兖矿能源集团股份有限公司 关于并购 Highfield Resources Limited 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： 一、交易概述 2024 年 9 月 23 日，兖矿能源与高地资源签署"Implementation 1 投资标的名称：Highfield Resources Limited（一家于澳大 利亚证券交易所上市的公司，股份代码：HFR，"高地资源"）。 交易对价：兖矿能源集团股份有限公司（"兖矿能源"、"公 司"）拟以持有的 Yancoal Canada Resources Co., Ltd. （"兖煤加拿大"）100%股权及其全资子公司——兖煤国际 （控股）有限公司（"兖煤国际"）对兖煤加拿大的股东借款 之本息作价出资，同时现金出资不超过 9,000 万美元认购高 地资源定向增发的股份。 本次交易需经境内外相关主管部门审批、备案并经高地资源 股东大会审议同意，能否获得相关批准存在不确定性；本次 交易设有交割条件，能否实现存在不确定性；本次交易完成 后，公司将成为高地资 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [5]. Core Insights - The company is positioned as a leading international coal enterprise with a focus on expanding its production capacity and maintaining a stable high dividend policy [3][5]. - The company has a robust coal production capacity of 231 million tons per year as of the end of 2023, with plans to increase this to 300 million tons over the next 5-10 years [3][18]. - The company benefits from its unique overseas coal assets, particularly in Australia, which contribute significantly to its revenue and profit [4][28]. - The coal chemical segment is expected to recover profitability due to improved industry supply-demand dynamics [4]. - The company has committed to distributing approximately 60% of its net profit as cash dividends from 2023 to 2025, with a minimum dividend of 0.5 RMB per share [4][25]. Summary by Sections Company Overview - The company, Yanzhou Coal Mining Company Limited, is a major player in the coal industry, with a significant presence in both domestic and international markets [10]. - It has a total coal resource of 4.71 billion tons, ranking it among the top in the industry [10][14]. Production Capacity and Growth - The company has been expanding its production capacity through both acquisitions and organic growth, with an expected increase of 11.8 million tons in capacity by 2025 [3][17]. - The coal production in 2023 reached 132.1 million tons, showing a significant increase from previous years [21][22]. Financial Performance - The company’s revenue is projected to grow, with expected revenues of 148.56 billion RMB, 155.96 billion RMB, and 163.92 billion RMB for 2024, 2025, and 2026 respectively [5]. - The net profit for the same years is forecasted to be 16.36 billion RMB, 19.73 billion RMB, and 21.54 billion RMB [5]. Dividend Policy - The company has a strong commitment to returning value to shareholders through dividends, with a historical payout ratio above 55% [25][26]. International Operations - The company has established a significant presence in Australia, with coal production from its Australian operations accounting for 29% of total production in 2023 [4][23]. - The Australian operations are characterized by a high degree of market pricing flexibility, which enhances profit margins [24].

股票代码：600188 股票简称：兖矿能源 编号：临 2024- 064 兖矿能源集团股份有限公司 关于收购境外公司股权事项完成交割的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完 整性承担法律责任。 2024 年 3 月 1 日，兖矿能源集团股份有限公司（"兖矿能源""公 司"）与 Shareholder Value Management Aktiengesellschaft、 Shareholder Value Beteiligungen Aktiengesellschaft 等 10 方签 署了《股份购买协议-关于出售及购买 SMT Scharf AG 特定股份》；与 Famous Holding GmbH 签署了《股份购买协议（Famous）-关于出售及 购买 SMT Scharf AG 特定股份》（上述两份协议合称"《股份购买协 议》"）。公司拟以现金收购交易对方合计持有的 SMT Scharf AG（"标 的公司"）2,907,454 股普通股股份，公司实际支付转让价款约为 3,216.95 万欧元（"本次交易"）。 有关详情 ...

兖矿能源集团股份有限公司 关于总经理变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完 整性承担法律责任。 因工作调整，兖矿能源集团股份有限公司（"公司"）董事、总经 理肖耀猛先生于 2024 年 9 月 18 日申请辞去董事、总经理职务，同时 申请辞去董事会战略与发展委员会委员、董事会可持续发展委员会委 员职务。 股票代码：600188 股票简称：兖矿能源 编号：临 2024-063 肖耀猛先生在任职期间恪尽职守、勤勉尽责，为公司规范运作和 高质量发展作出了积极贡献。公司董事会对肖耀猛先生致以衷心感谢！ 特此公告。 兖矿能源集团股份有限公司董事会 2024 年 9 月 18 日 公司将尽快履行选聘新任总经理的法定流程。在公司董事会聘任 新任总经理前，由王九红先生暂行总经理职责。 ...

