Core Viewpoint - Shandong Mining Machinery Group Co., Ltd. is planning to issue A-shares to specific investors, aiming to raise up to 3 billion RMB, amidst various operational and market risks in the coal machinery industry [1][2][3]. Company Overview - Shandong Mining Machinery Group was established on December 3, 1999, with a registered capital of 1,782.79 million RMB [10]. - The company primarily manufactures coal mining machinery and related equipment, contributing significantly to the coal mining sector [12][15]. Financial Performance - The company's revenue for recent periods was reported as follows: 2,404.9984 million RMB, 2,697.5725 million RMB, and a decline in net profit by 35.51% and 60.48% in 2024 and the first half of 2025 respectively [2][3]. - The gross profit margin has shown a downward trend, recorded at 22.97%, 23.68%, 21.16%, and 20.76% over the last three years [2][3]. Industry Context - The coal machinery industry is characterized by cyclical fluctuations, heavily influenced by macroeconomic conditions and coal prices [2][3]. - The market size of China's coal machinery industry reached 135 billion RMB in 2022, with a projected growth to 157 billion RMB by 2026 [15][16]. Risks and Challenges - The company faces several risks, including industry policy changes related to carbon neutrality, cyclical volatility in the coal sector, and potential declines in operational performance due to increased competition [2][3]. - Raw material price fluctuations, particularly for steel and components, pose a risk to production costs and profit margins [2][3]. Share Issuance Details - The company plans to issue A-shares at a price of 1.85 RMB per share, which is 80% of the average trading price over the previous 20 trading days [6][8]. - The issuance is directed towards a specific investor, Zhao Huatao, with a maximum subscription amount of 300 million RMB [6][8]. Market Position - Shandong Mining ranks 20th among the top 50 coal machinery enterprises in China, with a sales revenue of 1,263.19 billion RMB in 2023, reflecting a year-on-year growth of 12.76% [18].

证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 煤炭开采 跌价利空钝化，退潮方现珍珠 行情回顾（2025.5.6~2025.5.9）： 中信煤炭指数 3,191.92 点，上涨 1.47%，跑输沪深 300 指数 0.53pct，位列中信板 块涨跌幅榜第 22 位。 近期，煤炭上市公司的 24 年年报&25 年一季报已披露完毕，我们从另外一个视角 对相关公司财报进行解析，总结如下： 谁是现金王？ ✓ "账面净现金"前 3：神华、陕煤、晋控； ✓ "账面净现金／净利"前 3：晋控、潞安、恒源； 谁的负债低？ ✓ "资产负债率"最低前 3：神华、晋控、电投； ✓ "资本负债率"最低前 3：潞安、晋控、神华； 谁的家底厚？ ✓ "专项储备"绝对额前 3：神华、陕煤、潞安； ✓ "吨煤专项储备"前 3：潞安、淮矿、恒源； 谁的潜力大？ ✓ 利润释放潜力前 3：昊华、伊泰、淮矿； 谁是分红王？ ✓ 近 3 年绝对额前 3：神华、陕煤、兖矿； ✓ 近 3 年比例前 3：冀中、神华、广汇； ✓ 24 年绝对额前 3：神华、陕煤、中煤； ✓ 24 年比例前 3：冀中、广汇、伊泰； ✓ ...

跌价利空钝化，退潮方现珍珠 行情回顾（2025.5.6~2025.5.9）： 中信煤炭指数 3,191.92 点，上涨 1.47%，跑输沪深 300 指数 0.53pct，位列中信板 块涨跌幅榜第 22 位。 近期，煤炭上市公司的 24 年年报&25 年一季报已披露完毕，我们从另外一个视角 对相关公司财报进行解析，总结如下： 谁是现金王？ ✓ "账面净现金"前 3：神华、陕煤、晋控； ✓ "账面净现金／净利"前 3：晋控、潞安、恒源； 谁的负债低？ ✓ "资产负债率"最低前 3：神华、晋控、电投； ✓ "资本负债率"最低前 3：潞安、晋控、神华； 谁的家底厚？ ✓ "专项储备"绝对额前 3：神华、陕煤、潞安； ✓ "吨煤专项储备"前 3：潞安、淮矿、恒源； 谁的潜力大？ ✓ 利润释放潜力前 3：昊华、伊泰、淮矿； 谁是分红王？ ✓ 近 3 年绝对额前 3：神华、陕煤、兖矿； ✓ 近 3 年比例前 3：冀中、神华、广汇； ✓ 24 年绝对额前 3：神华、陕煤、中煤； ✓ 24 年比例前 3：冀中、广汇、伊泰； ✓ 静态股息率前 3：伊泰、冀中、广汇； 24 年&25Q1 业绩均优于行业水平：电投、新集、神华、中 ...

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [2] Core Views - The coal price is currently at a bottom level, and there is no need for pessimism [1] - The market is becoming more sensitive to marginal positive news as the negative impact of price drops diminishes [1] - Leading coal companies have reported better-than-expected performance, with significant cost reduction and efficiency improvements [1] Industry Analysis - The CITIC Coal Index was at 3,325.2 points, up 0.55%, outperforming the CSI 300 Index by 1.92 percentage points, ranking 6th in the CITIC sector [1][71] - The coal market is expected to benefit from domestic policies aimed at stabilizing growth and expanding domestic demand [1] - The Newcastle coal futures price on April 4 was reported at $97 per ton, down 4% from $101 per ton on April 2 [1] - The domestic coal price has reached the anticipated bottom, with the largest price drops and speed of decline now behind [1] - The supply of low-calorie coal has slightly increased, while medium to high-calorie coal remains stable [1] - As of April 4, the price of North Port thermal coal was reported at 676 yuan per ton, stable week-on-week [1] - The report emphasizes that while the thermal coal market is entering a traditional off-season, the current prices are at the expected bottom range of 650-686 yuan per ton, and there is no need for excessive pessimism [1] Key Companies - China Shenhua (601088.SH): Buy rating, EPS forecast for 2024A is 2.95 yuan, PE ratio is 12.40 [7] - Shaanxi Coal (601225.SH): Buy rating, EPS forecast for 2025E is 2.26 yuan, PE ratio is 8.88 [7] - New Energy (601918.SH): Buy rating, EPS forecast for 2024A is 0.92 yuan, PE ratio is 7.50 [7] - Jinkong Coal (601001.SH): Buy rating, EPS forecast for 2025E is 1.53 yuan, PE ratio is 7.92 [7] - China Coal Energy (601898.SH): Buy rating, EPS forecast for 2024A is 1.46 yuan, PE ratio is 7.00 [7] - Electric Investment Energy (002128.SZ): Buy rating, EPS forecast for 2024A is 2.49 yuan, PE ratio is 8.50 [7] - Pingmei Shenma (601666.SH): Increase rating, EPS forecast for 2025E is 0.50 yuan, PE ratio is 17.30 [7] - Huai Bei Mining (600985.SH): Buy rating, EPS forecast for 2024A is 1.80 yuan, PE ratio is 7.70 [7]

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， ...