Shaanxi Coal Industry Co., Ltd. (601225) 2018 Annual Report Comments: 18 Years of Bright Performance and 19 Years Entering Crop Release Period

Shaanxi Coal Industry Co., Ltd. (601225) 2018 Annual Report Comments: 18 Years of Bright Performance and 19 Years Entering Crop Release Period
Event: On April 11, the company released its 2018 annual report, reporting that the two companies achieved operating income of 572.24 ppm, an increase of 12 in ten years.36%; of which, the main coal business income was 549.7.2 billion, an increase of 12 in ten years.81%.Total profit 187.48 ppm, an increase of 2 in ten years.92%; net profit attributable to mother 109.9.3 billion, an increase of 5 previously.2%; net cash flow from operating activities was 197.5.8 billion, an increase of 16 in ten years.7%; basic income 1.10 yuan, an increase of 0 in ten years.06 yuan.Cash deposit of RMB 3 for every 10 shares.3 yuan (including tax), corresponding to the exchange rate of April 10 closing rate 3.38%. The company achieved operating income of 160 in the fourth quarter.920,000 yuan, an increase of 39 in ten years.65%, an increase of 8 from the previous quarter.08%.Total profit 34.07 billion, downgraded by 22 every year.44%, down 32.35%; net profit attributable to mother 21.29 ppm, down 10 years ago.58%, down 27.09%; net cash flow from operating activities was 69.12 trillion, an increase of 15 in ten years.12%, an increase of 6 from the previous month.42%; basic income is 0.21 yuan. Opinion: The company’s coal business volume and price are rising, and profit is improving.The company reported a minimum of 10,809 coal production, with a minimum of 712 (7.05%).The maximum sales volume is 14,292, with an annual increase of 1954.46 expected (15.84%); of which 10,535 units of self-produced coal are sold, with an annual 重庆耍耍网 increase of 797 indicators (8.19%); trade coal 3757 additives, over 1157 content (44.50%).The company reported a total of 372 tons of coal thickness.96 yuan / ton, up 3 before.46 yuan / ton (0.94%); the volume and price of the operating company reported coal sales income of 549.7.2 billion, an increase of 93 previously.8.3 billion (20.58%).The company’s coal business achieved gross profit of 271.8.2 billion, an increase of 43 previously.0.5 billion (18.82%), gross profit of 190 tons of coal.19 yuan, up 4 a year.77 yuan / ton (2.57%), of which self-produced coal gross profit of 248 tons.15 yuan / ton, an increase of 20 in ten years.14 yuan / ton (8.83%); gross profit per ton of coal 27.64 yuan / ton, an increase of 1 in ten years.76 yuan / ton (6.81%), the gross profit per ton of coal decreased to 0.73 pct to 49.45%, of which 南京夜网论坛 the gross profit of self-produced tons of coal is 65.11%, an increase of 2 a year.03 pct; gross profit from trading coal ton 6.87%, an increase of 0 a year.39.This shows that in 2018, the company’s self-produced coal and trade coal profitability continued to increase, the proportion of trade coal increased, and the overall gross profit margin of the coal business slightly decreased.The company’s Q4 coal output was 2803.In 27 months, it increased by 265 every year.78 digits (10.47%), an increase of 68.54 constants (2.51%); sales 4091.11 for the first time, an increase of 1429 a year.20 inches (53.69%), an increase of 430.76 expected (11.77%). The new capacity will be released soon, and the Menghua Railway will be opened soon, and the performance will continue to improve.At the beginning of 2019, Xiaobaodang No.1 mine 1500 / year, Xiaobaodang No.1 1300 time / year project approval change application was approved by the National Development and Reform Commission, and Xiaobaodang No.1 mine entered the trial production stage;The 400 micron / ton nuclear increased to 800 tons / year. At the same time, the company plans to increase the Hongliulin Coal Mine from 1,500 tons / year nuclear to 1800 / year, and the higher-quality capacity will be released soon.The Menghua Railway and Jingshen Railway are expected to be completed and opened to traffic at the same time in October 2019. The transportation breakthrough in the northern Shaanxi mining area with an output of 55% will be broken, and the railway transportation capacity will be effectively guaranteed.The increase in production and the guarantee of transportation capacity will ensure that the company’s 2019 performance will grow steadily. The repurchase affects the current dividend. Considering the company’s abundant cash flow, low debt ratio, and gradual decline in capital expansion, there is still a high potential for dividends in the future.The company’s 2018 annual report plans to distribute cash dividends of 3.2 billion, with cash dividends of 3 per 10 shares.30 yuan (including tax), the exchange rate corresponding to the closing price on April 10 3.38%.The company’s EBITDA profit margin was 41 in 2018.54%, the company’s net operating cash flow increased by 28.300 million (16.7%) to 197.5.8 billion, with abundant cash flow.Asset-liability ratio 44.92%, which is significantly lower than the average 49 for listed coal mining companies.99% (including China Shenhua), of which the company’s interest rejection rate is only 14.53%, lighter debt burden.With the development of the northern Shaanxi base crossing the peak period of investment, the company’s 19-year capital expansion will continue to decline.The company has abundant free cash flow and 297 undistributed profits.7.7 billion, the company has an average dividend rate of 35% since 2015, and cash dividends are positive.Looking forward to 19, 20, and 21 years, from the perspective of cash flow, the company must maintain a high dividend rate and even further enhance its ability to achieve high potential dividend potential in the future. Profit forecast and rating: Benefiting from the high prosperity of the coal industry, the central price of coal remains at a high level. The steady release of the company’s new production capacity is expanded by the capacity of coal transportation, and the company’s profitability will be further enhanced.Based on the company’s latest disclosure of the number of shares, irrespective of the repurchase of share restructuring, we expect the EPS in 19, 20 and 21 to be 1.23, 1.29, 1.31 yuan, based on the current price of 19 years PE about 7.9 times, about 7 in 20 years.5 times, about 7 in 21 years.5x, maintain the company’s “Buy” rating. Previous catalytic factors: Illegal production of coal mine governance exceeded expectations, additional production capacity was released on schedule, and the Menghua Railway progressed smoothly. Risk factors: serious macroeconomic stall spread, risk of production safety.

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