本世纪初，开滦集团从传统煤矿向现代煤化工转型。毕业于河北工业职业技术学院的邓晶，以焦炉煤气制甲醇专业第一名的成绩进 入开滦唐山中润，参与筹建甲醇分厂工作，几乎是从零开始摸索生产工艺流程。 仅仅几个月的时间，邓晶与同事们就自主完成了甲醇系统的首次投产开车工作。然而，刚投产不久，甲醇装置遭遇了第一次突发事 故。 爱学习、肯钻研，随后，邓晶以平均每年一个岗位的速度，将中控室内各个甲醇生产岗位技能全部吃透，成了厂里的"万能操作 工"。随着开滦集团不断加快转型升级的步伐，邓晶更是要求自己要不断精进技术，创新不停步。 事后，邓晶说自己也很紧张，是日常的学习储备给了她底气。 央视网消息：劳动创造美好生活，奋斗谱写时代华章。五一国际劳动节之际，1670人被授予全国劳动模范称号，邓晶就是其中一 位。作为河北开滦集团的一位技术人员，她18年扎根一线，坚持不懈钻研煤制甲醇制作工艺，助力企业转型。 全国劳动模范、开滦集团唐山中润公司甲醇分厂工艺员邓晶介绍，一块煤开采出来以后，在炼焦炭的过程中产生焦炉煤气，这就是 生产甲醇的原料。甲醇是关系到国计民生的基础化工原料，应用广泛，可用于化工制造、医药、能源燃料和新材料等领域。 在河北开滦集 ...

Core Viewpoint - The company's performance has declined due to falling self-produced coal prices, but it shows potential for high dividends and growth, maintaining a "buy" rating [1] Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 38.39 billion yuan, a year-on-year decrease of 15.4% and a quarter-on-quarter decrease of 21.6% [1] - The net profit attributable to shareholders was 3.98 billion yuan, down 20% year-on-year and 15.5% quarter-on-quarter [1] - The non-recurring net profit attributable to shareholders was 3.94 billion yuan, a year-on-year decrease of 19.4% and a quarter-on-quarter decrease of 15.7% [1] - The company maintains profit forecasts for 2025-2027, expecting net profits of 17.05 billion, 18.47 billion, and 19.07 billion yuan, with year-on-year changes of -11.8%, +8.3%, and +3.3% respectively [1] Group 2: Coal Business Performance - In Q1 2025, the company produced and sold 33.35 million and 64.14 million tons of commodity coal, representing year-on-year increases of 1.9% and 0.4%, but quarter-on-quarter decreases of 5.4% and 19.1% [2] - The average selling price of coal in Q1 2025 was 487.2 yuan per ton, down 17% year-on-year and 9.8% quarter-on-quarter [2] - The comprehensive cost of coal was 371 yuan per ton, a year-on-year decrease of 13.4% and a quarter-on-quarter decrease of 9.4% [2] - The gross profit per ton of coal was 116.2 yuan, down 26.7% year-on-year and 11.2% quarter-on-quarter [2] Group 3: Coal Chemical Business Performance - In Q1 2025, the production of polyolefins, urea, methanol, and ammonium nitrate was 37.8, 52.8, 51.4, and 13.9 million tons, with year-on-year changes of -3.6%, +11.2%, +24.8%, and +6.9% respectively [2] - The selling prices for polyolefins, urea, methanol, and ammonium nitrate were 6,876, 1,702, 1,794, and 1,861 yuan per ton, with year-on-year changes of +0.4%, -23.9%, +7.1%, and -17.3% respectively [2] - The gross profit per ton for polyolefins, urea, methanol, and ammonium nitrate was 1,101, 360, 380, and 386 yuan per ton, with year-on-year changes of +16%, -46.7%, +675.8%, and -47.6% respectively [2] Group 4: Growth Potential and Dividend Policy - The company has two coal mines under construction, with expected production capacities of 4 million tons/year and 2.4 million tons/year, respectively, set to begin trial production by the end of 2025 [3] - The company plans to invest 23.888 billion yuan in a coal deep processing project, with a construction scale of 900,000 tons/year of polyolefins, and has already completed significant investment [3] - The cash dividend amount for 2024 is expected to be 6.35 billion yuan, with a dividend payout ratio of 32.87%, indicating potential for increased dividends in the future [3]

