证券代码：600575 证券简称：淮河能源 公告编号：临 2024-039 淮河能源（集团）股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 9 月 27 日（星期五）上午 11:00-12:00 会议召开地点： 上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 9 月 20 日（星期五）至 9 月 26 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 hhny575@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 淮河能源（集团）股份有限公司（以下简称"公司"）已于 2024 年 8 月 28 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 27 日上 ...

Investment Rating - The report assigns an "Accumulate" rating for Huaihe Energy, marking the first coverage of the company [1]. Core Views - The company's electricity business has seen significant growth, leading to a notable improvement in profitability across the sector [1]. - For the first half of 2024, Huaihe Energy reported a revenue of 15.822 billion yuan, a year-on-year increase of 14.74%, with a net profit attributable to shareholders of 575 million yuan, up 58.94% year-on-year [2]. - The company has a robust coal supply and transportation business, with a focus on sustainable development and stable profit distribution policies [3][4]. Financial Performance Summary - **Revenue and Profitability**: - Revenue for 2022 was 25.382 billion yuan, increasing to 27.333 billion yuan in 2023, with projections of 31.870 billion yuan for 2024 [1]. - Net profit attributable to shareholders rose from 284 million yuan in 2022 to 840 million yuan in 2023, with an expected increase to 1.164 billion yuan in 2024 [1]. - The company's gross profit margin for the electricity business was 39.10% in the first half of 2024, up 2.01 percentage points year-on-year [3]. - **Earnings Per Share (EPS)**: - The latest diluted EPS was 0.22 yuan in 2023, projected to rise to 0.30 yuan in 2024 and 0.32 yuan in 2026 [1][4]. - **Return on Equity (ROE)**: - ROE improved from 4.0% in 2022 to 7.1% in 2023, with expectations of reaching 9.3% in 2024 [1]. Business Growth and Strategy - **Electricity Generation**: - The company generated 8.679 billion kWh of thermal power in the first half of 2024, a year-on-year increase of 27.81% [2]. - The average selling price of electricity was 408.31 yuan/MWh, with a slight decrease of 0.15% year-on-year, while the unit cost of electricity sold decreased by 3.29% [2]. - **Coal Supply and Transportation**: - The coal supply business reached a record high of 15.61 million tons in the first half of 2024, up 33.08% year-on-year [3]. - The railway freight volume remained stable at 24.97 million tons, with a slight decrease of 0.12% year-on-year [3]. - **Future Outlook**: - The company plans to implement a stable profit distribution policy, prioritizing cash dividends while also considering stock options [3][4]. - The acquisition of Panji Power Plant is expected to enhance the company's sustainable development capabilities [4]. Financial Projections - Revenue projections for 2024-2026 are 31.870 billion yuan, 32.870 billion yuan, and 34.847 billion yuan respectively, with net profits expected to be 1.164 billion yuan, 1.220 billion yuan, and 1.235 billion yuan [4].

Investment Rating - The report assigns an "Accumulate-A" rating to the company, indicating a positive outlook for its stock performance in the near term [3]. Core Views - The company has shown significant profit growth, with a notable increase in installed capacity expected in the future. The growth in revenue and net profit is primarily driven by increased power generation and the release of newly injected capacity [1][3]. - The company is positioned to benefit from the continuous injection of coal and electricity assets from the parent group, as well as the high growth in electricity demand in Anhui Province [3]. Financial Performance Summary - For the first half of 2024, the company achieved operating revenue of 15.822 billion yuan, a year-on-year increase of 14.74%. The net profit attributable to shareholders was 575 million yuan, up 58.94% year-on-year, while the net profit after deducting non-recurring items reached 525 million yuan, a 100.89% increase [1]. - The company reported a basic earnings per share (EPS) of 0.15 yuan, reflecting a 50% year-on-year growth. The weighted average return on equity (ROE) was 5.10%, an increase of 1.62 percentage points year-on-year [1]. - The company’s operating cash flow for the first half of 2024 was 1.268 billion yuan, a substantial increase of 279.90% year-on-year [1]. Future Earnings Projections - The company is expected to see EPS of 0.26, 0.27, and 0.30 yuan for the years 2024, 2025, and 2026, respectively. Corresponding price-to-earnings (P/E) ratios are projected to be 14.0, 13.4, and 11.9 times [3]. - Revenue forecasts for the years 2024 to 2026 are 28.060 billion yuan, 28.921 billion yuan, and 29.769 billion yuan, respectively, with expected year-on-year growth rates of 2.7%, 3.1%, and 2.9% [5]. Dividend Policy - The company has a stable cash position, with a dividend payout ratio of 55% in 2023. It plans to distribute at least 30% of the average distributable profits over the past three years in cash over the next three years, depending on annual profitability and funding needs [2].

