Investment Rating - The report maintains a "Buy" rating for Jinkong Coal Industry (601001) [2] Core Views - Q3 2024 performance showed sequential improvement, driven by slight increases in production and sales volumes [2][3] - Q3 2024 coal production reached 8.87 million tons, up 4.6% QoQ and 5.4% YoY, while coal sales were 7.62 million tons, up 1.6% QoQ but down 0.5% YoY [4] - The company's cash position remains strong, with cash and cash equivalents of 15.98 billion RMB as of Q3 2024, and the debt-to-asset ratio further decreased to 30% [4] - The report forecasts revenue of 15.04 billion RMB for 2024, 15.77 billion RMB for 2025, and 16.54 billion RMB for 2026, with net profit attributable to shareholders of 2.89 billion RMB, 3.16 billion RMB, and 3.49 billion RMB respectively [5][8] Financial Performance - Q3 2024 revenue was 3.85 billion RMB, up 3.6% QoQ and 1.4% YoY, with net profit attributable to shareholders of 710 million RMB, up 8.9% QoQ but down 8.3% YoY [3] - For the first three quarters of 2024, the company achieved revenue of 11.23 billion RMB, down 0.19% YoY, and net profit attributable to shareholders of 2.15 billion RMB, down 0.62% YoY [3] - The average coal sales price in Q3 2024 was 492 RMB/ton, down 3 RMB/ton QoQ but up 18 RMB/ton YoY [4] Valuation and Forecast - The report estimates EPS of 1.73 RMB, 1.88 RMB, and 2.08 RMB for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 8.95x, 8.20x, and 7.41x [5][8] - ROE is expected to be 16% in 2024, 15% in 2025, and 15% in 2026, with a gross margin of 45%, 47%, and 48% respectively [8][10] - The company's total market capitalization as of October 29, 2024, was 25.86 billion RMB, with a current stock price of 15.45 RMB [4] Industry and Company Outlook - The report highlights the company's large-scale mines, low costs, and strong cash position as key strengths [5] - There is an expectation of further asset injections from the parent group, which could contribute to future growth [5] - The report anticipates stable to slightly increasing coal prices in Q4 2024, which could further improve the company's performance [4]

Investment Rating - The report maintains a "Buy-A" rating for Jinneng Holding Shanxi Coal Industry (601001 SH) [1] Core Views - The company's coal production and sales have remained stable, with a slight decrease in sales revenue but an increase in gross profit margin for the coal business [1] - The company's financial health is robust, with a significant reduction in debt ratio and financial expenses, and a strong cash position [1] - The company is expected to maintain a high dividend payout ratio and has potential for growth through asset injections and new resource acquisitions [1] Financial Performance - For the first nine months of 2024, the company reported a total operating revenue of 11 234 billion yuan, a slight decrease of 0 19% year-over-year [1] - Net profit attributable to the parent company was 2 151 billion yuan, down 0 62% year-over-year, while non-GAAP net profit increased by 0 88% [1] - The company's coal production reached 25 7941 million tons, up 1 47% year-over-year, and coal sales were 22 0696 million tons, down 0 3% [1] - The average selling price per ton of coal was 494 21 yuan, with a cost of 261 85 yuan per ton, resulting in a gross profit margin of 47 02%, up 0 33 percentage points [1] Future Outlook - The company plans to produce 34 5 million tons of coal and sell 29 4 million tons in 2024, which is expected to be achieved based on Q3 performance [1] - The report forecasts EPS (diluted) for 2024-2026 to be 1 98, 2 04, and 2 09 yuan respectively, with corresponding P/E ratios of 8 0, 7 8, and 7 6 times [1] Financial Ratios and Valuation - The company's ROE for the first nine months of 2024 was 12 3%, down 1 83 percentage points year-over-year [1] - The P/E ratio for 2024 is estimated at 8 0 times, with a P/B ratio of 1 4 times [1] - The company's net profit margin is expected to remain stable at around 21 6% in 2024 [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4] Core Views - The company's coal production and sales are stable, with a 9% increase in net profit for Q3 2024 compared to the previous quarter. The total revenue and net profit for the first three quarters of 2024 were 11.23 billion and 2.15 billion yuan, respectively, showing a slight year-on-year decline of 0.2% and 0.6% [3][4] - The company has a significant scale advantage and industry position, with 88 mines and an annual production capacity of 242 million tons as of the end of 2022. There is potential for future asset injections into the listed company [4] - The company is expected to maintain stable profitability, with projected net profits of 2.81 billion, 2.86 billion, and 2.82 billion yuan for 2024 to 2026, corresponding to an EPS of 1.68, 1.71, and 1.69 yuan [4][9] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 3.85 billion yuan, a 3.6% increase from the previous quarter, and a gross profit of 1.85 billion yuan, an 11.6% increase [4] - The average selling price for coal in Q3 2024 was 492 yuan per ton, reflecting a year-on-year increase of 3.7% and a quarter-on-quarter increase of 2.2% [3][4] Production and Sales - The company produced 8.87 million tons of raw coal and sold 7.62 million tons of commercial coal in Q3 2024, with production and sales increasing by 5.4% and 1.6% respectively compared to the previous quarter [3][4] Cost Management - The unit cost for the first three quarters of 2024 was 262 yuan per ton, showing a year-on-year decrease of 0.6% [3][4] Valuation and Forecast - The company is expected to have a P/E ratio of 11 to 12 times for 2024, with a reasonable value range of 18.46 to 20.14 yuan per share [4][9]

煤炭/煤炭开采 Q3 业绩环比大增，关注资产注入和分红潜力 晋控煤业（601001.SH） 2024 年 10 月 29 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 业绩环比大增，关注资产注入和分红潜力，维持"买入"评级 公司发布 2024 年三季报，2024 前三季度实现营业收入 112.3 亿元，同比-0.2%， 实现归母净利润 21.5 亿元，同比-0.6%，实现扣非后归母净利润 21.4 亿元，同 比+0.9%；单 Q3 看，公司实现营业收入 38.6 亿元，环比+3.6%，实现归母净利 润 7.1 亿元，环比+8.9%，实现扣非后归母净利润 7.2 亿元，环比+11.7%。受益 于产销环比提升，公司 Q3 盈利环比改善，我们维持公司 2024-2026 年盈利预测， 预计 2024-2026 年归母净利润为 33.9/35.8/37.5 亿元，同比+2.8%/5.6%/4.7%；EPS 为 2.03/2.14/2.24 元，对应当前股价 PE 为 7.6/7.2/6.9 倍。公司背靠晋能 ...

