Open pit coal industry (002128)： endogenous and extension help boost growth and stabilize profitability, the target rate has reached 5%
Open pit coal industry (002128): endogenous and extension help boost growth and stabilize profitability, the target rate has reached 5%
This report reads: coal price rises, electricity sales increase, Huo Coal Hongjun consolidated the table to promote performance growth, it is estimated that the original main business, Huo Coal Hongjun thickened1.12, 0.3.3 billion net profit attributable to mothers (returning caliber), future profits have steadily increased, and the 5% yield has entered the value range. Investment points: Maintain target price and “overweight” rating.Revenue for the first half of 2019 was 95.3.3 billion, an annual increase of 7.41%; return to mother’s profit13.7.5 billion, an increase of 11 in ten years.75% (return caliber), performance is in line with expectations.Taking into account Huomei Hongjun’s consolidation and additional 北京桑拿洗浴保健 issuance, it raised its net profit to 25 in 2019-2021.18, 25.90, 26.3.3 billion (original 23.14, 23.66, 23.88), lower EPS to 1.31, 1.35, 1.37 yuan (originally 1.42,1.45, 1.46), maintaining 11.Target price of 36 yuan and “overweight” rating. The significant growth of coal power has driven the company’s performance growth.1) In the first half of the year, coal production and sales were respectively 2452/2463, and were downgraded 2 every year.03% / 1.93%; revenue from coal products 34.7.5 billion, an increase of 14 in ten years.06%.2) Solar energy and wind power have contributed revenue one after another, and sales of electricity in the first half of the year27.1.1 billion kWh, an increase of 2 in ten years.56%, driving power revenue to increase by 22 per year.05% to 8.9.2 billion yuan.3) According to the latest caliber calculation 杭州夜网论坛 of coal, the gross profit of electricity increases every year.5%, 16.8% is the main source of performance growth. Huo Coal’s Hongjun’s earnings have rebounded significantly and consolidated its profit scale.Huomei Hongjun’s 51% equity transfer was completed on May 17, 2019, with revenue of 51 in the first half of the year.7.6 billion, accounting for 54% of the total revenue.29%, becoming an important part of income; realizing net profit1.30,000 yuan, a year-on-year increase of 168%, and consolidated net profit of 0.5.3 billion accounted for 3.81%.The impact of the lawsuit on profit of Huomei Hongjun in 2018 has faded. With the continuous development of electrolytic aluminum business, it will drive the company’s profit scale further. Steady profitability and high proportion of dividends highlight long-term value.The dividend is 4 yuan for every 10 shares. According to the profit of the latest 4 reporting periods, the corresponding dividend rate is 35%, which is an increase from 30% in the previous year.Initial one-time coal price adjustments and a high proportion of related party transactions will support the maintenance of high profitability, and the long-term investment value will be prominent. risk warning.The price of electrolytic aluminum fell sharply, costs fluctuated sharply, and product prices fell.