煤炭/煤炭开采 电投能源（002128.SZ） 氧化铝价增致业绩同比承压，集团资产注入成长可期 2025 年 05 月 07 日 投资评级：买入（维持） | 日期 | 2025/5/6 | | --- | --- | | 当前股价(元) | 17.85 | | 一年最高最低(元) | 23.86/15.08 | | 总市值(亿元) | 400.12 | | 流通市值(亿元) | 400.12 | | 总股本(亿股) | 22.42 | | 流通股本(亿股) | 22.42 | | 近 3 个月换手率(%) | 30.37 | 司 信 息 更 新 报 告 股价走势图 -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 电投能源 沪深300 数据来源：聚源 相关研究报告 《煤电铝量增致业绩提升，关注煤铝 成长和绿电转型—公司 2024年报点评 报告》-2025.4.25 《Q3 业绩环比大增，关注分红提升和 绿 电 转 型 — 公 司 信 息 更 新 报 告 》 -2024.10.24 《煤铝电改善业绩向好，关注分红提 升和绿电转型—公司 2024年中报点评 报告》 ...

煤炭/煤炭开采 电投能源（002128.SZ） 氧化铝价增致业绩同比承压，集团资产注入成长可期 2025 年 05 月 07 日 投资评级：买入（维持） | 日期 | 2025/5/6 | | --- | --- | | 当前股价(元) | 17.85 | | 一年最高最低(元) | 23.86/15.08 | | 总市值(亿元) | 400.12 | | 流通市值(亿元) | 400.12 | | 总股本(亿股) | 22.42 | | 流通股本(亿股) | 22.42 | | 近 3 个月换手率(%) | 30.37 | 司 信 息 更 新 报 告 股价走势图 -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 电投能源 沪深300 zhangxucheng@kysec.cn 证书编号：S0790520020003 氧化铝价增致业绩同比承压，集团资产注入成长可期，维持"买入"评级 公司发布 2025 年一季报，2025Q1 公司实现营业收入 75.4 亿元，同比+2.6%， 环比-6.4%；实现归母净利润 15.6 亿元，同比-19.8%，环比+65.5%； ...

白音华煤电成立于2003年12月28日，注册资本达38.62亿元，经营范围包括矿产品生产和销售、煤化 工、煤提质、粉煤灰综合利用和成品销售等。 本次重组的交易对方为国家电投集团内蒙古能源有限公司，其注册资本为1亿元，为国家电投集团全资 子公司。 市值约400亿元的A股公司电投能源（002128.SZ）正在推进重大资产重组。 5月5日，电投能源（002128）公告，4月30日，公司收到实际控制人国家电力投资集团有限公司（以下 简称"国家电投集团"）通知，其拟以国家电投集团内蒙古白音华煤电有限公司（简称"白音华煤电"）股 权与电投能源进行资产重组。电投能源拟通过发行股份及支付现金方式购买上述白音华煤电100%股 权，并将视具体情况募集配套资金。相关方案尚待进一步商讨确定。 公告称，鉴于上述事项尚存在不确定性，为维护投资者利益，避免对公司股票交易造成重大影响，公司 股票自5月6日（星期二）开市时起停牌，预计停牌不超过10个交易日。 一季度归母净利润下降，主要是营业成本上升。今年一季度，公司营业收入较上年同期增加1.92亿元， 而营业成本为48.59亿元，较上年同期增加7.74亿元。 一季度，公司销售毛利率、净利率分 ...

据国家电投集团官网信息，白音华煤电旗下的露天矿位于内蒙古锡林郭勒盟西乌珠穆沁旗白音华化工园区内，上述露天矿是国家重点建设的13个大型煤炭基 地之一，是国家能源重点发展地区，更是国家电投集团发展的重点区域和能源基地。 5月5日晚间，电投能源（002128.SZ，停牌）公告称，于4月30日公司收到实际控制人国家电力投资集团有限公司（以下简称国家电投集团）《关于筹划发行 股份及支付现金购买资产并募集配套资金暨关联交易事项的通知》，拟以国家电投集团内蒙古白音华煤电有限公司（以下简称白音华煤电）的股权与电投能 源进行资产重组。电投能源拟通过发行股份及支付现金方式购买上述标的资产，并将视具体情况募集配套资金。 每经记者 王佳飞 每经编辑 杨夏 能源巨头资产重组再迎"大动作"。 电投能源预计在不超过10个交易日的时间内披露本次交易方案，即在5月20日前披露相关信息。 公告显示，白音华煤电经营范围包括矿产品生产和销售、煤化工、煤提质、粉煤灰综合利用和成品销售，常用有色金属冶炼等。 记者注意到，白音华煤电的经营性资产的经营权和其投资所形成的股权目前均处于被电投能源托管状态。为了提高国有资本配置效率，充分整合资源、发挥 规模效应 ...

