煤价下行业绩下滑，现金分红比例略超预期 山西焦煤(000983.SZ)/煤炭 证券研究报告/公司点评 2024年4月23日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：10.59元 指标 2022A 2023A 2024E 2025E 2026E 分析师：杜冲 营业收入（百万元） 65,183 55,523 54,426 56,751 58,605 增长率yoy% 44% -15% -2% 4% 3% 执业证书编号：S0740522040001 净利润（百万元） 10,722 6,771 6,875 7,457 7,898 电话： 增长率yoy% 157% -37% 2% 8% 6% 每股收益（元） 1.89 1.19 1.21 1.31 1.39 Email：duchong@zts.com.cn 每股现金流量 2.98 2.41 1.98 1.05 3.83 联系人：鲁昊 净资产收益率 25% 14% 13% 13% 13% 电话： P/E 5.6 8.9 8.7 8.1 7.6 P/B 1.8 1.6 1 ...

2024 年 04 月 23 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 煤炭业务以量补价，高分红特征延续 证券分析师： 陈晨 S0350522110007 chenc09@ghzq.com.cn 证券分析师： 王璇 S0350523080001 ——山西焦煤（ ） 年报点评报告 000983 2023 wangx15@ghzq.com.cn 联系人 ： 林国松 S0350123070007 lings@ghzq.com.cn 最近一年走势 事件 : 2024年4月23日，山西焦煤发布2023年年度报告：2023年公司实现 营业收入555.2亿元，同比-14.8%，归属于上市公司股东净利润67.7亿 元，同比-37.0%，扣非后归属于上市公司股东净利润68.2 亿元，同比 -27.2%。基本每股收益为1.23元，同比-41.4%。加权平均ROE为18.7%， 同比-18.1个百分点。 分季度看，2023 年第四季度，公司实现营业收入 148.3 亿元，环比 +12.9%，同比-11.3%；实现归属于上市公司股东净利润11.3亿元，环比 +1.1%，同比-19.6%；实现扣非后归 ...

Investment Rating - The investment rating for Shanxi Coking Coal (000983.SZ) is maintained at "Buy" [2][4]. Core Views - The report highlights that the decline in coal prices has negatively impacted the company's performance, but future asset injections and high dividends are expected to be promising [4]. - The company reported a revenue of 55.523 billion yuan in 2023, a year-on-year decrease of 14.8%, and a net profit attributable to shareholders of 6.771 billion yuan, down 37% year-on-year [4]. - The report anticipates a recovery in profits from 2024 to 2026, with projected net profits of 6.651 billion yuan, 6.993 billion yuan, and 7.372 billion yuan respectively [4]. Financial Performance Summary - In 2023, the company achieved a total revenue of 55.523 billion yuan, a decrease of 14.8% year-on-year, and a net profit of 6.771 billion yuan, down 37% year-on-year [4][5]. - The company's coal production reached 46.08 million tons in 2023, an increase of 5.1% year-on-year, while the average selling price of coal fell by 13.7% to 1,096.8 yuan per ton [4]. - The report projects earnings per share (EPS) of 1.17 yuan, 1.23 yuan, and 1.30 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 9.0, 8.6, and 8.2 [4][5]. Future Outlook - The company is expected to benefit from asset injections, which will enhance production capacity and maintain high dividend payouts to shareholders [4]. - The report outlines a dividend distribution plan for the next three years, ensuring that cash dividends will not be less than 10% of the annual distributable profits [4].

Investment Rating - The report upgrades the investment rating to "Recommended" based on the company's high dividend payout ratio and potential for future growth [2][5]. Core Views - The company reported a revenue of 55.523 billion RMB in 2023, a decrease of 14.82% year-on-year, and a net profit attributable to shareholders of 6.771 billion RMB, down 37.03% year-on-year [1][2]. - The company plans to distribute a cash dividend of 67%, translating to a dividend of 8 RMB per 10 shares, resulting in a dividend yield of 7.5% based on the stock price as of April 22, 2024 [1][2]. - The company aims to maintain stable production levels in 2024, with a slight decrease in raw coal production to 44.8 million tons, while the proportion of washed coking coal is expected to increase from 40.89% to 42.14% [1][2]. - The non-coal business segment continues to face losses, with a gross margin of -3.09% in the power and heat supply business [1][2]. - The company has significant potential for capacity expansion through the acquisition of competitive coal mine assets, with a total of 58 mines projected to be integrated by 2030 [1][2]. Financial Summary - The forecasted net profit for 2024-2026 is projected at 6.664 billion RMB, 7.359 billion RMB, and 8.477 billion RMB respectively, with corresponding EPS of 1.17, 1.30, and 1.49 RMB per share [2][5]. - The price-to-earnings (PE) ratio is expected to be 9, 8, and 7 for the years 2024, 2025, and 2026 respectively [2][5]. - The company’s total revenue is projected to gradually increase from 54.497 billion RMB in 2024 to 61.551 billion RMB in 2026, reflecting a recovery trend [5].

