[Table_Title] 评级：买入（维持） [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 46,391 37,371 33,670 32,164 30,969 增长率 yoy% -3% -19% -10% -4% -4% 净利润（百万元） 6,981 4,260 2,981 3,237 3,449 增长率 yoy% 41% -39% -30% 9% 7% 每股收益（元） 3.52 2.15 1.50 1.63 1.74 每股现金流量 6.81 3.02 3.02 3.48 3.54 净资产收益率 37% 21% 13% 13% 13% P/E 3.3 5.4 7.7 7.1 6.6 P/B 1.5 1.5 1.5 1.5 1.4 备注：股价为 2024 年 8 月 30 日收盘价 市场价格：11.56 元 [Table_Profit] 基本状况 总股本(百万股) 1,982 流通股本(百万股) 1,982 市价(元) 11.56 市值(百万元) 22,917 流通市值(百万元) 22,917 山煤国际（6005 ...

[Table_MainInfo] 公司研究/煤炭 证券研究报告 山煤国际（600546）公司半年报点评 2024 年 09 月 05 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |------------------------------------------------------|----------------| | 股票数据 | | | 09 [ Table_StockInfo 月 05 日收盘价（元） ] | 11.63 | | 52 周股价波动（元） | 10.90-20.33 | | 总股本 / 流通 A 股（百万股） | 1982/1982 | | 总市值 / 流通市值（百万元） | 23056/23056 | | 相关研究 | | | [Table_ReportInfo] 《安监致 23 年盈利下滑， 24 | 年高分红可期》 | | 2024.04.06 | | 市场表现 [Table_QuoteInfo] 山煤国际 海通综指 -40.41% -25.41% -10.41% 4.59% 19.59% 34.59% 2023/9 202 ...

证券研究报告 | 公司动态点评 2024 年 09 月 03 日 山煤国际（600546.SH） 24Q2 吨煤毛利环比增长，下半年煤炭产销有望修复 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------|-----------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 46,394 | 37,371 | 29,384 | 30,594 | 31,825 | | | | 增长率 yoy （ % ） | -3.5 | -19.4 | -21.4 | 4.1 | 4.0 | 股票信息 | | | 归母净利润（百万元） | 6,929 | 4,260 | 2,617 | 2,848 | 3,070 | 行业 | 煤炭 | | 增长率 yoy （ ...

动力煤 山煤国际（600546.SH） 增持-A(维持) 证券研究报告 量价下行影响业绩，关注下半年产量恢复 2024 年 9 月 2 日 公司研究/公司快报 事件描述 公司近一年市场表现 山煤国际 - ·上证指数 公司发布 2024 年半年度报告：报告期内公司实现营业收入 140.57 亿元， 同比-32.01%；归母净利润 12.91 亿元，同比-58.11%；扣非后归母净利润 13.80 亿元，同比-55.68%；经营活动产生的现金流量净额 23.81 亿元，同比-16.99%； 基本每股收益为 0.65 元，同比-58.06%；加权平均 ROE 为 8.01%，同比减少 11.63 个百分点。 事件点评 上半年自产煤量、价同降，贸易煤量增价减。2024 年上半年公司实现自 市场数据：2024 年 9 月 2 日 产煤产量 1538.12 万吨，同比-27.4%；销量 2083.09 万吨，同比-22.71%，其 收盘价（元）： 11.84 中自产煤 1191.75（-38.51%），贸易煤 891.34（+17.77%）。上半年自产煤 年内最高/最低（元）： 20.33/10.90 吨煤售价 685. ...

开源证券 煤炭/煤炭开采 Q2 自产煤量价环比改善，关注新产能和高分红 山煤国际（600546.SH） 2024 年 09 月 02 日 ——公司 2024 年中报点评报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/30 | | 当前股价 ( 元 ) | 11.56 | | 一年最高最低 ( 元 ) | 20.33/10.90 | | 总市值 ( 亿元 ) | 229.17 | | 流通市值 ( 亿元 ) | 229.17 | | 总股本 ( 亿股 ) | 19.82 | | 流通股本 ( 亿股 ) | 19.82 | | 近 3 个月换手率 (%) | 57.49 | 股价走势图 山煤国际 沪深300 -48% -32% -16% 0% 16% 32% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《Q1 量价双降致业绩承压，关注新产 能和高分红分红比例有望提高—2024 一季报点评报告》-2024.4.27 《量价齐跌拖累业绩，未来有望提高 分红—公司信 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The report highlights that the company's coal production and pricing improved on a quarter-on-quarter basis in Q2 2024, with a focus on new capacity and high dividends [4]. - The company reported a significant decline in revenue and net profit year-on-year for H1 2024, but showed recovery in Q2 with a 21.2% increase in revenue and a 21.3% increase in net profit compared to Q1 2024 [4]. - The long-term investment value of the company is emphasized due to the smooth progress of capacity release and the potential increase in dividend payout ratios [4]. Financial Summary - For H1 2024, the company achieved operating revenue of 14.06 billion yuan, down 32% year-on-year, and a net profit attributable to shareholders of 1.29 billion yuan, down 58.1% year-on-year [4]. - In Q2 2024, the company reported operating revenue of 7.7 billion yuan, with a quarter-on-quarter increase of 21.2%, and a net profit of 710 million yuan, also up 21.3% quarter-on-quarter [4]. - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 3.08 billion, 3.38 billion, and 3.68 billion yuan respectively, reflecting a year-on-year change of -27.8%, +9.8%, and +8.8% [4]. Production and Sales Performance - The company's coal production in H1 2024 was 15.38 million tons, down 27.4% year-on-year, with Q2 production at 7.87 million tons, up 4.7% quarter-on-quarter [4]. - The average selling price of self-produced coal in H1 2024 was 685.9 yuan per ton, down 6.1% year-on-year, with Q2 price at 705.9 yuan per ton, up 6.6% quarter-on-quarter [4]. - The gross profit per ton of self-produced coal improved in Q2 2024 to 400.2 yuan, up 13.1% quarter-on-quarter [4]. Capacity and Dividend Outlook - The report notes that the company is accelerating the approval process for capacity expansion, with several projects expected to increase production capacity significantly [4]. - The company's dividend payout ratio is projected to increase, with plans to distribute at least 60% of the distributable profits in cash for the years 2024-2026, provided certain conditions are met [4].

