为进一步加强与投资者的互动交流，山西焦煤能源集团股份有限 公司（以下简称"公司"）将参加由中国证券监督管理委员会山西监 管局、山西省上市公司协会与深圳市全景网络有限公司联合举办的 "山西辖区上市公司 2025 年投资者网上集体接待日暨年报业绩说明 会"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（http://rs.p5w.net），或关注微信公众号：全景财经，或下 载全景路演 APP，参与本次互动交流，活动时间为 2025 年 5 月 20 日 （星期二）15:00-17:00。 山西焦煤能源集团股份有限公司 关于参加山西辖区上市公司 2025 年投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 届时公司总经理、财务总监樊大宏先生、独立董事李玉敏先生和 董事会秘书王洪云先生将在线就公司 2024 年度业绩、公司治理、发 展战略、经营状况和可持续发展等投资者关心的问题，与投资者进行 沟通与交流，欢迎广大投资者踊跃参与！ 证券代码：000983 证券简称：山西焦煤 公告编号：2025 ...

Core Insights - The report emphasizes the importance of coal allocation in the current market environment, highlighting a basket of financial policies aimed at stabilizing market expectations [1][2] - The coal sector is viewed as entering a "golden era 2.0," with core value assets expected to rebound due to favorable macroeconomic policies and capital market support [2][10] Coal Market Overview - As of May 9, 2025, the price of Q5500 thermal coal at Qinhuangdao port was 630 CNY/ton, a decrease of 20 CNY/ton or 3.08% from the previous week [1][13] - The operating rate of coal mines in the Shanxi, Shaanxi, and Inner Mongolia regions was 81.1%, reflecting a slight decline of 0.3 percentage points [1][13] - In April 2025, China imported 37.825 million tons of coal, a year-on-year decrease of 16.41% [1] Demand and Supply Dynamics - The daily coal consumption of coastal power plants reached 1.734 million tons, an increase of 235,000 tons week-on-week [1][9] - The inventory at ports in the Bohai Rim increased to 33.051 million tons, up 201,800 tons or 6.5% [1][9] - The operating rates for methanol and urea production were 84.1% and 87.35%, respectively, indicating a stable demand for coal in chemical production [1][9] Investment Logic - The report outlines a robust dividend investment logic for coal stocks, suggesting that they remain a preferred choice for institutional investors due to their stable returns and low risk associated with state-owned enterprises [2][10] - The cyclical elasticity of coal stocks is highlighted, with expectations for price recovery as supply-demand fundamentals improve post-policy implementation [2][10] Key Indicators - The coal sector's PE ratio was reported at 11.6, and the PB ratio was 1.16, indicating relatively low valuations compared to other sectors [5][7] - The report identifies key coal stocks that are expected to benefit from the current market conditions, including China Shenhua, Shaanxi Coal, and China Coal Energy [2][10] Focused Stock Recommendations - The report suggests a selection of coal stocks based on different investment themes: - Dividend logic: China Shenhua, Shaanxi Coal, China Coal Energy - Cyclical logic: Pingmei Shenma, Huabei Mining - Diversified aluminum elasticity: Shenhua Energy, Electric Power Energy - Growth logic: Guanghui Energy, New Hope Energy [2][10]

