风险提示：煤炭价格波动、资产注入进度不及预期、生产安全风险、地质条件变化影响公司煤质风险、 预测假设及模型误差超预期、分红比例不及预期、煤电利用小时数下降风险、煤电电价下降风险。 发布分红规划，2025-2027 年拟分红比例不低于75%：为保障股权收购及摘牌工作的顺利实施，同时兼 顾公司正常生产经营和可持续发展资金需求，公司2024 年度拟不进行现金分配和送股。但公司同步发 布《2025-2027 年现金分红回报规划》，拟在2025-2027年分配的现金分红总额不低于当年实现归属于上 市公司股东的净利润的75%，且每股派发现金红利不低于 0.19 元（含税）。该比例明显高于之前《未 来三年（2024-2026 年）股东回报规划》公告中提到的30%的分红承诺。 投资建议：公司在煤电一体化运营上具备丰富经验，煤窝办电以及集团保供的模式有力保证了旗下电厂 的盈利稳定性。短期来看，潘集电厂1 期正常投运叠加亏损电厂关停有望助力公司整体度电毛利向上提 升；长期来看，在避免同业竞争承诺下，集团内电力资产在远期不排除注入上市公司的可能性，预计带 来火电规模的再次扩张。我们预计公司2025-2027 年分别实现营业收入28 ...

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]

·证券研究报告 公司研究 公司点评报告 中国神华(601088) 上次评级 买入 左前明 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 高升：煤炭钢铁行业首席分析师 信达证券股份有限公司 CINDASECURITIESCO.,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 中国神华：⼀体化战略夯实盈利根基，⾏业⻰头彰 显久期价值 [Table_ReportDate] 2025 年 3 月 24 日 事件： 2025 年 3 月 21 日 ，中国神华发布年度报告，2024 年公司实现营业收 入 3383.75 亿元，同比下降 1.37%，实现归母净利润 586.71 亿元，同比下降 1.71%；扣非后净利润 601.25 亿元，同比下降 4.36%。经营活动现金流量净额 933.48 亿元，同比上涨 4%；基本每股收益 2.95 元/股，同比下降 1.70%。资 产负债率为 23.42%，同比下降 0.66pct。 运输板块：2024 年公司铁路分部实现铁路周转量 31 ...

Investment Rating - The report maintains an "Add" rating for the company [2][8] Core Views - The company benefits from a high proportion of long-term coal contracts, which stabilizes profitability. The average sales price for long-term contracts is expected to remain stable, with a projected price range of 696-710 RMB/ton for 2024 [7][8] - The company has a strong cash flow and a high dividend payout ratio, with an average payout rate of 72% from 2012 to 2023. The company has sufficient cash reserves of 183.5 billion RMB and undistributed profits of 289.7 billion RMB, supporting continued high dividends [7][8] - The company aims to be a leader in the energy revolution and has a strong ESG (Environmental, Social, and Governance) profile, which may provide a premium in market valuation [7][8] Summary by Sections Company Overview - The company primarily engages in coal and electricity production and sales, with a total coal reserve of 336.9 billion tons and a controllable power generation capacity of 44.8 GW as of mid-2024 [18][19] - The company was established in November 2004 and listed on the Hong Kong Stock Exchange in June 2005 and the Shanghai Stock Exchange in October 2007 [18][32] Coal Business - The company has a rich coal resource base, with a recoverable reserve of 153.6 billion tons, allowing for nearly 50 years of production at the current annual output level of 324 million tons [33][34] - The company’s coal production cost is below 200 RMB/ton, and it benefits from a high proportion of long-term contracts, which account for approximately 80% of its coal sales [33][34] Power Business - The company has added 13.4 GW of coal-fired power generation capacity during the "14th Five-Year Plan" period, representing a 43% increase from the end of 2020 [7][8] - The company’s electricity generation has seen rapid growth, with a year-on-year increase of 11% in 2023 and 8% in the first three quarters of 2024 [7][8] Transportation Business - The company operates a comprehensive transportation network that includes railways, ports, and shipping, with a total railway network of 2,408 kilometers and a shipping capacity of approximately 270 million tons per year [19][20] Financial Forecast - The company’s projected net profit for 2024-2026 is expected to reach 58.45 billion, 54.64 billion, and 54.41 billion RMB, respectively, with corresponding EPS of 2.94, 2.75, and 2.74 RMB [8][9]