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, but maintains a "buy" rating due to its coal chemical scale advantages and good performance from the Jingzhou base [1] Financial Performance - Q1 2025 revenue was 7.77 billion yuan, down 2.6% year-on-year and 14% quarter-on-quarter [1] - Net profit attributable to shareholders was 707 million yuan, down 34% year-on-year and 17% quarter-on-quarter [1] - Non-recurring net profit was 703 million yuan, also down 34% year-on-year and 13% quarter-on-quarter [1] Segment Performance - Acetic acid and derivatives sales decreased by 8% year-on-year and 21% quarter-on-quarter to 337,000 tons, with revenue down 16% year-on-year and 20% quarter-on-quarter to 820 million yuan [2] - New materials segment saw a 23% year-on-year increase in sales to 664,000 tons, but revenue decreased by 1% year-on-year to 3.75 billion yuan [2] - Fertilizer segment sales increased by 37% year-on-year to 1.45 million tons, with revenue up 5% year-on-year to 1.9 billion yuan [2] - Overall gross margin decreased by 5.5% year-on-year to 16.4% [2] Cost and Pricing Trends - As of April 25, 2023, prices for key chemicals showed mixed trends, with some prices improving slightly due to inventory digestion [3] - Coal chemical cost pressures have eased, with reference prices for thermal coal and anthracite at 570 yuan/ton and 912 yuan/ton, respectively [3] - The company has ongoing construction projects valued at 4.88 billion yuan, which are expected to support future growth [3] Profit Forecast and Valuation - The company revised down its profit forecasts for 2025-2027, expecting net profits of 3.8 billion, 5 billion, and 5.8 billion yuan respectively [4] - The target price for 2025 is set at 25.34 yuan, reflecting a 14x PE ratio, considering the growth potential from new projects and materials [4]

2025 年 04 月 28 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 陈晨 S0350522110007 | | | | chenc09@ghzq.com.cn | | 联系人 | ： | 张益 S0350124100016 | | | | zhangy33@ghzq.com.cn | chenc09@ghzq.com.cn [Table_Title] 煤炭产销增长显著，公司长期发展前景广阔 ——广汇能源（600256）公司动态研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/25 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 广汇能源 | -11.3% | -5.5% | -13.8% | | 沪深 300 | -3.7% | -1.2% | 7.3% | | 市场数据 | | | 2025/04/25 | | 当前价格（元） | | | 5.72 | | 52 周价格区间（元） | | | 5.39-8.47 | | 总市值（百万） | ...