本报告仅供 Choice 东方财富 使用，请勿传阅。 股价表现 2024 年 08 月 27 日 淮河能源(600575.SH) "煤窝办电"优势突出，2024H1 业绩 高增 公司发布 2024 年半年度报告：2024 年上半年公司实现营业收 入 158.22 亿元，同比+14.74%；归母净利润 5.75 亿元，同比 +58.94%；扣非归母净利润 5.25 亿元，同比+100.89%。分季度看， 2024 年第二季度公司实现营业收入 85.07 亿元，同比+10.37%， 环比+16.30%；归母净利润 2.65 亿，同比+49.81%，环比-14.42%； 扣非归母净利润 2.43 亿元，同比+71.14%，环比-13.82%。 2024H1 发电量同比高增贡献业绩增量：据公告，公司 2024H1 归 母净利润同比大增，主要系公司所属的潘集发电公司、淮沪煤电 有限公司、顾桥电厂发电量同比增加影响。具体去看，2024 年上 半年，公司完成发电量 86.79 亿度，同比+27.81%，其中：潘集发 电公司 33.71 亿度、顾桥电厂 14.65 亿度、潘三电厂 6.44 亿度、 淮沪煤电田集电厂一期 31 ...

2024 年半年度报告 公司代码：600575 公司简称：淮河能源 淮河能源（集团）股份有限公司 2024 年半年度报告 1 / 155 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人周涛、主管会计工作负责人卢刚及会计机构负责人（会计主管人员）吕明夫声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内，公司不存在对生产经营产生实质性影响的 ...

一、审议通过了《淮河能源（集团）股份有限公司 2024 年半年度报告》全文 及其摘要 根据《证券法》等相关规定，公司监事会对董事会编制的 2024 年半年度报告 发表如下审核意见： 1、半年报的编制和审议程序符合法律、法规、《公司章程》和公司内部管理 制度的各项规定； 证券代码：600575 证券简称：淮河能源 公告编号：临 2024-038 淮河能源（集团）股份有限公司 第八届监事会第五次会议决议公告 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。 淮河能源（集团）股份有限公司（以下简称"公司"）第八届监事会第五次 会议于 2024 年 8 月 27 日在公司二楼二号会议室召开，会议通知于 2024 年 8 月 16 日以电子邮件的形式向全体监事发出。会议应出席监事 5 人，实际出席 5 人，公 司董事会秘书马进华列席了会议。会议由监事会主席施夕友主持，会议的召开符 合《公司法》和《公司章程》的规定。会议审议并以书面记名表决的方式通过了 如下决议： 第 1 页 共 1 页 特此公告。 淮河能源（集团）股份有限公司监事会 20 ...

证券代码：600575 证券简称：淮河能源 公告编号：临 2024-037 淮河能源（集团）股份有限公司 第八届董事会第八次会议决议公告 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，并对其内容的真实性、准确性和完整性承担法律责任。 表决情况：同意 8 票，反对票 0 票，弃权票 0 票，回避票 0 票。 二、审议通过了《关于淮南矿业集团财务有限公司通过公司风险评估的议案》 根据《公司与淮南矿业集团财务有限公司关联交易的资金风险防范制度》，公司对 淮南矿业集团财务有限公司（以下简称"财务公司"）的经营资质、业务和风险状况进 行了评估，并出具了《关于淮南矿业集团财务有限公司 2024 年半年度风险评估的报告》 （详见上海证券交易所网站 http://www.sse.com.cn）。 经审核，公司认为，财务公司具有合法有效的《金融许可证》《企业法人营业执照》， 建立了较为完整合理的内部控制制度，能较好地控制风险，不存在违反《企业集团财 务公司管理办法》规定的情况，资产负债比例等符合相关监管规定要求，财务公司符 合《公司与淮南矿业集团财务有限公司关联交易的资金风险防范制度》的要求 ...

