Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a net profit of 2.846 billion yuan for the first three quarters of 2024, a year-on-year decrease of 49.52%. In Q3 2024, the net profit was 880 million yuan, down 13.42% quarter-on-quarter and 21.54% year-on-year, primarily due to an increase in expenses and rising coal costs [1][2]. - The company possesses high-quality coal resources with abundant reserves and stable geological structures. As of the end of 2023, the company owned 17 mines with a total coal resource reserve of 6.557 billion tons [1][2]. - The company has a high dividend payout ratio, with ratios of 79%, 64%, and 67% from 2021 to 2023, indicating strong allocation value [1]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are 4.3 billion yuan, 4.5 billion yuan, and 4.8 billion yuan, respectively, with corresponding P/E ratios of 11.2, 10.6, and 10.0 [2][3]. - Revenue for 2024 is expected to be 4.817 billion yuan, a decrease of 13.2% year-on-year, with a projected net profit of 4.291 billion yuan, down 36.6% year-on-year [3][10]. - The company’s earnings per share (EPS) for 2024 is estimated at 0.76 yuan, with a return on equity (ROE) of 10.9% [3][10].

Investment Rating - The investment rating for the company is "Buy" [1][2]. Core Views - The company's performance is under short-term pressure, but growth prospects for Shanxi Coking Coal are promising due to its strong resource advantages and strategic initiatives [1]. - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue of 33.093 billion and a net profit attributable to shareholders of 2.846 billion, representing year-on-year decreases of 18.68% and 49.52%, respectively [1]. - The company is expected to benefit from its strategic "three-step" plan aimed at enhancing its coal business and pursuing mergers and acquisitions to improve market position and competitiveness [1][2]. Financial Performance Summary - For the third quarter of 2024, the company achieved a revenue of 11.523 billion, down 12.28% year-on-year, but up 4.58% quarter-on-quarter [1]. - The net profit attributable to shareholders for the third quarter was 0.880 billion, a decrease of 21.54% year-on-year and 13.42% quarter-on-quarter [1]. - The company's cash flow from operating activities also saw a significant decline, down 71.13% year-on-year [1]. Future Earnings Forecast - The forecasted net profit attributable to shareholders for 2024-2026 is expected to be 3.743 billion, 4.668 billion, and 5.688 billion, respectively, with corresponding EPS of 0.66, 0.82, and 1.00 yuan per share [2]. - The projected P/E ratios for 2024-2026 are 12.79, 10.25, and 8.41 times, indicating a favorable outlook for the company's growth potential [2].

Investment Rating - The report maintains a "Recommended" rating for Shanxi Coking Coal (000983.SZ) [1][3] Core Views - The company's net profit attributable to shareholders for the first three quarters of 2024 is 2.846 billion yuan, a year-on-year decrease of 49.52%, with operating revenue of 33.093 billion yuan, down 18.68% year-on-year [1] - In Q3 2024, the company achieved operating revenue of 11.523 billion yuan, a year-on-year decline of 12.28%, and a quarter-on-quarter increase of 4.58%, with a net profit of 880 million yuan, down 21.54% year-on-year and 13.42% quarter-on-quarter [1] - The company won exploration rights for coal and associated bauxite in the Xinxian block, which is beneficial for long-term development, with coal reserves of 95.2775 million tons and bauxite reserves of 5.56123 million tons [1] - The company has maintained a high dividend payout ratio since 2021, with cash dividend payout ratios of 78.67%, 63.54%, and 67.07% from 2021 to 2023, indicating high investment value [1] - The projected net profits for 2024-2026 are 3.474 billion yuan, 3.593 billion yuan, and 3.885 billion yuan, with corresponding EPS of 0.61 yuan, 0.63 yuan, and 0.68 yuan per share, leading to PE ratios of 14, 13, and 12 times respectively [1][2] Financial Summary - For 2024, the expected operating revenue is 48.792 billion yuan, a decrease of 12.1% compared to 2023, with a projected net profit of 3.474 billion yuan, down 48.7% year-on-year [2][4] - The company's gross profit margin for Q3 2024 is 33.29%, a decrease of 1.59 percentage points year-on-year and 0.78 percentage points quarter-on-quarter [1] - The total expenses for Q3 2024 are 1.663 billion yuan, a year-on-year decrease of 24.48% but an increase of 15.44% quarter-on-quarter [1]

证券代码：000983 证券简称：山西焦煤 公告编号：2024-045 山西焦煤能源集团股份有限公司 第九届监事会第五次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 二、监事会会议审议情况 会议以7票同意，0票反对，0票弃权的表决结果通过了《2024年第三 季度报告》。（详见巨潮资讯网：http://www.cninfo.com.cn，三季度报 告全文详见公告2024-046） 三、备查文件 公司第九届监事会第五次会议决议。 特此公告。 山西焦煤能源集团股份有限公司监事会 2024 年 10 月 28 日 1 一、监事会会议召开情况 山西焦煤能源集团股份有限公司（以下简称"公司"）第九届监事会 第五次会议以通讯方式于2024年10月28日召开。公司已于2024年10月17日 以传真、邮件及专人送达的方式通知了全体监事。本次会议应到监事7人， 实到监事7人。会议由监事会主席苏新强先生主持。会议的召开和表决程 序符合《公司法》和《公司章程》的规定。 ...