Investment Rating - The coal mining industry is rated as "Recommended" [7][78] Core Views - The coal mining industry is experiencing a supply-side constraint, while demand may fluctuate in the short term, leading to price volatility and dynamic rebalancing [7][78] - The report highlights the investment value of coal companies as high dividend and cash cow assets, especially in light of recent market changes and government support for major coal enterprises [7][77] - Key companies in the coal sector are characterized by high profitability, strong cash flow, high barriers to entry, substantial dividends, and a high safety margin [7][78] Summary by Sections 1. Thermal Coal - Thermal coal prices at ports have decreased by 22 CNY/ton year-on-year, with port inventory increasing [14][15] - Production in major coal-producing areas has increased, with capacity utilization in the Sanxi region rising by 0.69 percentage points [14][21] - April coal imports totaled 37.825 million tons, a year-on-year decrease of 16.4% [14][28] - Demand remains weak due to high inventory levels at power plants, with daily consumption showing mixed trends [14][31] 2. Coking Coal - Coking coal production has stabilized, with capacity utilization rising by 0.45 percentage points to 89.0% [39][76] - The average customs clearance volume at Ganqimaodu port increased by 281 vehicles week-on-week [39][44] - Coking coal supply and demand are marginally loose, with inventories at production enterprises rising by 14.84 million tons [39][76] 3. Coke - The production rate of coking plants has increased, with capacity utilization rising by 0.29 percentage points to 75.83% [53][76] - Despite a slight increase in coke inventory, it remains at a low level with no significant pressure [53][66] - The average profit per ton of coke has risen to approximately 1 CNY, an increase of 7 CNY week-on-week [57][76] 4. Anthracite - Anthracite prices have remained stable, with supply exceeding demand and no new purchasing needs from power users [71][72] 5. Key Companies and Investment Focus - Recommended stocks include China Shenhua, Shaanxi Coal, and others, with a focus on companies with strong cash flow and high dividend yields [7][78] - The report emphasizes the importance of monitoring iron and steel production, as well as the consumption of steel and coking coal [39][76]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9]. Core Viewpoints - The recent acceleration in coal price decline is primarily attributed to a post-holiday drop in demand (seasonal factors and reduced expectations for inventory replenishment) and increased supply (production and transportation volume) leading to a higher port inventory and a willingness to sell at lower prices. However, with the upcoming peak summer demand and relatively stable supply, the report suggests that the coal prices are likely to stabilize during the peak season [2][7]. Summary by Sections Market Performance - The coal index (Yangtze) increased by 1.40% this week, underperforming the CSI 300 index by 0.60 percentage points, ranking 24th out of 32 industries. The thermal coal market price as of May 9 is 630 CNY/ton, down 20 CNY/ton week-on-week [6][30]. Supply and Demand Analysis - As of May 8, the daily coal consumption across 25 provinces was 484.9 million tons, a week-on-week increase of 9.9% but a year-on-year decrease of 2.4%. The coal supply was 486.3 million tons, a decrease of 0.6% from May 1. The total inventory was 114.3 million tons, down 0.1% [48][49]. Price Trends - The market price for 5500 kcal thermal coal at Qinhuangdao port is 630 CNY/ton, reflecting a decrease of 20 CNY/ton (-3.08%) compared to April 30. The report indicates that the price support remains due to cost factors from production and imports, despite the high inventory levels [55][30]. Future Outlook - The report anticipates that the coal prices may continue to explore the bottom in the short term due to high inventory levels and the approaching rainy season. However, there is a potential for a moderate rebound in prices as the demand for coal is expected to improve during the peak summer season, with a projected 17% increase in daily consumption compared to the second quarter [7][8]. Investment Recommendations - The report suggests marginal allocation in the coal sector, recommending stable profit leaders such as China Shenhua (A+H) and Shaanxi Coal, as well as growth-oriented companies like Electric Power Investment Energy and Xinji Energy. It also highlights flexible growth stocks such as Yanzhou Coal (A+H), Shanxi Coking Coal, and Huabei Mining [8].

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [12][13] - The coal price is expected to remain weak in May due to seasonal demand fluctuations, but there is a bottom support for prices, and a gradual recovery is anticipated as the peak season approaches [3][12] - The underlying investment logic of coal supply shortages remains unchanged, with a balanced short-term supply and demand but a medium to long-term gap still present [12][13] Summary by Sections Coal Price Tracking - As of May 10, the market price for Qinhuangdao port thermal coal (Q5500) is 635 CNY/ton, down 17 CNY/ton week-on-week [30] - The international thermal coal price for Newcastle (NEWC5500) is 69.8 USD/ton, down 0.5 USD/ton week-on-week [30] - The price for coking coal at Jing Tang port is 1380 CNY/ton, down 20 CNY/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is 96.4%, an increase of 2.5 percentage points week-on-week [47] - The daily coal consumption in inland provinces has increased by 33.80 thousand tons/day, a rise of 12.17% week-on-week [12] - The daily coal consumption in coastal provinces has decreased by 12.40 thousand tons/day, a decline of 6.67% week-on-week [12] Inventory Situation - As of May 9, coal inventory at Qinhuangdao port has increased to 753 thousand tons, up 8.0% week-on-week [5] - The inventory of coking coal at production sites has risen to 390.43 thousand tons, an increase of 8.9% week-on-week [5] Company Performance - The coal sector has shown a 1.47% increase this week, underperforming the broader market [15] - Key companies to focus on include China Shenhua, Shaanxi Coal, and China Coal Energy, which are noted for stable operations and solid performance [13]

