Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company is a leading coal-electricity integrated enterprise in Shaanxi Province, with a strong growth trajectory in both coal and electricity sectors. It has a stable high dividend rate of over 50% and is expected to enjoy valuation premiums due to its integrated business model [6][15] - The company is projected to achieve a net profit of 2.96 billion, 3.32 billion, and 3.72 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 15.7%, 12.2%, and 11.9% [6] Summary by Sections Company Overview - The company was established in September 2003 and restructured into a joint-stock company in September 2019. It is controlled by the Shaanxi Provincial State-owned Assets Supervision and Administration Commission, with over 80% of its shares held by state-owned entities [15][16] - The company has a total installed capacity of 11,230 MW and a coal production capacity of 30 million tons per year, positioning it as a key player in the coal-electricity conversion in Shaanxi Province [15][16] Coal Business - The company has a coal production capacity of 30 million tons per year, with 24 million tons currently in operation. The Zhao Shipan coal mine, with a capacity of 6 million tons per year, is expected to start operations in November 2025 [7][39] - The company is actively pursuing both internal and external growth opportunities, including the approval of the Zhangba coal mine (4 million tons/year) and the acquisition of the Qianyangshan coal mine (8 million tons/year) [7][39] - The internal sales of coal have significantly increased, with the proportion of internal sales rising from 11.7% in 2018 to 68.2% in 2023, enhancing the company's profitability [43][52] Electricity Business - The electricity business is in a high growth phase, with a planned increase in installed capacity of over 50%. The company has four power plants under construction, expected to be operational by 2026 [8][29] - The company benefits from a coal-electricity integration strategy, with a significant portion of its coal sourced from its own mines, leading to lower costs and improved profitability [8][44] - The electricity business contributed 76% of the company's revenue in 2023, with a significant increase in both revenue and gross profit over the past five years [27][30] Financial Summary and Valuation Indicators - The company's revenue is projected to grow from 19.45 billion yuan in 2023 to 24.44 billion yuan in 2026, with a compound annual growth rate (CAGR) of 5.7% [10] - The net profit is expected to increase from 2.56 billion yuan in 2023 to 3.72 billion yuan in 2026, reflecting a strong growth trajectory [10] - The company's earnings per share (EPS) are projected to rise from 0.68 yuan in 2023 to 0.99 yuan in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 13.4 to 9.2 [10]

Investment Rating - The report assigns a "Buy" rating for the company [2] Core Views - The company is a leading coal-electricity integrated enterprise in Shaanxi Province, benefiting from a high dividend yield of over 50% and strong growth potential in both coal and electricity sectors. The company is expected to achieve a net profit of 2.96 billion, 3.32 billion, and 3.72 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 15.7%, 12.2%, and 11.9% [6][10] Summary by Sections Company Overview - The company, established in September 2003 and restructured in September 2019, is controlled by the Shaanxi Provincial State-owned Assets Supervision and Administration Commission, with over 80% state-owned background. It operates in coal mining, thermal power generation, and comprehensive utilization, positioning itself as a leading energy enterprise in the region [15][16] Coal Business - The company has a coal production capacity of 30 million tons per year, with 24 million tons currently in operation. The Zhao Shipan coal mine, with a capacity of 6 million tons per year, is expected to commence operations in November 2025. The company is also pursuing additional mining projects to potentially double its production capacity to 48 million tons per year [7][39] - The company has significantly increased its internal coal sales, which rose from 1.25 million tons in 2018 to 12.31 million tons in 2023, accounting for 68.2% of total sales. This strategy supports its own power plants with low-cost fuel [43][52] Electricity Business - The electricity segment is experiencing rapid growth, with an installed capacity of 11,230 MW and an additional 6,020 MW under construction. The company plans to increase its capacity by over 50% by 2026, with a significant portion of its electricity being consumed outside the province [8][29] - The company benefits from a coal-electricity integration model, which allows it to maintain lower electricity generation costs compared to its peers. The proportion of self-sourced coal for internal use is expected to rise to 88.1% by 2027, enhancing profitability and stability [8][38] Financial Summary and Valuation Indicators - The company reported a revenue of 20.29 billion yuan in 2022, with projections of 22.88 billion yuan in 2024 and 24.44 billion yuan in 2026. The net profit is expected to grow from 2.56 billion yuan in 2023 to 3.72 billion yuan in 2026, reflecting a strong financial outlook [10][18]

