证券研究报告 陕西能源 (001286 CH) 自产煤外销增加，Q2 利润同比+19% 投资评级(维持): 买入 目标价(人民币): 12.32 华泰研究 中报点评 2024 年 8 月 20 日│中国内地 发电 1H24 自产煤外销量同比+62%，归母净利润同比+17% 1H24 公司营业收入/归母净利为 105.75/15.41 亿元，同比+14%/+17%，其 中 2Q24 营收/归母净利同比+19%/+19%至 49.35/5.54 亿元。公司 1H24 归 母净利润同比增长主要系自产煤外销量同比+62%，煤炭板块净利润同比 +21%至 11.25 亿元。截至 2024 年 7 月底，清水川三期两台 100 万千瓦机 组全部投产。我们预计公司 2024-2026 年归母净利 30.8/34.7/40.9 亿元， 对应 EPS 为 0.82/0.92/1.09 元。Wind 一致预期下，可比公司 2024 年 PE 均值为 11.2x，考虑陕西能源：1）煤电一体化匹配能力高，且当前电力利 润占比超过可比公司中煤电一体化公司；2）2022/2023 分红率均超过 50%， 股息率领先；3）预期 2024- ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 14.94 CNY over the next six months [7][10]. Core Insights - The company reported a revenue of 10.574 billion CNY for the first half of 2024, representing a year-on-year growth of 14.36%. The net profit attributable to shareholders was 1.541 billion CNY, up 16.7% year-on-year [4][10]. - The electricity segment saw a revenue increase to 8.018 billion CNY, a 12.67% rise year-on-year, driven by the commissioning of the new 1 million kW unit [4][10]. - The coal segment's revenue reached 2.19 billion CNY, marking a 22.49% increase year-on-year, supported by the production capacity enhancement from the new mine [4][10]. Summary by Sections Electricity Segment - The company achieved a total electricity generation of 24.099 billion kWh in the first half of 2024, a 12.58% increase compared to the same period last year. The average on-grid electricity price was 0.3519 CNY/kWh, showing a slight decrease [4][10]. - The commissioning of the new 6th unit at the Qing Shui Chuan Phase III project is expected to accelerate electricity generation growth in the second half of 2024 [4][10]. Coal Segment - The company’s coal production reached 11.6538 million tons, a 3.35% increase year-on-year. The external sales volume of self-produced coal surged to 3.8064 million tons, up 62.41% year-on-year [4][10]. - The coal segment's gross margin improved to 64.44%, an increase of 3.26 percentage points year-on-year, despite a decrease in coal prices [4][10]. Future Growth Prospects - The company has a robust project pipeline, with ongoing and planned projects expected to contribute to revenue growth from 2024 to 2026. The projected revenues for these years are 22.815 billion CNY, 25.544 billion CNY, and 27.992 billion CNY, respectively [10][11]. - The company’s cash flow remains strong, with net cash flow from operating activities reaching 4.15 billion CNY in the first half of 2024, a 7.39% increase year-on-year [10][11].

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 22 日 陕西能源(001286.SZ) 新项目投产+煤炭外销优化，上半年业 绩稳增 事件： 公司发布 2024 年半年报，上半年公司实现营业收入 105.74 亿元，同 比增长 14.36%；归母净利润 15.41 亿元，同比增长 16.7%；经营活动 产生的现金流量净额 41.5 亿元，同比增长 7.39%。 新机组投产带动发电量增长，内外销优化助力煤炭板块增强： 电力板块，2024 年上半年公司电力业务实现收入 80.18 亿元，同比 上升 12.67%，主要由于清水川三期 5 号机组（100 万千瓦）的投产带 来发电量提升。公司上半年发电量为 240.99 亿千瓦时，较去年同期 增长 12.58%；平均上网电价为 0.3519 元/kWh（含税），相较于持平 微降。煤炭板块，上半年公司煤炭业务实现收入 21.9 亿元，同比上 升 22.49%。煤炭收入规模的提升主要受益于园子沟矿井东翼（200 万 吨/年）的投产带来产能提升，上半年公司原煤产量 1165.38 万吨， 同比增长 3.35%；此外，公司大幅提升自产煤外销量，达 ...

