煤炭/煤炭开采 华阳股份（600348.SH） 煤炭量价齐跌致业绩承压，关注煤矿成长及转型 2025 年 04 月 28 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 6.57 | | 一年最高最低(元) | 11.36/6.17 | | 总市值(亿元) | 237.01 | | 流通市值(亿元) | 237.01 | | 总股本(亿股) | 36.08 | | 流通股本(亿股) | 36.08 | | 近 3 个月换手率(%) | 51.87 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 华阳股份 沪深300 相关研究报告 《Q3 业绩环比大增，关注煤矿成长及 高分红潜力—公司信息更新报告》 -2024.11.1 《量价下滑致业绩承压，关注煤矿成 长及高分红潜力—公司 2024年中报点 评报告》-2024.8.30 《煤炭量价致业绩承压，提分红彰显 投资价值—公司 2024年一季报点评报 告》-2024.4.29 张绪成（分析师） zhangxucheng@ky ...

Summary of Huayang Co., Ltd. Conference Call Company Overview - **Company**: Huayang Co., Ltd. - **Industry**: Coal and Energy Key Points Financial Performance - In 2024, Huayang Co. achieved a revenue of 25 billion yuan and a net profit of 2.225 billion yuan, with a cash dividend of 1.115 billion yuan, maintaining a high dividend payout ratio of 55% [2][4][21] - For Q1 2025, the company reported revenue of 5.817 billion yuan, total profit of 954 million yuan, and net profit of 597 million yuan, reflecting year-on-year declines of 23%, 31%, and approximately 20% respectively, primarily due to market conditions [2][4] Operational Strategies - The company is implementing cost reduction and efficiency enhancement measures, including smart production techniques and exploring mergers and acquisitions to identify new growth opportunities [2][4] - Huayang Co. plans to maintain a coal production target of 38 million tons for 2025, with Q1 production already exceeding a quarter of this target [6][23] Coal Production and Pricing - The company’s coal pricing structure includes fixed supply coal priced at 570 yuan per ton and market coal prices linked to northern port prices, with over 80% of coal being supply coal [2][7] - In Q1 2025, the company’s coal production increased by approximately 200,000 to 250,000 tons year-on-year [6] Future Outlook - The company anticipates an increase in coal prices in 2025 due to limited domestic supply and import restrictions, aiming to enhance product quality to maintain market share [10] - The company is also focusing on the development of new energy materials and the sodium battery business, which is expected to contribute positively to revenue [17] Dividend Policy - Huayang Co. has committed to a minimum dividend payout of 30% from 2024 to 2026, with actual payouts exceeding expectations in previous years [2][21] Market Trends - The coal market is expected to stabilize, with predictions of a peak in production and demand around 2030, while smaller coal mines may exit the market [20] Risk Management - The company is enhancing safety management and gas control measures to mitigate production disruptions caused by accidents [14] Communication with Investors - Investors are encouraged to engage with Huayang Co. through the Shenwan Coal Team or directly for ongoing communication [26] Additional Important Information - The company is not currently seeking new resource acquisitions but aims to optimize existing operations [25] - The company’s cost control measures have led to a decrease in coal production costs in Q1 2025 compared to the previous year [9]

