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。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that the coal business is expected to compensate for price declines through volume increases, and the profitability of the coal chemical sector is improving [6][8] - The company aims for a coal production target of 300 million tons per year in the medium to long term, with coal prices anticipated to fluctuate within a mid-high range [6] - The report projects net profits for the company to be 15.7 billion, 16.2 billion, and 16.9 billion yuan for the years 2024 to 2026, respectively, with corresponding EPS of 1.57, 1.62, and 1.68 yuan [6] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 72.3 billion yuan and a net profit of 7.57 billion yuan, representing a year-on-year decline of 24.1% and 31.6%, respectively [5] - The coal production and sales volume for the first half of 2024 reached 69.08 million and 63.76 million tons, showing a year-on-year increase of 8.2% and 9% [6] - The average selling price of self-produced coal in the first half of 2024 was 668 yuan per ton, down 22.1% year-on-year [6] Cost and Profitability - The unit cost of self-produced coal remained stable at 371 yuan per ton in the first half of 2024, with a gross margin of 44.4%, down 12.3 percentage points year-on-year [6] - The report indicates a significant decrease in coal chemical costs in the second quarter of 2024, leading to improved profitability [8] Dividend Policy - The company plans to distribute a mid-term cash dividend of 0.23 yuan per share, totaling 2.31 billion yuan, which accounts for 30.5% of the net profit attributable to shareholders [8] Earnings Forecast - The company is expected to maintain a stable growth trajectory in coal production, with projected revenues of 150 billion yuan in 2023, decreasing slightly to 143.88 billion yuan in 2024 [11] - The report provides a valuation range for the company at 17.25 to 18.82 yuan based on a PE ratio of 11 to 12 times for 2024 [6]

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]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 兗礦能源集團股份有限公司(在中華人民共和國註冊成立的公司) 呈交日期: 2024年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600188 | 說明 | | A股（上海證券交易所） | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,592,040,720 | RMB | | 1 RMB | | 4,592,040,720 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 4,592,040,720 | RMB | | 1 RMB | | 4,592,04 ...