Pingmei Coal (601666): The performance of the production adjustment period has clearly improved

Pingmei Coal (601666): The performance of the production adjustment period has clearly improved

Event: The company recently released its 2019 Interim Report.

Reporting the average, the company’s raw coal output increased by 1434, a year-on-year decline of 6.

3%; 1371 attachments of commercial coal sales, an increase of 31 each year.


In terms of financial data, the company achieved operating income of 122.

2 ‰, an increase of 25 per year.

3%; net profit attributable to mother 5.

950,000 yuan, the corresponding EPS is 0.

25 yuan / share, an increase of 91 in ten years.


  Comments: 1.

2019H production slightly shifted, but 武汉夜生活网 sales were significantly higher than expected.

2019H raw coal output was replaced by 1434, of which Q2 output was replaced by 697, which was 12 times lower than the previous month.

9% / 5.

1% should be caused by optimization of the mine system and streamlining of production.

At the same time, it is reported that large-scale companies have increased the construction of excavation, which is the basis for subsequent production scale. It is expected that the output will be significantly restored in the second half of the year.

The company’s commercial coal still has a high degree of recognition within the regional market. Driven by the Long Association, sales volume recorded an unexpected increase, reaching the 1371 target, an increase of 31.

8% (adjusted caliber).


The British pound rose instead of falling,杭州桑拿 and costs rose to an end.

It is estimated that the comprehensive purity of 2019H will be 727 yuan / ton, which will increase by 9 yuan / ton per year (according to the adjusted caliber).

Although the price of under-heated coal has improved since this year, the price of coking coal has been exceptionally strong. Pingdingshan’s main coking coal price has increased by 100 or 20 yuan / ton compared with the same period last year. With the gradual downward adjustment from Q2, the company’s comprehensive sustainableFalling instead rising.

It is estimated that the cost of sales in 2019H will reach 564 yuan / ton, which will rise by 18 yuan / ton. Considering the report of the gradual excavation construction displacement, the cost end after replacing this part will be basically the same as last year.


Share repurchases demonstrate confidence in expectations.

The company started the repurchase in April 2019, and its use has been clearly defined as the replacement of registered capital.

The upper and lower limits of the share capital revealed can increase the EPS by about 2.


As of July 31, the company gradually repurchased 37.64 million shares, accounting for 1.


The new share issue also demonstrates the company’s long-term confidence in the company and its controlling shareholders.


Profit forecast and investment rating.

It is expected that the company’s net profit attributable to its parent will be 12-2018.



9 trillion, corresponding to 0 EPS.

59 yuan / share, at least 79% / 2% / 6%.

The company has recovered from the production and operation adjustment period, and there is room for further release of performance.

At present, the corresponding 19-year dynamic PE is about 7.

3 times, raised to “strongly recommended -A” level.

  Risk warning: macroeconomic fluctuations, coal prices fall sharply, and costs rise sharply.