<p>华泰证券在一份报告中表示，兖矿能源 (01171.HK) -0.250 (-1.526%) 空头头寸为 1.102 亿；比例为 16.988% 2026 年第一季度录得收入 345.89 亿元，同比增长 1.83%；归属于股东的净利润达到 39.55 亿元，同比增长 42.14%，符合预期。然而，剔除内蒙古鄂尔多斯新泰煤矿处置的贡献，持续净利润为 10.6 亿元，同比下降 64.14%，低于预期。</p>
<p>展望 2026 年，公司预计将受益于国内外能源供需动态的收紧，煤炭和石油价格中心可能会同步上涨。公司将充分受益于两层收益弹性。首先，中东冲突持续扰乱全球能源供应，推动高热值澳大利亚煤炭价格持续上涨。公司控股的 Yancoal Australia 是澳大利亚的核心现货煤炭生产商，显著受益于国际澳大利亚煤炭价格。其次，公司已建立了包括煤气化和煤液化在内的综合煤化工产业链，并拥有国内首个百万吨间接煤液化示范设施。其醋酸生产能力在全国名列前茅。考虑到化工产品价格与原油价格之间的相关性，预计油煤价差的扩大将提升煤化工板块的利润率。</p>
<p>该券商补充道，“美以伊冲突” 可能提升澳大利亚煤炭价格中心，而油煤价差的扩大可能进一步提升煤化工板块的利润。它维持了对 2026 年至 2028 年归属于股东的净利润预测，分别为 193.11 亿元、150.16 亿元和 158.35 亿元，对应每股收益为 1.92 元、1.50 元和 1.58 元。华泰将兖矿能源 (600188.SH) -0.320 (-1.381%) 的 A 股目标价从 27.96 元上调至 29.64 元，暗示 2026 年市盈率为 14.53 倍。H 股目标价从 21.91 港元上调至 22.46 港元。维持 “买入” 评级。(hc/u)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-04-30 16:25。)(A 股报价延迟至少 15 分钟。)</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>

兖矿能源

05403

05238

<p>华泰证券已将兖矿能源的目标价上调至 22.46 港元，认为外部和有机增长是长期增长的关键驱动因素。该公司在 2026 年第一季度报告的收入为 345.89 亿元人民币，同比增长 1.83%，净利润为 39.55 亿元人民币，同比增长 42.14%。然而，持续净利润同比下降 64.14%，降至 10.6 亿元人民币。报告强调了由于能源供需动态收紧以及煤炭和石油价格上涨可能带来的潜在好处，维持 “买入” 评级，并预测到 2028 年的净利润</p>

<p>Huatai Securities said in a report that YANKUANG ENERGY (01171.HK) -0.250 (-1.526%)  Short selling $110.20M; Ratio 16.988%  recorded revenue of RMB34.589 billion in 1Q26, up 1.83% YoY, while net profit attributable to shareholders reached RMB3.955 billion, up 42.14% YoY, in line with expectations. However, excluding the contribution from the disposal of Xintai Coal in Ordos, Inner Mongolia, recurring net profit was RMB1.06 billion, down 64.14% YoY and below expectations.</p>
<div class="lb-trans"><p>华泰证券在一份报告中表示，兖矿能源 (01171.HK) -0.250 (-1.526%) 空头头寸为 1.102 亿；比例为 16.988% 2026 年第一季度录得收入 345.89 亿元，同比增长 1.83%；归属于股东的净利润达到 39.55 亿元，同比增长 42.14%，符合预期。然而，剔除内蒙古鄂尔多斯新泰煤矿处置的贡献，持续净利润为 10.6 亿元，同比下降 64.14%，低于预期。</p>
</div><p>Looking ahead to 2026, the company is expected to benefit from tightening energy supply-demand dynamics both domestically and overseas, with coal and oil price centers likely to rise in tandem. The company will fully benefit from two layers of earnings elasticity. First, ongoing Middle East conflicts continue to disrupt global energy supply, driving sustained increases in the price of high-calorific Australian coal. Yancoal Australia, controlled by the company, is a core spot coal producer in Australia and has significant earnings exposure to international Australian coal prices. Second, the company has established integrated coal chemical industry chains, including coal gasification and coal liquefaction, and owns the countrys first million-tonne indirect coal liquefaction demonstration facility. Its acetic acid production capacity ranks among the highest nationwide. Given the correlation between chemical product prices and crude oil prices, a widening oil-to-coal price spread is expected to enhance profit margins of the coal chemical segment.</p>
<div class="lb-trans"><p>展望 2026 年，公司预计将受益于国内外能源供需动态的收紧，煤炭和石油价格中心可能会同步上涨。公司将充分受益于两层收益弹性。首先，中东冲突持续扰乱全球能源供应，推动高热值澳大利亚煤炭价格持续上涨。公司控股的 Yancoal Australia 是澳大利亚的核心现货煤炭生产商，显著受益于国际澳大利亚煤炭价格。其次，公司已建立了包括煤气化和煤液化在内的综合煤化工产业链，并拥有国内首个百万吨间接煤液化示范设施。其醋酸生产能力在全国名列前茅。考虑到化工产品价格与原油价格之间的相关性，预计油煤价差的扩大将提升煤化工板块的利润率。</p>
</div><p>The broker added that the &#34;US-Israel-Iran conflict&#34; may lift the center of Australian coal prices, while a widening oil-to-coal price spread could further boost profits of the coal chemical segment. It maintained its forecasts for net profit attributable to shareholders for 2026 to 2028 at RMB19.311 billion, RMB15.016 billion and RMB15.835 billion, corresponding to EPS of RMB1.92, RMB1.50 and RMB1.58, respectively. Huatai raised its A-share TP for YANKUANG ENERGY (600188.SH) -0.320 (-1.381%)  from RMB27.96 to RMB29.64, implying 14.53x 2026 PE. The H-share TP was lifted from HKD21.91 to HKD22.46. The &#34;Buy&#34; rating was maintained. (hc/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-30 16:25.) (A Shares quote is delayed for at least 15 mins.)</p>
<div class="lb-trans"><p>该券商补充道，“美以伊冲突” 可能提升澳大利亚煤炭价格中心，而油煤价差的扩大可能进一步提升煤化工板块的利润。它维持了对 2026 年至 2028 年归属于股东的净利润预测，分别为 193.11 亿元、150.16 亿元和 158.35 亿元，对应每股收益为 1.92 元、1.50 元和 1.58 元。华泰将兖矿能源 (600188.SH) -0.320 (-1.381%) 的 A 股目标价从 27.96 元上调至 29.64 元，暗示 2026 年市盈率为 14.53 倍。H 股目标价从 21.91 港元上调至 22.46 港元。维持 “买入” 评级。(hc/u)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-04-30 16:25。)(A 股报价延迟至少 15 分钟。)</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>
</div>

Huatai Securities Raises YANKUANG ENERGY  TP to HKD22.46, Dual External and Organic Growth to Support Long-term Growth

AASTOCKS News

YANKUANG B2801

YANKUANG B2910

华泰证券

Huatai Securities Co., Ltd. GDR Class A RegS

Yancoal Australia Ltd.

兖煤澳大利亚

华泰证券将兖矿能源的目标价上调至 22.46 港元，外部因素和有机增长共同支持其长期发展