The coal sector fluctuated higher on the 7th. As of press time, Jinneng Holding Shanxi Coal Industry Co.Ltd(601001) rose by more than 7%, Henan Dayou Energy Co.Ltd(600403) rose by the limit, Shanxi Coal International Energy Group Co.Ltd(600546) , Shanxi Lanhua Sci-Tech Venture Co.Ltd(600123) , Yunnan Coal & Energy Co.Ltd(600792) , etc. rose by more than 3%; The steel sector also strengthened. As of press time, Qingdao East Steel Tower Stock Co.Ltd(002545) rose by the limit, Xinjiang Ba Yi Iron & Steel Co.Ltd(600581) rose by nearly 7%, and Shengtak New Material Co.Ltd(300881) rose by more than 3%.
For the coal sector, Cinda Securities pointed out that recently, a number of coal enterprises announced their annual reports and dividend plans for 2021, with a significant increase in revenue and net profit attributable to the parent company, and a good cash flow situation. Leading enterprises announced a high proportion of dividend plans to give back to shareholders. From the perspective of supply and demand fundamentals, the short-term disturbance factors of thermal coal have increased, and the price has returned to the rational range. However, the most important coal price inhibition factors (consumption off-season and policy factors) belong to the normal industry operation cycle and reasonable policy control, which do not exceed the expected range. The tight logic of supply and demand in the annual dimension has not changed, and the pressure on coal supply in summer has not decreased; The overall supply and demand of the iron and steel, coke and coking coal industry chain is tight, the downstream resumption of work and production is expected to increase, the demand increases, the upstream supply is limited, the overseas coking coal price hangs upside down, and the price is expected to remain high throughout the year. At this stage, the industry fundamentals, the underlying logic of the policy and the direct effect are favorable for the repair and improvement of the valuation of the sector. Considering the certainty of the high growth of performance in the first half of this year, it is a reasonable stage for bargain hunting to allocate the coal sector. Investment rating: we continue to look at the coal sector in an all-round way and continue to suggest paying attention to the historic allocation opportunities of coal. It is suggested to pay attention to three main investment lines: first, Yankuang energy, the leader of low value and high dividend power coal, Shaanxi Coal Industry Company Limited(601225) , China Shenhua Energy Company Limited(601088) ; Second, Pingdingshan Tianan Coal Mining Co.Ltd(601666) , Guizhou Panjiang Refined Coal Co.Ltd(600395) , which are both resource scarcity and significant growth; Third, Shanxi Coking Coal Energy Group Co.Ltd(000983) and Jinneng Holding Shanxi Coal Industry Co.Ltd(601001) , which have great potential for extensive expansion brought by the increase of asset securitization rate of state-owned coal group.
For the steel sector, some analysts pointed out that at present, the P / E ratio of A-share steel stocks is still at the bottom of history, and the phenomenon of “breaking the net” occurs frequently, accounting for the proportion of the total number of breaking the net, which is second only to banks and other sectors. At the same time, the performance of the steel sector has improved significantly, and most companies have launched cash dividends. With the significant recovery of real estate policy, the steel sector has strengthened.
Soochow Securities Co.Ltd(601555) said that under the background of historically high profits and low valuations, the carbon neutralization probability has brought the supply ceiling of the industry. In addition, the raw material side has contributed cost dividends again, and the steel stocks will usher in a wave of sector opportunities for double rise in performance and valuation. Optimistic about the low value of high dividend ordinary steel, raw materials and some special steel. The first is Fangda Special Steel Technology Co.Ltd(600507) , Hunan Valin Steel Co.Ltd(000932) , Xinyu Iron & Steel Co.Ltd(600782) , Maanshan Iron & Steel Company Limited(600808) , Baoshan Iron & Steel Co.Ltd(600019) , Zhejiang Jiuli Hi-Tech Metals Co.Ltd(002318) , Citic Pacific Special Steel Group Co.Ltd(000708) , etc; Pay attention to Xinjiang Ba Yi Iron & Steel Co.Ltd(600581) , Inner Mongolia Eerduosi Resources Co.Ltd(600295) , Hbis Resources Co.Ltd(000923) , etc.