Investment Strategy - The report emphasizes the strategic importance of Xinjiang in the context of national energy security and the Belt and Road Initiative, highlighting its transition from a geographical hinterland to a frontline hub [9][10] - The coal chemical industry in Xinjiang is poised for growth due to favorable external conditions, including rising coal prices and a shift towards resource-rich western regions [9][10] - The report suggests focusing on two main investment themes: coal chemical investments and state-owned enterprise reforms in Xinjiang [9][10] Xinjiang Index Situation - The Xinjiang index stands at 101.14, reflecting a week-on-week increase of 1.75%, while the coal chemical investment index is at 100.21, up 3.98% [16] - The top three performing companies this week include Fostda (603173.SH) with a 26.22% increase, followed by Sanwei Chemical (002469.SZ) at 21.83%, and Tianfu Energy (600509.SH) at 12.32% [16][17] Key Data Tracking - Key prices in Xinjiang include Q5000 mixed coal at 140 CNY/ton, Q5200 mixed coal at 225 CNY/ton, and urea at 1638 CNY/ton, with significant year-on-year production increases noted [21][29] - In March 2025, coal railway shipments from state-owned key coal mines reached 3.24 million tons, a year-on-year decrease of 16.9%, while raw coal production was 51.46 million tons, up 24.13% year-on-year [21][29] Key News and Company Announcements - The Ministry of Ecology and Environment has accepted the environmental impact assessment for the National Energy Group's 2 billion cubic meters per year coal-to-gas project, which will produce natural gas and several by-products [35][39] - Recent announcements from companies like Guanghui Energy indicate significant revenue declines, with a 40.72% drop in total revenue for 2024 compared to the previous year [38] Project Overview - The report outlines several key coal chemical projects in Xinjiang, including the National Energy Group's coal-to-gas project with an investment of 250 billion CNY and a production capacity of 40 billion cubic meters per year [41] - The total planned capacity for coal-to-gas, coal-to-oil, coal-to-olefins, and coal-to-methanol projects in Xinjiang is projected to reach 9,203 billion CNY in investments [41][43]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][20] Core Views - The company is focusing on cost reduction and increasing production to offset the decline in coal prices, while also enhancing shareholder returns through increased dividend frequency [1][4][18] - The company plans to maintain a mid-term dividend in 2025, with a payout ratio of no less than 30% [3][18] Summary by Relevant Sections Financial Performance - In Q1 2025, the company achieved revenue of 38.39 billion yuan, a decrease of 15.4%, and a net profit attributable to shareholders of 3.98 billion yuan, down 20.0% [1][9] - The coal business showed stable production and sales, with a total coal production of 33.35 million tons, an increase of 1.9% year-on-year [2][11] - The average selling price for self-produced thermal coal and coking coal was 454 yuan/ton and 922 yuan/ton, respectively, both showing a decline compared to the previous year [2][11] Coal Business - The company reported a decrease in gross profit for the coal segment to 7.45 billion yuan, down 26.7 billion yuan year-on-year, primarily due to the decline in coal prices [2][11] - The unit sales cost for self-produced coal decreased to 269.8 yuan/ton, a reduction of 21.2 yuan/ton year-on-year, attributed to various cost management strategies [2][11] Coal Chemical Business - The coal chemical segment saw an increase in production and sales, with total production and sales of 1.559 million tons and 1.625 million tons, respectively, up 10.6% and 12.1% year-on-year [3][16] - The unit sales costs for major products decreased due to falling coal prices, with reductions of 2.1% to 18.8% across various products [3][16] Profit Forecast and Financial Indicators - The profit forecast for 2025-2027 has been adjusted to 16.8 billion yuan, 16.9 billion yuan, and 17.7 billion yuan, respectively, reflecting a downward revision due to anticipated coal price declines [4][20] - Key financial metrics include a projected net profit margin of 15.2% for 2025 and a return on equity (ROE) of 10.3% [5][21]

信达证券 2025 年 5 月"十大金股"组合 [Table_ReportDate] 2025 年 4 月 28 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 邮 箱：lichunchi@cindasc.com 庞倩倩 计算机首席分析师 执业编号：S1500522110006 邮 箱：pangqianqian@cindasc.com 刘旺 传媒联席首席分析师 执业编号：S1500524120005 邮箱：liuwang@cindasc.com 莫文宇 电子首席分析师 执业编号：S1500522090001 邮箱：mowenyu@cindasc.com 证券研究报告 策略研究 [策略Table专题报告 _ReportType] [Table_A 樊继拓 uthor 策略首席分析师 ] 执业编号：S1500521060001 邮箱：fanjituo@cindasc.com 程丽丽 食品饮料分析师 执业编号：S1500523110003 邮 箱：chenglili@cindasc.com 罗岸阳 家电行 ...

