行业主要上市公司：吉峰科技(300022)、星光农机(603789)、一拖股份(601038)、林海股份(600099)、中 联重科(000157)、悦达投资(600805)、利欧股份(002131)等 本文核心数据：煤矿机械总动力;农机市场主营业务收入;煤矿机械竞争格局 转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院煤矿机械研究小组发布的《中国煤矿机械行业市场前瞻与投资战 略规划分析报告》。 行业概况 1、定义 煤矿机械是指用于煤矿的采掘、支护、运输、洗选等生产过程的矿山机械。煤矿通常分为露天开采和井 下开采，其设备分为露天煤矿机械和井下煤矿机械。与普通矿山机械相比，煤矿机械通常具有防爆特 性，尤其是井下煤矿机械。 广义上的煤矿机械分为勘探设备、综掘设备、综采设备、辅助设备、洗选设备，还包括煤炭安全设备、 电气设备以及露天矿设备等。 狭义上的煤矿机械指煤炭综合采掘设备，其核心设备主要有掘进机、采煤机、刮板输送机及液压支架， 合称"三机一架"。通过掘进机、液压支架、刮板输送机和采煤机配合使用，可实现工作面巷道掘进、截 煤、装煤、运煤、支护的全部机械化作业，具有较高的营运效率和安全性。 | 设备名称 ...

Core Viewpoint - The coal industry in China is experiencing stable growth, driving demand for scraper conveyors, with a projected market size of 3.38 billion yuan in 2024, reflecting a year-on-year growth of 11.92% [1][10]. Market Policy - The Chinese government has implemented various policies to support the development of the coal machinery industry, including safety production guidelines and plans for intelligent mining construction, creating a favorable environment for the scraper conveyor industry [5][6]. Industry Chain - The upstream of the scraper conveyor industry includes suppliers of raw materials like steel and copper, as well as key components such as motors and chains. The midstream involves design, research, and production, while the downstream applications primarily focus on coal mining and other sectors like metallurgy and construction [7][9]. Current Development - The demand for scraper conveyors is increasing due to the stable growth of coal production, with a projected coal output of 4.759 billion tons in 2024, a 2.17% increase year-on-year. The aging equipment replacement cycle is expected to release significant market demand [1][9][10]. Competitive Landscape - The scraper conveyor market in China is highly concentrated, with the top 50 coal machinery companies producing 1,207 units, accounting for 76.78% of the total. Companies with technological advantages are expected to gain a competitive edge as industry standards rise [12][13]. Development Trends - Future developments in the scraper conveyor industry will focus on integrating technologies such as IoT and AI for smarter operations, alongside a push for greener practices in line with carbon reduction strategies [14][15].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [5]. Core Insights - The company's coal machinery business shows steady growth, while the automotive parts segment is transforming and opening new opportunities [1][5]. - The company has demonstrated robust revenue growth from 2020 to 2024, with revenue increasing from 26.52 billion to 37.05 billion, reflecting a compound annual growth rate (CAGR) of approximately 8.7% [4][22]. - The net profit attributable to shareholders is projected to reach 4.32 billion in 2025, corresponding to a price-to-earnings (P/E) ratio of 10 times based on the market value as of October 24, 2025, which is lower than comparable companies in the coal machinery and automotive parts sectors [5][6]. Company Overview - The company is a significant global supplier of coal mining technology and equipment, as well as an influential manufacturer of automotive parts, with operations in 17 countries and 28 production, research, and sales bases [4][12]. - Established in 1958, the company has evolved into a multinational enterprise with a dual focus on coal machinery and automotive components [12][17]. Financial Analysis - The company's revenue has shown consistent growth since 2018, with a notable increase in profitability, as evidenced by a net profit of 3.93 billion in 2024, more than doubling since 2020 [22][25]. - The coal machinery segment has maintained a significant contribution to the company's overall revenue, with 2024 figures showing coal machinery products accounting for 51.3% of total revenue [25][27]. - The automotive parts segment is also growing, with a focus on new energy and international markets, contributing to the company's long-term growth potential [5][25]. Industry Analysis - The coal machinery industry is experiencing an upward trend, driven by fixed asset investments in coal mining and the demand for intelligent mining solutions [39][46]. - The report highlights the increasing demand for hydraulic supports, which are crucial for safe and efficient mining operations, as they account for 45% of the investment in comprehensive mining equipment [43][46]. - The coal machinery market is expected to continue its growth trajectory, supported by government policies promoting intelligent mining and technological advancements [39][46].

Core Insights - The article highlights the significant achievements of Jin Energy Holding Equipment Manufacturing Group in cultivating high-level skilled talents, evidenced by three of its members being awarded the title of special-level technician in Shanxi Province [1][3][4] Group 1: Talent Development - Jin Energy Holding Group has successfully implemented a talent cultivation strategy, resulting in the recognition of its employees as top-tier skilled professionals [1][3] - The company emphasizes the importance of a high-quality, professional talent team for achieving high-quality development and becoming a world-class modern comprehensive energy enterprise [3][4] Group 2: Skills Master Studio - The Skills Master Studio established by Zhao Zhuang Coal Industry has become a hub for high-skilled talent training and technological innovation since its inception in December 2011 [4][5] - The studio has a total teaching area of over 3,000 square meters, equipped with modern teaching facilities, including LED screens and VR technology, to support skill training [4][5] Group 3: Achievements and Contributions - Over the years, the studio has organized numerous skill competitions and training sessions, successfully training over 600 technical personnel for the mining sector [5] - The studio has also contributed to innovation in the coal mining field, achieving 26 national patents and generating significant economic benefits for the company [5]

Group 1 - The company has transitioned its main product in the coal machinery sector from manual and electro-hydraulic control to intelligent control, expanding its offerings from single equipment to a comprehensive solution including hydraulic supports, scraper conveyors, coal mining machines, and control systems [2] - In the automotive parts sector, the company has expanded its product line from traditional fuel vehicle components to key components for intelligent connected new energy vehicles, including noise reduction products, intelligent air suspension systems, battery cooling plates, high-pressure intelligent drive motors, and braking system motors [2] - The company is advancing the application of "artificial intelligence + manufacturing" in the industrial intelligence sector, integrating digital technology with manufacturing advantages to provide intelligent industrial solutions across various discrete manufacturing scenarios, aiding the transformation and upgrading of traditional industries [2]

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].

