Investment Rating - The report maintains a "Buy" rating for Yanzhou Coal Mining Company (兖矿能源) [1][2] Core Views - The company's coal chemical and overseas operations are performing well, leading to continued improvement in performance on a quarter-on-quarter basis [1][2] - The company plans to invest 9.574 billion yuan in an 800,000-ton ethylene project, which is expected to enhance product value and market competitiveness [2] Financial Summary - **Revenue Forecast**: The projected revenues for 2024, 2025, and 2026 are 167.62 billion yuan, 173.42 billion yuan, and 177.14 billion yuan respectively, with a year-on-year growth rate of 12% in 2024 [1][2] - **Net Profit Forecast**: Expected net profits for the same years are 16.26 billion yuan, 20.46 billion yuan, and 23.12 billion yuan, with a year-on-year growth rate of -19% in 2024 [1][2] - **Earnings Per Share (EPS)**: The forecasted EPS for 2024, 2025, and 2026 are 1.62 yuan, 2.04 yuan, and 2.30 yuan respectively [1][2] - **Price-to-Earnings (P/E) Ratio**: The current P/E ratios are projected to be 9.8X, 7.8X, and 6.9X for the years 2024, 2025, and 2026 respectively [1][2] Coal Business Performance - **Domestic Coal Production**: In Q3, the company reported a coal production volume of 9,622.1 thousand tons, with a unit cost of 375.9 yuan/ton, reflecting a year-on-year increase of 9.0% in production volume [1] - **Overseas Operations**: The overseas segment showed significant improvement in both volume and price, with production from three open-pit coal mines in Australia increasing significantly [1][2] Chemical Business Performance - **Methanol Production**: In the first three quarters of 2024, methanol production was 3.041 million tons, with a unit price of 1,833.6 yuan/ton, reflecting a slight increase in profitability [2] - **Investment in Chemical Projects**: The company is investing in a new ethylene project to enhance its chemical production capabilities and improve profitability [2]

Summary of Conference Call Company and Industry Overview - The conference call discusses the performance of a coal mining company in the context of the coal industry and chemical products market. The company has faced challenges due to fluctuating coal prices but has managed to maintain stable operations and financial performance [1][2][3]. Key Points and Arguments Financial Performance - In the first three quarters of 2024, the company produced 106 million tons of coal, an increase of 8.8% year-on-year, contributing to a net profit of 38.37 billion yuan in Q3, a 0.7% increase from Q2 [1][2]. - The total sales revenue for the chemical segment was 10.66 billion yuan, a decrease of 21.5% year-on-year, with net profit dropping by 27% [2]. - The company’s net assets reached 81.3 billion yuan, with a return on equity of 14.8% [2]. Production and Cost Management - The company achieved a record quarterly production of 36.73 million tons in Q3, with significant contributions from the Shanxi and Mongolia bases [2][3]. - Cost control measures have led to a reduction in sales costs to 342 yuan per ton, down 1.9% year-on-year, and a decrease in methanol production costs to 1,506 yuan per ton, down 9.3% [3][4]. - The average selling price of coal decreased to 663 yuan per ton, a decline of 16.5% year-on-year, but remains at historically high levels [3][4]. Market Outlook - The coal market is expected to remain balanced with stable prices in Q4, supported by seasonal demand and government policies aimed at economic recovery [5][6]. - Global coal consumption is projected to remain high, with demand growth expected despite a slight decline in supply [5]. - The chemical products market is anticipated to recover slowly, with stable supply-demand dynamics and price stability expected [5][6]. Strategic Initiatives - The company plans to increase coal production by 10 million tons year-on-year, targeting a total output of over 140 million tons [6]. - Ongoing investments in both coal and chemical sectors are aimed at enhancing operational efficiency and market competitiveness [12][13]. - The company is actively seeking acquisition opportunities in the coal sector to strengthen its resource base [19]. Capital Expenditure - The capital expenditure plan for the year is set at 19.7 billion yuan, with a focus on maintaining existing operations and investing in new projects [9][10]. - Future capital expenditures are expected to balance between maintaining current operations and funding new coal mining projects [10]. Management and Governance - The company has revised its profit distribution policy to allow the board more flexibility in dividend decisions, enhancing shareholder returns [7]. - Management is committed to improving operational efficiency and reducing costs while maintaining production levels [16][37]. Additional Important Information - The company’s management fees are reportedly higher than peers, attributed to various operational costs, but efforts are being made to control these expenses [15][16]. - The company is optimistic about achieving its annual production and financial targets despite external challenges [6][37]. This summary encapsulates the key insights from the conference call, highlighting the company's performance, market outlook, strategic initiatives, and financial management.

