公 司 研 究 源证券 煤炭/煤炭开采 Q3 煤炭量价齐跌拖累业绩，关注煤矿+煤化工成长 淮北矿业（600985.SH） 2024 年 10 月 30 日 ——公司信息更新报告 投资评级：买入（维持） 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 Q3 煤炭量价齐跌拖累业绩，关注煤矿+煤化工成长，维持"买入"评级 公司发布 2024 年三季报，2024 年前三季度公司实现营业收入 566.7 亿元，同比 +2%；实现归母净利润 41.4 亿元，同比-18.2%；实现扣非后归母净利润 40.8 亿 元，同比-16.5%。单 Q3 来看，公司实现营业收入 194.7 亿元，环比-2.4%；实现 归母净利润 12 亿元，环比-10.5%，实现扣非后归母净利润 11.9 亿元，环比-9.7%。 考虑到煤炭量价下滑，我们下调 2024-2026 年盈利预测，预计 2024-2026 年公司 归 母 净 利 润 54.3/63.0/66.4 亿 元 （ 前 值 为 57.5/64.2/68.3 亿元），同比 -12.8%/+16.1%/+5.3%；EPS 为 2.0 ...

Investment Rating - The report maintains a "Buy" rating for HuaiBei Mining [5] Core Views - The company's performance has been impacted by declining sales and prices, but growth potential remains evident [1][3] - The company reported a net profit of 4.139 billion yuan for the first three quarters of 2024, a decrease of 18.17% year-on-year, while revenue increased by 1.96% to 56.786 billion yuan [1] - In Q3 2024, the net profit was 1.204 billion yuan, down 18.12% year-on-year, with revenue rising by 6.45% to 19.47 billion yuan [1] Summary by Sections Sales and Production - For Q1-Q3 2024, the company produced 15.67 million tons of commodity coal, a decrease of 6.4% year-on-year, with sales of 11.88 million tons, down 13.9% [2] - In Q3 2024, commodity coal production was 5.35 million tons, down 1.4% year-on-year, while sales were 3.85 million tons, down 3.4% [2] Pricing and Costs - The average selling price of coal for Q1-Q3 2024 was 1,115 yuan per ton, down 7.0% year-on-year, while the cost was 557 yuan per ton, down 10.8% [2] - In Q3 2024, the coal selling price was 1,053 yuan per ton, up 2.7% year-on-year, but down 5.3% from the previous quarter [2] Product Performance - In Q3 2024, the company produced 95,000 tons of coke, down 4.4% year-on-year, with a selling price of 1,843 yuan per ton, down 8.4% [3] - Methanol production increased by 16.1% year-on-year to 126,000 tons, while ethanol production was 148,000 tons, contributing positively to performance [3] Future Growth - The company is expanding its production capabilities with new projects, including a 2×660MW supercritical power generation unit and several non-coal mines expected to be operational by the end of 2024 [3] - Forecasted net profits for 2024 to 2026 are 5.3 billion yuan, 5.97 billion yuan, and 6.5 billion yuan, respectively, with corresponding P/E ratios of 7.8X, 7.0X, and 6.4X [3][4]

证券代码：600985 证券简称：淮北矿业 公告编号：临 2024-062 淮北矿业控股股份有限公司 二、煤化工产品的产量、销量及收入实现情况 | 主要产品 | 经营指标 | 单位 | 2024 年 1-9 | 月 | 2023 年 1-9 | 月 变动比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | 焦炭 | 产量 | 万吨 | 265.27 | | 272.80 | | -2.76 | | | 销售量 | 万吨 | 259.39 | | 271.55 | | -4.48 | | | 销售收入 | 万元 | 526,500.48 | | 633,768.40 | | -16.93 | | | 平均售价（不含税） | 元/吨 | 2,029.79 | | 2,333.93 | | -13.03 | | 甲醇 | 产量 | 万吨 | 28.67 | 35.65 | -19.58 | | --- | --- | --- | --- | --- | --- | | | 销售量 | 万吨 | 15.76 | 35.61 | -55.74 | | ...

股票代码：600985 股票简称：淮北矿业 编号：临 2024—061 淮北矿业控股股份有限公司 关于全资子公司吸收合并其下属公司的公告 该事项已经公司第十届董事会第二次会议审议通过。根据《上海证券交易所 股票上市规则》等相关法律法规、规范性文件及《公司章程》有关规定，该事项 在董事会权限内，无需提交股东大会审议。本次吸收合并不构成关联交易和《上 市公司重大资产重组管理办法》规定的重大资产重组情形。 一、合并双方基本情况 （一）合并方情况 1.公司名称：淮北矿业股份有限公司 2.统一社会信用代码：91340600733033942R 1 3.成立日期：2001 年 11 月 26 日 4.注册地址：安徽省淮北市相山区人民中路 276 号 5.法定代表人：孙方 6.注册资本：675,107 万元 7.企业类型：股份有限公司 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。 为进一步优化公司管理架构，压缩管理层级，提高运营效率，公司全资子公 司淮北矿业股份有限公司（下称"淮矿股份"）拟吸收合并其全资子公司淮北青 东煤业有限公司（下称 ...