证券研究报告 | 半年报点评 gszqdatemark 2024 09 02 年 月 日 山煤国际（600546.SH） Q2 产销环比恢复，售价逆市增长 2024 年 8 月 30 日，公司发布 2024 年半年度业绩公告。24H1 公司实 现营业收入 140.57 亿元，同比-32.01%；归母净利润 12.91 亿元，同比58.11%，基本每股收益 0.65 元。24Q2 单季度公司实现营业收入 77.01 亿 元，同比-23.20%；归母净利润 7.07 亿元，同比-48.55%，环比+21.30%。 报告期间，长春兴未决诉讼计提了 1.5 亿的预期负债并列入营业外支出， 按控股比例 51%计，预估影响归母净利约 0.77 亿左右。 煤炭产销逐步恢复&吨煤售价环比改善，24Q2 业绩实现逆势增长。 （1） 煤炭产销逐步恢复：二季度以来，公司受国家安全督导检查等影 响拖累逐步消除，产销量实现稳步恢复。24Q2 公司实现原煤产量 787 万吨，环比+4.7%；商品煤销量 1154 万吨，环比+24.1%。 （2） 自产煤吨煤售价环比提升，吨煤毛利环比改善：24Q2 公司自产煤 吨煤售价 706 元/吨，环 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 Q2 量价环比均复苏，预计 Q3 产量同比持平 山煤国际(600546) [Table_Industry] 煤炭/能源 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Target] 目标价格： 13.73 上次预测: 20.99 [table_Authors] 黄涛(分析师) 021-38674879 huangtao@gtjas.com [当前价格： Table_CurPrice] 11.56 登记编号 S0880515090001 公 司 更 新 报 告 总市值（百万元） 22,917 流通 B 股/H 股（百万股） 0/0 [Table_Balance] 资产负债表摘要(LF) 股东权益（百万元） 15,795 每股净资产（元） 7.97 市净率（现价） 1.5 净负债率 -4.41% 证 券 研 究 报 告 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 -7% -27% -28% 相对指数 -5% -19% ...

证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 薛磊 资格编号：S0120524020001 邮箱：xuelei＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 山煤国际 沪深300 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|--------| | -34% 2023-08 \n沪深 300 对比 | 2023-12 \n1M | 2024-04 \n2M | 3M | | 绝对涨幅 (%) | -6.77 | -20.93 | -27.16 | | 相对涨幅 (%) | -5.35 | -16.88 | -19.57 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《山煤国际：量价齐跌业绩承压，分 红提升凸显配置价值》，2024.4.28 2.《山煤国际点评：利润分红下降，未 来有望恢复》，2024.3.30 3.《山煤国际点评：产销下滑拖 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with operating income of 14.057 billion yuan, down 32.01% year-on-year, and a net profit attributable to shareholders of 1.291 billion yuan, down 57.79% year-on-year [1][2] - The report anticipates a recovery in production and profitability in the second half of 2024, supported by strong demand for long-term contract prices in the coal market [2] Financial Performance Summary - For the first half of 2024, the company achieved a coal production volume of 15.3812 million tons, a decrease of 27.40% year-on-year, and coal sales revenue of 8.174 billion yuan, down 42.27% year-on-year [1][2] - The average selling price of coal was 685.92 yuan per ton, reflecting a decrease in sales volume of 38.51% year-on-year [1] - The company’s cash flow from operating activities was 2.381 billion yuan, down 17.57% year-on-year [1] - The second quarter of 2024 saw a recovery in sales volume, with self-produced coal sales reaching 6.456 million tons, an increase of 21.17% quarter-on-quarter [1][2] Profitability and Forecast - The report forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 2.663 billion yuan, 2.746 billion yuan, and 2.827 billion yuan respectively, with EPS of 1.34, 1.39, and 1.43 yuan per share [2][3] - The gross profit margin is expected to decline from 39.1% in 2023 to 35.5% in 2024, reflecting the impact of rising resource taxes and market conditions [3] Market and Operational Insights - The company has successfully developed new coal sourcing channels in Malaysia and Indonesia, optimizing its supply structure [2] - The report highlights the importance of maintaining high inventory levels at power plants, which supports coal demand [2]