Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has demonstrated resilience in profitability despite a decline in coal prices, with a focus on increasing production to offset price drops [1][2] - The acquisition of Shaanxi Coal Power is expected to enhance the stability of the company's earnings [2] - The company has a high dividend yield of 6.7%, reflecting strong shareholder returns [3] Summary by Sections Financial Performance - In 2024, the company reported revenue of CNY 184.15 billion, a year-on-year increase of 1.5%, and a net profit of CNY 22.36 billion, a decrease of 3.2% [1] - For Q1 2025, revenue was CNY 40.16 billion, down 7.3% year-on-year, while net profit was CNY 4.81 billion, down 1.2% year-on-year [1] - The average price of coal at Qinhuangdao Port was CNY 721 per ton in Q1 2025, reflecting a 20% decrease year-on-year [1] Business Expansion - The company acquired 88.6525% of Shaanxi Coal Power for CNY 15.695 billion, which is expected to stabilize earnings [2] - The production capacity of the Yuan Datang coal mine has been increased from 8 million tons to 10 million tons per year [2] - The company is working on increasing the capacity of the Ningtiaota mine to 20 million tons per year [2] Dividend Policy - The company plans to distribute a total dividend of CNY 1.348 per share for 2024, with a payout ratio of 58.45% [3] - The total cash dividend amounts to 65% of the distributable profits, indicating strong cash flow management [3] Profit Forecast and Valuation - The net profit forecast for 2025 has been adjusted downwards by 3.7% to CNY 20.21 billion, with an EPS of CNY 2.08 [3] - The company is expected to maintain a robust resource endowment and stable operations, justifying the "Buy" rating [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is steadily advancing its coal-electricity integration strategy, with a dividend yield of 6.7% [9] - The coal business has shown growth in production and sales, with significant cost control measures in place [2] - The acquisition of thermal power assets from Shaanxi Coal Power Group has enhanced performance, supporting the coal-electricity integrated development [3] - The company possesses significant resource reserves, with a total coal reserve of 1.7931 billion tons and a recoverable reserve of 1.0246 billion tons, ensuring over 70 years of mining life [9] Financial Performance - In 2024, the company achieved operating revenue of 184.145 billion yuan, a year-on-year increase of 1.47%, and a net profit attributable to shareholders of 22.36 billion yuan, a decrease of 3.21% [1] - For Q1 2025, the company reported revenue of 40.162 billion yuan, a year-on-year decline of 7.30%, and a net profit of 4.805 billion yuan, a slight increase of 1.23% [1] - The company’s coal production in 2024 reached 170.48 million tons, up 4.13% year-on-year, with coal sales increasing by 9.13% to 258.43 million tons [9] - The average selling price of coal in 2024 was 561 yuan/ton, down 8.50% year-on-year [9] Cost Management - The cost of self-produced coal in 2024 was 260 yuan/ton, a decrease of 1.2% year-on-year, while the comprehensive cost per ton of coal was 414 yuan, an increase of 2.8% [9] - The company has effectively reduced costs in various areas, including a decrease in material costs and related taxes [9] Future Outlook - The company expects net profits attributable to shareholders for 2025 to be 18.717 billion yuan, with projected P/E ratios of 10.4X, 9.8X, and 9.3X for 2025, 2026, and 2027 respectively [9] - The company plans to accelerate resource acquisition and development, particularly in high-quality coal resources [9]