Investment Rating - The report maintains an "Accumulate" rating for the company [7] Core Views - The company achieved an operating income of 184.145 billion yuan in 2024, a year-on-year increase of 1.47%. However, the total profit decreased by 2.57% to 43.844 billion yuan, and the net profit attributable to shareholders fell by 3.97% to 22.196 billion yuan [1] - The company successfully acquired Shaanxi Coal Power Group, establishing a "coal-electricity integration" operational model, which is expected to enhance revenue stability and reduce related transactions [2] - The company has a stable dividend policy, planning to distribute no less than 60% of the distributable profits in cash each year. The estimated dividend yield for 2024 is 6.83% based on a basic earnings per share of 2.29 yuan and a closing price of 20.11 yuan on March 17 [3] Summary by Sections Financial Performance - In 2024, the company reported a coal production of 170 million tons, a year-on-year increase of 4.13%, and coal sales of 260 million tons, up 9.91% [1] - The average price of Shaanxi Huangling thermal coal Q5000 and Hancheng thermal coal Q5000 fell by 10.31% and 11.00% respectively [1] - The company expects to offset the negative impact of falling coal prices through increased production and sales [1] Future Outlook - The company is projected to have net profits of 22.196 billion yuan, 22.232 billion yuan, and 22.674 billion yuan for 2024, 2025, and 2026 respectively, with corresponding earnings per share of 2.29 yuan for 2024 and 2.34 yuan for 2026 [4] - The current price-to-earnings ratio is estimated at 8.82x for 2024, 8.81x for 2025, and 8.64x for 2026 [4]

中国神华（601088） 证券研究报告·公司点评报告·煤炭开采 黄骅港扩建点评：中国最大煤炭运输港再扩 建，中国神华煤炭行业龙头效应持续增强 | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 344533 | 343074 | 351421 | 374189 | 389709 | | 同比（%） | 2.65 | (0.42) | 2.43 | 6.48 | 4.15 | | 归母净利润（百万元） | 69648 | 59694 | 59662 | 60297 | 61228 | | 同比（%） | 39.06 | (14.29) | (0.05) | 1.06 | 1.54 | | EPS-最新摊薄（元/股） | 3.51 | 3.00 | 3.00 | 3.03 | 3.08 | | P/E（现价&最新摊薄） | 10.82 | 12.63 | 12.63 | 12.50 | 12.31 | [Table_Tag] [Tab ...

Investment Rating - The report maintains a "Buy" rating for China Shenhua [1] Core Views - The expansion of Huanghua Port, China's largest coal transportation port, enhances China Shenhua's leading position in the coal industry [8] - The expansion project aims to increase annual coal transportation capacity from 210 million tons to 260 million tons, with a total investment of approximately 5 billion RMB [8] - China Shenhua's business model is unique and rare, characterized by stable growth and high dividend yields, making it an attractive investment option [8] Financial Summary - Total revenue forecast for 2023 is 343,074 million RMB, with a slight decrease of 0.42% compared to 2022, and expected to grow to 389,709 million RMB by 2026 [1][9] - The net profit attributable to shareholders is projected to be 59,662 million RMB in 2024, with a slight decrease of 0.05%, and expected to reach 61,228 million RMB by 2026 [1][9] - The earnings per share (EPS) is forecasted to remain stable at 3.00 RMB in 2024, increasing to 3.08 RMB by 2026 [1][9] - The price-to-earnings (P/E) ratio is projected to be 12.63 for 2024, decreasing slightly to 12.31 by 2026 [1][9]

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 ...

北京市嘉源律师事务所 关于陕西能源投资股份有限公司 首次公开发行股票并上市的 法律意见书 西城区复兴门内大街158号运洋大厦4 楼 中国 · 北京 胰面就睡投资,般份有限公司 著語 ·法律意见书 目 录 | 日 录 | | --- | | 释 义 | | 本次发行的批准和授权 - I | | = 发行人本次发行上市的主体资格 . | | =, 本次发行的实质条件 | | 四。 发行人的设立 . | | 五。 发行人的独立性 14 | | 六、 发起人及股东 _ | | 七、 发行人的股本及其演变 . | | 16. 发行人的业务 . | | 九。 关联交易及同业竞争 | | + 发行人的主要财产 . | | 十一, 发行人的重大债权债务 . | | 十二, 发行人的重大资产变化及收购兼并 | | 发行人公司章程的制定和修改 十三。 | | 十四、 发行人股东大会、董事会、监事会议事规则及规范运作 . | | 发行人董事、监事、高级管理人员及其变化 十五、 | | 发行人的税务及财政补贴 十六, | | 发行人的劳动保护、环境保护、安全生产和产品质量等事宜 19 十七。 | | 十八、本次发行事集资金的运用 . ...