[Table_MainInfo] 公司研究/有色金属/铝 证券研究报告 神火股份（000933）公司季报点评 2024 年 10 月 23 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 10 [ Table_StockInfo 月 22 日收盘价（元） ] | 18.63 | | 52 周股价波动（元） | 13.04-25.38 | | 总股本 / 流通 A 股（百万股） | 2249/2243 | | 总市值 / 流通市值（百万元） | 41905/41791 | | 相关研究 | | | [Table_ReportInfo] 《煤炭有望量增价稳，电解铝盈利走阔优势巩 | | | 固》 2023.10.24 | | 市场表现 [Table_QuoteInfo] -14.70% 0.30% 15.30% 30.30% 45.30% 20 ...

表现 1M 3M 12M 近一月换手（%） 2.64 2024 年 10 月 22 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 陈晨 S0350522110007 chenc09@ghzq.com.cn 证券分析师： 王璇 S0350523080001 wangx15@ghzq.com.cn [Table_Title] 所得税率及云南电价下降增厚 Q3 业绩 ——神火股份（000933）2024 年三季报点评 最近一年走势 事件: 10 月 21 日，神火股份发布 2024 年三季度报告：2024 年前三季度公司 实现营业收入 283.1 亿元，同比-1.1%；归母净利润 35.4 亿元，同比 -13.8%，扣非后归母净利润 34.1 亿元，同比-15.7%。 分季度看，2024 年第三季度，公司实现营业收入 100.9 亿元，环比+1.0%， 同比+6.0%；归母净利润 12.5 亿元，环比+5.1%，同比-8.0%；扣非后归 母净利润 12.6 亿元，环比+9.9%，同比-3.8%。 投资要点: 相对沪深 300 表现 2024/10/21 神火股份 23.4% 0.1% 19.4% 202 ...

神火股份（000933.SZ）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 业绩环比改善，顺周期下潜力十足 2024 年 10 月 22 日 ➢ 事件：公司发布 2024 年三季报。2024Q1-Q3 实现归母净利润 35.4 亿元， 同比下滑 13.75%；扣非归母净利润 34.1 亿元，同比下滑 15.68%。单季度看， 2024Q3，公司实现归母净利润 12.5 亿元，同比下滑 8.00%，环比增加 5.09%； 扣非归母净利润 12.6 亿元，同比下滑 3.78%，环比增加 9.88%。 ➢ 点评：煤铝价格下跌，Q3 毛利率环比略有下滑 1. 量：丰水期满产，我们预计云南神火 Q3 产量 22.5 万吨，新疆煤电 Q3 电 解铝满产 20 万吨。云南神火 3 月份开始复产，Q3 满产运行，我们预计云 南神火 Q3 产量 22.5 万吨。我们预计新疆 Q3 产量平稳在 20 万吨。 2. 价：煤铝价格环比下跌，Q3 毛利率环比下降 0.92pct。24Q3 铝价环比4.75%，无烟精煤均价环比-9.36%；原料方面，Q3 氧化铝价环比+5.84%, 预焙阳极均价环比-4.0 ...

Investment Rating - The report maintains a "Recommend" rating for Shenhuo Co Ltd (000933) with a target price of 23.46 RMB [1][2] Core Views - Shenhuo's Q3 2024 performance was impacted by declining coal prices and rising alumina prices, leading to a 13.75% YoY decrease in net profit attributable to the parent company [1] - The company's Q3 revenue reached 10.093 billion RMB, a 6.02% YoY increase, while net profit attributable to the parent company was 1.254 billion RMB, down 8% YoY [1] - Shenhuo's subsidiary, Shenhuo New Materials, is planning a spin-off IPO to enhance its aluminum processing business layout [1] - The company announced a mid-term dividend distribution of 0.3 RMB per share, totaling 675 million RMB, representing 19.07% of the net profit attributable to the parent company for the first three quarters of 2024 [1] Financial Performance - In Q3 2024, Shenhuo's sales expenses, management expenses, R&D expenses, and financial expenses totaled 530 million RMB, a 30% YoY increase but a 13% QoQ decrease [1] - The company's financial expenses in Q3 were -3 million RMB, a significant reduction of 137 million RMB QoQ due to lower capital usage costs [1] - Shenhuo's operating income for the first three quarters of 2024 was 28.314 billion RMB, a 1.1% YoY decrease, while net profit attributable to the parent company was 3.538 billion RMB, down 13.75% YoY [1] Industry and Market Analysis - Domestic electrolytic aluminum prices averaged 19,562 RMB/ton in Q3 2024, a 3.8% YoY increase but a 4.7% QoQ decrease [1] - Alumina prices averaged 3,917 RMB/ton in Q3 2024, a 34.3% YoY increase and a 7.4% QoQ increase [1] - Coal prices in Yongcheng and Pingdingshan showed significant YoY declines, with anthracite coal prices down 15% YoY and 9% QoQ [1] Future Projections - The report forecasts Shenhuo's net profit attributable to the parent company for 2024-2026 to be 4.64 billion RMB, 5.86 billion RMB, and 6.72 billion RMB respectively, representing YoY changes of -21.5%, +26.5%, and +14.6% [1] - The company's revenue is expected to grow at rates of 8.5%, 5.2%, and 3.8% for 2024-2026 respectively [3] - EPS projections for 2024-2026 are 2.06 RMB, 2.61 RMB, and 2.99 RMB respectively [3] Business Development - Shenhuo New Materials' second phase project, with an annual capacity of 60,000 tons of new energy power battery materials, was fully operational by the end of August 2024 [1] - The company's aluminum processing business is expected to contribute significantly to future performance, with advanced equipment and a focus on high-precision electronic electrode aluminum foil [1]

