证券研究报告 | 公司动态点评 2024 年 03月 28日 淮北矿业（600985.SH） 区域焦企龙头业绩稳健，深化煤化工业务布局 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 69,062 73,387 74,242 75,515 77,012 股票信息 增长率yoy（%） 5.5 6.3 1.2 1.7 2.0 归母净利润（百万元） 7,011 6,225 6,651 7,134 7,925 行业 煤炭 增长率yoy（%） 42.8 -11.2 6.9 7.3 11.1 2024年3月28日收盘价（元） 16.38 ROE（%） 18.8 14.3 14.9 14.3 14.0 总市值（百万元） 43,436.26 EPS最新摊薄（元） 2.83 2.51 2.68 2.88 3.19 流通市值（百万元） 43,436.26 P/E（倍） 5.7 6.4 6.0 5.6 5.0 总股本（百万股） 2,651.79 P/B（倍） 1.2 1.1 1.0 0.9 0.8 流通股本（百万股） 2,651.79 资料来源：公司财报，长城证券产业金融 ...

| 股票代码：600985 | 股票简称：淮北矿业 | | 公告编号：临 | 2024-031 | | --- | --- | --- | --- | --- | | 债券代码：110088 | 债券简称：淮 22 | 转债 | | | 淮北矿业控股股份有限公司 关于实施"淮 22 转债"赎回暨摘牌的最后一次提示性公告 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： 证券停复牌情况：适用 因重要公告,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | | | 停复牌类型 | | | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 110088 | 淮 | 22 | 转债 | 可转债 | 债券 | 停牌 | 2024/3/29 | | | | 自 2024 年 3 月 29 日起， "淮 22 转债"停止交易。 特提醒"淮 22 转债"持有人注意在限期 ...