Group 1: Core Views - The recent upgrades in stock ratings by brokerages are primarily concentrated in sectors with significant performance growth, rising industry sentiment, or turnaround situations, particularly in AI and robotics [2][5] - The number of stocks downgraded by brokerages has reached a year-to-date high, with notable downgrades in the coal and tourism sectors [5][6] Group 2: Upgraded Stocks - Multiple stocks in the AI and robotics sectors have received rating upgrades, including: - Platinum New Materials, with a projected net profit of 376 million yuan for 2024, a year-on-year increase of 46.9% [2] - Huichang Communications, expected to achieve a net profit of 29 million yuan in 2024, turning profitable with a 12.28% year-on-year revenue growth in Q1 [2] - Beijing Junzheng, with Q1 revenue of 1.06 billion yuan, a 5.3% year-on-year increase, and anticipated market recovery [3] - Keli Sensor, reporting a net profit of 76 million yuan in Q1, a nearly 76% year-on-year increase [3] - Nanshan Zhishang, recognized for its leading position in domestic wool spinning and new materials applications [3][4] Group 3: Downgraded Stocks - Several coal stocks have been downgraded, including: - Shanxi Coking Coal and Pingmei Shenma, downgraded to "overweight" due to weak coking coal prices [5] - Shanmei International, also downgraded to "overweight" despite low mining costs and potential production increases [5] - The tourism sector has seen downgrades, such as: - Jinjiang Hotels, with a Q1 net profit of 36 million yuan, down 81% year-on-year [5] - Miao Exhibition, downgraded due to declining revenue amid intensified competition [6] Group 4: Market Outlook - Brokerages are optimistic about AI and high-dividend sectors for May, with expectations of a continued oscillating market [7] - Recommendations include focusing on three main directions: financial dividends, self-sufficiency in industries like military, and domestic consumption [7] - The market is expected to follow a gentle recovery path, with attention on cyclical sectors and growth styles, particularly in AI and robotics [7]

2025 年 5 月 3 日 公司研究 业绩具备韧性，产能外延增长可期 ——山西焦煤（000983.SZ）2024 年报及 2025 年一季报点评 要点 事件： 2025 年 4 月 28 日，公司发布了 2024 年度报告及 2025 年一季报。2024 年，公司营业收入 452.9 亿元，同比-18.4%，归母净利润 31.1 亿元，同比-54.1%， 扣非净利润 30.2 亿元，同比-55.8%；2025Q1 公司营业收入 90.3 亿元（同比 -14.5%、环比-26.0%），归母净利润 6.8 亿元（同比-28.3%、环比+159.8%）， 扣非净利润 7.3 亿元（同比-19.1%、环比+186.8%）。 风险提示：钢材需求大幅回落；焦煤进口超预期增长。 公司盈利预测与估值简表 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 55,523 | 45,290 | 43,759 | 43,909 | 44,059 | | 营业收入增长率 | -14.82% ...