> 开源证券 有色金属/工业金属 公 司 研 究 Q3 盈利环比改善，中期分红加大投资者回报 神火股份（000933.SZ） 2024 年 10 月 22 日 ——2024 年三季报点评报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/21 | | 当前股价 ( 元 ) | 18.61 | | 一年最高最低 ( 元 ) | 25.38/13.04 | | 总市值 ( 亿元 ) | 418.60 | | 流通市值 ( 亿元 ) | 417.46 | | 总股本 ( 亿股 ) | 22.49 | | 流通股本 ( 亿股 ) | 22.43 | | 近 3 个月换手率 (%) | 100.65 | 股价走势图 -20% 0% 20% 40% 60% 80% 2023-10 2024-02 2024-06 神火股份 沪深300 数据来源：聚源 相关研究报告 《煤炭业务量价齐跌拖累业绩，煤铝 成长性可期—2024 年中报点评报告》 -2024.8.20 《煤价下行拖累业绩，看好煤铝增量 — 公 司 ...

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 河南神火煤电股份有限公司（以下简称"公司"）2024 年第三次 临时股东大会召集方案已经董事会第九届十三次会议审议通过，现将 有关事宜通知如下： 一、召开会议基本情况 1、股东大会届次：公司 2024 年第三次临时股东大会。 证券代码：000933 证券简称：神火股份 公告编号：2024-054 河南神火煤电股份有限公司 关于召开 2024 年第三次临时股东大会的通知 2、股东大会召集人：公司第九届董事会。公司 2024 年第三次临 时股东大会召集方案已经董事会第九届十三次会议审议通过。 3、会议召开的合法、合规性：本次股东大会的召开符合有关法 律、行政法规、部门规章、规范性文件、深圳证券交易所业务规则和 《公司章程》的规定。 4、会议召开的日期、时间 现场会议召开时间为：2024 年 11 月 8 日（星期五）15:00。 网络投票时间为：2024 年 11 月 8 日 9:15-15:00； 其中，通过深圳证券交易所交易系统进行网络投票的具体时间 为：2024 年 11 月 8 日 9:15-9:25、9:3 ...

证券代码：000933 证券简称：神火股份 公告编号：2024-049 河南神火煤电股份有限公司 董事会第九届十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、会议召开情况 河南神火煤电股份有限公司（以下简称"公司"）董事会第九届 十三次会议于 2024 年 10 月 21 日以现场出席和视频出席相结合的方 式召开，现场会议召开地点为河南省永城市东城区东环路北段 369 号 公司本部 2 号楼九楼第二会议室，会议由公司董事长李宏伟先生召集 和主持。本次董事会会议通知及相关资料已于 2024 年 10 月 16 日分 别以专人、电子邮件等方式送达全体董事、监事和高级管理人员。本 次会议应出席董事九名，实际出席董事九名（独立董事文献军先生、 谷秀娟女士、秦永慧先生视频出席，其余董事均为现场出席），公司 监事和高级管理人员列席，符合《公司法》等法律法规和《公司章程》 的规定。 二、会议审议情况 经与会董事审议，会议以签字表决方式形成决议如下： （一）审议通过《公司 2024 年第三季度报告》 此项议案的表决结果是：九票同意，零票回避，零票反对， ...

配现金 674,805,170.70 元，不送红股，不进行公积金转增股本。 证券代码：000933 证券简称：神火股份 公告编号：2024-052 河南神火煤电股份有限公司 关于 2024 年中期利润分配预案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 河南神火煤电股份有限公司（以下简称"公司"）于 2024 年 10 月 21 日召开董事会第九届十三次会议，以 9 票同意、0 票反对、0 票 弃权的表决结果审议通过了《公司 2024 年中期利润分配预案》，同意 将该预案提交公司 2024 年第三次临时股东大会审议。现将《公司 2024 年中期利润分配预案》公告如下： 一、2024 年中期利润分配预案的主要内容 根据公司 2024 年第三季度报告（未经审计），公司 2024 年 1-9 月 实现归属于母公司所有者的净利润 3,538,384,965.61 元，加上年初未 分配利润 13,191,266,780.08 元，减去派发的现金红利 1,798,961,587.20 元（派发 2023 年度现金红利 1,799,766,727.20 元，因不满 ...