Financial Performance - The company's operating revenue for 2023 was CNY 73.39 billion, an increase of 6.26% compared to CNY 69.06 billion in 2022[18]. - The net profit attributable to shareholders for 2023 was CNY 6.22 billion, a decrease of 11.21% from CNY 7.01 billion in 2022[18]. - The net profit after deducting non-recurring gains and losses was CNY 5.89 billion, down 15.50% from CNY 6.97 billion in the previous year[18]. - The net cash flow from operating activities for 2023 was CNY 13.03 billion, a decline of 21.83% compared to CNY 16.67 billion in 2022[18]. - The total assets at the end of 2023 were CNY 86.99 billion, reflecting a 3.52% increase from CNY 84.04 billion in 2022[18]. - The net assets attributable to shareholders increased to CNY 37.30 billion, up 11.71% from CNY 33.39 billion in 2022[18]. - Basic earnings per share for 2023 were CNY 2.51, a decrease of 11.31% from CNY 2.83 in 2022[19]. - The diluted earnings per share were CNY 2.35, down 11.99% from CNY 2.67 in the previous year[19]. - The weighted average return on equity decreased to 17.62%, down 5.50 percentage points from 23.12% in 2022[19]. - Total profit for the year was 7.06 billion RMB, a decrease of 14.55% year-on-year[32]. Dividend Policy - The company plans to distribute a cash dividend of 10 RMB per 10 shares, totaling approximately 2.65 billion RMB, which represents 42.60% of the net profit attributable to shareholders for 2023[4]. - The company has a cash dividend policy ensuring that at least 30% of the net profit attributable to shareholders will be distributed as cash dividends annually from 2022 to 2024[115]. Risk Management - The company has confirmed that there are no significant risks that could materially affect its operations during the reporting period[6]. - The company has detailed potential risks and corresponding countermeasures in the management discussion and analysis section of the report[6]. - The company emphasizes that forward-looking statements regarding development strategies and operational plans are subject to market conditions and do not constitute a commitment to investors[5]. Corporate Governance - The board of directors and management have confirmed the accuracy and completeness of the financial report[2]. - The company has ensured that all board members attended the board meeting to discuss the annual report[3]. - The company held 7 board meetings during the reporting period, reviewing 27 proposals, ensuring compliance with relevant regulations[75]. - The company has established a governance structure that ensures effective decision-making and protects the interests of shareholders[74]. - The company emphasizes investor relations management, organizing multiple investor meetings and responding promptly to inquiries[77]. Research and Development - The company completed R&D investments of 1.752 billion CNY, ranking among the top in R&D intensity among provincial enterprises[25]. - Research and development expenses increased by 7.87% to 1.75 billion RMB, reflecting the company's commitment to innovation[34]. - The company implemented 225 R&D projects with an investment of 1.752 billion yuan, achieving significant technological advancements in coal mining safety and efficiency[44]. - The company has 44 patents, including 6 invention patents, focusing on coal blending, environmental processes, and electromechanical technologies[54]. Environmental Responsibility - The company invested CNY 506.74 million in environmental protection during the reporting period[124]. - The total sulfur dioxide emissions from the 3 boiler amounted to 47.75 tons, with a concentration of 7.29 mg/m³, complying with the 2011 standard[125]. - The company has implemented a dust removal efficiency of over 99% for its bag filter systems across various operations, ensuring compliance with special emission limits[126]. - The company achieved a carbon emission reduction of 1,442,532.71 tons through various measures, including the utilization of clean energy for power generation[139]. Legal Matters - The company is involved in significant litigation, including a case where it seeks 401.26 million RMB from Liu'an Hengda for unpaid construction fees[151]. - The company has reported a total claim amount of 40.13 million RMB in ongoing litigation cases[151]. - The company is currently involved in multiple lawsuits related to construction contracts, indicating ongoing legal challenges[153]. Market Strategy - The company plans to continue expanding its market presence and enhancing operational efficiency in the upcoming periods[24]. - The company is focusing on five strategic directions: upgrading the coal main business, extending to high-end chemicals, new energy, new construction materials, and smart logistics[69]. - The company is actively involved in setting industry standards, with new standards implemented in 2023 for measuring coal gas and coal tar content[54]. Employee Welfare - The average annual income of on-the-job employees increased by 7% year-over-year[25]. - The company is focused on improving employee welfare and mental health services to enhance the overall work environment[71]. - The total number of employees in the company and its main subsidiaries is 42,234, with 76 in the parent company and 42,158 in subsidiaries[110]. Financial Transactions - The company has no guarantees provided to shareholders or related parties, and the total guarantee amount is CNY 16.856 billion, which accounts for 4.52% of the company's net assets[171]. - The company reported a total deposit amount of RMB 12.387 billion from the controlling shareholder during the reporting period[166]. - The company is committed to maintaining transparency in its financial dealings and related party transactions[166].

| 股票代码：600985 | 股票简称：淮北矿业 | | 公告编号：临 | 2024-006 | | --- | --- | --- | --- | --- | | 债券代码：110088 | 债券简称：淮 22 | 转债 | | | 淮北矿业控股股份有限公司 关于"淮 22 转债"预计满足赎回条件的提示性公告 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： 淮北矿业控股股份有限公司（下称"公司"）股票自 2024 年 2 月 7 日至 2024 年 2 月 29 日期间，连续 11 个交易日中有 10 个交易日的收盘价格不低于"淮 22 转债"当期转股价格 14.12 元/股的 130%（即 18.36 元/股），若在未来连续 19 个交易日内，公司股票有 5 个交易日的收盘价格不低于当期转股价格的 130%（含 130%），将触发"淮 22 转债"的有条件赎回条款。届时根据《淮北矿业控股股份 有限公司公开发行可转换公司债券募集说明书》（下称"募集说明书"）中有条件 赎回条款的相关约定，公司董事会有权决定是 ...

| | | 信湖煤矿为公司全资子公司淮北矿业股份有限公司（下称"淮矿股份"）之 控股子公司亳州煤业下属分公司，淮矿股份持有亳州煤业 67.85%股权。信湖煤 矿主要产品为焦煤和 1/3 焦煤，核定产能 300 万吨/年。 信湖煤矿 2022 年产量 213.61 万吨，净利润 4.52 亿元，占公司 2022 年度净 利润的 6.43%，2023 年 1-9 月份产量 133.73 万吨（自二季度起，工作面受过断 层影响，产量出现阶段性下降且灰分较高），净利润-2.39 亿元。目前信湖煤矿 因出水临时停产，公司已制定治水和系统恢复方案，正加快组织实施，治水结束 后将及时复工。本次受损主要资产已投保了财产险，公司已向投保保险公司报告， 淮北矿业控股股份有限公司 所属亳州煤业信湖煤矿因出水临时停产的公告 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。 一、事故基本情况 2023 年 11 月 5 日凌晨，淮北矿业控股股份有限公司（下称"公司"）所属 安徽亳州煤业有限公司（下称"亳州煤业"）信湖煤矿 815 工作面出水 30m3 / ...