Investment Rating - Buy rating maintained for Yankuang Energy (600188 SH) [1][4] Core Views - Yankuang Energy reported steady Q3 performance with strong overseas growth, maintaining high dividend payout and growth potential [4] - The company is positioned as an international coal leader with clear transformation directions in new energy, new materials, and smart logistics [4] - Increased dividend commitment and mid-term dividend enhance investment value [4] Financial Performance - Q3 2024 revenue reached 343 2 billion yuan, up 5 0% QoQ, with net profit of 38 4 billion yuan, up 0 7% QoQ [4] - 2024 Q1-Q3 revenue was 1066 3 billion yuan, down 21 5% YoY, with net profit of 114 1 billion yuan, down 27 0% YoY [4] - 2024-2026 net profit forecasted at 154 8/179 6/203 2 billion yuan, with EPS of 2 08/2 41/2 73 yuan [4] - Current PE ratio is 6 8x for 2024, 5 9x for 2025, and 5 2x for 2026 [4] Coal Business - 2024 Q1-Q3 coal production and sales were 10581/10259 million tons, up 8 75%/3 45% YoY [4] - Domestic coal production and sales were 7465/6510 million tons, up 7 2%/5 9% YoY [4] - Overseas coal production and sales were 3117/3112 million tons, up 12 7%/16 1% YoY [4] - Q3 2024 overseas coal sales price increased 4 3% QoQ to 835 yuan/ton, with gross margin up 69 5% QoQ [4] Growth Potential - Coal production growth expected with new mines: Wanfu Mine (1 8 million tons) to start in 2024, Wucaiwan Mine (10 million tons) in 2025 [4] - 2024 coal production growth forecasted at 6 0%, making it a rare growth player in the coal sector [4] - Rongxin Chemical project investment of 9 57 billion yuan announced in October 2024 [4] Dividend Policy - Dividend payout ratio for 2023-2025 set at no less than 60%, with cash dividend per share no less than 0 5 yuan [4] - 2024 estimated dividend yield is 5 5% based on current share price [4] - Mid-term dividend payout ratio of 30 5% announced in 2024 interim report [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][2]. Core Views - The company has shown improvement in Q3 performance, with a sequential increase in revenue and net profit, indicating potential for future growth [1][2]. - The coal and chemical segments have both experienced production and sales growth, alongside significant cost reductions, contributing to improved profitability [1][2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1066.33 billion, down 21.50% year-on-year, and a net profit of 114.05 billion, down 26.98% year-on-year [1]. - In Q3 2024, the company reported a revenue of 343.21 billion, a decrease of 15.46% year-on-year but an increase of 5.03% quarter-on-quarter, with a net profit of 38.37 billion, down 15.63% year-on-year and up 0.66% quarter-on-quarter [1]. Coal Business - The coal segment generated a revenue of 701.20 billion in the first three quarters of 2024, down 15.9% year-on-year, with a gross profit of 312.22 billion, down 20.6% year-on-year [1]. - In Q3 2024, the coal segment's revenue was 227.69 billion, up 1.2% quarter-on-quarter, with a gross profit of 114.26 billion, up 12.3% quarter-on-quarter [1]. - The company produced 36.73 million tons of self-produced coal in Q3 2024, an increase of 6.7% quarter-on-quarter, and sold 34.72 million tons of commercial coal, up 3.0% quarter-on-quarter [1]. Chemical Business - The chemical segment achieved a gross profit of 14.99 billion in Q3 2024, an increase of 14.08% quarter-on-quarter [1]. - The company produced and sold 217.5 thousand tons and 195.2 thousand tons of chemical products, respectively, with increases of 7.8% and 4.7% quarter-on-quarter [1]. Future Growth Potential - The company plans to complete several coal mining projects between 2024 and 2030, which are expected to add over 40 million tons of coal production capacity [2]. - A subsidiary is set to invest 9.574 billion in an 800,000-ton ethylene project, which aims to enhance product value and market competitiveness [2]. Earnings Forecast - The company is projected to achieve net profits of 15.2 billion, 18.6 billion, and 21 billion for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 10.5X, 8.6X, and 7.6X [2].