山西焦煤能源集团股份有限公司 非经营性资金占用及其他关联资金往来情况 2023 年度 .您可使用手机"扫一扫"或进入"注册开手证明该审计报告是否由具有执业许可的会计师事务-所出具 。 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://accs.ws.go/）"进行企 山西焦煤能源集团股份有限公司 非经营性资金占用及其他关联资金往来情况 (2023 年度） | | 目录 | 页次 | | --- | --- | --- | | - | 专项报告 | 1-2 | | ｜ 1 | 往来情况汇总表 | 1-3 | t信会计师事务所(特殊普通合伙) HINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANT 关于山西焦煤能源集团股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2024]第 ZK10277 号 山西焦煤能源集团股份有限公司全体股东: 我们审计了山西焦煤能源集团股份有限公司(以下简称"贵公 司")2023年度的财务报表,包括 2023年 12月 31 目的合并及母公司 资产负债表、2023 年度合并及母公司利润表、合并及母公司 ...

山西焦煤能源集团股份有限公司 独立董事2023年度述职报告 （邓蜀平） 公司董事会： 本人作为公司的独立董事，严格按照《公司法》《上市公司 独立董事管理办法》以及《公司章程》等规定履行职责。报告期 内，恪尽职守，勤勉尽责，积极出席公司相关会议，认真审议董 事会各项议案，对董事会的相关事项发表独立意见，在维护全体 股东合法权益、促进公司发展上发挥了独立董事的作用。 现将2023年履行独立董事职责情况述职如下： 一、独立董事的基本情况 邓蜀平先生，汉族，出生于1968年,大学本科，教授级高级 工程师，民革党员，国家能源局专家，山西省人民政府决策咨询 委员会委员，中国石油化工协会技术经济专业委员会委员，山西 省工程咨询协会副会长，山西省能源经济学会副会长，太原市科 技拔尖人才，国家注册咨询工程师（投资）、国家注册环境影响 评价师。历任民革煤化所支部主委，十一、十二届山西民革省委 委员，太原市迎泽区第四届、第五届人大代表，第十二届山西省 1 政协委员、常委。现任中国科学院山西煤炭化学研究所信息战略 与工程咨询中心主任，省直煤化所民革总支主委，第十四届山西 省政协常委，山西省政府、政协智库专家，山西安泰集团股份有 限公 ...

Financial Performance - The company's operating revenue for 2023 was CNY 55,522,870,893.68, a decrease of 14.82% compared to CNY 65,183,452,996.11 in 2022[15]. - The net profit attributable to shareholders for 2023 was CNY 6,771,368,105.86, down 37.03% from CNY 10,721,933,348.52 in the previous year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 6,817,316,299.45, a decrease of 27.22% compared to CNY 9,334,696,338.63 in 2022[15]. - The net cash flow from operating activities for 2023 was CNY 13,697,263,186.81, down 19.02% from CNY 16,915,313,819.38 in 2022[15]. - Basic earnings per share for 2023 were CNY 1.2282, a decline of 41.37% from CNY 2.0887 in the previous year[15]. - The company reported a total revenue of CNY 14.75 billion in Q1 2023, CNY 12.81 billion in Q2, CNY 13.14 billion in Q3, and CNY 14.83 billion in Q4, showing a stable revenue stream throughout the year[20]. - The net profit attributable to shareholders was CNY 2.47 billion in Q1, CNY 2.05 billion in Q2, CNY 1.12 billion in Q3, and CNY 1.13 billion in Q4, indicating a decline in profitability in the latter half of the year[20]. - The company reported a total of 39,000 million for the year 2023[94]. - In 2023, the total revenue of the company was approximately ¥55.52 billion, a decrease of 14.82% compared to ¥65.18 billion in 2022[40]. Dividend Distribution - The company plans to distribute a cash dividend of 8 RMB per 10 shares to all shareholders, totaling 567,710,105.9 RMB[3]. - The profit distribution plan for 2023 proposes a cash dividend of 8 RMB per 10 shares, totaling approximately 454.168 million RMB, which accounts for 67.07% of the net profit for the year[85]. - A cash dividend of 8 yuan per 10 shares (including tax) is proposed, totaling 4.54168 billion yuan, which accounts for 67.07% of the net profit attributable to shareholders[122]. Asset and Liability Management - Total assets at the end of 2023 were CNY 93,603,512,358.87, a decrease of 2.40% from CNY 95,737,794,131.52 at the end of 2022[15]. - The net assets attributable to shareholders at the end of 2023 were CNY 37,623,854,363.53, an increase of 13.40% from CNY 33,039,646,897.31 at the end of 2022[15]. - The company successfully reduced interest-bearing liabilities by 3.875 billion yuan and decreased comprehensive financing costs by 37 basis points, saving 260 million yuan in financial expenses[33]. - Cash and cash equivalents increased by CNY 2.83 billion, down 54.15% from CNY 6.16 billion in 2022[55]. - Long-term borrowings decreased to CNY 4.41 billion, representing 4.71% of total assets, down from 7.08%[57]. Market and Operational Strategy - The company plans to continue expanding its market presence and enhance its operational efficiency through strategic investments and acquisitions[13]. - The company is focused on developing new technologies and products to improve its competitive edge in the coal energy sector[13]. - The company aims to enhance its core competitiveness by focusing on the coking coal main business and integrating resources, while also emphasizing capital operations[85]. - The company plans to strengthen its coal business and accelerate the merger and reorganization of advanced coal production capacity[77]. - The company is committed to achieving a "zero carbon mine" construction model and is researching feasible technologies and management practices for this initiative[82]. Environmental and Safety Management - The company invested a total of 1.155 billion yuan in safety measures during the reporting period, emphasizing a "zero tolerance" approach to safety management[32]. - The company has established a comprehensive environmental management system, actively promoting the handling of key projects and environmental permits, which enhances its legal compliance in production[130]. - The company has implemented a pollutant discharge permit management system, ensuring all units operate within valid permit periods[130]. - The company has developed emergency response plans for environmental incidents, including measures for heavy pollution weather[136]. - The company is committed to enhancing its environmental law compliance level through rigorous management and monitoring of emissions[130]. Research and Development - The company's R&D investment amounted to ¥1,277,387,638.52 in 2023, representing a 4.46% increase from ¥1,222,875,117.26 in 2022[54]. - R&D investment accounted for 2.30% of operating revenue in 2023, up from 1.88% in 2022, indicating a 0.42% increase[54]. - The number of R&D personnel increased to 4,430 in 2023, a 1.37% rise from 4,370 in 2022, with the proportion of R&D staff rising to 12.21%[53]. - The project on coal and gas outburst hazard identification technology has been completed, significantly improving prediction efficiency and reducing drilling workload[52]. - The intelligent mining selection system construction project has been completed, enhancing overall economic efficiency and reducing maintenance costs by approximately 10%[53]. Governance and Management Changes - The company reported significant management changes, including the resignation of several directors and senior executives on July 5, 2023[94]. - The company appointed four new directors on August 2, 2023, including Wang Qiang and Wang Huiling[96]. - The company reported a change in management with the appointment of Fan Dahong as the new General Manager on July 5, 2023[96]. - The company is committed to enhancing corporate governance by aligning with top-tier enterprise practices and revising its governance documents in accordance with the latest regulations[86]. - The company maintains independence from its controlling shareholder in terms of assets, personnel, finance, and operations, ensuring a complete and independent business system[88]. Compliance and Regulatory Matters - The company has not experienced any major litigation or arbitration matters during the reporting period[184]. - The company reported no penalties or rectification situations during the reporting period[185]. - The company has committed to ensuring that the unlisted coking coal business is primarily integrated by Shanxi Coking Coal, with 45 out of 46 mines having completed the necessary corporate registration changes[149]. - The company has pledged to compensate for any losses incurred by the listed company due to violations of its commitments regarding industry competition[152]. - The company has committed to supporting Huajin Coal in seeking alternative properties to mitigate operational impacts from potential losses[169].