证券研究报告 | 2024年10月29日 晋控煤业（601001.SH） 优于大市 延续稳健经营，价增带动盈利能力改善 公司发布 2024 年三季报：2024 年前三季度公司实现营收 112.3 亿元，同比 -0.2%，归母净利润 21.5 亿元，同比-0.6%；其中 2024Q3 公司实现营收 38.6 亿元，同比+1.4%，环比+3.6%，归母净利润 7.1 亿元，同比-8.3%，环比+8.9%。 2024Q3 原煤产量同环比均有所增加，商品煤销量环比增加、同比小幅下降。 2024 年前三季度公司原煤产量 2579 万吨，同比+1.5%；商品煤销量 2207 万 吨，同比-0.3%。其中，2024Q3 公司原煤产量 887 万吨，同/环比+5.4%/+4.6%； 商品煤销量 762 万吨，同/环比-0.5%/+1.6%。 2024Q3 煤炭售价提高带动盈利能力改善。2024 年前三季度公司吨煤售价 494 元/吨，同比基本持平；吨煤成本 262 元/吨，同比降低 1.6 元/吨；吨煤毛 利 232 元/吨，同比增加 1.6 元/吨。色连煤矿煤质提升带动售价上涨，2024Q3 公司吨煤售价 492 元/吨， ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 28 年 月 日 晋控煤业（601001.SH） Q3 业绩略超预期，资产注入值得期待 公司发布 2024 年三季度业绩公告。公司 2024 年前三季度实现归母净利 润 21.51 亿元，同比减少 0.62%；营业收入 112.34 亿元，同比减少 0.19%。 2024 年第三季度实现归母净利润 7.14 亿元，同比下降 8.25%；营业收入 38.55 亿元，同比增长 1.38%。 Q3 产销边际恢复，吨煤售价环增贡献业绩： ➢ 2024Q1-3 公司原煤产量 2579 万吨，同比+1.5%；商品煤销量 2207 万吨，同比-0.3%；煤炭业务销售收入 109.1 亿元，同比-0.3%；煤 炭业务销售成本 57.8 亿元，同比-0.9%，吨煤综合售价 494 元/吨， 同比持平，吨煤成本 262 元/吨，同比-0.6%，吨煤毛利 232 元/吨， 同比+0.7%。 ➢ 2024Q3 公司原煤产量 887 万吨，同比+5.4%，环比+4.6%；商品煤 销量 762 万吨，同比-0.5%，环比+1.6%；煤炭业务收入 37.5 亿元， 同比 ...

| --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

晋控煤业（601001.SH）2024 年三季报点评 业绩环比增长，分红、资产注入值得期待 2024 年 10 月 28 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：2024 年 10 月 28 日，公司发布 2024 年三季报。2024 年前三季度， 公司实现营业收入 112.34 亿元，同比微降 0.19%；归母净利润 21.51 亿元，同 比微降 0.62%。 ➢ 24Q3 盈利环比增长 8.9%。2024 年三季度，公司实现营业收入 38.55 亿 元，同比增长 1.38%，环比增长 3.60%；归母净利润 7.14 亿元，同比下降 8.25%， 环比增长 8.88%。24Q3 公司税金及附加同比增加 0.97 亿元，主因二季度开始 山西省资源税税率提升；四费同比增加 1.06 亿元，环比增加 0.92 亿元，主因研 发费用同环比增加 0.74 亿元。 ➢ 24Q3 煤炭产销环比增长，吨煤售价同环比增长，24Q1-3 毛利率同比抬升。 24Q1-3，公司完成原煤产量 2579.41 万吨，同比增长 1.47%；商品煤销量 2206.96 万吨，同比微降 0.30%；吨煤售价 49 ...

晋能控股山西煤业股份有限公司（以下简称"公司"）于 2024 年 10 月 18 日以书面、传真或电子邮件方式向全体董事、监事发出了 召开第八届董事会第九次会议的通知。会议于 2024 年 10 月 28 日在 公司二楼会议室以现场及通讯表决方式召开。会议应出席董事 14 人， 实际出席董事 14 人；以通讯表决方式出席会议的人数为 6 人。会议 由公司董事长李建光先生主持，符合《公司法》和《公司章程》的有 关规定。公司监事及其他高级管理人员列席了会议。 二、董事会会议审议情况 证券代码：601001 证券简称：晋控煤业 公告编号：临2024－023 债券代码：185329 债券简称：22晋股01 晋能控股山西煤业股份有限公司 第八届董事会第九次会议决议公告 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。 一、董事会会议召开情况 议案具体内容请见《晋能控股山西煤业股份有限公司关于为子公 司色连煤矿提供担保的公告》。 特此公告。 晋能控股山西煤业股份有限公司董事会 1、审议通过了《关于公司 2024 年第三季度报告的议案》 二 ...

晋能控股山西煤业股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：601001 证券简称：晋控煤业 晋能控股山西煤业股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，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。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|---------------------------------------|-------------------|------------ ...