| | | 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 | | 奏 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 编制单位! | | | | | | | | | | 万元 单位: | | 非學费性 發佈 控股股东、英 | 占用方与上市公 | | 上市公司核算 的会计科目 | 2023年期初占 用资金余额 | 2023年度占用 《不含利息》（不含利息） | 2023年度占用 资金的利息 | 2023年度偿还 累计发生金额 | 2023年期末占 用资金余额 | ਜਨ 用形成原 白) | 占用性质 非经营性占 | | 小计 前控股股东、实际控制人及其附属企业 | | | ---- | | | | | | | - 非经营性占 | | 小训- 其他关联方及其附 | | | ында | | | | | | | 田 - 非经营性占 | | 小计 | | | - | | | | | | | - | | 总计 | | - | | | | | | | | ﺳﺘﻨﺴ | 第 1 页 | | ...

陕西能源投资股份有限公司 2024 年半年度募集资金存放与实际使用情况的专项报告 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2023]587 号文核准，并经深圳证券交 易所同意，本公司由主承销商中信证券股份有限公司（以下简称"中信证券"）、 西部证券股份有限公司（以下简称"西部证券"）于 2023 年 3 月 29 日向社会公 众公开发行普通股（A 股）股票 75,000.00 万股，每股面值 1 元，每股发行价人 民币 9.60 元。截至 2023 年 4 月 4 日止，本公司共募集资金 7,200,000,000.00 元，扣除发行费用（不含增值税） 365,441,397.11 元，募集资金净额 6,834,558,602.89 元。 截至 2023 年 4 月 4 日，本公司上述发行募集的资金已全部到位，业经大华 会计师事务所（特殊普通合伙）以"大华验字[2023]000172 号"验资报告验证确 认。 截至 2024 年 6 月 30 日，公司对募集资金项目累计投入 6,265,625,669.83 元，其中：本期使用募集资金人民币 756,574,503.33 元。截至 2024 年 ...

本公司及监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、误导性陈述或重大遗漏。 一、监事会会议召开情况 陕西能源投资股份有限公司（以下简称公司）第二届监事会第十一次会议于 2024 年 8 月 20 日上午 11 时在陕西投资大厦十六楼会议室以现场方式召开。会 议通知已于 2024 年 8 月 9 日以电话、书面通知等方式通知全体监事。会议由公 司监事会主席王亮先生主持。本次会议应到监事5人，实际出席会议的监事5人。 本次会议的召集、召开符合《中华人民共和国公司法》等有关法律法规和《陕西 能源投资股份有限公司章程》的规定。 二、监事会会议审议情况 本次会议逐项审议并通过了以下议案： 证券代码：001286 证券简称：陕西能源 公告编号：2024-045 陕西能源投资股份有限公司 第二届监事会第十一次会议决议的公告 3．审议通过《关于审议陕西投资集团财务有限责任公司风险持续评估报告 的议案》 1．审议通过《关于审议 2024 年半年度报告及其摘要的议案》 经审核，监事会认为董事会编制和审核公司《陕西能源投资股份有限公司 2024 年半年度报告》《陕西能源投资股份有限公司 2024 年半年度报告 ...