Financial Performance - The company's operating revenue for Q3 2023 was approximately ¥18.24 billion, a decrease of 3.45% compared to the same period last year[5]. - The net profit attributable to shareholders for Q3 2023 was approximately ¥1.47 billion, down 10.74% year-on-year[5]. - The net profit excluding non-recurring gains and losses for Q3 2023 was approximately ¥1.45 billion, a decrease of 7.13% compared to the previous year[5]. - The basic earnings per share for Q3 2023 was ¥0.59, down 10.61% from ¥0.67 in the same quarter last year[5]. - The operating profit for the third quarter was CNY 5.68 billion, down 14.99% from CNY 6.69 billion in the previous year[20]. - Net profit for the third quarter was CNY 4.82 billion, a decline of 11.77% compared to CNY 5.47 billion in the same quarter of 2022[20]. - The net profit for the first three quarters of 2023 is CNY 76,590,580.69, a significant recovery from a net loss of CNY -5,510,808.07 in the same period of 2022[29]. Assets and Liabilities - The total assets at the end of Q3 2023 increased by 3.42% to approximately ¥86.91 billion compared to the end of the previous year[5]. - Total assets increased to CNY 86.91 billion, up from CNY 84.04 billion year-over-year[16]. - Total liabilities decreased to CNY 45.75 billion, compared to CNY 46.03 billion in the previous year[16]. - The total assets as of September 30, 2023, were CNY 24,179,975,438.87, down from CNY 26,618,197,117.55 at the end of 2022[27]. - The total liabilities as of September 30, 2023, were CNY 3,895,363,276.70, slightly increasing from CNY 3,805,121,899.86 at the end of 2022[27]. - Total liabilities rose from ¥46,032,932,061.46 to ¥46,503,861,730.81, an increase of ¥470,929,669.35[35]. - Total liabilities amounted to approximately ¥3.81 billion, with non-current liabilities at about ¥2.80 billion[39]. Cash Flow - The net cash flow from operating activities for the year-to-date period was approximately ¥7.44 billion, a decrease of 28.45% compared to the same period last year[5]. - Net cash flow from operating activities decreased by 28.45% year-on-year, attributed to lower sales revenue from coal and coke products[9]. - The cash inflow from financing activities in Q3 2023 was CNY 1,939,730,900.00, significantly lower than CNY 6,337,599,382.00 in Q3 2022[25]. - The net cash flow from operating activities for Q3 2023 was CNY 7,436,707,850.64, down 28.3% from CNY 10,394,140,508.26 in Q3 2022[25]. - The net cash flow from investing activities for the first three quarters of 2023 was -CNY 4,857,485,721.31, worsening from -CNY 2,590,592,397.10 in the same period of 2022[25]. - The net cash flow from financing activities is CNY -1,933,801,613.96, compared to a net outflow of CNY -1,732,871,753.03 in 2022, indicating increased financing pressures[31]. Shareholders' Equity - The equity attributable to shareholders increased by 9.74% to approximately ¥36.64 billion compared to the end of the previous year[5]. - The company’s total equity rose to CNY 41.16 billion, compared to CNY 38.00 billion in the previous year[16]. - The company reported a total of 30,497 common shareholders as of the reporting period[11]. - Total equity reached approximately ¥22.81 billion, with retained earnings of around ¥2.91 billion[39]. Investments and Expenses - The company reported a significant increase in research and development expenses, totaling CNY 1.49 billion, up from CNY 1.25 billion in the previous year[20]. - The company has made an investment of CNY 150,000,000.00 in fixed assets during the first three quarters of 2023[31]. - The company reported a financial income of CNY 66,337,495.09 and financial expenses of CNY 66,223,412.07, resulting in a net financial income of CNY 114,082.02[30].