一、停牌 1、电投能源：筹划资产重组事项，股票停牌。 2、慧博云通：拟购买宝德计算机系统股份有限公司控制权，股票停牌。 四、日常经营、对外投资 1、华达科技：获得客户项目定点，预计生命周期总销售金额63.5亿元。 2、紫金矿业：拟将下属境外黄金矿山资产重组至中国香港的全资子公司紫金黄金国际有限公司旗下， 并申请将紫金黄金国际分拆至香港联交所主板上市。 3、奥来德：子公司与成都京东方签订6.55亿元销售合同。 二、并购、定增 1、兴业银锡：拟以场外要约收购方式以4.54亿元收购大西洋锡业有限公司。 2、寒武纪：拟定增募资不超过49.8亿元，用于面向大模型的芯片平台项目、面向大模型的软件平台项 目、补充流动资金。 三、回购、增持、股权转让 1、富创精密：沈阳先进拟1.2亿元—2.4亿元增持公司股份。 2、万兴科技：获4500万元股票回购贷款承诺函。 1、比亚迪：前4月新能源汽车销量同比增长46.98%。 2、北汽蓝谷：子公司今年累计销量38041辆，同比增长192.53%。 3、上汽集团：4月新能源汽车销量同比增长71.74%。 晚间公告 *免责声明：文章内容仅供参考，不构成投资建议 4、双杰电气：拟以2118. ...

证券代码：002128 证券简称：电投能源 公告编号：2025019 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， 没有虚假记载、误导性陈述或重大遗漏。 一、停牌事由和工作安排 为贯彻落实国务院关于推动资本市场高质量发展和提高上市公司 质量的有关精神，2025年4月30日，内蒙古电投能源股份有限公司（以 下简称"公司"或"电投能源"）收到实际控制人国家电力投资集团 有限公司（以下简称"国家电投集团"）《关于筹划发行股份及支付 现金购买资产并募集配套资金暨关联交易事项的通知》（以下简称" 《通知》"），拟以国家电投集团内蒙古白音华煤电有限公司股权与 电投能源进行资产重组。电投能源拟通过发行股份及支付现金方式购 买上述标的资产，并将视具体情况募集配套资金（以下简称"本次交 易"）。相关方案尚待进一步商讨确定。 鉴于上述事项尚存在不确定性，为维护投资者利益，避免对公司 股票交易造成重大影响，根据深圳证券交易所的相关规定，经申请， 公司股票（证券简称：电投能源，证券代码：002128）自2025年5月6日 （星期二）开市时起停牌，停牌日期自2025年5月6日起不超过10个交易 日。 公司预计在不超过10 ...

事件: 煤炭业务：2024 年煤炭量价齐升，吨煤毛利同比+16%。量端，公司2024 年实现煤炭产量约4800 万 吨，同比+3%，煤炭销量4776 万吨，同比+3%。价格端，公司煤炭实现单位售价213.5 元/吨，逆势提升 9%，成本及毛利端，公司实现吨煤销售成本89.3 元/吨，基本持平。公司实现吨煤毛利124 元/吨，同比 +16%。 2025 年4 月24 日，电投能源发布2024 年年度报告：2024 年，公司实现营业收入298.59 亿元，同比 +11.23%；归属于上市公司股东净利润53.42亿元，同比+17.15%；扣非后归属于上市公司股东净利润 50.98 亿元，同比+17.5%；基本每股收益2.38 元/股，同比+12.8%；加权平均ROE16.36%，同比 +0.12pct。 投资要点: 2024 年公司股息率4.5%。公司拟以总股本2,241,573,493.00 股为基数，按每10 股派8 元人民币现金（ 含 税） ， 向股东派发现金红利1,793,258,794.40 元（含税）。考虑已分派完毕的2024 年半年度分红，本年 度公司现金分红总额1,905,337,469.05 元， ...