证券代码：000983 证券简称：山西焦煤 公告编号：2024-014 关于续聘 2024 年度财务审计机构及 内部控制审计机构的公告 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会 计泰斗潘序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国 首家完成改制的特殊普通合伙制会计师事务所，注册地址为上海市，首席 合伙人为朱建弟先生。立信是国际会计网络 BDO 的成员所，长期从事证 券服务业务，新证券法实施前具有证券、期货业务许可证，具有 H 股审计 资格，并已向美国公众公司会计监督委员会（PCAOB）注册登记。 1 截至 2023 年末，立信拥有合伙人 278 名、注册会计师 2,533 名、从业 人员总数 10,730 名，签署过证券服务业务审计报告的注册会计师 693 名。 立信 2023 年业务收入（经审计）50.01 亿元，其中审计业务收入 35.16 亿元，证券业务收入 17.65 亿元。 2023 年度立信为 671 家上市公司提供年报审计服务，审计收费 8.32 亿元，同行业上市公司审计客户 5 家。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 ...

山西焦煤能源集团股份有限公司 独立董事2023年度述职报告 （李玉敏） 公司董事会： 本人作为公司的独立董事，严格按照《公司法》《上市公司 独立董事管理办法》以及《公司章程》等规定履行职责。报告期 内，恪尽职守，勤勉尽责，积极出席公司相关会议，认真审议董 事会各项议案，对董事会的相关事项发表独立意见，在维护全体 股东合法权益、促进公司发展上发挥了独立董事的作用。 二、报告期内出席会议情况 现将2023年履行独立董事职责情况述职如下： 一、独立董事的基本情况 李玉敏先生，汉族，出生于1958年，中共党员，经济学硕士， 山西财经大学会计学教授，山西省会计准则实施工作组专家。现 任山西美锦能源股份有限公司、深圳赫美集团股份有限公司独立 董事，本公司独立董事。 作为公司的独立董事，经自查，本人符合《上市公司独立董 事管理办法》《深圳证券交易所上市公司自律监管指引第1号— —主板上市公司规范运作》等相关法律法规中对独立董事独立性 的相关要求，不存在影响独立性的情况。 1 | 独立董事 | 应出席董 | 现场出席 | 通讯表决董 | 委托出席 | 缺席董事 | 列席股东 | | --- | --- | --- | --- ...