法定代表人：郑波 注册地址：西安经济技术开发区凤城八路西北国金中心 E 栋 12 层 陕西能源投资股份有限公司 关于陕西投资集团财务有限责任公司 风险持续评估报告 陕西能源投资股份有限公司（以下简称公司）已与陕西投资集团财务有限责任公 司（以下简称财务公司）签订了《金融服务协议》，同时公司已经通过了《关于在陕 西投资集团财务有限责任公司办理金融服务业务的风险处置预案》。根据《深圳证券 交易所上市公司自律监管指引第 7 号-交易与关联交易（2023 年 12 月修订）》的要 求，公司查阅了财务公司 2024 年 6 月 30 日的资产负债表、所有者权益变动表、2024 年 1-6 月利润表和现金流量表，查阅了财务公司提供的《金融许可证》《营业执照》 等有关证件资料，对财务公司的经营资质、业务和风险状况进行了评估，现将有关风 险评估情况报告如下： 一、财务公司基本情况 财务公司由陕西投资集团有限公司、陕西省煤田地质集团有限公司、陕西清水川 能源股份有限公司、陕西秦龙电力股份有限公司、陕西华山创业有限公司共同出资组 建，注册资本 10 亿元人民币。 财务公司是经国家金融监督管理总局批准设立的非银行金融机构，于 20 ...

证券代码：001286 证券简称：陕西能源 公告编号：2024-044 陕西能源投资股份有限公司 第二届董事会第十七次会议决议的公告 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、误导性陈述或重大遗漏。 一、董事会会议召开情况 陕西能源投资股份有限公司（以下简称"公司"）第二届董事会第十七次会 议于 2024 年 8 月 20 日上午 9 时在陕西投资大厦十六楼会议室以现场方式召开。 会议通知已于 2024 年 8 月 9 日以电话、书面通知等方式通知全体董事、监事及 高级管理人员。本次会议由赵军先生主持，会议应出席的董事 9 人，实际出席的 董事 9 人。本次会议的召集、召开符合《中华人民共和国公司法》等有关法律法 规和《陕西能源投资股份有限公司章程》的规定。 二、董事会会议审议情况 本次会议逐项审议并通过了以下议案： 3．审议通过《关于陕西投资集团财务有限责任公司风险持续评估报告的议 案》 审议本议案时，公司关联董事赵军、王栋、王建利已回避表决。 《关于陕西投资集团财务有限责任公司风险持续评估报告》详见巨潮资讯网 （www.cninfo.com.cn）。 本事项已经公司 202 ...

合并资产负债表 (除特别注明外,金额单位均为人民币元) | | 2024年6月30日 | 2024年1月1日 | | --- | --- | --- | | 流动资产: | | | | 货币资金 | 4,560,203,554.00 | 5,747,953,079.26 | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 13,932,277.42 | 9,580,192.75 | | 应收账款 | 2,048,122,431.96 | 2,008,468,279.66 | | 应收款项融资 | 7,881,245.52 | 5.441.104.28 | | 预付款项 | 371,119,032.82 | 419,955,367.70 | | 其他应收款 | 61,223,388.49 | 37,809,041.72 | | 存货 | 627,790,271.18 | 454,104,568.18 | | 合同资产 | | | | 持有待售资产 | | | | 一年内到期的非流动资产 | 1,838,141.14 | 3,128,867.10 | | 其他流动资产 | 204, ...