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company reported a slight increase in performance in Q3 2024, with a net profit of 38.37 billion yuan, a year-on-year decrease of 15.63% but a quarter-on-quarter increase of 0.66% [1]. - The company plans to invest in an 800,000 tons/year olefin project, with an investment amount of 9.574 billion yuan, aimed at enhancing product value and market competitiveness [1]. - The forecasted net profits for 2024-2026 are 148.34 billion yuan, 164.57 billion yuan, and 177.77 billion yuan, respectively, with corresponding EPS of 1.48 yuan, 1.64 yuan, and 1.77 yuan [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 1066.33 billion yuan, a year-on-year decrease of 21.50%, and a net profit attributable to shareholders of 114.05 billion yuan, down 26.98% year-on-year [1]. - In Q3 2024, coal production reached 36.73 million tons, a year-on-year increase of 9.8%, and sales were 34.72 million tons, up 4.5% year-on-year [1]. - The average selling price of coal was 655.9 yuan/ton in Q3 2024, a year-on-year decrease of 6.2% [1]. - The company’s coal business generated a gross profit of 114.3 billion yuan in Q3 2024, reflecting a year-on-year increase of 10.1% and a quarter-on-quarter increase of 12.4% [1]. - The chemical business achieved a gross profit of 14.88 billion yuan in Q3 2024, down 18.2% year-on-year but up 13.9% quarter-on-quarter [1].

[Table_Main] 证券研究报告 | 公司点评 兖矿能源(600188.SH) 2024 年 10 月 26 日 | --- | --- | |----------------------------------------------------|------------------------------| | 兖矿能源（ 买入（维持） | 600188.SH ）： Q3 | | 所属行业：煤炭 / 煤炭开采 当前价格 ( 元 ) ： 15.89 | 归母环比微增，远期成长空间广 | | 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 -9% 0% 9% 17% 26% 34% 43% 兖矿能源 沪深300 | --- | --- | --- | --- | |--------------------------------|----------------|----------------|--------------| | -17% 2023-10 ...