| 证券代码：600985 | 证券简称：淮北矿业 | 公告编号：临 | 2023-043 | | --- | --- | --- | --- | | 债券代码：110088 | 证券简称：淮 22 转债 | | | 淮北矿业控股股份有限公司 关于召开 2023 年第三季度业绩说明会的公告 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： 投资者可于 2023 年 10 月 28 日(星期六)至 11 月 6 日(星期一)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqtzb@hbcoal.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 淮北矿业控股股份有限公司（以下简称"公司"）已于 2023 年 10 月 28 日发 布 2023 年第三季度报告，为便于广大投资者更全面深入地了解公司 2023 年前三 季度经营成果、财务状况，公司计划于 2023 年 11 月 7 日下午 16:00-17:00 举行 2023 年第三季度业绩说明会，就投资者关心的问题进 ...

| 股票代码：600985 | 股票简称：淮北矿业 | | 编号：临 | 2023—042 | | --- | --- | --- | --- | --- | | 债券代码：110088 | 债券简称：淮 22 | 转债 | | | 淮北矿业控股股份有限公司 2023 年前三季度主要经营数据公告 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。 淮北矿业控股股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司行业信息披露指引第二号——煤炭》和《上市公司行业信息披露指引第十 三号——化工》的有关规定和披露要求，现将公司 2023 年前三季度主要经营数 据（未经审计）公告如下： 说明：以上商品煤销量、收入、成本等数据不包含公司自用。 四、其他说明 以上经营数据信息来源于公司报告期内财务数据，未经审计，仅为投资者及 时了解公司生产经营情况之用，敬请广大投资者理性投资，注意投资风险。 特此公告。 淮北矿业控股股份有限公司董事会 二、煤化工产品的产量、销量及收入实现情况 | 主要产品 | | 经营指标 | 单位 | 2023 年 ...

未转股可转债情况：截至 2023 年 9 月 30 日，"淮 22 转债"尚未转股金 额为 2,999,962,000 元，占"淮 22 转债"发行总量的 99.99873%。 | | | 淮北矿业控股股份有限公司 可转债转股结果暨股份变动公告 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： 累计转股情况：截至 2023 年 9 月 30 日，"淮 22 转债"累计转股金额为 38,000 元，累计因转股形成的股份数量为 2,545 股，占"淮 22 转债"转股前公 司已发行股份总额的 0.00010%。 初始转股价格为 15.17 元/股。因公司实施 2022 年年度权益分派方案，自 2023 年 6 月 8 日起，"淮 22 转债"转股价格调整为 14.12 元/股，具体详见《淮北矿 业控股股份有限公司关于实施 2022 年年度权益分派调整"淮 22 转债"转股价格 的公告》（公告编号：临 2023-030）。 三季度转股情况：自 2023 年 7 月 1 日至 2023 年 9 月 30 日，"淮 22 ...

国元证券股份有限公司 关于淮北矿业控股股份有限公司继续使用部分闲置 募集资金暂时补充全资子公司流动资金的核查意见 国元证券股份有限公司(以下简称"保荐机构"或"国元证券")作为淮北 矿业控股股份有限公司（以下简称"淮北矿业"或"公司"）公开发行可转换公 司债券的保荐机构,根据《公司法》《证券法》《证券发行上市保荐业务管理办 法》《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》 等有关规定,对淮北矿业继续使用部分闲置募集资金暂时补充全资子公司流动资 金事项进行了审慎核查,具体情况及核查意见如下: 一、募集资金基本情况 (一) 基本情况 经中国证监会证监许可（2022）1744号文核准，公司于2022年9月14日向社 会公开发行3,000万张可转换公司债券,发行价格按每张100元票面价值平价发行, 募集资金总额为300.000万元,扣除承销保荐费及其他发行费用1,936.70万元(不 含税）后,实际募集资金净额为298,063.30万元。上述募集资金已全部到位,并 由容诚会计师事务所(特殊普通合伙)于2022年9月20日出具《验资报告》(会验 字[2022]230Z0260号）验证。公司已对募集 ...