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[8] - The net profit attributable to shareholders was RMB 300 million, up 20% compared to the same period last year[8] - The company's operating revenue for the first half of 2024 was ¥10,574,952,870.41, an increase of 14.36% compared to the same period last year[13] - Net profit attributable to shareholders was ¥1,540,780,728.66, reflecting a growth of 16.70% year-over-year[13] - The company reported a total profit of 2.85 billion yuan for the first half of 2024, a year-on-year increase of 10.90%, with a net profit attributable to the parent company of 1.54 billion yuan, up 16.70%[30] - The total comprehensive income for the first half of 2024 was CNY 2,387,534,211.82, compared to CNY 2,109,201,982.73 in the same period last year, reflecting an increase of 13.19%[146] - The total profit for the first half of 2024 was ¥2,254,447,089.52, down from ¥2,390,892,112.60 in the previous year, indicating a decrease of about 5.7%[147] Capacity and Utilization - The installed capacity of the company reached 5,000 MW, with a utilization rate of 85% during the reporting period[8] - Total installed capacity reached 17,250 MW, a significant increase from 11,180 MW in the same period last year[24] - The average utilization hours for power plants increased to 2,361 hours, compared to 2,332 hours in the previous year[24] - The total power generation for the first half of 2024 was 240.99 billion kWh, up from 214.07 billion kWh in the same period last year[24] Market Expansion and Strategy - The company plans to expand its market presence by entering two new provinces by the end of 2024[8] - Future guidance estimates a revenue growth of 12% for the second half of 2024, driven by increased demand for energy[8] - The company is exploring potential mergers and acquisitions to enhance its operational capabilities in renewable energy[8] - The company is actively expanding its coal and power integration strategy, with significant projects underway to enhance its market position[32] Research and Development - Research and development expenses increased by 10% to RMB 50 million, focusing on clean energy technologies[8] - The company has implemented a "three modifications linkage" strategy focusing on energy-saving, carbon reduction, and flexibility improvements for coal-fired power units[75] Financial Position - The total assets of the company at the end of the reporting period were ¥64,942,242,831.29, a 3.02% increase from the end of the previous year[13] - The company's net assets attributable to shareholders increased by 1.45% to ¥23,541,148,588.96[13] - The company’s asset-liability ratio stood at 54.53%, indicating a solid financial position compared to industry averages[36] - The company’s total liabilities increased to CNY 35.41 billion from CNY 33.45 billion, representing a growth of about 5.8%[138] Environmental Compliance - The company strictly adheres to various environmental protection laws and has obtained necessary environmental permits for its operations[69] - The emissions of sulfur dioxide from Shaanxi Qingshui Chuan Energy Co., Ltd. were reported at 832.79 tons per year, well below the permitted limit of 1645 tons per year[70] - The nitrogen oxide emissions from Shaanxi Qingshui Chuan Energy Co., Ltd. were recorded at 979.04 tons per year, also below the limit of 2350 tons per year[70] - The company’s coal-fired power plants have pollution control facilities that meet or exceed national emission standards[75] Legal and Regulatory Matters - The company has not encountered any significant changes in project feasibility or failed to meet planned progress or expected benefits[54] - The company faced administrative penalties totaling CNY 220,500 for environmental compliance issues, with no significant impact on operations[74] - The company is involved in 13 ongoing non-significant lawsuits as a plaintiff, with a total amount of 76.51 million yuan, and 5 ongoing non-significant lawsuits as a defendant, totaling 45.40 million yuan[81] Shareholder Matters - The annual shareholders' meeting on May 17, 2024, had an investor participation rate of 80.54%[65] - The company will not distribute cash dividends or issue bonus shares for the half-year period[67] - The company distributed CNY 1,350,000,000.00 to shareholders, reflecting a commitment to return value to investors[160] Investment and Financing - The investment amount for the reporting period was ¥4,330,180,098.30, a substantial increase of 131.25% compared to ¥1,872,499,067.43 in the same period last year[46] - The company plans to invest RMB 112,133.60 million in the construction of the Shanxi Shangluo Power Plant Phase II 2×660MW project, funded by both raised and self-owned capital[106] - The total amount of committed investment projects is CNY 683,455.86 million, with a cumulative investment of CNY 626,562.57 million, achieving an investment progress of 91.67%[54] Risk Management - The company identified risks related to regulatory changes and market competition, with strategies in place to mitigate these risks[2] - The company is addressing coal price volatility risks by analyzing market dynamics and optimizing marketing strategies[62] - The company is facing risks related to competition in the electricity market and the formation mechanism of electricity pricing[62] Accounting and Financial Reporting - The financial report for the first half of 2024 has not been audited[133] - The company adheres to the enterprise accounting standards, ensuring that the financial statements accurately reflect the financial position, operating results, and cash flows for the reporting period[169] - The company uses RMB as its accounting currency, with a fiscal year running from January 1 to December 31[171]