山西焦煤能源集团股份有限公司（以下简称"公司"）第九届董事会 第九次会议以通讯方式于2024年10月28日召开。公司已于2024年10月17日 以传真、邮件及专人送达的方式通知了全体董事。本次会议应到董事10人， 实际参加表决董事10人。会议由董事樊大宏先生主持。会议的召开和表决 程序符合《公司法》和《公司章程》的规定。 证券代码：000983 证券简称：山西焦煤 公告编号：2024-044 山西焦煤能源集团股份有限公司 第九届董事会第九次会议决议公告 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、 误导性陈述或者重大遗漏。 一、董事会会议召开情况 1 （二）公司第九届董事会审计委员会会议决议； 特此公告。 二、董事会会议审议情况 会议以10票同意，0票反对，0票弃权的表决结果通过了《2024年第三 季度报告》。（详见巨潮资讯网：http://www.cninfo.com.cn，三季度报 告全文详见公告2024-046） 该议案已经公司审计委员会审议通过。 三、备查文件 （一）公司第九届董事会第九次会议决议； 山西焦煤能源集团股份有限公司董事会 2024 年 10 月 28 日 2 ...

山西焦煤能源集团股份有限公司 第九届监事会第五次会议审核意见 山西焦煤能源集团股份有限公司 第九届监事会第五次会议的审核意见 2、公司 2024 年三季度报告的内容和格式符合中国证监会和深交 所的各项规定，所包含的信息能从各方面真实地反映出公司 2024 年 三季度的经营情况和财务状况等事项； 3、在公司监事会提出本意见前，未发现参与 2024 年三季度报告 编制和审议的人员有违反保密规定的行为。 山西焦煤能源集团股份有限公司监事会 2024 年 10 月 28 日 关于公司《2024 年第三季度报告》的审核意见 山西焦煤能源集团股份有限公司第九届监事会对公司 2024 年三 季度报告审核后，认为： 1、公司 2024 年三季度报告的编制和审议程序符合法律法规、公 司章程和公司各项规定； ...

