Xishan Coal and Electricity (000983): Coal volume and price rise in 2018; performance continues to grow in 2019
The company disclosed the 2018 annual report: realized operating income of 322.7.1 billion (+12.62%), net profit attributable to shareholders of listed companies.2 billion (+14.87%), where Q1, Q2, Q3 and Q4 are 5 respectively.13, 6.02, 4.07 and 2.80 ppm, net profit attributable to shareholders of the listed company after deduction is 17.4 billion (+10.72%), and the return is basically zero.57 yuan / share (+14.88%) and the average ROE is expected to reach 9.54% (+0.4%) Coal production and sales have increased, unit prices and costs have risen, unit gross profit has fallen, and profit per ton of coal has been about.Based on the report, the company ‘s largest source of revenue (54% of revenue) was 2745 coal production and sales reports (+9.89%), 2561 pilots (+7.38%), of which coal production and sales were 1170 years (+6.36%), 1198 pilots (+8.22%), the comprehensive coal purity is 675 yuan / ton (+ 2%), slightly higher than the gradual 663 yuan / ton in 2017, the cost of 300 yuan / ton (+ 7%) per ton of coal, and the gross profit of 375 yuan / ton-1.82%), lower than the preliminary 382 yuan / ton in 2017.Among them, Jinxing Energy (that is, 1,500 tons / year Xigou Mine) achieved net profit of 16%.700 million, net profit of 13.300 million, accounting for 73% of the company.5%. The production and sales volume of the coking business increased every year, and the profit growth increased.According to the number of reports, the second largest source of revenue (24% of revenue) is the largest coke production / sales volume of 438/448, with a maximum of +1.62% / + 5.66%, the price of ton coke is 1757 yuan / ton (+5.8%), the cost per ton of coke is 1655 yuan / ton (+5.9%).The total net profit of the coking enterprise in the consolidated statement totaled 62.51 million yuan (+1.44%), the net profit per ton coke reached 14 yuan / ton (a continuous decline of 1 yuan / ton). The power generation volume of the power business has risen sharply, and is still affected by rising fuel prices.The third largest source of revenue (14% of revenue) is the electricity generation / sale of electricity at 16.4 / 14.8 billion kWh, +25 per year.19% / + 26.At 50%, the third phase of Gujiao Plant was formally put into operation, and it took on the task of supplying heat to the provincial capital with prominent economic and social benefits.Electricity coefficient is 0.30 yuan (+6.53%), the cost of electricity is 0.31 yuan (+3.42%), due to the previous increase in fuel prices.Consolidated reorganization of the four power companies 3.18 ‰ (reduced by 2 per year.6 billion), the unit lost about 2 cents. Resource-integrated mines will contribute to production and the Group’s asset securitization will accelerate.From 2018 to 2019, the company integrated Hongxing Coal, a coal mine, and Dengfukang Coal (total 120 tons) is expected to gradually start production, which will help increase the company’s performance.On April 15, 2019, the Shanxi Province merged again to deepen the state-owned enterprise reform conference. The secretary of the provincial party committee must use the “very strong and lasting power” to promote the reform of Shanxi state-owned state-owned enterprises as a whole into the first square of the country, and it is especially important to make good use of it.Make good use of listed companies. This year, we must vigorously implement the “listed company +” strategy and strive to achieve an overall listing. There are two “zero breakthroughs” in the listing of new shares. Existing listed companies must strengthen market value management and gradually increase the asset securitization rate.As of the end of 2017, Xishan Coal and Power Assets consolidated 578.56 trillion, raw coal production above 2498, while Shanxi Coking Coal Group in the same period were 2956.73 ppm, 9610 budget, the former accounted for 19 respectively.6%, 26.0%, scale competitiveness of non-listed assets outside the group. Management expenses increased significantly, and sales and financial expenses decreased slightly.The report totals the company’s selling expenses 24.4.1 billion (-0.04%), which is basically the same as last year.Management expenses 21.4.0 billion (+22.83%), due to the increase in employee compensation, lease fees and amortization of intangible assets.Finance costs 8.9.6 billion (-1.78%), due to the increase in interest income.The total cost of the three periods is 54.4.1 billion (+7.38%), the cost of the period is 16.86%, zero for one year.82. 2019Q1 performance increased by 15.79%.In the first quarter of 2019, the company achieved revenue of 85.1 ppm, an increase of 16 per year.6%, net profit attributable to shareholders of listed companies5.94 ppm, an increase of 15 per year.8%, we judge the company’s performance growth is mainly due to the rise in coking coal prices in the first quarter. Profit forecast and estimation: We expect the company to achieve net profit attributable to shareholders of the parent company in 2019/20/21 of 20 respectively.3/22.4/24.30,000 yuan, equivalent to 0.64/0.71/0.77 yuan / share, currently 7.27 yuan corresponding to PE is 11 respectively.3X, 10.2X, 9.5X, maintain the company’s “Buy” rating. 深圳桑拿网 Risk warning: macroeconomic downturn; uncertainty of administrative capacity reduction.