天然气业务则针对国际LNG价格波动与国内需求阶段性调整，采取"自产气稳基盘、外购气抓套利"的灵 活策略。自产气方面，依托哈密新能源工厂120万吨/年甲醇联产7亿方LNG项目，保持稳定生产节奏， 报告期内LNG产量3.45亿立方米，同比微降5.95%，为国内终端供应提供坚实保障；外购气方面，通过 江苏南通港吕四港区LNG接收站实施"2+3"运营模式——以"液进液出、液进气出"两种输气途径为基 础，叠加境内贸易、接卸服务、国际贸易三种盈利方式，在国际LNG价格低位时加大采购力度、高位 时主动控制业务规模，有效规避价格风险，上半年实现天然气销量15.22亿立方米，成功维持板块经营 基本盘稳定。 8月29日晚间，广汇能源（600256）披露2025年半年度报告。报告期内，公司面对行业周期性调整，仍 实现经营基本面稳健：实现营业收入157.48亿元，归属于上市公司股东的净利润8.53亿元；经营活动产 生的现金流量净额达28.23亿元，同比增长7.59%，现金流表现突出；截至6月末，资产负债率为 58.09%，较上年末提升4.01个百分点。 同日，公司同步发布《2025—2027年股东回报规划》，明确"高比例、稳预期、严 ...

证券代码：600256 证券简称：广汇能源 公告编号：2025-072 广汇能源股份有限公司 2025 年第二季度主要运营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完 整性承担法律责任。 | 产品 | 计量 | 类别 | 2025 年第二季度 | 同比增减幅 | 自年初累计 | | | --- | --- | --- | --- | --- | --- | --- | | | 单位 | | 数值 | （%） | 数值 | 同比增减幅 （%） | | | 万方 | 产量 | 17,893.23 | 0.25 | 34,459.59 | -5.95 | | 天然气 | 万方 | 销量 | 65,697.54 | -34.11 | 152,232.96 | -30.12 | | 煤炭 | 万吨 | 原煤产量 | 1,280.29 | 230.40 | 2,686.94 | 175.11 | | | 万吨 | 原煤销量 | 1,138.34 | 104.08 | 2,474.12 | 84.90 | | | 万吨 | 提质煤产量 | 97. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has faced significant revenue and profit declines in 2024, with operating income of 36.441 billion yuan, down 40.72% year-on-year, and a net profit of 2.961 billion yuan, down 42.60% year-on-year [20][14] - Despite the challenges, the company remains optimistic about its coal transportation business in Xinjiang, which is expected to recover due to seasonal demand [14] Summary by Sections Overall Performance - In 2024, the company reported an operating income of 36.441 billion yuan, a decrease of 40.72% year-on-year, and a net profit of 2.961 billion yuan, down 42.60% year-on-year. The net cash flow from operating activities was 5.675 billion yuan, down 16.64% year-on-year [20][14] Coal Business - The coal business achieved record production and sales, with raw coal output reaching 39.8329 million tons, up 78.52% year-on-year, and total coal sales of 47.234 million tons, up 52.39% year-on-year. Revenue from coal operations was 17.379 billion yuan, an increase of 18.03% year-on-year, although the gross margin fell to 22.95%, down 11.73 percentage points due to declining sales prices [27][29] Natural Gas Business - The company reduced its external gas procurement due to price discrepancies, resulting in a 51.65% year-on-year decrease in external LNG sales to 2.2393 million tons. Total natural gas sales were 2.8401 million tons, down 52.95% year-on-year. Revenue from natural gas sales dropped to 13.065 billion yuan, down 65.95% year-on-year, while the gross margin improved to 14.37%, up 6.26 percentage points [31][33] Coal Chemical Business - The coal chemical segment maintained stable production, with methanol output of 1.0788 million tons, up 18.43% year-on-year, and ethylene glycol output of 155,600 tons, up 23.73% year-on-year. However, total sales in this segment decreased by 8.42% year-on-year [36][39] Profit Forecast and Valuation - The company forecasts a net profit of 3.487 billion yuan for 2025, reflecting a 17.75% increase year-on-year, with expected earnings per share of 0.54 yuan. The company is positioned well in Xinjiang with strong coal reserves and advanced production capacity, indicating potential for valuation recovery [14][42]

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].

