量增价减业绩承压，疆煤外运龙头仍可期 ——广汇能源事件点评报告 事件 近日，公司召开 2024 年与 2025 年第一季度业绩和现金分红说明会。2024 年，公 司实现营业收入 364.41 亿元，同比-40.72%；归母净利润 29.61 亿元，同比- 42.60%；扣非后归母净利润 29.52 亿元，同比-46.41%。经营活动产生的现金流 量净额 56.75 亿元，同比-16.64%。公司拟向全体股东每 10 股派发现金红利 6.22 元（含税），另加当期回购股份折算红利 0.07822 元/股，实际分配现金红利 0.70022 元/股（含税），合计派发现金红利 44.76 亿元，占当年归母净利润的 151.16%。 2025 年一季度，公司实现营业收入 89.02 亿元，同比-11.34%；归母净 利润 6.94 亿元，同比-14.07%。 证券研究报告 | 公司点评 | 炼化及贸易 投资要点 ❑ 煤炭业务：产销量创历史新高，盈利能力受价格下行影响 。 2024 年 产销量方面。 公司煤炭业务实现跨越式增长，原煤产量达 3983.29 万吨，同比增 长 78.52%；煤炭总销量达 4723.40 万吨 ...

Core Viewpoint - Guanghui Energy Co., Ltd. is actively enhancing its operational efficiency and resilience in response to economic pressures, focusing on the transition from traditional coal chemical processes to modern energy solutions, including hydrogen energy and carbon capture technologies [8][9][12]. Group 1: Company Overview - As of December 31, 2024, the total number of shares for Guanghui Energy is 6,565,755,139, with a total of 145,050 shareholders [9][10]. - The company has implemented a robust governance structure, adhering to relevant laws and regulations, ensuring effective internal controls and compliance [10][11]. Group 2: Financial Performance - For the reporting period, the total assets of the company amounted to approximately CNY 56.84 billion, a decrease of 3.24% year-on-year [12]. - The company reported operating revenue of approximately CNY 36.44 billion, down 40.72% year-on-year, and a net profit attributable to shareholders of approximately CNY 2.96 billion, down 42.60% year-on-year [12][13]. Group 3: Natural Gas Operations - The company produced approximately 68.24 million cubic meters of LNG, a year-on-year increase of 17.58%, while total natural gas sales decreased by 52.95% to approximately 408.56 million cubic meters [12][14]. - The company has adopted a "2+3" operational model to enhance the efficiency of its gas receiving stations, focusing on both domestic and international markets [13][14]. Group 4: Coal Production and Sales - The company achieved a record coal production of approximately 3.98 million tons, a year-on-year increase of 78.52%, and coal sales of approximately 4.72 million tons, up 52.39% [14][16]. - The company is enhancing its coal production capabilities through advanced technologies and smart mining systems [14][17]. Group 5: Chemical Production - The company produced approximately 107.88 million tons of methanol, an increase of 18.43% year-on-year, while ethylene glycol production reached approximately 15.56 million tons, up 23.73% [17][19]. - The coal chemical segment is focusing on high-end and differentiated product development, aiming for sustainable and low-carbon growth [17][18]. Group 6: Future Development Outlook - The natural gas industry in China is expected to grow significantly, driven by policy support and technological innovation, with a projected increase in natural gas consumption [33][34]. - The company is positioning itself to capitalize on the transition to modern coal chemical processes and the development of hydrogen energy, aligning with national energy security goals [36][37][38].

资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn [Table_Main] 证券研究报告 | 公司点评 广汇能源(600256.SH) 2025 年 04 月 30 日 买入（维持） 所属行业：石油石化/炼化及贸易 当前价格(元)：5.73 证券分析师 翟堃 市场表现 -23% -11% 0% 11% 23% 34% 2024-04 2024-08 2024-12 广汇能源 沪深300 | 沪深300对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅(%) | -6.83 | -6.83 | -5.91 | | 相对涨幅(%) | -3.25 | -1.96 | -4.81 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《广汇能源（ 600256.SH）：聚焦能 源主业，具有稀缺"成长"属性》， 2024.9.20 广汇能源（600256.SH）：煤炭 产销增长，高股息凸显价值 投资要点 请务必阅读正文之后的信息披露和法律声明 财务报 ...

广汇能源(600256.SH) 2025 年 04 月 30 日 [Table_Main] 证券研究报告 | 公司点评 买入（维持） 所属行业：石油石化/炼化及贸易 当前价格(元)：5.73 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 -23% -11% 0% 11% 23% 34% 2024-04 2024-08 2024-12 广汇能源 沪深300 | 沪深300对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅(%) | -6.83 | -6.83 | -5.91 | | 相对涨幅(%) | -3.25 | -1.96 | -4.81 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《广汇能源（ 600256.SH）：聚焦能 源主业，具有稀缺"成长"属性》， 2024.9.20 广汇能源（600256.SH）：煤炭 产销增长，高股息凸显价值 投资要点 请务必阅读正文之后的信息披露和法律声明 事件： ...

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 Rating - The investment rating for the company is "Buy" [1] Core Views - The company's performance in 2024 and Q1 2025 has been significantly impacted by the decline in energy prices, with a notable drop in revenue and net profit [3][5] - The company is expected to benefit from the release of long-term production capacity, particularly from the Marang coal mine, which has recently obtained mining rights [6][9] - Future growth is anticipated through strategic partnerships and new projects aimed at enhancing coal utilization and expanding the coal-chemical industry [7][8] Financial Performance Summary - In 2024, the company reported total revenue of 36.44 billion yuan, a decrease of 40.72% year-on-year, and a net profit attributable to shareholders of 2.96 billion yuan, down 42.60% [3][10] - For Q1 2025, revenue was 8.90 billion yuan, a decline of 11.34% year-on-year, with a net profit of 0.69 billion yuan, down 14.07% [3][10] - The company’s LNG production in 2024 was approximately 489,600 tons, an increase of 17.58% year-on-year, while sales volume dropped by 52.95% [5][6] - Coal production in 2024 reached 43.25 million tons, a 64.02% increase year-on-year, with a significant rise in raw coal production [5][10] Future Outlook - The Marang coal mine is expected to significantly increase its output in 2025, contributing to the company's overall production growth [6][9] - The company plans to establish a 15 million tons/year coal utilization demonstration project to enhance local coal consumption capabilities [8] - The introduction of strategic partners for the development of coal-chemical projects is anticipated to accelerate the company's growth in the coal market [7][9]

二、风险提示 上述主要运营数据源自公司内部统计，运营数据在季度之间可能 存在差异，其影响因素包括但不限于宏观政策调整、国内外市场环境 变化、行业周期、季节性因素、恶劣天气、设备检修及安全检查等。 运营数据可能与相关期间定期报告披露的数据有差异，最终将以相关 期间定期报告披露数据为准。公司披露的运营数据仅作为初步及阶段 1 产品 计量单位 类别 2025 年第一季度 2024 年第一季度 同比增减幅 （%） 天然气 万方 产量 16,566.35 18,791.55 -11.84 万方 销量 86,535.42 118,140.81 -26.75 煤炭 万吨 原煤产量 1,406.65 589.17 138.75 万吨 原煤销量 1,335.77 780.30 71.19 万吨 提质煤产量 97.38 85.68 13.65 万吨 提质煤销量 133.27 121.53 9.66 甲醇 万吨 产量 27.79 28.80 -3.52 万吨 销量 27.13 28.43 -4.56 乙二醇 万吨 产量 4.05 - - 万吨 销量 6.22 - - 煤基油品 万吨 产量 16.22 14.49 11.96 万吨 ...