Core Insights - Shanxi Coking Coal (000983.SZ) reported a total operating revenue of 9.026 billion yuan for Q1 2025, ranking 7th among disclosed peers, which is a decrease of 1.526 billion yuan or 14.46% year-on-year [1] - The net profit attributable to shareholders was 681 million yuan, also ranking 7th among peers, reflecting a decline of 269 million yuan or 28.33% year-on-year [1] - The net cash inflow from operating activities was 1.886 billion yuan, ranking 4th among peers, showing an increase of 3.058 billion yuan year-on-year [1] Financial Ratios - The latest debt-to-asset ratio is 56.38%, ranking 21st among peers, a decrease of 0.99 percentage points from the previous quarter, but an increase of 9.92 percentage points year-on-year [3] - The latest gross profit margin is 30.80%, ranking 11th among peers, a decrease of 0.58 percentage points from the previous quarter, but an increase of 2.56 percentage points year-on-year [3] - The latest return on equity (ROE) is 1.83%, ranking 11th among peers, a decrease of 0.62 percentage points year-on-year [3] Earnings and Turnover - The diluted earnings per share (EPS) is 0.12 yuan, ranking 15th among peers, a decrease of 0.05 yuan or 28.32% year-on-year [3] - The latest total asset turnover ratio is 0.08 times, ranking 16th among peers, a decrease of 0.03 times year-on-year [3] - The latest inventory turnover ratio is 2.68 times, ranking 23rd among peers, a decrease of 0.99 times year-on-year [3] Shareholder Structure - The number of shareholders is 153,000, with the top ten shareholders holding 3.856 billion shares, accounting for 67.91% of the total share capital [3] - The largest shareholder is Shanxi Coking Coal Group Co., Ltd., holding 57.29% of the shares [3]

Core Viewpoint - The company reported a significant decline in both revenue and net profit for 2024, with a continued downward trend in Q1 2025, primarily driven by decreased coal sales and pressure on other business segments [1][2][3]. Financial Performance - In 2024, the company achieved operating revenue of 45.3 billion yuan, a year-on-year decrease of 18.43%, and a net profit attributable to shareholders of 3.1 billion yuan, down 54.10% [1]. - For Q1 2025, the company reported operating revenue of 9.03 billion yuan, a decline of 14.5%, and a net profit of 680 million yuan, down 28.33% [1]. Coal Production and Sales - The decline in coal sales was the main reason for the performance drop in 2024, with total coal sales of 25.6 million tons, including significant decreases in various coal types: coking coal down 20.3%, fat coal down 17.67%, and lean coal down 12.37% [2]. - The average selling price of coal decreased by 5.43% to 1,037 yuan per ton, with coking coal priced at 1,544 yuan per ton, also down 5.4% [2]. Power and Other Business Segments - The power segment turned profitable in 2024, with revenue of 6.87 billion yuan, despite a decrease in electricity sales by 5.94% [3]. - The coking and building materials segments continued to face challenges, with coking revenue down 9.46% to 8.7 billion yuan and building materials revenue down 30.44% to 280 million yuan [3]. Future Outlook - The company is projected to achieve operating revenues of 36.9 billion yuan in 2025, with a gradual recovery expected in subsequent years, alongside a forecasted net profit of 2.12 billion yuan for 2025 [4].

Investment Rating - The investment rating for Shanxi Coking Coal is "Buy" [1] Core Views - The report emphasizes the company's focus on optimizing and strengthening its core business while improving quality and efficiency, indicating that performance improvements are expected [4][5] - The company has faced challenges such as declining sales and prices, leading to a decrease in gross profit margins in its coal business [4] - Despite the challenges, the company is positioned to benefit from its rich coking coal resources and low-cost mining operations, which may provide resilience in pricing [4][5] Financial Performance Summary - In 2024, the company reported total revenue of 45.29 billion, a year-on-year decrease of 18.43%, and a net profit attributable to shareholders of 3.11 billion, down 54.10% [1] - The first quarter of 2025 showed a revenue of 9.03 billion, a year-on-year decrease of 14.46%, but a significant quarter-on-quarter increase of 159.8% in net profit [2] - The average selling price of coal in 2024 was 1,037 per ton, down 5.43% from 2023, while the average cost per ton increased by 9.55% to 495 [4] Future Outlook - The company is expected to see a gradual recovery in net profit, with projections of 2.76 billion, 3.27 billion, and 3.49 billion for 2025, 2026, and 2027 respectively [7] - The report anticipates that the company's earnings per share (EPS) will improve from 0.49 in 2025 to 0.62 in 2027, reflecting a positive growth trajectory [7] - The company is actively pursuing quality coal asset acquisitions, which are expected to contribute to future growth [5][7]