Investment Rating - The report maintains a "Buy" rating for Guanghui Energy (600256.SH) [2] Core Views - The company reported a total revenue of 36.441 billion yuan in 2024, a year-on-year decrease of 40.72%, with a net profit attributable to shareholders of 2.961 billion yuan, down 42.6% year-on-year [5] - The coal business showed significant growth, with production and sales increasing by 64.02% and 52.39% year-on-year, respectively, benefiting from the ramp-up of the Malang coal mine [5] - The company plans to distribute a cash dividend of 0.622 yuan per share, totaling 3.976 billion yuan, with a high payout ratio of 134.3%, resulting in a dividend yield of 10.6% based on the closing price [5] - The forecast for revenue from 2025 to 2027 is 39.9 billion yuan, 49.6 billion yuan, and 52.3 billion yuan, respectively, with net profits expected to be 3.5 billion yuan, 3.6 billion yuan, and 4.4 billion yuan [5] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 10.05 billion yuan, a year-on-year decrease of 15.59%, but a quarter-on-quarter increase of 9.93% [5] - The coal production for 2024 was 43.2524 million tons, with sales reaching 47.234 million tons, marking increases of 64.02% and 52.39% year-on-year, respectively [5] - The average selling price of coal in 2024 was 367.93 yuan per ton, down 22.55% year-on-year, while the cost was 283.5 yuan per ton, down 8.63% year-on-year [5] Business Segments - The non-coal business faced challenges, with coal chemical production and sales showing mixed results, while natural gas business remained stable [5] - The company’s coal chemical production was 2.2645 million tons, with sales of 2.4694 million tons, reflecting a year-on-year increase of 7.36% in production but a decrease of 8.42% in sales [5] Future Outlook - The company is expected to benefit from ongoing projects and strategic partnerships, particularly in coal and coal chemical integration [5] - The introduction of a strategic partner for the Naomao Lake East coal mine is anticipated to accelerate development efforts [5]

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： ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights significant growth in coal production and sales, indicating a broad long-term development outlook for the company [2][6] - The company has experienced a decline in revenue and net profit for 2024, but forecasts a recovery in the coming years with expected revenue growth [6][8] Summary by Sections Recent Performance - For 2024, the company achieved operating revenue of 36.441 billion yuan, a year-on-year decrease of 40.72%. The net profit attributable to shareholders was 2.961 billion yuan, down 42.60% [4][6] - In Q1 2025, the company reported operating revenue of 8.902 billion yuan, a year-on-year decline of 11.34%, with a net profit of 0.694 billion yuan, down 14.07% [4][6] Coal Business - The coal business saw rapid growth in 2024, with raw coal production increasing by 78.5% to 39.833 million tons and sales rising by 68.0% to 43.473 million tons [6] - In Q1 2025, raw coal production reached 14.067 million tons, up 138.8% year-on-year, while sales were 13.358 million tons, up 71.2% [6] Natural Gas Business - The company has proactively reduced its natural gas business scale to mitigate market price risks, resulting in a significant decline in total sales [6] - In 2024, total natural gas sales dropped by 52.95% to 40.856 billion cubic meters [6] Chemical Business - The chemical segment showed mixed results, with methanol production increasing by 18.43% to 1.0788 million tons in 2024, while sales decreased by 5.37% [6] - In Q1 2025, methanol production was 0.278 million tons, down 3.5% year-on-year [6] Financial Forecasts - Revenue projections for 2025-2027 are 41.482 billion yuan, 44.478 billion yuan, and 51.975 billion yuan, reflecting growth rates of 14%, 7%, and 17% respectively [8] - The net profit attributable to shareholders is expected to be 2.84 billion yuan in 2025, with a slight decline of 4% year-on-year, followed by growth of 31% and 41% in subsequent years [8]

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 ...