Group 1: Future Development Positioning and Goals - Suixi is positioned as a key node in the Yangtze River Delta integration and the core area of the Huai River Ecological Economic Belt, with three major roles: "National Important New Comprehensive Energy Base," "Canal Cultural City," and "Growth Pole in Northern Anhui" [1] - The planning blueprint emphasizes a "space revolution" in response to national strategies, aiming to create a comprehensive development framework [1] Group 2: Spatial Structure - The urban framework is restructured into "One Main, Two Belts, Three Zones, and Four Channels," focusing on ecological and cultural integration [2] - The "One Main" refers to the central urban area, which will develop into a "Waterfront Garden City" with ecological resources [2] - The "Two Belts" include a central town development belt and a southern industrial linkage belt, promoting urban-rural integration [2] - The "Three Zones" consist of a northern suburban agricultural area, a central grain and livestock area, and a southern grain production area, safeguarding agricultural land [2] - The "Four Channels" integrate ecological protection with cultural heritage along major waterways [2] Group 3: Transportation Network - A comprehensive transportation network is being established, including railways, highways, and waterways, enhancing connectivity to major urban centers [3] - Key projects include the Huai-Su-Beng Intercity Railway and upgrades to local waterways, facilitating multi-modal transport [3] Group 4: Key Development Areas - The central urban area is undergoing revitalization, focusing on cultural heritage and modern commercial developments [5][6] - The West River New District aims to integrate industry and urban living, with significant residential and commercial land planned [7] - The southern sub-center is positioned as a new growth pole, leveraging red tourism and port economy [8][9] - The Suixi Economic Development Zone is set to become a powerhouse for traditional industry upgrades and new energy projects [10][11] Group 5: Land Supply Plans - A detailed land supply plan for 2025 includes various residential and commercial plots, with a total of 380.79 acres planned for the first quarter [13] - Subsequent quarters will see additional land supplies, totaling 532.19 acres in the second quarter and 586 acres in the third quarter [15][16] - Key land parcels include the Q8 plot near Qianlong Lake, which is expected to become a new landmark for ecological and cultural tourism [17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that in Q1 2025, the company experienced a year-on-year decline in revenue and net profit, with revenue at 38.4 billion yuan (down 15.4%) and net profit at 4 billion yuan (down 20%) [4][5] - The coal production and sales showed slight growth, with production at 33.35 million tons (up 1.9%) and sales at 64.14 million tons (up 0.4%) [5] - The report emphasizes the improvement in coal chemical business margins, with overall coal chemical gross profit increasing by 8% [5] Summary by Sections Financial Performance - In Q1 2025, the company achieved a return on equity (ROE) of 2.58%, a decrease of 0.8 percentage points year-on-year [4] - The average selling price of self-produced coal decreased by 18% to 492 yuan per ton, with specific prices for thermal coal and coking coal at 454 yuan (down 11.7%) and 922 yuan (down 39.1%) respectively [5] - The gross profit margin for self-produced coal was 45.2%, down 6 percentage points year-on-year [5] Coal Business - The company produced 33.35 million tons of commodity coal in Q1 2025, with sales of 64.14 million tons [5] - The sales volume of thermal coal and coking coal was 30.02 million tons (up 1.4%) and 2.66 million tons (down 1.5%) respectively [5] Coal Chemical Business - The report indicates significant improvements in unit profitability for polyethylene, polypropylene, and methanol, with gross profits per ton increasing by 85 yuan, 235 yuan, and 446 yuan respectively [5] - The sales volume for polyethylene and polypropylene was 178,000 tons (down 6.8%) and 177,000 tons (down 2.7%) respectively [5] - The overall gross profit for the coal chemical business was 862.6 million yuan, reflecting an 8% year-on-year increase [5] Future Outlook - The company is expected to see revenue of 168.88 billion yuan in 2025, a decrease of 11%, followed by a 5% growth in the subsequent years [7][9] - The projected net profit for 2025 is 16.21 billion yuan, down 16% from the previous year, with an expected recovery in the following years [7][9] - The report maintains a positive outlook on the company's ability to generate stable earnings due to its high long-term contract ratio and ongoing projects in coal mining and chemical sectors [8][9]

新华社石家庄4月27日电 题：邓晶：煤化工一线的"铿锵玫瑰" 邓晶深耕的焦炉煤气制甲醇工艺领域，是利用煤在炼制焦炭过程中产生的焦炉煤气来生产工业基础原料甲醇，这是开滦集团京唐港煤化工园区绿 色循环发展的重要环节，也是一份工艺复杂、危险系数高的工作。 爬上十几米高的塔架，邓晶和同事开始进行巡检工作。从她所处的位置眺望，整个甲醇装置厂区尽收眼底——一个个巨大的反应炉，高耸的烟 筒，还有各色复杂排列的管路。 "公司的焦炉煤气制甲醇工艺项目在十几年前可借鉴的操作经验几乎没有。"公司甲醇分厂厂长袁守敬回忆，邓晶总是"泡"在岗位上，凭借不断地 摸索和积累，成了一个技术全面的操作手。 一次装置即将投产时遭遇的设备事故让袁守敬记忆深刻：一台大型运转设备突然出现异常高温和高压，随时可能引发爆炸。邓晶冷静判断，在几 十秒时间内发出各种指令。温度降下来了、压力卸下来了、氧气等各种介质控制住了，避免了一次串压爆炸事故。 新华社记者杨帆 这里是位于河北省唐山市海港经济开发区的开滦集团唐山中润煤化工有限公司，邓晶已经在这里工作了18年。 2025年4月，邓晶在厂区进行巡检工作。（受访单位供图） 2007年，开滦集团开始转型进军化工领域。 ...