每经记者 张文瑜 西安 每经编辑 贺娟娟 受上游煤炭价格波动的影响，近年来，多数火电企业不是赚得盆满钵满，就是亏到怀疑人生，陕西能源（001286）却主打一个"稳"字。 譬如2021年，煤价大幅攀升至历史高位，燃煤电厂普遍陷入亏损时，其依然实现了较好的利润水平。2022年，煤炭价格逐渐平稳，加之电价中枢不断上移， 陕西能源净利润同比增长超5倍。 2024年，陕西能源营业收入达到231.56亿元，同比增长19.04%；归母净利润达到30.09亿元，连续三年增长。 但需要注意的是，2025年以来，新能源装机规模快速扩张，下游用电需求却呈现疲软态势，双重压力下，火电电量价格进入下行通道。 受此影响，陕西能源一季度营收与净利润较去年同期有所下滑。 营利双增背后 陕西能源是陕西省属煤炭资源电力转化的龙头企业，主要经营业务为火力发电、煤炭生产和销售，2023年4月登陆深交所主板。 《每日经济新闻》记者注意到，2024年，公司营业收入达到231.56亿元，同比增长19.04%；归母净利润30.09亿元，同比增长17.73%。 拆解业绩来看，陕西能源亮眼表现背后，主要为在能源产能布局上的持续发力。 截至2024年末，公司煤电 ...

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 report maintains a "Buy" rating for the company with a target price of 5.01 RMB [7][9]. Core Insights - The company reported a revenue of 22.29 billion RMB in 2024, a slight decrease of 1.03% year-on-year, while the net profit attributable to shareholders was 2.33 billion RMB, an increase of 15.98% year-on-year, although below the expected 2.51 billion RMB due to unexpected carbon emission expenses [1]. - The company achieved a dividend per share (DPS) of 0.22 RMB, resulting in a dividend yield of 5.45%, with total dividends accounting for 61.75% of net profit attributable to shareholders, exceeding the commitment of at least 70% of distributable profits [1]. - In Q1 2025, the company experienced a revenue decline of 9.33% year-on-year to 5.05 billion RMB and a net profit decrease of 16.25% year-on-year to 744 million RMB, primarily due to lower coal quality and external coal prices [1][3]. Revenue and Profitability - The company's revenue for 2024 was 22.29 billion RMB, with a projected decline of 3.73% for 2025, followed by a slight recovery in 2026 and 2027 [6]. - The net profit attributable to shareholders is expected to be 2.33 billion RMB in 2025, with a gradual increase to 2.74 billion RMB by 2027 [6]. - The report indicates a projected EPS of 0.36 RMB for 2025, increasing to 0.42 RMB by 2027 [6]. Electricity Pricing and Coal Segment - The average on-grid electricity price for 2024 is expected to decrease by 2.17% to 336.46 RMB/MWh, with a recovery in Q1 2025 showing a 3.57% increase to 363.11 RMB/MWh [2]. - The coal segment saw an increase in external sales volume by 16.89% to 7.28 million tons in 2024, with external coal prices slightly up by 0.18% to 402.21 RMB/ton [3]. - In Q1 2025, external coal sales volume remained stable, but prices dropped by 14.03% to 358.7 RMB/ton due to declining coal quality [3]. Valuation Metrics - The target price of 5.01 RMB is based on a 14.0x PE ratio for 2024, reflecting a higher ROE and dividend level compared to comparable companies [4]. - The report adjusts the 2025-2026 net profit forecasts down by 19% and 21% respectively, due to various operational challenges [4]. - The company’s market capitalization is approximately 26.37 billion RMB, with a closing price of 4.04 RMB as of April 25, 2025 [9].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Views - The company's performance in Q1 2025 was impacted by a decline in both coal volume and price, leading to a decrease in revenue and profit. The market is awaiting demand recovery [1][12] - The coal business experienced a drop in production and sales, with total coal sales volume down 15.3% year-on-year, primarily due to reduced downstream demand and sales policies [2] - The average selling price of coal decreased by 11.5% year-on-year, influenced by market supply and demand dynamics [2] - The power generation segment faced challenges with both generation and sales volumes declining by 10.7% year-on-year, alongside a decrease in average selling prices [4] - The transportation segment's performance was adversely affected by the decline in coal sales, with significant drops in railway and shipping volumes [5] - The coal chemical segment showed stable sales and improved profitability, with a 23.2% increase in gross profit year-on-year [6] Summary by Sections Financial Performance - In Q1 2025, the company reported operating revenue of 69.585 billion yuan, a year-on-year decrease of 21.1%. Net profit attributable to shareholders was 11.949 billion yuan, down 18.0% year-on-year [1] - The net cash flow from operating activities was 20.538 billion yuan, a decrease of 25.9% year-on-year [11] Coal Business - Coal production reached 82.5 million tons, a slight decrease of 1.1% year-on-year. The total coal sales volume was 99.3 million tons, down 15.3% year-on-year [2] - The average selling price of coal was 506 yuan per ton, a decrease of 11.5% year-on-year [2] Power Generation - Total power generation was 50.42 billion kWh, down 10.7% year-on-year, with an average selling price of 386 yuan per MWh, a decrease of 5.6% year-on-year [4] Transportation - Railway transportation volume decreased by 11.6% year-on-year, with significant declines in shipping volumes across various ports [5] Coal Chemical - The coal chemical segment achieved a gross profit of 117 million yuan, an increase of 23.2% year-on-year, with a gross margin of 7.9% [6] Financial Quality - The company maintains a strong cash position with monetary funds of 155.401 billion yuan, an increase of 8.0% from the beginning of the year [11]