Financial Performance - Operating revenue for Q3 2024 reached ¥19,433,072,182.16, an increase of 6.55% compared to the same period last year[2]. - Net profit attributable to shareholders was ¥1,203,958,505.68, a decrease of 18.12% year-on-year[2]. - Basic earnings per share for the quarter was ¥0.45, down 23.73% from the previous year[3]. - Total operating revenue for the first three quarters of 2024 reached CNY 56,785,931,751.93, an increase from CNY 55,695,581,209.89 in the same period of 2023, representing a growth of approximately 1.96%[17]. - Operating costs for the first three quarters of 2024 amounted to CNY 52,254,045,046.87, compared to CNY 50,197,082,676.43 in 2023, reflecting an increase of about 4.09%[17]. - The net profit for the third quarter of 2024 was CNY 3,960,929,403.30, a decrease of 17.83% compared to CNY 4,820,964,969.98 in the same period of 2023[18]. - Operating profit for the third quarter of 2024 was CNY 4,763,747,321.57, down from CNY 5,678,711,081.81 in the previous year, reflecting a decline of 16.09%[18]. - Net profit for the first three quarters of 2024 was CNY 75,423,043.33, compared to CNY 76,590,580.69 in the same period of 2023, a decrease of approximately 1.5%[25]. - Operating profit for Q3 2024 was CNY 75,423,043.33, slightly down from CNY 76,590,580.69 in Q3 2023, indicating a decline of about 1.5%[25]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥89,524,881,831.25, reflecting a 2.91% increase from the end of the previous year[3]. - The company's total assets as of the end of Q3 2024 were CNY 89,524,881,831.25, compared to CNY 86,990,949,390.42 at the end of Q3 2023, marking an increase of about 2.77%[16]. - The total liabilities decreased to CNY 43,049,086,237.86 in Q3 2024 from CNY 45,447,171,211.01 in Q3 2023, a reduction of approximately 5.29%[15]. - Total assets decreased from CNY 25,962,611,716.20 in Q3 2023 to CNY 23,355,108,721.68 in Q3 2024, a decline of approximately 10.1%[22]. - Current assets decreased from CNY 8,713,998,330.90 in Q3 2023 to CNY 5,918,495,336.38 in Q3 2024, representing a decrease of about 32.4%[22]. - Non-current assets increased from CNY 17,248,613,385.30 in Q3 2023 to CNY 17,436,613,385.30 in Q3 2024, an increase of approximately 1.1%[22]. - Total liabilities decreased from CNY 2,880,852,353.67 in Q3 2023 to CNY 191,740.00 in Q3 2024, a significant reduction of about 93.4%[23]. Cash Flow - Cash flow from operating activities for the year-to-date was ¥7,789,008,932.08, an increase of 4.74% compared to the same period last year[3]. - Cash flow from operating activities for the first three quarters of 2024 was CNY 7,789,008,932.08, an increase from CNY 7,436,707,850.64 in the same period of 2023[19]. - The company reported a net cash outflow from investing activities of CNY -3,729,205,036.48 for the first three quarters of 2024, an improvement from CNY -4,857,485,721.31 in the same period of 2023[20]. - The net cash flow from operating activities for the first three quarters of 2024 was -256,136.88 RMB, a decrease from 7,282,739.41 RMB in the same period of 2023[26]. - The cash inflow from investment activities increased to 2,772,772,098.57 RMB in 2024, compared to 2,075,515,000.00 RMB in 2023, representing a growth of approximately 33.6%[26]. - The net cash flow from investment activities for the first three quarters of 2024 was 2,584,772,098.57 RMB, up from 1,925,515,000.00 RMB in 2023, indicating an increase of about 34.2%[26]. - The net cash flow from financing activities was -2,523,024,445.64 RMB in 2024, compared to -1,933,801,613.96 RMB in 2023, reflecting a worsening of approximately 30.5%[27]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 25,475, with the largest shareholder, HuaiBei Mining Group Co., Ltd., holding 1,603,035,295 shares, representing 59.52% of the total[8]. - The top ten shareholders include several state-owned entities, with the second-largest being Hong Kong Central Clearing Limited, holding 73,354,418 shares, or 2.72%[8]. - The total number of shares held by the top ten unrestricted shareholders is 1,603,035,295, with no shares involved in margin trading or lending[10]. - The company has not reported any changes in the status of pledged, marked, or frozen shares among its major shareholders[8]. - The company has not identified any related party relationships among its major shareholders beyond the asset management plan that constitutes concerted action[10]. Operational Insights - The company reported a significant decrease in trading financial assets, which fell to ¥1,643,657,284.90 from ¥3,207,168,518.61, a decline of about 48.8%[13]. - The company's cash and cash equivalents as of September 30, 2024, amount to ¥5,558,194,819.98, showing a slight increase from ¥5,444,574,469.07 at the end of 2023[13]. - The company reported a decrease in other receivables to CNY 5,839,211,713.01 as of September 30, 2024, down from CNY 8,696,063,542.98 at the end of 2023[21]. - Management expenses increased from CNY 701,132.08 in Q3 2023 to CNY 1,893,449.49 in Q3 2024, an increase of approximately 169.5%[25]. - Interest income decreased from CNY 66,337,495.09 in Q3 2023 to CNY 13,681,620.70 in Q3 2024, a decline of about 79.3%[25]. - Investment income remained stable at CNY 76,515,000.00 for both Q3 2023 and Q3 2024[25].