Financial Performance - Revenue for Q3 2024 was CNY 11,523,164,891.47, a decrease of 12.28% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was CNY 879,659,913.80, down 21.54% year-on-year[2] - Net profit excluding non-recurring items for Q3 2024 was CNY 882,831,870.41, also a decrease of 21.54% compared to the previous year[2] - Basic earnings per share for Q3 2024 was CNY 0.1549, down 24.45% from the same period last year[2] - Total operating revenue for the current period is CNY 33,092,937,607.05, a decrease of 18.6% compared to CNY 40,696,536,125.05 in the previous period[16] - Net profit for the current period is CNY 3,568,808,274.09, a decline of 48.9% from CNY 6,993,488,315.50 in the previous period[17] - Earnings per share (basic) for the current period is CNY 0.5013, compared to CNY 1.0314 in the previous period[18] - The company reported a total comprehensive income of CNY 3,568,808,274.09 for the current period, compared to CNY 6,993,488,315.50 in the previous period[18] Cash Flow - Cash flow from operating activities for the year-to-date period was CNY 2,573,581,956.00, reflecting a significant decline of 71.13% year-on-year[2] - Net cash flow from operating activities decreased by 71.13% to 257,358 million, mainly due to reduced coal revenue and collections[8] - Cash inflow from operating activities totaled ¥36,998,746,476.86, down 12.9% from ¥42,078,382,933.30 year-on-year[19] - Cash outflow from operating activities increased to ¥34,425,164,520.86, compared to ¥33,163,513,502.66 in the previous period, reflecting a rise of 3.8%[19] - The net cash flow from investing activities was -¥1,169,218,143.34, an improvement from -¥1,867,186,479.10 in the previous period[20] - Total cash inflow from financing activities decreased to ¥1,025,600,000.00 from ¥5,503,099,999.68, a decline of 81.4%[20] - Cash outflow from financing activities was ¥7,492,519,683.62, down 35.5% from ¥11,532,530,485.16 in the previous period[20] - The net increase in cash and cash equivalents for the current period was -¥5,062,555,870.96, compared to an increase of ¥1,018,252,466.06 in the previous period[20] - The ending balance of cash and cash equivalents is ¥11,766,592,728.32, down from ¥15,020,857,599.39 in the previous period[20] - The company reported a decrease in cash received from sales of goods and services to ¥36,080,908,841.17, down 12.9% from ¥41,362,119,958.04[19] Assets and Liabilities - Total assets as of September 30, 2024, were CNY 88,706,593,155.83, a decrease of 5.23% from the end of the previous year[2] - Current assets decreased from CNY 26.76 billion to CNY 23.25 billion, representing a reduction of about 13.0%[13] - Total liabilities decreased to CNY 40,847,330,570.75 from CNY 45,360,433,492.57, reflecting a reduction of 10.4%[17] - Total equity decreased to CNY 47,859,262,585.08 from CNY 48,243,078,866.30, a decline of 0.8%[17] - The total number of ordinary shareholders at the end of the reporting period was 115,885[9] - Shanxi Coal Group holds a 57.29% stake in the company, with 3,252,483,898 shares[9] - The total assets decreased from CNY 93.60 billion at the beginning of the period to CNY 88.71 billion at the end of the period, a decline of approximately 5.0%[14] - The total non-current assets decreased from CNY 66.85 billion to CNY 65.45 billion, a decline of about 2.1%[14] Operational Metrics - Operating profit fell by 51.74% to 465,371 million, impacted by a decline in coal product sales and prices[8] - Total profit decreased by 50.79% to 471,643 million, primarily due to lower coal product sales and prices[8] - Net profit attributable to the parent company dropped by 49.52% to 284,585 million, influenced by decreased coal product sales and prices[8] - Research and development expenses for the current period are CNY 747,427,618.97, down 11.6% from CNY 845,583,789.73 in the previous period[16] Changes in Receivables and Inventory - Accounts receivable increased by 73.78% to CNY 350,503,000 compared to the end of 2023, primarily due to increased receivables from subsidiaries[6] - Inventory rose by 37.13% to CNY 256,613,000, mainly due to unsettled coal and coke products[6] - The company reported a significant increase in other receivables from CNY 154.50 million to CNY 263.51 million, an increase of approximately 70.7%[13] - Long-term deferred expenses increased by 471.34% to CNY 38,377,000, primarily due to increased relocation costs for subsidiaries[6] Income and Expenses - Other income increased by 118.33% to 7,149 million, primarily due to VAT refunds received by subsidiaries during the reporting period[7] - Investment income rose by 77.90% to 23,225 million, mainly driven by increased investment income from associated companies[7] - Credit impairment losses decreased by 78.53% to -347 million, reflecting a reduction in bad debt provisions for receivables[8] - Total operating costs for the current period are CNY 28,742,397,735.74, down 8.8% from CNY 31,203,109,258.50 in the previous period[16] Audit Status - The company has not undergone an audit for the third quarter report[21]

证券代码：000983 证券简称：山西焦煤 公告编号：2024-040 山西焦煤能源集团股份有限公司 第九届董事会第七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 会议以 10 票同意，0 票反对，0 票弃权的表决结果通过了《关于 公司参与竞买山西省吕梁市兴县区块煤炭及共伴生铝土矿探矿权的 议案》。 经审议，公司董事会同意公司参与竞买山西省吕梁市兴县区块煤 炭及共伴生铝土矿探矿权，并授权管理层参与本次竞买，在董事会授 权范围内缴纳保证金、确定竞买价格区间，并按相关程序办理竞买相 关手续、签署相关协议、文件及办理其他相关具体事宜。 因董事会召开之日，实际竞买价格尚无法确定，公司董事会决定： 根据《公司法》《公司章程》，如本次摘牌价格即交易的成交金额占 公司最近一期经审计归属于上市公司股东净资产的 50%以下的，以本 次董事会决策结果为准；如成交金额达到股东大会的审议权限范围， 1 即占公司最近一期经审计归属于上市公司股东净资产的 50%以上或超 过公司最近一期经审计总资产 30%的，则上述事项无需再次提交董事 会审议，将由董事会根据本次董事会会 ...

证券代码：000983 证券简称：山西焦煤 公告编号：2024-042 山西焦煤能源集团股份有限公司 第九届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 商银行股份有限公司太原分行、兴业银行股份有限公司太原分行、中 国农业银行股份有限公司山西转型综合改革示范区分行、中国银行股 份有限公司太原滨河支行、中国民生银行股份有限公司太原分行、华 夏银行股份有限公司太原分行、中国邮储银行股份有限公司太原市分 行、中国建设银行股份有限公司太原西山支行、交通银行股份有限公 司山西省分行等。 公司授权总经理代表公司办理上述融资相关事宜并签署有关合 同等文件。 （二）会议以 10 票同意，0 票反对，0 票弃权的表决结果通过了 《关于召开 2024 年第一次临时股东大会的议案》（详见公告 2024-043 号）。 二、董事会会议审议情况 （一）会议以 10 票同意，0 票反对，0 票弃权的表决结果通过了 《关于为市场化竞买煤炭资源向金融机构申请融资的议案》。 公司于 2024 年 10 月 23 日以 247.05 亿元竞得山 ...