Core Viewpoint - China Shenhua's Q1 2025 financial results show significant declines in revenue and profit across its coal, power, transportation, and chemical businesses, primarily due to falling coal prices and reduced sales volumes [1][2][3][4][5]. Group 1: Financial Performance - In Q1 2025, China Shenhua reported operating revenue of 69.585 billion yuan, a year-on-year decrease of 21.07% [1] - The net profit attributable to shareholders was 11.949 billion yuan, down 17.96% year-on-year [1] - The basic earnings per share were 0.60 yuan, reflecting an 18.14% decline compared to the previous year [1] - The weighted average return on equity (ROE) was 2.80%, a decrease of 0.74 percentage points year-on-year [1] Group 2: Coal Business - Coal production in Q1 2025 was 83 million tons, a year-on-year decrease of 1.1% [1] - Coal sales were 99 million tons, down 15.3% year-on-year, with long-term contracts accounting for 63.9% of sales, an increase of 14.0 percentage points year-on-year [1] - The average coal price was 506 yuan/ton, down 11.54% year-on-year [2] - The unit production cost for self-produced coal was 195.8 yuan/ton, up 2.30% year-on-year, while the unit sales cost was 293.10 yuan/ton, down 1.44% year-on-year [2] Group 3: Power Business - The total power generation was 50.06 billion kWh, a decrease of 10.8% year-on-year [3] - The electricity sales volume was 47.16 billion kWh, down 10.9% year-on-year [3] - The average selling price of electricity was 386.0 yuan/MWh, reflecting a 5.6% decline year-on-year [3] Group 4: Transportation Business - Railway revenue in Q1 2025 was 10.526 billion yuan, a decrease of 10.5% year-on-year [4] - Port revenue was 1.576 billion yuan, down 7.2% year-on-year [4] - Shipping revenue fell to 716 million yuan, a significant decrease of 41.0% year-on-year [4] Group 5: Chemical Business - The coal chemical segment generated revenue of 1.472 billion yuan, a decrease of 2.3% year-on-year, but profit increased by 168.8% to 43 million yuan [5] - Sales volumes for polyethylene and polypropylene were 92,000 tons and 83,200 tons, respectively, showing slight year-on-year increases [5] Group 6: Earnings Forecast - The company adjusted its revenue forecasts for 2025-2027, expecting revenues of 336.942 billion yuan, 313.041 billion yuan, and 315.179 billion yuan, respectively [5] - The projected net profits for the same period are 45.659 billion yuan, 42.190 billion yuan, and 44.178 billion yuan, respectively [5] - The current stock price is 38.68 yuan, with corresponding price-to-earnings ratios of 16.8X, 18.2X, and 17.4X for 2025-2027 [5]

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]

Core Viewpoint - The company, Guizhou Panjiang Coal and Electricity Co., Ltd., has released its 2024 annual report summary, highlighting its operational results, financial status, and future development plans, emphasizing its role in energy security and green low-carbon transition in China [1]. Company Overview - The company operates primarily in coal production and integrated coal-electricity and new energy generation, focusing on resource utilization, mechanical processing, and mining services [5]. - The main products include coal and electricity, with coal products being categorized into premium coal and mixed coal, serving industries such as steel and power generation [5]. Financial Performance - In the reporting period, the company produced 9.4473 million tons of commercial coal and sold 7.8419 million tons, generating a total revenue of 8.8997 billion yuan and a net profit attributable to shareholders of 1.0416 billion yuan [8]. - The proposed profit distribution plan suggests a cash dividend of 0.40 yuan per share, totaling 85.865 million yuan, which represents 82.44% of the net profit for the year [4]. Development Strategy - The company aims to enhance energy security and promote the integration of traditional and new energy sources, focusing on building a new comprehensive energy base and becoming a coal supply center in Southwest China [10]. - Plans include increasing coal production to 15.61 million tons and generating 14.421 billion kilowatt-hours of electricity by 2025, with a total revenue target of 11.774 billion yuan [13]. Operational Goals - The company emphasizes safety and environmental protection, aiming to eliminate major safety incidents and ensure compliance with environmental standards [14][16]. - It plans to optimize coal production processes and enhance the quality of coal products while expanding its market reach and reducing operational costs [24][25]. Innovation and Reform - The company is committed to deepening state-owned enterprise reforms and enhancing technological innovation, focusing on smart mining and efficient resource utilization [21][23]. - It aims to improve its operational efficiency and value creation through market-oriented management and strategic investments in renewable energy projects [20][22].

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 ...

证券研究报告 | 行业周报 gszqdatemark 2025 04 20 年 月 日 电力 3 月用电增速 4.8%，重视煤电升级改造与灵活调节价值 本周行情回顾：本周（4.14-4.18）上证指数报收 3276.73 点，上涨 1.19%，沪深 300 指数报收 3772.52 点，上涨 0.59%。中信电力及公用事业指数报收 2836.30 点，上涨 1.11%，跑赢沪深 300 指数 0.52pct，位列 30 个中信一级板块涨跌幅榜 第 12 位。 本周行业观点： 增持（维持） 行业走势 -20% -10% 0% 10% 20% 30% 2024-03 2024-07 2024-11 2025-03 电力 沪深300 作者 分析师 张津铭 执业证书编号：S0680520070001 邮箱：zhangjinming@gszq.com 分析师 高紫明 执业证书编号：S0680524100001 邮箱：gaoziming@gszq.com 分析师 刘力钰 执业证书编号：S0680524070012 邮箱：liuliyu@gszq.com 研究助理 廖岚琪 执业证书编号：S0680124070012 邮箱： ...