Core Viewpoint - The company has released its first quarter report, ensuring the accuracy and completeness of the financial information disclosed, with no significant omissions or misleading statements [2][3]. Financial Data Summary - Accounts receivable at the end of the period amounted to 2,900,607,890.53 yuan, an increase of 44.15% compared to the beginning of the period, primarily due to an increase in coal receivables [4]. - The balance of receivables financing at the end of the period was 1,037,207,535.08 yuan, up 33.41% from the beginning of the period, mainly due to an increase in receivables from coal and aluminum products [5]. - Other receivables at the end of the period were 285,319,149.88 yuan, a decrease of 31.97%, primarily due to the repayment of equity transfer funds from Mengdong Energy [5]. - Short-term borrowings at the end of the period were 520,350,025.82 yuan, an increase of 245.92%, mainly due to increased debt financing [6]. - The balance of advance receipts at the end of the period was 448,378.76 yuan, a decrease of 51.56%, mainly due to a reduction in advance lease payments [7]. - Employee compensation payable at the end of the period was 371,275,876.74 yuan, an increase of 87.38%, attributed to the company's internal distribution method for salary accounting [7]. - Special reserves at the end of the period were 220,691,254.33 yuan, an increase of 257.03%, mainly due to the accrual of safety and maintenance fees [7]. - Research and development expenses for the period amounted to 80,417.79 yuan, a decrease of 97.84%, primarily due to reduced R&D for photovoltaic power station data collection [8]. - Asset impairment losses for the period were 0 yuan, a decrease of 100%, mainly due to reduced impairment of machinery and equipment [9]. - Gains from asset disposal for the period were 30,564.23 yuan, a decrease of 83.21%, mainly due to reduced gains from fixed asset disposals [10]. - Non-operating income for the period was 4,451,766.87 yuan, an increase of 152.67%, primarily due to compensation for electricity [11]. Shareholder Information - There were no changes in the top ten shareholders or the number of shareholders holding more than 5% of shares due to the transfer and lending of shares [12].

Core Viewpoint - The company reported a record high net profit and revenue growth, driven by favorable energy supply policies and recovering market demand [1][2] Financial Performance - The company achieved an operating revenue of 29.859 billion yuan, a year-on-year increase of 11.23% [1] - The net profit attributable to shareholders reached 5.342 billion yuan, marking a 17.15% year-on-year growth [1] - Basic earnings per share were 2.38 yuan, with a proposed cash dividend of 8 yuan per 10 shares [1][2] Business Segments - The coal business generated revenue of 10.585 billion yuan, up 11.63% year-on-year [1] - The electrolytic aluminum segment saw production reach 900,000 tons, a historical high for the same period, with profit per ton increasing to 17.5% [1] - New energy generation capacity surpassed 4.7798 million kilowatts, becoming a new profit growth engine [1] Strategic Initiatives - The company is positioned as a core entity in the strategic layout of the State Power Investment Corporation in Eastern Inner Mongolia, focusing on a circular economy model [1] - The second phase of the 350,000-ton green aluminum project is expected to increase green electricity consumption to over 40% [1] - Ongoing projects include 445,000 kilowatts of wind power and 1.1 million kilowatts of solar power, with expectations for new energy capacity to exceed 60% by the end of the 14th Five-Year Plan [1] R&D and Technological Advancements - The company made significant breakthroughs in intelligent coal mining and new energy grid connection technologies [2] - The smart mining initiative has been recognized as a typical case by the Ministry of Industry and Information Technology, with the scale of unmanned mining trucks ranking among the top three in the country [2] - The industrial internet platform has achieved full-process digital management of production, establishing a technological moat [2] Future Outlook - The company plans to implement a "balanced growth strategy," accelerating the development of new energy sectors and promoting the transition to clean coal and green aluminum [2] - The focus will be on achieving green, low-carbon, and high-quality development [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The report highlights significant growth in revenue and net profit for the company, driven by increases in coal, aluminum, and electricity sales [5][6] - The company achieved a revenue of 29.859 billion yuan in 2024, representing an 11.23% year-on-year increase, and a net profit of 5.342 billion yuan, up 17.15% year-on-year [4][5] - The report anticipates continued growth in profitability for the company, supported by its coal, aluminum, and electricity segments [8] Summary by Sections Financial Performance - In 2024, the company produced approximately 48 million tons of coal, with sales of 47.76 million tons, both up 3% year-on-year. The unit price for coal increased by 9% to 213.5 yuan per ton, resulting in a coal gross profit of 124 yuan per ton, up 16% year-on-year [5] - The aluminum segment saw a 21.6% increase in gross profit per ton, with production and sales of 900,000 tons, also up 3% year-on-year. The unit price for aluminum rose by 7% to 17,402 yuan per ton [5] - The electricity segment experienced a 95% increase in sales from renewable energy, while coal power sales decreased by 1% to 5 billion kWh [5] Dividend and Shareholder Returns - The company announced a dividend payout of 1.793 billion yuan (including tax), with a dividend yield of 4.5% based on the total share capital of 2,241,573,493 shares [5] Future Projections - Revenue projections for 2025-2027 are 29.907 billion yuan, 35.011 billion yuan, and 36.604 billion yuan, respectively, with expected net profits of 5.555 billion yuan, 6.143 billion yuan, and 6.541 billion yuan [8][9] - The report estimates earnings per share (EPS) of 2.48 yuan, 2.74 yuan, and 2.92 yuan for the years 2025, 2026, and 2027, respectively [8]