Investment Rating - The investment rating for Shaanxi Coal and Chemical Industry Co., Ltd. is "Buy" [1] Core Views - The company's coal and electricity integration strategy is driving stable performance and expanding growth opportunities [1][3] - The coal production volume is steadily increasing, and cost reductions are enhancing profitability [3] - The company is making progress in capacity expansion, with significant projects underway that will release high-quality production capacity [3][4] - The integration of coal and electricity operations is expected to enhance earnings and mitigate risks associated with coal price fluctuations [3][4][7] Financial Performance Summary - In 2024, the company achieved operating revenue of 184.145 billion yuan, a year-on-year increase of 1.47%, and a net profit attributable to shareholders of 22.36 billion yuan, a decrease of 3.21% [1] - For Q1 2025, the company reported operating revenue of 40.162 billion yuan, a year-on-year decline of 7.3%, and a net profit of 4.805 billion yuan, a decrease of 1.23% [2] - The coal production volume for 2024 was 170.48 million tons, an increase of 4.13%, while coal sales volume reached 258.43 million tons, up 9.13% [3] - The average coal selling price in 2024 was 561 yuan/ton, down 8.5% year-on-year [3] - The company plans to distribute a total cash dividend of 13.07 billion yuan for 2024, representing 65% of the distributable profit, with a dividend yield of 6.74% based on the closing price on April 25, 2025 [7] Future Earnings Forecast - The company is expected to achieve net profits of 20.6 billion yuan, 21.9 billion yuan, and 22.2 billion yuan for 2025, 2026, and 2027 respectively, with EPS projected at 2.12 yuan, 2.26 yuan, and 2.29 yuan [5][7]

上次评级 买入 [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 新集能源(601918.SH) | | | 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 一季度业绩韧性突显，煤电协同盈利中枢有 望稳步抬升 [Table_ReportDate] 2025 年 4 月 25 日 [Table_S 事件：202ummar 5 年y ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company's performance has significantly improved due to increased coal and electricity output, with a focus on coal-electricity growth and high dividends [3][4] - The company reported a revenue of 23.16 billion yuan for 2024, a year-on-year increase of 19%, and a net profit attributable to shareholders of 3.01 billion yuan, up 17.7% year-on-year [3][4] - The forecast for net profit for 2025-2027 is adjusted to 3.06 billion, 3.59 billion, and 4.32 billion yuan respectively, reflecting a year-on-year growth of 1.7%, 17.4%, and 20.2% [3][4] Financial Performance Summary - In 2024, the company achieved a total electricity generation of 530.4 billion kWh, a year-on-year increase of 19.7%, and a total online electricity of 496.4 billion kWh, also up 19.8% [4] - The average on-grid electricity price for 2024 was 0.35 yuan/kWh, remaining stable compared to the previous year, while the cost per kWh increased by 7.5% to 0.25 yuan/kWh [4] - The coal production for 2024 was 18.61 million tons, a year-on-year increase of 5.1%, with external sales of self-produced coal reaching 8.04 million tons, up 40% year-on-year [4] Dividend Policy - The company plans to distribute a total cash dividend of 1.538 billion yuan for 2024, with a dividend payout ratio of 51%, resulting in a current dividend yield of 4.5% [4]

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 陕西能源(001286.SZ) | | | 上次评级 买入 [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 煤矿电厂投运助力业绩新高，产能持续扩张 未来可期 [Table_ReportDate] 2025 年 04 月 18 日 [Table_S 事件：202ummar 5 年y ...