[Table_MainInfo] 公司研究/煤炭 证券研究报告 兖矿能源（600188）公司半年报点评 2024 年 09 月 11 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |-------------------------------------------------------------| | 股票数据 | | 09 [ Table_StockInfo 月 10 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《煤炭业务有望以量补价，煤化工盈利现改 | | 善》 2024.05.10 | | 《 23Q4 环比量价双升盈利提升，持续高分红 | | 彰显价值》 2024.04.01 | | 《煤炭业务韧性彰显，煤化工持续改善》 | | 2023.11.04 市场表现 | 兖矿能源 海通综指 -6.65% 2.35% 11.35% 20.35% 29.35% 38.35% 2023/9 2023/12 2024 ...

Investment Rating - Buy (First Coverage) [1] Core Views - Yanzhou Coal Mining is a global energy leader with an integrated coal-based layout, focusing on coal production, deep processing, and comprehensive utilization [3] - The company has a dual-drive strategy for its coal business, with new capacity releases and existing capacity recovery, aiming for a long-term production target of 300 million tons [3] - Yanzhou Coal Mining has significant price elasticity in its coal business, benefiting from both volume and price increases during upward cycles [3] - The company is extending its industrial chain into high-end chemical new materials, with a target of producing over 20 million tons of chemical products in 5-10 years [3] - Yanzhou Coal Mining has optimized its asset structure and demonstrated strong shareholder value through its dividend policy, with a 60% payout ratio of net profit after statutory reserves [3] Market Performance - Yanzhou Coal Mining's stock price has underperformed the CSI 300 index over the past three months, with an absolute decline of 23.70% and a relative decline of 13.04% [2] Financial Highlights - In H1 2024, Yanzhou Coal Mining reported revenue of 72.3 billion yuan, a year-on-year decrease of 24.07%, and net profit attributable to shareholders of 7.6 billion yuan, a year-on-year decrease of 31.64% [3] - The company's revenue in 2023 was 150 billion yuan, a year-on-year decrease of 33.3%, and net profit attributable to shareholders was 20.1 billion yuan, a year-on-year decrease of 39.6% [5] - Yanzhou Coal Mining's EPS for 2024-2026 is forecasted to be 1.49, 1.66, and 1.72 yuan, respectively [4] Coal Business - Yanzhou Coal Mining's coal production capacity is approximately 245 million tons, with new projects like Wanfu Mine and Wucaiwan No. 4 Open-pit Mine expected to contribute additional capacity [3] - The company's coal sales structure is highly elastic, with coal prices increasing by 69% and 36% in 2021 and 2022, respectively [3] - Yanzhou Coal Mining's coal production is expected to reach 140 million tons in 2024, with a long-term target of 300 million tons [3] Chemical Business - Yanzhou Coal Mining has established five high-end chemical parks, with chemical product output reaching 8.59 million tons in 2023 [3] - The company aims to produce over 20 million tons of chemical products annually in the next 5-10 years [3] - Yanzhou Coal Mining is the only company in China with both low-temperature and high-temperature Fischer-Tropsch synthesis technologies, leading in methanol and acetic acid production [37] Dividend Policy - Yanzhou Coal Mining has committed to a dividend payout ratio of approximately 60% of net profit after statutory reserves for 2023-2025 [3] - In 2023, the company distributed a cash dividend of 11.5 billion yuan, with a dividend yield of 10% for A-shares and 16% for H-shares [3] Valuation - Yanzhou Coal Mining's PE ratio for 2024-2026 is forecasted to be 8.83, 7.91, and 7.63 times, respectively [50] - The company's valuation is lower than peers like Shaanxi Coal Industry, China Shenhua, and China Coal Energy [51]

| --- | --- | |------------------------------------|----------------| | | | | | | | | | | [Table_Title] 评级：买入（维持） | | | 市场价格： 14.63 | 元 | | | | | 分析师：杜冲 执业证书编号： | S0740522040001 | | 电话： | | Email：duchong@zts.com.cn 联系人：鲁昊 电话电话： Email：luhao@zts.com.cn | --- | --- | |---------------------------|---------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 10,040 | | 流通股本 ( 百万股 ) | 5,887 | | 市价 ( 元 ) | 14.63 | | 市值 ( 百万元 ) | 146,883 | | 流通市值 ( 百万元 ) | 86,129 | [Table_QuotePic] 股价与行业-市场走势对比 | --- | --- | --- | |-- ...

