Core Viewpoint - TianDi Technology (600582.SH) has demonstrated significant growth in its operating performance, with a projected net profit exceeding 1.4 billion yuan in the first quarter of 2024, doubling year-on-year [1][4]. Financial Performance - In 2024, the company achieved a revenue of 30.53 billion yuan, a slight increase of 2% year-on-year, and a net profit attributable to shareholders of 2.62 billion yuan, marking an 11.17% increase [4]. - The first quarter of 2024 is expected to see a net profit of 1.43 billion to 1.45 billion yuan, representing a growth of approximately 106% to 109% compared to the previous year [4][5]. - The company has maintained a trend of double growth in revenue and net profit for eight consecutive years since 2017 [2]. Research and Development - In 2024, the company invested 2.188 billion yuan in R&D, with a total of 4,478 R&D personnel, accounting for 24.93% of the total workforce [2][9]. - The company has focused on key core technology breakthroughs and aims to lead technological advancements in the coal industry [2][7]. - The number of invention patents granted in 2024 reached 1,281, with significant growth in patents related to artificial intelligence and carbon neutrality [9]. Dividend Distribution - The company plans to distribute cash dividends of 1.312 billion yuan in 2024, which accounts for 50.04% of the annual net profit attributable to shareholders [3]. Business Segments - The sales revenue from coal machinery manufacturing, the core business, was 12.714 billion yuan, representing 41.65% of total revenue, with stable income and proportion compared to the previous year [6][7]. - Other business segments, including safety equipment and environmental protection equipment, showed varied performance, with sales revenue changes ranging from -27.27% to +11.58% [6]. Strategic Positioning - TianDi Technology is recognized as a leading player in the coal industry, focusing on safe, green, and intelligent development, and is positioned as a national team for technological innovation in coal [7][8].

Investment Rating - The industry investment rating is "Buy" [2] Core Views - The report indicates that the social electricity consumption in March increased by 4.8% year-on-year, and the supply-demand situation is expected to gradually improve in the second quarter [11][68] - The coal price has shown signs of stabilization, with expectations of a rebound as inventory levels decrease and demand increases in the upcoming summer peak [7][32][70] Market Dynamics - Recent market dynamics show a slight decline in thermal coal prices, with the CCI5500 thermal coal price reported at 670 RMB/ton, down 2 RMB/ton week-on-week [7][13] - The coal mining operating rate as of April 16 was 90.2%, reflecting a 0.3 percentage point increase week-on-week [16] - The inventory of thermal coal at major ports increased by 2.8% week-on-week, indicating a slight rise in supply [16][18] Industry Insights - The report highlights that the coal industry index rose by 2.6%, outperforming the CSI 300 index by 2.0 percentage points [68] - The first round of price increases for coke has been implemented, with prices rising by 50-55 RMB/ton, supported by strong demand from steel production [56][66] - The report notes that the first two months of 2025 saw a significant decline in industry profits, with total profits of 50.7 billion RMB, down 47.3% year-on-year [71][73] Key Companies - Key companies with stable profits and high dividends include Shaanxi Coal and China Shenhua [7][71] - Companies with low valuations and long-term growth potential include Xinji Energy and Yanzhou Coal [7][71] - Companies benefiting from positive demand expectations and low price-to-book ratios include Huabei Mining and Shanxi Coking Coal [7][71]

原油 本周重大变化：OPEC+部分成员国提交补偿性减产承诺。 煤炭 油价展望：60 美元/桶为布油强支撑价。目前油价主要利好包括：1）油价下跌后供应端或将做出反应；2）伊核谈判 不顺利的风险；3）OPEC+的补偿性减产。布油在跌至约 60 美元/桶后，基于以上利好以及情绪修复，从底部涨幅已 超过 10%，该支撑价得到验证，在目前的供需下，布油跌破 60 美元/桶的概率较低。根据目前已发生的利好，油价继 续上行的动力较弱，若看到 OPEC+降低增产速度或美国、巴西等地的原油开采活动降温，则油价将进一步上涨。 本周行情：2025 年 4 月 17 日，布伦特期货价(连续)为 67.96 美元/桶，本周上涨 3.20 美元/桶。WTI 期货价(连续)分 别收于 64.68 美元/桶，本周上涨 3.18 美元/桶。 供给端：可继续预期利好。OPEC+部分成员国提交了新的补偿性减产承诺，虽然补偿性承诺未必会落实，但在当前 也是为油价注射了一支强心剂。在 OPEC+未开启价格战的前提下，基于接近 60 美元/桶的布油价格，可开始预期 OPEC+推迟增产。 需求端：利空。国内公路出行同比下滑，美国成品油需求近期下滑较快；中 ...

