Today (March 28), the coal sector rose. As of the closing, the sector index rose nearly 2%. In terms of individual stocks, China Shenhua Energy Company Limited(601088) , Yankuang energy rose more than 7%, and Pingdingshan Tianan Coal Mining Co.Ltd(601666) , power investment energy, Shanxi Antai Group Co.Ltd(600408) and other stocks led the rise.
China Shenhua Energy Company Limited(601088) dividends exceeded expectations and received a purchase rating from many institutions
Recently, China Shenhua Energy Company Limited(601088) released its 2021 annual report, and the company achieved an operating revenue of 335216 billion yuan, a year-on-year increase of 43.7%; The net profit attributable to the shareholders of the company was 50.269 billion yuan, a year-on-year increase of 28.3%. The company pointed out that the substantial increase in revenue was mainly due to the strong demand in the coal market in 2021, the rise in coal prices, and the rise in the company’s coal volume and price. Secondly, China’s power demand increased, and many new units were put into operation. At the same time, the company’s shipping freight volume increased year-on-year. In addition, affected by international oil prices, the sales prices of polyethylene and polypropylene increased year-on-year respectively.
In addition, China Shenhua Energy Company Limited(601088) recently released the profit distribution plan for 2021. The announcement shows that the final dividend of 2021 is 25.4 yuan (including tax) for every 10 shares to all shareholders. Kaiyuan Securities pointed out that benefiting from the improvement of coal sales and prices, the company’s performance achieved steady growth. On February 24, the national development and Reform Commission issued the notice on further improving the coal market price formation mechanism, which increased the performance certainty of a high proportion of long-term cooperative coal enterprises. In the context of the increase of the benchmark price of the annual long-term coal association, the company’s coal price center may move upward, which is expected to continue to make high profits, and the stable high dividend and high dividend rate highlight the long-term investment value.
Due to the good performance and dividends, recently, a number of securities companies issued research reports on China Shenhua Energy Company Limited(601088) and generally gave a “buy” rating. Among them, Minsheng Securities believes that China Shenhua Energy Company Limited(601088) should obtain a higher valuation than the coal company. With reference to 6009 Shanghai Kehua Bio-Engineering Co.Ltd(002022) 17 times PE (as unanimously expected by wind), a certain valuation premium is given on the basis of the average valuation of thermal coal (8 times PE), that is, 11 times PE, corresponding to the target price of 34.98 yuan (Note: 19.71% compared with the closing price of 29.22 yuan on March 28 of China Shenhua Energy Company Limited(601088) . Leading companies paid a high proportion of dividends, market sentiment was boosted, and the coal sector collectively ushered in a rise today.
coal price helps performance growth and pays attention to the valuation repair of coal enterprises
At present, the price of thermal coal is basically stable. As of today’s closing (March 28), the price of thermal coal futures closed at 847.4 yuan / ton. Kaiyuan Securities believes that in terms of demand, with the warming of the temperature after April, industrial power will gradually relay the civil power load. In the short term, considering the impact of the epidemic on the downstream operating rate, the daily consumption of the power plant may fall rapidly. In the later stage, we still need to pay attention to the recovery progress of the epidemic. At the same time, entering the maintenance season of the power plant may also bring some pressure on the demand; In terms of supply, it may still focus on stable supply, but at the same time, the transportation capacity is also affected by the epidemic, and the supply may be stable and tight. In the short term, the decline in demand may bring some relief to the tight supply situation, and the coal price may fall reasonably. However, there is no strong downward pressure, and it is still expected to remain high.
At present, with the opening of the annual report and the first quarterly report, listed companies with better than expected performance have also ushered in the outbreak of share prices. Under the high coal price, the performance of relevant companies is expected to increase significantly. In addition to China Shenhua Energy Company Limited(601088) which recently announced brilliant performance, the annual report of China Coal Energy Company Limited(601898) also showed a year-on-year increase in revenue and net profit. At present, the coal sector still has the valuation cost performance. According to the data of Huaan Securities Co.Ltd(600909) Research Report, as of March 25, Shenwan’s coal price to net ratio Pb (LF, mainland) was only 1.61 times, and the valuation quantile was 34.83, which is still at a historically low level.
Guosheng Securities pointed out that it is optimistic about the valuation repair of high long-term association and high score red coal enterprises, with key recommendations: China Shenhua Energy Company Limited(601088) , China Coal Energy Company Limited(601898) , Shaanxi Coal Industry Company Limited(601225) , Pingdingshan Tianan Coal Mining Co.Ltd(601666) . It’s a great to be a good to be a good to be a good to be a good to be a good to be a good to be a good to be a good to be a good to be a good to be a good to be a good to be a good to be a good to be a a a a a a a a a a a a good for a a a a a a a a a a a a a a a a a a good for for for a a good a a a a a good for a a a a a good for a a a a a good for a a a good for a a a a a good for a a a a good a a a a a a a a a a a a a a a a a a good for for for for a a a good a a a a a a a a a a a a a a a a a a a a a a a a good for for for for for for a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a aいいいい〯い{{{{{{{い{{{123. Actively layout the national reform in Shanxi, and focus on recommending Jinneng Holding Shanxi Coal Industry Co.Ltd(601001) , Shanxi Coking Coal Energy Group Co.Ltd(000983) .