盈利预测与投资评级：作为安徽省属国资旗下的核心电力龙头，皖能受益于安徽省良好的电力供需格 局，近年新投建的新疆机组盈利可观，同时大比例参股优质的煤电一体化及抽蓄资产，投资收益未来保 持稳健增长。我们预测公司2024-2026 年归母净利润分别为20.67/22.28/23.80 亿元，EPS 分别为 0.91/0.98/1.05 元，对应3 月31 日收盘价的PE 分别为8.18/7.59/7.11倍，首次覆盖给予"买入"评级。 安徽国资旗下核心电力平台，控参股优质火电资产。皖能电力是安徽省能源集团旗下唯一发电资产主业 的核心上市平台，旗下装机以火电为主。截至2024 年底，公司在运控股装机体量为1368.70 万千瓦（对 应权益量780.55万千瓦），参股在运装机1702 万千瓦（对应权益量720.86 万千瓦）；在建项目方面，公 司控股在建装机210 万千瓦（对应权益量147 万千瓦），主要参股在建项目包括596 万千瓦火电（对应 权益量190 万千瓦）以及3座抽水蓄能电站（装机容量368 万千瓦，公司对应权益量67 万千瓦）。 风险因素：煤电利用小时数大幅下滑及电价大幅下降的风险；在建及规划项目进展不及 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10] Core Viewpoints - The coal price has experienced unexpected declines in the first quarter, leading to a year-on-year profit drop for most companies. However, companies with a higher proportion of long-term contracts, benefiting from improved calorific value and increased electricity generation, such as Xinji Energy, are expected to perform relatively well [2][7] - Despite the seasonal decline in coal demand post-heating season and high port inventories, the report suggests that the negative factors affecting coal stocks may gradually diminish, recommending a proactive approach towards the coal sector [6][24] Summary by Sections Price Trends - As of March 28, 2025, the average price of Qinhuangdao port Q5500 thermal coal was 722 CNY/ton, a year-on-year decrease of 19.9% and a quarter-on-quarter decrease of 12.2%. The long-term contract price remained more stable at 690 CNY/ton, down 2.6% year-on-year and 1.1% quarter-on-quarter [7][14] - The average price of Shanxi main coking coal at Jing Tang port was 1443 CNY/ton, reflecting a significant year-on-year decline of 40.2% and a quarter-on-quarter decline of 15.4% [15] Production and Sales - In the first two months of 2025, the average monthly coal production in China was 38 million tons, a year-on-year increase of 4%. However, production decreased by 10% compared to the previous quarter [7][17] - Major coal companies like China Shenhua and Shaanxi Coal & Energy reported varied production changes, with Shenhua's production down 2.6% year-on-year and Shaanxi's up 9.4% [17] Profitability Forecast - The report anticipates that key coal companies will see an average profit decline of 7% to 17% year-on-year in Q1 2025, while a quarter-on-quarter increase of 3% to 16% is expected [7][8] - Xinji Energy is highlighted as a company likely to maintain stable performance due to its long-term contracts and operational efficiencies [2][8] Investment Recommendations - The report suggests a marginal allocation strategy focusing on high-quality leaders with stable profits, such as China Shenhua and Shaanxi Coal, as well as growth-oriented companies like Electric Power Investment and Xinji Energy [8]

陕西能源投资股份有限公司 SHAANXI ENERGY INVESTMENT CO.,LTD. （陕西省榆林市高新技术产业园区沙河路 152 号盛高时代写字楼） 首次公开发行股票并在主板上市 招股说明书 联合保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 陕西省西安市新城区东新街 319 号 8 幢 10000 室 陕西能源投资股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈 利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均 属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行人自行 负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行 后因发行人经营与收益变化或者股票价格变动引致的投资风险。 | 发行股票类型： | 人民币普通股（A 股） | | | | | --- | --- | --- | --- | --- | | 发行股数： | 万股（新股） 75,0 ...

陕西能源投资股份有限公司 首次公开发行股票并在主板上市发行公告 联席保荐人（联席主承销商）：中信证券股份有限公司 联席保荐人（联席主承销商）：西部证券股份有限公司 特别提示 陕西能源投资股份有限公司（以下简称"陕西能源"、"发行人"或"公司"） 根据《证券发行与承销管理办法》（证监会令【第 208 号】）（以下简称"《管理办 法》"）、《首次公开发行股票注册管理办法》（证监会令【第 205 号】）（以下简称 "《注册办法》"）、《深圳证券交易所首次公开发行证券发行与承销业务实施细则》 （深证上〔2023〕100 号）（以下简称"《业务实施细则》"）、《深圳市场首次公开 发行股票网上发行实施细则》（深证上〔2018〕279 号）（以下简称"《网上发行实 施细则》"）及《深圳市场首次公开发行股票网下发行实施细则（2023 年修订）》 （深证上〔2023〕110 号）（以下简称"《网下发行实施细则》"）、《首次公开发行 证券承销业务规则》（中证协发〔2023〕18 号）（以下简称"《承销业务规则》"）、 《首次公开发行证券网下投资者管理规则》（中证协发〔2023〕19 号）（以下简称 "《网下投资者管理规则》"）等 ...