平煤股份20260115

Summary of Pingmei Shenma Energy Company Conference Call Company Overview - Company: Pingmei Shenma Energy Company - Industry: Coal and Coking Industry Key Points Strategic Focus and Production Plans - The company continues its strategy of focusing on high-quality coal, with the proportion of premium coal exceeding 70% as of now. Plans for 2026 include increasing production based on approved capacity while enhancing cost control, aiming to reduce coal costs by 50-55 RMB per ton compared to 2025 [2][6] - The Xinjiang Sike Tree Mine is expected to generate revenue of 280 million RMB and profit of approximately 30 million RMB in 2026, with a capacity of 1.2 million tons, expandable to 1.5 million tons after technical upgrades [2][8] - The Tiechangou Mine is under construction, projected to start production in 2028 with a designed capacity of 3 million tons and a coal cost of about 180 RMB per ton [2][8] Financial Performance and Market Outlook - The coking business is expected to achieve slight profitability in 2025, with optimistic expectations for better performance in 2026 despite macroeconomic uncertainties [2][7] - The company maintains a stable pricing strategy for its main coking coal, with a long-term contract price of 1,660 RMB per ton, while the market price is around 1,400 RMB. The company remains optimistic about current pricing and will adjust based on supply-demand dynamics and overseas market conditions [2][11] Cost Management and Capital Expenditure - The company aims to further reduce costs in 2026 by enhancing cost control across various aspects, including materials and equipment [2][5] - Capital expenditures for the Tiechangou project will proceed according to engineering progress without affecting existing projects. The company plans to maintain stable capital expenditures primarily for equipment updates and safety improvements [2][11] Regulatory Environment and Policy Impact - National policies regarding capacity reduction in Henan province do not impact the company, as all necessary procedures are complete [2][9] - The company is not currently involved in overseas coal business developments, although there are group-level plans [2][13] Dividend Policy and Shareholder Returns - The company plans to maintain stable and genuine dividends to return value to the market and small investors, although specific ratios have not been determined [2][12] Future Considerations - The company is evaluating the profitability of the Xia Tian and 220 Nine mines, which have shown improvement but have not yet met original profitability expectations. Future decisions regarding their inclusion in the listed company’s assets will consider various factors to ensure they do not drag down profitability [2][10] - The company is currently not planning any significant expansions into coal chemical strategies or power generation in Xinjiang, focusing instead on its core business and existing profitability [2][16] Inventory and Market Conditions - Current inventory levels are relatively high, primarily consisting of thermal coal, while coking coal remains in a state of full production and sales [2][14] Future Financing and Project Funding - The Tiechangou project is funded through a 15-year long-term loan with interest rates aligned with or slightly below the LPR, with capital already allocated and financing costs decreasing [2][13] Overall Market Sentiment - The company expresses a positive outlook on the current market conditions and pricing strategies, indicating a stable operational environment moving forward [2][11]