan [4][5]. - The projected PE ratios for 2025, 2026, and 2027 are 14, 12, and 11 times, respectively [4][5].

Investment Rating - The report maintains a "Buy" rating for Shanxi Coking Coal (000983.SZ) [5] Core Views - The company is expected to improve its performance through multi-channel cost reduction and efficiency enhancement, despite a decline in revenue and net profit for 2024 [1][2] - The company has significant coal resource advantages, with a total coal resource reserve of 6.53 billion tons and additional exploration rights acquired for 0.953 billion tons of coal and 55.61 million tons of bauxite [2] - The company plans to distribute a cash dividend of 1.25 billion yuan for 2024, with a dividend payout ratio of 40.2%, resulting in a dividend yield of 3.4% based on the closing price on April 28 [3] Financial Performance Summary - For 2024, the company expects revenue of 45.29 billion yuan, a decrease of 18.43% year-on-year, and a net profit of 3.108 billion yuan, down 54.1% year-on-year [1][4] - The company’s revenue for Q1 2025 is projected at 9.026 billion yuan, a decrease of 14.46% year-on-year, with a net profit of 681 million yuan, down 28.33% year-on-year [1] - The company’s total coal production for 2024 is expected to be 47.22 million tons, an increase of 2.5% year-on-year, while the sales volume of commercial coal is projected to be 25.6 million tons, a decrease of 20% year-on-year [8] - The average selling price of coal in 2024 is expected to be 1,037 yuan per ton, a decrease of 6.0% year-on-year, while the average cost is projected to be 495 yuan per ton, an increase of 9.5% year-on-year [8] Future Earnings Estimates - The company’s projected net profits for 2025, 2026, and 2027 are 2 billion yuan, 2.3 billion yuan, and 2.5 billion yuan, respectively, with corresponding P/E ratios of 18.9X, 15.8X, and 14.7X [3][4]

Investment Rating - The investment rating for Shanxi Coking Coal (000983.SZ) is "Buy" (maintained) [1] Core Views - The report highlights that the company's performance is being dragged down by a decline in both coal volume and price, emphasizing the need to focus on coal mine growth and price elasticity [3][4] - The company reported a revenue of 45.29 billion yuan in 2024, a year-on-year decrease of 18.4%, and a net profit attributable to shareholders of 3.11 billion yuan, down 54.1% year-on-year [3][4] - The report maintains profit forecasts for 2025-2026 and introduces a new forecast for 2027, expecting net profits of 2.89 billion yuan, 3.57 billion yuan, and 3.79 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.51, 0.63, and 0.67 yuan [3][4] Financial Performance Summary - In 2024, the company experienced a decline in coal production and sales due to safety inspections and temporary shutdowns of certain mines, with total coal sales down 20% year-on-year [4] - The average selling price of the company's coal in 2024 was 1,037 yuan per ton, reflecting a decrease of 26.6% year-on-year [4] - The company's coal production cost per ton increased by 9.5% year-on-year to 495 yuan, leading to a decrease in gross profit per ton by 15.9% to 542 yuan [4] Growth Potential and Dividends - The report indicates potential growth in the coal business, with the company winning exploration rights for a new coal mine with a planned capacity of 8 million tons per year [5] - The closure of underperforming power generation units is expected to reduce losses and improve overall company performance [5] - The dividend payout ratio for 2024 is noted to be 40.19%, a decrease of 26.88% year-on-year, translating to a current dividend yield of 3.4% based on the closing price on April 28, 2025 [5]

山西焦煤能源集团股份有限公司 2024 年年度股东大会 资 料 山西焦煤能源集团股份有限公司 二〇二五年五月二十七日 资 议 程 山西焦煤能源集团股份有限公司 2024 年年度股东大会议程 会议基本情况： 会议时间： （1）现场会议时间：2025 年 5 月 27 日（星期二）上午 10:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络 投票的具体时间为 2025 年 5 月 27 日上午 9:15 至 9:25,9:30 至 11:30,13:00 至 15:00；通过深圳证券交易所互联网投票的具体 时间为2025年5月27日上午9:15至下午3:00期间的任意时间。 现场会议地点：太原市万柏林区新晋祠路一段 1 号山西焦煤 大厦三层百人会议室。 会议方式：现场投票与网络投票相结合的方式 召 集 人：公司董事会 主 持 人：董事樊大宏 参加人员：股东及股东代表 公司董事、监事、高级管理人员 见证律师 1 议 程 会议议程： 宣布会议开始 一、介绍会议情况 二、推选监票人与计票人 三、审议如下议案： 1、2024 年度董事会工作报告 五、提请现场有表决权的股东对以上议案进行逐项投票表决 2、20 ...

证券代码：000983 证券简称：山西焦煤 公告编号：2025-023 山西焦煤能源集团股份有限公司 关于召开 2024 年年度股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 经山西焦煤能源集团股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开的第九届董事会第十二次会议审议通过，公司定于 2025 年 5 月 27 日(星期二)上午 10:00 召开 2024 年年度股东大会，会议有关事项如 下： 一、召开会议的基本情况 1、股东大会届次：公司 2024 年年度股东大会 2、召集人：山西焦煤能源集团股份有限公司董事会 同一表决权只能选择现场或网络表决方式中的一种。如果同一股份通 过现场、交易系统和互联网重复投票，以第一次投票表决结果为准。 6、股权登记日：本次年度股东大会的股权登记日为 2025 年 5 月 20 日（星期二）。 7、出席会议对象： （1）截止 2025 年 5 月 20 下午收市后在中国证券登记结算公司深圳 分公司登记在册的本公司股东均有权出席本次年度股东大会，并可以书面 形式委托代理人出席会议和参加表决 ...

证券代码：000983 证券简称：山西焦煤 公告编号：2025-014 山西焦煤能源集团股份有限公司 第九届监事会第七次会议决议公告 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 1 1、公司2024年度报告的编制和审议程序符合法律法规、公司章程和 公司各项规定； 2、公司2024年度报告的内容和格式符合中国证监会和深交所的各项 规定，所包含的信息能从各方面真实地反映出公司2024年度的经营管理和 财务状况等事项； 3、在公司监事会提出本意见前，未发现参与2024年度报告编制和审 议的人员有违反保密规定的行为。 山西焦煤能源集团股份有限公司（以下简称"公司"）第九届监事会 第七次会议于2025年4月25日上午11：00在太原市万柏林区新晋祠路一段1 号山西焦煤大厦三层百人会议室召开。会议通知已于2025年4月14日以传 真、邮件及专人送达的方式全体监事。会议应到监事6人，实到监事6人。 会议由监事会主席苏新强先生主持。会议的召开和表决程序符合《公司法》 和《公司章程》的规定。 二、监事会会议审议情况 （一）会议以6票同意，0票反对，0 ...