Investment Rating - The report maintains a "Buy" rating for Huayang Co., Ltd. (600348.SH) [6] Core Views - The company has shown significant results in quality improvement and cost reduction, with a promising future driven by innovation and growth [1] - In 2024, the company achieved a revenue of 25.06 billion yuan, a year-on-year decrease of 12.13%, and a net profit attributable to shareholders of 2.225 billion yuan, down 57.05% year-on-year [1] - The first quarter of 2025 saw a net profit of 597 million yuan, a year-on-year decline of 31.18% but a quarter-on-quarter increase of 47.10%, slightly exceeding expectations [1] Financial Performance - The company’s coal production in 2024 was 38.37 million tons, a decrease of 16.4% year-on-year, while coal sales were 35.54 million tons, down 13.3% year-on-year [9] - The average selling price of coal in 2024 was 567 yuan per ton, a decrease of 6.4% year-on-year, while the cost per ton was 339 yuan, an increase of 14.7% year-on-year [9] - The company plans to distribute a cash dividend of 1.115 billion yuan in 2024, with a payout ratio of 50.11%, resulting in a dividend yield of 4.70% based on the closing price on April 25 [4] Strategic Developments - The company actively participated in mineral rights auctions, securing coal exploration rights in Shanxi Province for 6.3 billion tons of coal resources, enhancing its resource reserves and core competitiveness [3] - The Qiyuan coal mine is set to begin trial operations in December 2024, with plans to accelerate key project construction and ensure timely commencement and completion of projects [3] - The company is focusing on high-quality development, expanding into new energy and new materials sectors, and achieving breakthroughs in sodium-ion battery production and high-performance carbon fiber projects [4]

Investment Rating - The investment rating for Huayang Co., Ltd. is "Buy" [1] Core Views - The report indicates that the coal production of Huayang Co., Ltd. is expected to grow steadily, with significant growth potential in its coal business [1][4] - The company has successfully acquired coal exploration rights, increasing its coal resource reserves by 630 million tons [4] - The report emphasizes the company's commitment to shareholder returns, with a proposed cash dividend of 0.309 yuan per share, resulting in a cash dividend ratio of 50.01% [4] - The valuation remains attractive, with a projected A-share price-to-earnings ratio of 10.67 times for 2025, indicating a low valuation level [4][5] Financial Performance Summary - In 2024, the company reported total revenue of 25.06 billion yuan, a decrease of 12.13% year-on-year, and a net profit attributable to shareholders of 2.225 billion yuan, down 57.05% year-on-year [1][2] - For Q1 2025, the company achieved revenue of 5.817 billion yuan, a decline of 5.53% year-on-year, with a net profit of 597 million yuan, down 31.18% year-on-year [2] - The company's coal production in 2024 was 38.37 million tons, a decrease of 16.41% year-on-year, while in Q1 2025, production increased by 16.9% year-on-year to 9.936 million tons [4] - The average selling price of coal in 2024 was 567.04 yuan per ton, down 6.40% year-on-year, while in Q1 2025, it decreased to 511.54 yuan per ton, down 13.1% year-on-year [4] Earnings Forecast - The report forecasts net profits for Huayang Co., Ltd. to be 2.221 billion yuan in 2025, 2.479 billion yuan in 2026, and 2.717 billion yuan in 2027, with corresponding earnings per share of 0.62, 0.69, and 0.75 yuan [5][6]

Investment Rating - The investment rating for Huayang Co., Ltd. is "Buy" [1] Core Views - The report indicates that the coal production of Huayang Co., Ltd. is expected to grow steadily, with significant growth potential in its coal business [1][4] - The company successfully acquired coal exploration rights in the Yujiazhuang block for 6.8 billion yuan, increasing its coal resource reserves by 630 million tons [4] - The report highlights the company's commitment to shareholder returns, proposing a cash dividend of 0.309 yuan per share, resulting in a cash dividend ratio of 50.01% [4] - The valuation remains attractive with a projected A-share price-to-earnings ratio of 10.67 times for 2025, indicating a low valuation level [4][5] Financial Performance Summary - In 2024, the company reported total revenue of 25.06 billion yuan, a decrease of 12.13% year-on-year, and a net profit attributable to shareholders of 2.225 billion yuan, down 57.05% year-on-year [1][6] - For Q1 2025, the company achieved revenue of 5.817 billion yuan, a decline of 5.53% year-on-year, with a net profit of 597 million yuan, down 31.18% year-on-year [2][6] - The company's coal production in 2024 was 38.37 million tons, a decrease of 16.41% year-on-year, while the sales volume of commercial coal was 35.54 million tons, down 13.32% year-on-year [4] - In Q1 2025, the company reported an increase in coal production to 9.936 million tons, up 16.9% year-on-year, and a sales volume of 8.754 million tons, up 5.7% year-on-year [4] Earnings Forecast - The report forecasts net profits for Huayang Co., Ltd. to be 2.221 billion yuan in 2025, 2.479 billion yuan in 2026, and 2.717 billion yuan in 2027, with corresponding earnings per share (EPS) of 0.62, 0.69, and 0.75 yuan respectively [5][6] - The projected price-to-earnings ratios for the years 2025, 2026, and 2027 are 10.67, 9.56, and 8.72 times respectively, indicating a positive outlook for profitability [5][6]