证券代码：001286 证券简称：陕西能源 公告编号：2025-014 陕西能源投资股份有限公司 关于控股子公司陕西秦龙电力股份有限公司为其下属 控股子公司提供担保的进展公告 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、担保基本情况 2023 年 4 月 27 日，陕西能源投资股份有限公司（以下简称"公司"）控股 子公司陕西秦龙电力股份有限公司（以下简称"秦龙电力"）与延安市安塞延能 热电有限责任公司（以下简称"延能热电"）、延安圣地蓝热力（集团）有限公 司（以下简称"圣地蓝热力集团"）签订《增资扩股协议》，取得延能热电 66% 股权。详见 2023 年 5 月 4 日刊登于巨潮资讯网（http://www.cninfo.com.cn）的 《关于控股子公司以增资扩股方式取得延安市安塞延能热电有限责任公司 66% 股权的公告》（公告编号：2023-015）。 2023 年 12 月 26 日，公司披露了延能热电办理完毕前述增资扩股的工商变 更登记并将企业名称变更为陕西能源（延安）圣地蓝热电有限公司（以下简称"延 安热电"）。详见 2023 年 12 月 ...

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a reasonable valuation range of 9.86 to 10.06 CNY per share, indicating a premium of 9% to 11% over the current stock price of 9.18 CNY [3][5]. Core Insights - The company is a leading regional energy enterprise with significant advantages in coal-electricity integration, which enhances its cost competitiveness and capacity growth potential [1][16]. - The profitability model of coal power is being restructured, leading to improved earnings stability as the revenue sources diversify beyond traditional electricity sales to include auxiliary services and capacity pricing [1][3]. - The company has a robust growth trajectory, with projected net profits of 2.971 billion CNY in 2024, 3.082 billion CNY in 2025, and 3.445 billion CNY in 2026, reflecting year-on-year growth rates of 16.2%, 3.8%, and 11.8% respectively [3][4]. Company Overview - The company, Shaanxi Energy, primarily engages in thermal power generation and coal production, with a total installed capacity of 11.23 million kW and coal production capacity of 24 million tons per year as of 2024 [1][16]. - The integrated coal-electricity model accounts for 61.57% of the company's approved total installed capacity, ensuring a stable power supply through the West-to-East electricity transmission project [1][2]. Capacity and Production Growth - The company has significant growth in both coal and electricity production, with ongoing projects expected to add 6 million tons of coal production capacity and 602 MW of thermal power capacity by 2026-2027 [2][33]. - As of September 2024, the company holds approximately 5.184 billion tons of coal reserves, with future production capacity projected to reach 46 million tons per year [2][33]. Financial Performance and Projections - The company has shown a compound annual growth rate (CAGR) of 27.91% in revenue and 48.40% in net profit from 2019 to 2023, with a revenue of 16.835 billion CNY and a net profit of 2.497 billion CNY in the first three quarters of 2024 [38][39]. - The gross margin for the first three quarters of 2024 was 37.92%, with a net margin of 22.82%, indicating strong profitability despite a slight decrease in margins due to increased costs [44].

证券代码：001286 证券简称：陕西能源 公告编号：2025-013 本次会议审议并通过了以下议案： 1.审议通过《关于拟参与竞拍新疆鄯善县库木塔格四号露天矿井探矿权的 议案》 经审议，董事会同意公司参与新疆鄯善县库木塔格四号露天矿井探矿权市场 化竞拍，同时授权经理层在董事会权限内、在经济性评价的基础上确定竞价方案， 参与竞拍，并在竞拍成功后签订《探矿权成交确认书》《探矿权出让合同》等法 律文书，依法办理探矿权转移手续；授权经理层在董事会已经批准的交易框架内， 根据项目及竞拍价格等市场条件的变化，决定撤出竞价或终止本次交易；授权经 理层在法律、法规、有关规范性文件及《公司章程》允许范围内，办理与竞拍矿 权事项有关的其他一切事宜。 本次竞拍事项不构成关联交易，亦不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。 探矿权具体情况详见新疆维吾尔自治区自然资源厅《2024 年新疆鄯善县库 陕西能源投资股份有限公司 第二届董事会第二十五次会议决议的公告 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。 一、董事会会议召开情况 陕西能源投资股份有限公司（以下简称 ...

证券代码：001286 证券简称：陕西能源 公告编号：2025-011 陕西能源投资股份有限公司 第二届董事会第二十四次会议决议的公告 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。 一、董事会会议召开情况 陕西能源投资股份有限公司（以下简称"公司"）第二届董事会第二十四次 会议于 2025 年 1 月 17 日 15:00 在陕西投资大厦十六楼会议室以现场结合通讯 方式召开。本次会议由董事长王栋先生主持，会议应出席的董事 8 人，实际出席 的董事 8 人。本次会议的召集、召开符合《中华人民共和国公司法》等有关法律 法规和《公司章程》的规定。 审议结果：经表决，同意 8 票，反对 0 票，弃权 0 票。 三、备查文件 第二届董事会第二十四次会议决议 特此公告。 - 1 - 二、董事会会议审议情况 本次会议审议并通过了以下议案： 1.审议通过《关于聘任财务总监的议案》 经总经理王琛先生提名，董事会提名委员会、董事会审计委员会审核同意， 公司董事会同意聘任杨佳强先生为公司财务总监，任期自本次董事会审议通过之 日起至第二届董事会任期届满之日止。 具体内容详见 1 月 ...