Investment Rating - Maintains an "Overweight" rating for the company [3][4] Core Views - Q3 performance met expectations, with strong production recovery in Australia driving year-on-year improvement in production and sales [2][3] - Coal prices increased quarter-on-quarter, and costs continued to optimize, leading to higher-than-expected selling prices and gross profit per ton in Q3 [2][3] - The company achieved revenue of RMB 106.633 billion in the first three quarters of 2024, a year-on-year decrease of 21.03%, and net profit attributable to the parent company of RMB 11.405 billion, a year-on-year decrease of 26.54% [3] - Q3 revenue was RMB 34.321 billion, a year-on-year decrease of 32.22% but a quarter-on-quarter increase of 5.03%, with net profit attributable to the parent company of RMB 3.837 billion, a year-on-year decrease of 27.81% and a quarter-on-quarter increase of 0.66% [3] - The company's EPS forecasts for 2024-2026 were revised upward to RMB 1.60, RMB 1.78, and RMB 1.98, respectively [3] - The target price was raised to RMB 18.31 based on a 2024 average PE of 11.47x for comparable companies [3] Production and Sales - Q3 coal production in Australia increased significantly, driving year-on-year and quarter-on-quarter improvements in production and sales [3] - In the first three quarters, coal production reached 106 million tons, up 8.75% year-on-year, with coal sales of 101 million tons, up 2.18% year-on-year [3] - Q3 coal production was 36.73 million tons, up 9.81% year-on-year and 6.65% quarter-on-quarter, while coal sales were 33.46 million tons, up 0.68% year-on-year but down 8.6% quarter-on-quarter [3] - Self-produced coal sales in Q3 were 31.85 million tons, up 6.87% year-on-year but down 2.48% quarter-on-quarter [3] - The company expects Q4 production to remain flat or slightly increase compared to Q3, supported by continued recovery in Australian production and new capacity releases [3] Coal Prices and Costs - The average coal selling price in the first three quarters was RMB 683 per ton, down RMB 158 per ton year-on-year (-19%), while the cost per ton was RMB 379, down RMB 66 per ton year-on-year (-15%) [3] - Q3 coal selling price was RMB 680 per ton, down RMB 201 year-on-year (-23%) but up RMB 12 quarter-on-quarter (+17%) [3] - Q3 cost per ton was RMB 356, down RMB 107 year-on-year (-23%) and RMB 21.3 quarter-on-quarter (-5.6%), with gross profit per ton reaching RMB 342, up RMB 40 quarter-on-quarter (+13%) [3] Coal Chemical Business - The coal chemical business operated steadily, with significant quarter-on-quarter increases in production and sales in Q3 [3] - In the first three quarters, coal chemical production totaled 6.355 million tons, down 3.14 million tons year-on-year, while sales were 5.697 million tons, down 198,000 tons year-on-year [3] - Q3 coal chemical production was 2.174 million tons, up 22.7% quarter-on-quarter, with sales of 1.95 million tons, up 14.7% quarter-on-quarter [3] - The coal chemical segment generated revenue of RMB 18.708 billion, down 5% year-on-year, with a gross profit of RMB 3.864 billion, flat year-on-year [3] Financial Summary - The company's total market capitalization is RMB 159.533 billion, with a current share price of RMB 15.89 [4] - The 52-week price range is RMB 12.80-27.47 [4] - The company's net debt ratio is 55.65%, with a price-to-book ratio of 2.1x [5] - The company's ROE is expected to be 17.8% in 2024, 18.4% in 2025, and 18.9% in 2026 [8] - The company's EPS is forecasted to be RMB 1.60 in 2024, RMB 1.78 in 2025, and RMB 1.98 in 2026 [8] Valuation and Peers - The company's 2024E PE is 9.95x, compared to the peer average of 11.47x [10] - Comparable companies include Shaanxi Coal (11.14x 2024E PE), Shaanxi Energy (12.13x 2024E PE), China Shenhua (13.57x 2024E PE), and Xinji Energy (9.03x 2024E PE) [10]

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股票代码：600188 股票简称：兖矿能源 编号：临 2024-074 兖矿能源集团股份有限公司 本次会议是否有否决议案：无 一、 会议召开和出席情况 （一）股东大会召开的时间：2024 年 10 月 25 日 （二）股东大会召开的地点：山东省邹城市凫山南路 949 号公司总部 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 2,265 | | --- | --- | | 其中：A 股股东人数 | 2,262 | | 境外上市外资股股东人数（H 股） | 3 | | 2、出席会议的股东所持有表决权的股份总数（股） | 5,074,296,289 | | 其中：A 股股东持有股份总数 | 4,516,024,542 | | 境外上市外资股股东持有股份总数（H 股） | 558,271,747 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 50.541503 | 2024 年度第一次临时股东大会决议公告 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 ...

股票代码：600188 股票简称：兖矿能源 编号：临 2024-076 兖矿能源集团股份有限公司 第九届监事会第八次会议决议公告 兖矿能源集团股份有限公司（"公司"）第九届监事会第八次会议 通知于 2024 年 10 月 20 日以书面送达或电子邮件形式发出，会议于 2024 年 10 月 25 日在山东省公司总部召开。会议应出席监事 3 名，实 际出席监事 3 名，符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的规定。 经出席会议监事一致同意，会议形成以下决议： 审议通过公司《2024 年第三季度报告》。 兖矿能源集团股份有限公司监事会 2024 年 10 月 25 日 本公司监事会及全体监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。 ...