大宗商品研究 能源化工研发报告 煤炭日报 2025 年 4 月 16 日 煤炭日报 【市场回顾】 现货市场：4 月 16 日，港口市场僵持为主，贸易商报价维稳运行，现 5500 大卡市 场报价 670-675 元/吨，5000 大卡市场报价 595-600 元/吨，4500 大卡市场报价 525-530 元 /吨；内蒙地区非电企业用煤 5500 大卡煤炭含税价格在 445-485 元/吨，5000 大卡煤炭含 税价格在 375-415 元/吨，4500 大卡煤炭含税价格在 290-330 元/吨，4500 大卡煤炭含税 价格 290-330 元/吨，而 4500 大卡煤炭的含税价格则位于 300-340 元/吨；榆林地区非电 企业用煤 6000 大卡煤的价格区间为 540-570 元/吨，5800 大卡煤的价格区间为 515-545 元/吨；山西非电企业用煤 5500 大卡煤种含税价格在 500 - 550 元/吨，5000 大卡煤种为 420 - 470 元/吨，4500 大卡煤种价格为 370 - 420 元/吨。江内港口 5500 大卡动力煤的市 场报价在 715-730 元/吨，而 5000 大卡动力 ...

Group 1 - The core viewpoint of the report is that China's coal industry is expected to see a slight increase in demand in 2024, with a relatively balanced and loosening supply-demand situation throughout the year [1] - The report indicates that coal production is shifting towards the central and western regions of China, with Xinjiang expected to exceed 500 million tons in coal production for the first time in 2024, becoming a new highland for coal production [1] - The report forecasts that coal consumption in the power generation sector will continue to grow, driven by an increase in coal-fired power generation of approximately 100 billion kilowatt-hours this year [1] Group 2 - The report suggests that domestic coal production capacity is sufficient, with advanced production capacity in provinces like Shanxi, Shaanxi, Inner Mongolia, and Xinjiang expected to continue to be released, leading to stable growth in coal production by 2025 [2] - It is anticipated that coal imports may decline year-on-year in 2025 due to production supply conditions in major coal-exporting countries and international market price factors [2] - The report emphasizes the importance of deepening supply-side structural reforms as a key task for the coal industry in 2025, including modernizing coal mines and promoting the integration of upstream and downstream industries [2] Group 3 - The report advocates for improving the clean and efficient utilization of coal, promoting carbon reduction actions in the coal industry, and exploring low-carbon development paths for coal-based materials [3] - It calls for the establishment of a comprehensive coal market system, including improving long-term contract systems and price formation mechanisms, to ensure stable market operations and prevent market volatility [3]

（二）本次会议通知于 2025 年 3 月 31 日以电子邮件和书面方式 发出。 (三)本次会议于 2025 年 4 月 3 日以通讯表决方式召开，应参加 表决董事 9 名，实际参加表决董事 9 名。 股票代码：600123 股票简称：兰花科创 公告编号：临 2025- 债券代码：115227 债券简称：23 兰创 02 山西兰花科技创业股份有限公司 第八届董事会第三次临时会议决议公告 特别提示 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 担个别及连带责任。 一、董事会会议召开情况 （一）本次董事会会议的召开符合《公司法》、《公司章程》和 上市公司规范性文件要求。 （二）关于召开 2025 年第一次临时股东大会的通知； 经审议，以 9 票同意，0 票反对，0 票弃权，审议通过此议案。 （详见公司公告临 2025-006） 特此公告 山西兰花科技创业股份有限公司董事会 二、董事会会议审议情况 （一）关于为市场化竞买煤炭资源向金融机构申请融资的议 案； 经审议，以 9 票同意，0 票反对，0 票弃权，审议通过此议案。 根据公司发展战略，为 ...