2024年前三季度权益分派实施公告 证券代码：001286 证券简称：陕西能源 公告编号：2025-009 陕西能源投资股份有限公司 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。 一、股东大会审议通过利润分配方案等情况 1．陕西能源投资股份有限公司（以下简称"公司"）2024 年前三季度利润 分配方案经 2024 年 12 月 26 日召开的 2024 年第二次临时股东大会审议通过，具 体内容详见公司 2024 年 12 月 27 日披露于《中国证券报》《证券时报》《证券 日报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）上的《2024 年第二 次临时股东大会决议公告》（公告编号 2024-071）。 截至 2024 年 9 月 30 日，公司总股本 3,750,000,000 股。公司拟向全 体股东每 10 股派发现金红利 0.50 元（含税），拟派发现金红利总金额为 187,500,000 元（含税），公司剩余未分配利润结转入 2024 年年度。本次利润 分配预案不送红股，不进行资本公积金转增股本。本次利润分配预案不涉及弥补 亏损、提 ...

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、董事会会议召开情况 证券代码：001286 证券简称：陕西能源 公告编号：2025-005 陕西能源投资股份有限公司 第二届董事会第二十三次会议决议的公告 陕西能源投资股份有限公司（以下简称"公司"）第二届董事会第二十三次 会议于 2025 年 1 月 6 日 15:00 在陕西投资大厦十六楼会议室以现场结合通讯方 式召开。经全体董事一致同意豁免会议通知时间要求，并均已知悉所议事项相关 内容。本次会议由副董事长王栋先生主持，会议应出席的董事 8 人，实际出席的 董事 8 人。本次会议的召集、召开符合《中华人民共和国公司法》等有关法律法 规和《公司章程》的规定。 二、董事会会议审议情况 本次会议审议并通过了以下议案： 1.审议通过《关于选举公司董事长的议案》 董事会同意选举公司副董事长王栋先生担任公司第二届董事会董事长，任期 自董事会审议通过之日起至第二届董事会任期届满之日止。 具体内容详见 1 月 7 日披露于《中国证券报》《上海证券报》《证券时报》 《证券日报》和巨潮资讯网（www.cninfo.com.c ...

一、董事会会议召开情况 陕西能源投资股份有限公司（以下简称"公司"）第二届董事会第二十二次 会议于 2024 年 12 月 30 日 10:00 在陕西投资大厦十六楼会议室以现场结合通讯 方式召开。经全体董事一致同意豁免会议通知时间要求，并均已知悉与所议事项 相关的内容。本次会议由赵军先生主持，会议应出席的董事 9 人，实际出席的董 事 9 人。本次会议的召集、召开符合《中华人民共和国公司法》等有关法律法规 和《陕西能源投资股份有限公司章程》的规定。 二、董事会会议审议情况 证券代码：001286 证券简称：陕西能源 公告编号：2024-075 陕西能源投资股份有限公司 第二届董事会第二十二次会议决议的公告 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。 本次会议审议并通过了以下议案： 1．审议通过《关于审议公司本部 2023 年度经营业绩考核结果及经理层成 员 2023 年度绩效年薪差额的议案》 按照 2023 年度经理层考核结果，依据《陕西能源投资股份有限公司经理层 成员薪酬管理办法》《陕西能源投资股份有限公司领导班子成员年薪分配系数确 定规则》等相关规定 ...

证券代码：001286 证券简称：陕西能源 公告编号：2024-071 陕西能源投资股份有限公司 2024年第二次临时股东大会决议公告 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。 特别提示： 1．本次股东大会无否决议案的情况。 2．本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议的召开情况 1．会议召开时间： （1）现场会议时间：2024 年 12 月 26 日（星期四）14:00 （2）网络投票时间：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 12 月 26 日（星期四）上午 9:15—9:25，9:30-11:30，下午 1:00- 3:00；通过深圳证券交易所互联网投票系统投票的具体时间为 2024 年 12 月 26 日（星期四）上午 9:15 至 2024 年 12 月 26 日（星期四）下午 3:00 期间的任意 时间 2．现场会议地点：西安市唐延路 45 号陕西投资大厦 4 楼会议室 3．会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式 4．会议召集人：公司董事会 5．现 ...