Investment Rating - The report maintains a "Recommended" rating for Huayang Co., Ltd. (600348.SH) [5] Core Views - The company has maintained a high dividend payout ratio of 50% for two consecutive years, with a dividend yield of 4.7% based on the closing price on April 25, 2025 [3] - The company is expected to see a gradual recovery in net profit from 2025 to 2027, with projected net profits of 2.40 billion, 2.78 billion, and 3.15 billion yuan respectively, corresponding to EPS of 0.66, 0.77, and 0.87 yuan per share [3][4] - The company has effectively controlled costs in the first quarter of 2025, leading to a year-on-year increase in gross profit despite a decline in revenue [2] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 25.06 billion yuan, a decrease of 12.13% year-on-year, and a net profit attributable to shareholders of 2.23 billion yuan, down 57.05% year-on-year [1] - For Q1 2025, the company achieved operating revenue of 5.82 billion yuan, a decline of 5.53% year-on-year, and a net profit of 597 million yuan, down 31.18% year-on-year [1] - The company experienced non-recurring gains of 127 million yuan in 2024 and non-recurring losses of 34 million yuan in Q1 2025 [1] Coal Production and Sales - In 2024, coal production and sales were 38.37 million tons and 35.54 million tons respectively, down 16.42% and 13.32% year-on-year [2] - In Q1 2025, coal production increased significantly by 16.85% year-on-year to 9.94 million tons, and sales rose by 5.67% to 8.75 million tons [2] - The gross profit margin for Q1 2025 was 35.96%, an increase of 3.83 percentage points year-on-year, driven by effective cost control [2] Dividend Policy - The company plans to distribute a cash dividend of 0.309 yuan per share for the 2024 fiscal year, totaling 1.115 billion yuan, maintaining a dividend payout ratio of 50.11% [3] - The high dividend payout ratio reflects the company's commitment to returning value to shareholders while pursuing growth [3]

山西华阳集团新能股份有限公司 2024年度独立董事述职报告 刘志远 （一）出席董事会、股东大会的情况 1 2024 年度，公司共召开董事会会议 11 次，股东大会会议 5 次，本人 的出席情况如下： | 独立董 | 应出席董 | 实际出席董 | 委托出席董 | 缺席董事 | 是否连续两次 | 出席股 | | --- | --- | --- | --- | --- | --- | --- | | 事姓名 | 事会次数 | 事会次数 | 事会次数 | 会次数 | 未亲自参加董 | 东大会 | | | | | | | 事会会议 | 次数 | | 刘志远 | 11 | 11 | 0 | 0 | 否 | 5 | 作为山西华阳集团新能股份有限公司（以下简称"公司"）的独立董 事，在 2024 年度严格按照《中华人民共和国公司法》（以下简称《公司 法》）《中华人民共和国证券法》（以下简称《证券法》）《上海证券交 易所股票上市规则》《上市公司独立董事管理办法》和《公司独立董事工 作制度》《公司独立董事专门会议工作制度》等相关法律法规、规范性文 件的规定，独立客观、勤勉尽责地履行职责，积极参加公司召开的相关会 议，认真审议公司 ...