证券代码：600985 证券简称：淮北矿业 公告编号：临 2024-063 淮北矿业控股股份有限公司 关于召开 2024 年第三季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： 投资者可于 2024 年 10 月 30 日(星期三)至 11 月 5 日(星期二)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 zqtzb@hbcoal.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。 淮北矿业控股股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日发 布 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年前三 季度经营成果、财务状况，公司计划于 2024 年 11 月 6 日上午 9:00-10:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年前三季度的经 营成果及财务指标的具体情况与投资者进行互动 ...

淮北矿业控股股份有限公司 第十届董事会第二次会议决议公告 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。 股票代码：600985 股票简称：淮北矿业 编号：临 2024—060 截至 2024 年 9 月 30 日，公司资产总额 895.25 亿元，较上年末增加 2.91%； 归属于上市公司股东的净资产 418.10 亿元，较上年末增加 12.09%；负债总额 430.49 亿元，较上年末减少 5.28%；资产负债率 48.09%，较上年末减少 4.15 个 百分点。 2024 年 1-9 月，公司实现营业收入 566.69 亿元，较上年同期增加 2.04%； 归属于上市公司股东的净利润 41.39 亿元，较上年同期减少 18.17%；基本每股 收益 1.58 元。 淮北矿业控股股份有限公司（下称"公司"）于 2024 年 10 月 19 日以电子邮 件方式发出召开第十届董事会第二次会议的通知，会议于 2024 年 10 月 29 日以 现场结合通讯方式召开，应参会董事 10 人，实参会董事 10 人。会议的召开符合 《公司法 ...

上 市 公 司 煤炭 证 券 研 究 报 告 2024 年 09 月 29 日 淮北矿业 (600985) ——华东优质焦煤生产商，成长可期 报告原因：首次覆盖 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 27 日 | | 收盘价（元） | 16.49 | | 一年内最高/最低（元） | 20.50/12.92 | | 市净率 | 1.1 | | 息率（分红 / 股价） | 6.06 | | 流通 A 股市值（百万元） | 44,412 | | 上证指数/深证成指 | 3,087.53/9,514.86 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 15.04 | | 资产负债率 % | 49 ...

= 安徽天未律师事务所 淮北矿业 2024年第一次临时股东大会法律意见书 关于淮北矿业控股股份有限公司 2024 年第一次临时股东大会 的法律意见书 地址： 安徽省合肥市怀宁路 288 号置地广场 A 座 34-35 楼 电话:（0551）2642792 传真:（0551）2620450 == 安徽天禾律师事务所 关于淮北矿业控股股份有限公司 2024 年第一次临时股东大会 的法律意见书 天律意 2024 第 02339 号 致:淮北矿业控股股份有限公司 根据《中华人民共和国证券法》(下称"《证券法》")《中华人民共和国公 司法》(下称"《公司法》")、《上市公司股东大会规则》和《淮北矿业控股股份 有限公司章程》(下称"《公司章程》")的有关规定,安徽天禾律师事务所接受 淮北矿业控股股份有限公司(以下简称"公司")的委托,指派李刚、章钟锦律 师(以下简称"天禾律师")见证公司 2024年第一次临时股东大会（以下简称 "本次股东大会"),并出具法律意见书。 本法律意见书是天禾律师根据对有关本次股东大会事实的了解及对我国现 行法律、法规和规范性文件的理解而做出的。 天禾律师同意将本法律意见书作为本次股东大会的公告 ...

股票代码：600985 股票简称：淮北矿业 编号：临 2024—058 淮北矿业控股股份有限公司 第十届董事会第一次会议决议公告 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。 淮北矿业控股股份有限公司（下称"公司"）于 2024 年 9 月 26 日召开 2024 年第一次临时股东大会，第十届董事会成立。为保证董事会顺利运行，公司以现 场结合电子邮件等方式通知各位董事召开第十届董事会第一次会议。公司第十届 董事会第一次会议于 2024 年 9 月 26 日以现场结合通讯方式召开，本次会议应参 会董事 10 人，实参会董事 10 人，全体董事一致推选董事孙方先生主持会议，会 议的召开符合《公司法》和《公司章程》的有关规定。会议审议通过了以下事项： 一、关于选举公司董事长的议案 同意选举孙方先生为公司第十届董事会董事长，任期与公司第十届董事会任 期一致。孙方先生简历详见《关于董事会换届选举的公告》（临 2024-049）。 表决结果：同意：10 票；反对：0 票；弃权：0 票。 二、关于选举公司第十届董事会专门委员会委员的议案 ...