证券代码：000933 证券简称：神火股份 公告编号：2024-050 河南神火煤电股份有限公司 监事会第九届十次会议决议公告 经与会监事审议讨论，形成决议如下： （一）审议通过《公司2024年第三季度报告》 监事会对《公司2024年第三季度报告》审核后，发表书面审核 意见如下：经审核，监事会认为董事会编制和审议《公司2024年第 三季度报告》的程序符合法律、行政法规及中国证监会的规定，报 告内容真实、准确、完整地反映了上市公司的实际情况，不存在任 何虚假记载、误导性陈述或重大遗漏。 此项议案的表决结果是：三票同意，零票反对，零票弃权，同意 票占监事会有效表决权的 100%。 此项议案内容详见公司同日在《证券时报》《中国证券报》《上 海证券报》《证券日报》及巨潮资讯网（http://www.cninfo.com.cn） 披露的《公司 2024 年第三季度报告》（公告编号：2024-051）。 （二）审议通过《关于核销资产的议案》 1 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、会议召开情况 河南神火煤电股份有限公司（以下简称"公司"）监事会第九届 十次 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥10,093,102,617.02, representing a 6.02% increase year-over-year[3]. - The net profit attributable to shareholders for the same period was ¥1,254,291,581.65, a decrease of 8.00% compared to the previous year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,256,460,061.72, down 3.78% year-over-year[3]. - The basic earnings per share for Q3 2024 was ¥0.560, down 8.39% from the same period last year[3]. - The weighted average return on equity was 5.97%, a decrease of 1.87 percentage points compared to the previous year[3]. - Net profit for the current period is ¥4,083,045,785.01, down 14.7% from ¥4,785,141,004.12 in the previous period[17]. - Basic earnings per share decreased to ¥1.578 from ¥1.830 in the previous period[18]. - The total comprehensive income for the current period is ¥4,100,934,538.72, down from ¥4,779,672,072.55 in the previous period[17]. Assets and Liabilities - The total assets at the end of the reporting period were ¥56,148,778,602.63, reflecting a decrease of 2.95% from the end of the previous year[3]. - Total current assets decreased from CNY 19.45 billion to CNY 17.45 billion, a reduction of approximately 10.3%[13]. - Total liabilities decreased from CNY 33.53 billion to CNY 29.97 billion, a reduction of about 10.5%[14]. - The company's total assets decreased from CNY 57.86 billion to CNY 56.15 billion, a decline of about 2.9%[14]. Cash Flow - The company reported a net cash flow from operating activities of ¥6,354,575,125.63, which is a decrease of 9.76% year-over-year[3]. - The cash flow from operating activities decreased, contributing to the overall negative cash flow situation[8]. - The net cash increase in cash and cash equivalents was -1,866,992,373.41, a decrease of 205.55% compared to the previous period[8]. - Cash flow from operating activities generated ¥6,354,575,125.63, down 9.7% from ¥7,042,015,522.30 in the previous period[19]. - The company reported a net decrease in cash and cash equivalents of ¥1,866,992,373.41, compared to a decrease of ¥611,023,709.73 in the same period last year[20]. - The ending balance of cash and cash equivalents was ¥4,021,188,836.74, down from ¥4,303,269,406.71 year-over-year[20]. Investments and Income - The company recognized investment income of ¥357,679,421.06, an increase of 70.58% compared to the previous year[7]. - The company’s other income increased by 134.66% to ¥75,850,302.29 due to VAT input tax deductions[7]. - The total cash received from investment activities was 1,786,260,320.66, an increase of 102.18% year-on-year[8]. - The cash paid for the purchase of fixed assets, intangible assets, and other long-term assets was 938,146,378.30, representing a 194.54% increase compared to the previous year[8]. - The company received 732,578,954.90 in cash related to other investment activities, a significant increase of 468.04% from the previous period[8]. - Total cash inflow from investment activities was ¥907,676,168.99, an increase from ¥470,959,959.86 in the previous period[19]. - Total cash outflow from investment activities reached ¥1,786,260,320.66, an increase from ¥883,494,603.64 in the previous year, resulting in a net cash flow from investment activities of -¥878,584,151.67 compared to -¥412,534,643.78[20]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 63,414[10]. - The largest shareholder, Henan Shenhuo Group Co., Ltd., holds 21.43% of the shares, totaling 482,103,191 shares[10]. - The company paid dividends and profits to minority shareholders amounting to 467,638,629.40, an increase of 107.17% compared to the previous period[8]. Future Plans and Projects - The company is planning to spin off its subsidiary, Shenhuo New Materials Technology Co., Ltd., to list on domestic stock exchanges, with preparations currently underway[12]. - Shenhuo New Materials' Phase II project for producing 60,000 tons of battery foil is fully operational as of the end of August 2024[12]. Research and Development - Research and development expenses rose to ¥662,380,816.57, compared to ¥587,000,999.87 in the previous period, reflecting a 12.8% increase[16]. Audit Status - The company has not undergone an audit for the third quarter report[21].