兖矿能源集团股份有限公司 2024 年中期业绩说明会会议纪要 2024 年 9 月 2 日，兖矿能源集团股份有限公司（"兖 矿能源"或"公司"）以现场、电话及网络会议的方式召 开 2024 年中期业绩说明会。公司董事长李伟先生，董事、 总经理肖耀猛先生，董事、董事会秘书黄霄龙先生，财务 总监赵治国先生，独立董事胡家栋先生和有关业务负责人 出席会议，向投资者介绍 2024 年中期经营业绩、未来市场 分析和经营措施等相关情况，并就投资者关注的问题进行 沟通和交流。现就本次会议沟通、交流的重点内容整理如 下： 一、公司 2024 年上半年商品煤产量情况；全年商品 煤产量预计 （一）上半年产量 根据国际财务报告准则，2024 年上半年公司及其附属 公司（"本集团"）商品煤产量 6,908 万吨，同比增加 1,985 万吨或 40.3%，主要是由于： 2023 年收购的鲁西矿业、新疆能化矿井产量 1,556 万吨； 陕蒙矿井产量 2,140 万吨，同比增加 226 万吨或 11.8%； 三、对 2024 年下半年国内、国际煤价走势判断 预计下半年国内、国际煤价维持在历史较高水平，波 动幅度收窄。 2 1 澳洲矿井产量 ...

证券研究报告 | 公司动态点评 2024 年 09 月 02 日 兖矿能源（600188.SH） 煤炭业务产销量增长明显，煤化工业务降本增效出色 | --- | --- | --- | --- | --- | --- | |----------------------|---------|---------|---------|---------|---------| | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 224,973 | 150,025 | 145,903 | 151,048 | 157,041 | | 增长率 yoy （ % ） | 48.0 | -33.3 | -2.7 | 3.5 | 4.0 | | 归母净利润（百万元） | 33,819 | 20,584 | 15,286 | 15,880 | 16,302 | | 增长率 yoy （ % ） | 105.7 | -39.1 | -25.7 | 3.9 | 2.7 | | ROE （ % ） | 32.0 | 22.9 | 14.0 ...

Investment Rating - The report maintains a "Buy" rating for Yanzhou Coal Mining Company (兖矿能源) [4] Core Views - The company's Q2 performance shows improvement compared to Q1, with future growth prospects appearing promising [1] - The coal business has stable production and sales, with a decrease in costs leading to improved performance in Q2 [1][2] - The chemical segment has shown steady growth, with an optimized product structure contributing to increased profits [2] Financial Summary - For H1 2024, the company reported revenue of 72.312 billion yuan, a year-on-year decrease of 24.07%, while net profit attributable to shareholders was 7.568 billion yuan, an increase of 31.64% [1] - In Q2 2024, revenue was 32.678 billion yuan, down 27.72% year-on-year and down 17.55% quarter-on-quarter, with net profit of 3.812 billion yuan, down 17.34% year-on-year but up 1.46% quarter-on-quarter [1] - The coal segment generated revenue of 47.351 billion yuan in H1 2024, a decrease of 21.3% year-on-year, while the chemical segment achieved a gross profit of 2.365 billion yuan, an increase of 17.84% year-on-year [1][2] Production and Sales - In Q2 2024, the company produced 34.44 million tons of coal, a decrease of 0.6% quarter-on-quarter, with sales of 33.69 million tons, down 1.4% quarter-on-quarter [1] - The average selling price of coal in Q2 2024 was 668 yuan per ton, down 8.2% quarter-on-quarter, while the comprehensive cost was 366 yuan per ton, down 17.9% quarter-on-quarter [1] Future Capacity Growth - The company plans to increase coal production capacity by over 40 million tons through new projects scheduled for completion between 2024 and 2030 [2] Profit Forecast - The report forecasts net profits for 2024, 2025, and 2026 to be 15.1 billion yuan, 17.3 billion yuan, and 19 billion yuan respectively, with corresponding P/E ratios of 9.7X, 8.5X, and 7.7X [2][3]