山西华阳集团新能股份有限公司 2024年度独立董事述职报告 潘青锋 作为山西华阳集团新能股份有限公司（以下简称"公司"）的独立董 事，在 2024 年度严格按照《中华人民共和国公司法》（以下简称《公司 法》）《中华人民共和国证券法》（以下简称《证券法》）《上海证券交 易所股票上市规则》《上市公司独立董事管理办法》和《公司独立董事工 作制度》《公司独立董事专门会议工作制度》等相关法律法规、规范性文 件的规定，独立客观、勤勉尽责地履行职责，积极参加公司召开的相关会 议，认真审议公司的各项议案，并对相关事项发表审核意见，切实维护了 公司整体利益和全体股东、尤其是中小股东的合法权益。现将 2024 年度 履职情况汇报如下： 一、独立董事基本情况 本人潘青锋，女，高级会计师、注册会计师、司法鉴定人、绩效评价 师、山西省注册会计师行业领军人才。现任阳泉市财政预算评审中心经费 绩效科科长（外聘专家），山西华阳集团新能股份有限公司独立董事、山 西省第十四届人民代表大会代表、常务委员会委员。自 2023 年 11 月任公 司第八届独立董事、提名委员会主任委员和审计委员会、战略委员会、薪 酬与考核委员会委员。2024 年度任期全 ...

山西华阳集团新能股份有限公司第八届董事会独立董事专门会议 2025 年第三次会议资料 山西华阳集团新能股份有限公司 第八届董事会独立董事专门会议 2025年第三次会议审核意见 根据《上市公司独立董事管理办法》《上海证券交易所上市公司自律监 管指引第 1 号——规范运作》《上海证券交易所上市公司自律监管指引第5 号——交易与关联交易》和《公司章程》《公司关联交易决策制度》等相关 规定,我们作为山西华阳集团新能股份有限公司(以下称"公司")的独立董事, 对公司第八届董事会独立董事专门会议2025年第三次会议审议的《关于2024 年度日常关联交易执行情况和2025年度日常关联交易预计的议案》和《关于 阳泉煤业集团财务有限责任公司的风险持续评估报告的议案》所涉及的事项 进行认真核查，发表如下审核意见： 一、关于2024年度日常关联交易执行情况和2025年度日常关联交易预计 的审核意见 根据《公司法》、上海证券交易所《股票上市规则》和《上市公司自律监 管指引第5号——交易与关联交易》等相关法律法规的规定，我们认为：上述 关联交易遵循了市场公允原则，未侵占任何一方利益，公司与财务公司签订 了在财务公司存款的风险预防处置预 ...

二、独立董事年度履职概况 （一）出席董事会、股东大会的情况 1 一、独立董事基本情况 本人姚婧然，女，中国政法大学法学学士。现任北京市京师（太原） 律师事务所律师创始合伙人、常务主任、山西华阳集团新能股份有限公司 独立董事。自 2023 年 11 月任公司第八届独立董事、薪酬与考核委员会主 任委员和审计委员会、战略委员会、提名委员会委员。2024 年度任期全 年，在公司现场办公 20 天。 本人不存在不得担任独立董事的情形，不存在违反独立董事独立性要 求的情形，独立性情况自查报告已提交董事会。董事会对本人独立性情况 进行了评估，出具了专项报告，并与 2024 年年度报告同时披露。 山西华阳集团新能股份有限公司 2024年度独立董事述职报告 姚婧然 作为山西华阳集团新能股份有限公司（以下简称"公司"）的独立董 事，在 2024 年度严格按照《中华人民共和国公司法》（以下简称《公司 法》）《中华人民共和国证券法》（以下简称《证券法》）《上海证券交 易所股票上市规则》《上市公司独立董事管理办法》和《公司独立董事工 作制度》《公司独立董事专门会议工作制度》等相关法律法规、规范性文 件的规定，独立客观、勤勉尽责地履行职 ...