Open-pit Coal Industry (002128) 2019 Interim Report Review: Performance Stability Improves Interim Report and High Dividend Increases Attraction

Open-pit Coal Industry (002128) 2019 Interim Report Review: Performance Stability Improves Interim Report and High Dividend Increases 北京夜网 Attraction
The company’s average net profit has grown by nearly 12% per year. In addition to the stable and good performance of coal, new energy generation and the newly acquired electrolytic aluminum business have also added icing on the cake.In the medium term, the performance elasticity of the aluminum segment and the performance stability of the coal segment will increase the company’s estimated attractiveness.At the same time, the company’s interim dividend plan corresponds to a dividend yield close to 5%, which is also expected to catalyze growth. The first half performance increased by 11.75%, preliminary dividends, dividend yield close to 5%.In the first half of the year, the company’s operating income / net profit was 95.33/13.75 ppm (+7 each year.41% / + 11.75%), mainly due to the annual high coal price, increased 南京桑拿网 revenue from new energy generation, and the increase in performance contributed by the newly acquired electrolytic aluminum business, not diluted EPS0.83 yuan.Q2 net profit is 5.76 trillion, a decrease of 27.82%, the first is that due to production scale factors, the company’s Q2 performance is usually reduced, and the second is that financial expenses increased by 200 million yuan.The company intends to pay 0 initially.4 yuan (including tax), corresponding to the distribution of income 4.98%. Coal sales fell by at least 1 in the first half of the year.95%, electrolytic aluminum unit net profit is close to 240 yuan.In the first half of the year, the company’s coal output / sales volume was a minimum of 2452/2463, -2 per year.03% /-1.95%, coal is mainly sold to Inner Mongolia, Jilin and Liaoning. The gross profit margin of the three places is 21.82% / 48.82% / 36.14%, -4.54 / -3.10 / + 4.35 points.The average selling price of ton of coal in the first half of the year was 141.10 yuan, the cost per ton of coal is 69.99 yuan, gross profit per ton of coal is about 71.11 yuan, down by 1 every year.35%.As for electrolytic aluminum, it sold 43 in the first half of the year.06 for the first time, with an annual increase of 4.2%; unit bid 11887.75 yuan / ton, at least -2.48%, the net profit of electrolytic aluminum ton reached 239 yuan, mainly due to the increase in the price of aluminum in the industry and the decline in the cost of carbon blocks. The additional issuance of electrolytic aluminum assets was successfully issued, thereby expanding its advantages and gradually realizing profit elasticity.The company completed the additional issuance of electrolytic aluminum assets controlled by the group, with a production capacity of 86 inches and 35 tons under construction. In the future, it will form a “coal-electricity-aluminum” integrated industrial chain, which can fully take advantage of the company’s own power plant measures.The profit of electrolytic aluminum assets in the first half of 2019 was about 1.30,000 yuan, contributed 0 net profit of equity.500 million US dollars, is expected to be improved in the future of electrolytic aluminum, the company’s net profit level of tons of aluminum products reset 240 yuan to 700 yuan, earnings flexibility may gradually appear. Risk factors: The rapid growth of the macro economy affects the demand for coal / electricity / aluminum products; large changes in environmental protection costs and expenditures. Investment suggestion: As the company’s fixed increase leads to an increase in share capital, we lower the company’s 2019?The diluted EPS forecast for 2021 is 1.17/1.27/1.29 yuan (previous forecast 1).32/1.39/1.42 yuan).For now 8.04 yuan, corresponding to 2019?2021 P / E 7/6/6 times, given a target price of 11.7 yuan, corresponding to P / E 10x in 2019, the mid-term high dividend is expected to bring catalysts to maintain the “Buy” rating.

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