Core Viewpoints - The coal sector has experienced a high-level retreat in the first two months of 2025, underperforming the market by 11.8 percentage points, ranking last among all industry indices [4][14]. - The coal price is expected to stabilize and gradually recover due to improved industrial demand, slowing production growth, and reduced import expectations [4][29]. Group 1: Coal Sector Review - In the first two months of 2025, the coal sector has declined by 10.0%, ranking 30th out of 30 in the industry indices [4][14]. - The sub-sectors of thermal coal, coking coal, and coke have seen respective declines of 15.5%, 11.4%, and 7.4% in the first two months [14]. - As of March 18, 2025, the coal sector's price-to-earnings (PE) ratio is at 10.4 times, which is at a historical average level, while the price-to-book (PB) ratio is at 1.33 times, also at a historical average [19][23]. Group 2: Coal Market Review - The growth rate of electricity consumption has dropped to 1.3% in the first two months, while non-electric demand has shown overall improvement [4][29]. - Domestic coal prices have been weak since the beginning of the year, with thermal coal prices stabilizing in March [29]. - The import growth rate of coal has decreased to 1.8% in the first two months of 2025 [4][29]. Group 3: Recent Market Dynamics - Port thermal coal prices have slightly declined, while prices in production areas have generally rebounded [4][29]. - The price of thermal coal is expected to stabilize in the short term due to inventory reductions at southern ports and coastal power plants [4][29]. - Coking coal prices have continued to decline, but demand is expected to improve as the spring construction season approaches [4][29]. Group 4: Industry Outlook - The coal price is expected to find support at the bottom, with the sector's valuation and dividend advantages becoming more pronounced [4][29]. - The anticipated average coal price for 2025 may decline, but leading companies are expected to maintain stable profitability due to effective cost control [4][29]. - Key companies with robust dividends include Shaanxi Coal and China Shenhua, while companies with lower valuations and long-term growth potential include Xinji Energy and Yanzhou Coal [4][29].

证券研究报告 | 行业周报 gszqdatemark 2025 03 16 年 月 日 煤炭开采 久违大涨的背后 中信煤炭指数 3,341.47 点，上涨 4.97%，跑赢沪深 300 指数 3.39pct，位列中信板 块涨跌幅榜第 2 位。 行情回顾（2025.3.10~2025.3.14）： 本周四，煤炭板块单日大涨 4.2%，或主要受市场风格以及进口扰动影响，亦侧面反 映了"当前在估值处于低位背景下、市场人心思涨的情绪"。 2 月底以来我们一直强调"跌价利空钝化→布局时机已至"，前期煤价虽加速探底， 但值得注意的是煤炭龙头却止跌反弹（自 2.24 至 3.14，神华 H 累计涨幅+11%， 兖矿 H 累计涨幅+13%；同期北港动煤价格下跌 32 元/吨）。价格跌 vs 龙头煤企 逆势上扬，其侧面早已说明市场对煤价下跌已有充分认识，属利空钝化，正所谓"利 空出尽、否极泰来"，当时就是左侧布局的重要信号，一直强调"望重视"。 后市煤价虽仍面临二次探底压力，但我们认为随着价格的进一步下探，诸多积极信号 将进一步显现，当前价格离底部渐进（650~686 元/吨或是价格底部区域），无需 过度在意短期价格波动节奏， ...

江苏徐矿能源股份有限公司 （Jiangsu Xukuang Energy Co., Ltd.） （徐州市徐州经济技术开发区软件园 E2 楼三层） 首次公开发行股票招股说明书 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 江苏徐矿能源股份有限公司 招股说明书 江苏徐矿能源股份有限公司 招股说明书 | | 1、自发行人股票上市之日起 12 个月内及自本公司取得发行人 | | | | | --- | --- | --- | --- | --- | | | 股票（份）之日起 36 个月内（以期限届满较晚者为准），不转 | | | | | | 让或者委托他人管理本公司持有的发行人首次公开发行股票 | | | | | | 前已发行的股份，也不由发行人回购该部分股份。中国证监会、 | | | | | | 上海证券交易所关于股份锁定期另有规定的，从其规定。 | | | | | | 2、本公司若未履行上述承诺，由此产生的收益将归发行人所 | | | | | | 有，并及时、充分披露承诺未能履行、无法履行或无法按期履 | | | | | | 行的具体原因并向投资者道歉。如本公 ...