关于淮南矿业集团财务有限公司 2024 年半年度风险评估的报告 为有效防范、及时控制和化解淮河能源（集团）股份有限公 司（以下简称"公司"或"上市公司"）及所属控股子公司在控 股股东淮南矿业（集团）有限责任公司（以下简称"淮南矿业"） 控股的淮南矿业集团财务有限公司（以下简称"财务公司"）存 款的风险，保证资金的独立性、安全性、流动性、盈利性，根据 《公司与淮南矿业集团财务有限公司关联交易的资金风险防范 制度》等有关文件规定，公司对财务公司进行了风险评估，具体 情况如下： 一、财务公司基本情况 财务公司是经原中国银行业监督管理委员会《关于核准淮南 矿业集团财务有限公司开业的批复》（银监复[2007]353 号）批 准，于 2007 年 9 月由淮南矿业投资设立的非银行金融机构，注 册资本 30,000 万元。2008 年 8 月，根据财务公司董事会决议和 修改后的财务公司章程规定，财务公司申请增加注册资本70,000 万元，变更后的注册资本为 100,000 万元，其中：淮南矿业出资 91,500 万元，占注册资本的 91.50%；淮南东辰集团有限责任公 司出资 5,000 万元，占注册资本的 5.00%；淮 ...

Investment Rating - The report assigns an "Increase" rating for the company, indicating a positive outlook for the stock's performance in the next 6-12 months [2][38][134]. Core Insights - The company, Huaihe Energy, is positioned as a leader in the coal and electricity integration sector in Anhui Province, benefiting from low-cost power generation and strong growth potential [2][4]. - The company has a robust operational structure with significant contributions from logistics, coal, and electricity sectors, with logistics trade accounting for approximately 67% of revenue [2][47]. - The integration of coal and electricity operations provides a competitive edge, with stable coal supply from its own mines, leading to lower costs and improved profitability [4][69]. Summary by Sections Company Overview - Huaihe Energy has evolved from a logistics company to a comprehensive energy provider, with significant investments in coal and electricity generation [2][43]. - The company has a total installed capacity of 4,910 MW, with plans to increase this to 7,550 MW through the addition of new power plants [2][4]. Financial Performance - The company reported a net profit of 840 million yuan in 2023, a 142% increase year-on-year, with earnings per share rising to 0.22 yuan [2][27]. - Revenue projections for 2024-2026 are estimated at 28.003 billion yuan, 28.401 billion yuan, and 33.842 billion yuan, respectively, with corresponding net profits of 1.047 billion yuan, 1.137 billion yuan, and 2.022 billion yuan [2][38]. Growth Drivers - The company benefits from a strong coal supply from its parent company, Huainan Mining, which has a coal production capacity of 77.9 million tons per year [2][88]. - The construction of new power plants, including the Panji Phase II and Xieqiao plants, is expected to significantly enhance the company's revenue and profit margins [2][14][79]. Market Conditions - The electricity demand in Anhui Province remains high, with coal-fired power generation being the primary source of energy, providing a favorable environment for the company's growth [2][83]. - The stable pricing of coal under long-term contracts helps maintain cost efficiency and profitability for the company [2][120]. Future Outlook - The company is expected to maintain high utilization rates for its power plants, with average annual utilization hours projected at 4,549 to 4,759 hours from 2024 to 2026 [5][99]. - The anticipated increase in installed capacity and stable coal prices are expected to drive significant revenue growth in the coming years [2][38].

淮河能源专场交流 20240710 通过多次收购和资产重组，控股股东变更为淮南矿业，实际控制人为安徽省国资委。 2019 年 5 月，公司成为安徽省港口运营集团的第二大股东。 公司股权结构中，淮南矿业及其一致行动人上海矿共持有公司 60.327%股份。 二、业务运营与财务数据 煤炭贸易业务由华通电缆公司及电缆芜湖公司负责，为安徽省最大煤炭贸易商。 近三年营收和毛利呈稳步增长，2023 年电力业务毛利占比同比提升 19.48 个百分点。 2024 年预计总收入 283.6 亿元，利润总额 10.8 亿元，净利润 9.2 亿元。 控股股东在建的煤电机组包括潘集电厂二期、四桥电厂、苏河电厂 4 期等，预计未 来陆续投产。 四、季度业绩与市场展望 公司电力业务定价依据长协价格，电厂全部由控股股东保供。 潘金莲电厂一期度电煤耗约为 280 克，度电利润近 7 分钱。 Q1: 公司二季度业绩为何回落，下半年展望如何？ A2: 目前，公司控股股东的煤炭资源中，仅煤电资产有可能注入上市公司，煤矿由 于不满足整体上市条件，暂时不会注入。 A4: 公司计划通过收购和建设来扩大电厂资产，包括已从中国电力收购的电厂和计 划建设的超高 ...