Core Viewpoint - The company, Shandong Mining Machinery Group Co., Ltd., is preparing to issue A-shares to specific targets, with a total fundraising amount not exceeding 300 million yuan, aimed at supplementing working capital [17][28]. Group 1: Legal Opinions and Compliance - The law firm, Shandong Deheng Law Firm, has been engaged as a special legal advisor for the issuance process, ensuring compliance with relevant laws and regulations [3][4]. - The issuance is subject to the review by the Shenzhen Stock Exchange, which has raised inquiries regarding the company's land use and operational licenses [3][6]. Group 2: Land Use Issues - A subsidiary, Shandong Chengtong Forging Co., Ltd., has a land use issue where it occupies 321.7 square meters of land without proper ownership documentation, which may lead to forced execution by local authorities [6][9]. - The company is in discussions to purchase the occupied land, but there is significant uncertainty regarding the outcome of these negotiations [9][10]. Group 3: Financial Aspects of the Issuance - The proposed issuance price is set at 1.85 yuan per share, with the closing price on April 3 being 3.91 yuan per share, indicating a potential discount for the issuance [17]. - The funds raised will be primarily sourced from the actual controller's son, Zhao Huatao, who plans to use 20% from personal funds and 80% from self-raised funds [20]. Group 4: Financial Viability and Risk Assessment - Zhao Huatao's financial background indicates a strong capacity to cover the subscription amount, with personal assets and potential bank loans available for financing [21][25]. - The company has committed to ensuring that no improper financial arrangements exist regarding the subscription, maintaining compliance with regulatory requirements [27].

Core Viewpoint - The investigation report on the "6·17" mechanical accident at the Tujun Coal Mine of Hunan Energy Group Jinzhushan Mining Co., Ltd. identifies the incident as a production safety responsibility accident, resulting in one fatality and direct economic losses of 1.3068 million yuan [1][3]. Incident Details - The accident occurred on June 17, 2025, at 23:10, when a scraper conveyor's head suddenly tilted and struck a worker, leading to his death [3]. - The incident took place at the second scraper conveyor head in the 2139 mining face, approximately 46 meters from the safety exit [5]. - The direct cause of the accident was identified as the scraper conveyor being blocked by coal gangue, leading to a broken load pin, and the operator's violation of safety protocols by not disconnecting the power supply while replacing the load pin [7]. Contributing Factors - The investigation highlighted several indirect causes: - Poor management of electrical and mechanical systems, including non-compliance with installation and maintenance regulations [8]. - Inadequate safety training and failure to learn from previous similar accidents [8]. - Insufficient risk identification and control measures regarding the potential dangers of scraper conveyors [8]. - Lack of effective oversight from higher management levels, leading to persistent issues in mechanical management [8]. Accountability and Previous Incidents - A total of 13 individuals from Hunan Coal Industry Co., Ltd., Lianshao Management Bureau, Jinzhushan Mining Co., Ltd., and Tujun Coal Mine have been subjected to administrative penalties or disciplinary actions due to the accident [9]. - The Tujun Coal Mine has a troubling history, with 33 work-related accidents reported from June 2024 to June 2025, including 13 mechanical transport accidents, indicating a lack of effective safety measures [9]. - Previous incidents, such as a scraper conveyor accident on November 6, 2024, were not adequately addressed, reflecting a failure to implement necessary preventive measures [9]. Company Background - Hunan Energy Group Jinzhushan Mining Co., Ltd. operates the Tujun Coal Mine, which was established in 1966 and has a designed production capacity of 300,000 tons per year, with a certified capacity of 270,000 tons per year [10]. - The company is a state-owned enterprise under Hunan Coal Industry Co., Ltd., which oversees multiple mining operations in the region [10].

Group 1 - The China Coal Machinery Industry Association announced the list of the top 50 coal machinery companies for 2024, with three companies from Shanxi province making the list [1][2] - Shanxi Tiandi Coal Machinery Equipment Co., Ltd. ranked 13th with a sales revenue of 3.08 billion yuan, focusing on high-end equipment manufacturing and related services [1] - Taiyuan Heavy Machinery Group Coal Machinery Co., Ltd. ranked 19th with a sales revenue of 2.28 billion yuan, producing a wide range of coal mining equipment [1] - Shanxi Coal Mine Machinery Manufacturing Co., Ltd. ranked 35th with a sales revenue of 1.29 billion yuan, providing complete and efficient transportation systems for coal mining [2] Group 2 - Shanxi Tiandi Coal Machinery has developed five major industrial directions, including intelligent excavation technology and equipment, and its products are exported to multiple countries [1] - Taiyuan Heavy Machinery Group is recognized as a competitive player in the domestic coal machinery manufacturing industry, with capabilities across ten product categories [1] - Shanxi Coal Mine Machinery has supplied over 6,000 sets of products to modern mines across China, supporting safe and efficient coal mining operations [2]