\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 582 Tiandi Science & Technology Co.Ltd(600582) )
The capital expenditure of the coal industry is rising. Driven by new capacity + intelligence, coal machinery enterprises are expected to fully benefit. Under the background of coal shortage, intelligent transformation and new coal production capacity are the two major means to expand coal supply. According to our calculation, the total market space of fully mechanized coal mining equipment brought by new demand from 2022 to 2025 is 15.6 billion yuan, nearly 10 billion more than before. From 2022 to 2025, the corresponding market space of intellectualization is about 24.6-26.8 billion yuan, and the average annual corresponding market space of intelligent transformation of coal mines is 6-7 billion yuan. According to the data of the National Bureau of statistics, in February 2022, the fixed asset investment in coal mining and washing industry increased by 45.4% year-on-year, a new high since March 2009. Under the background of upward capital expenditure in the coal industry, coal machinery enterprises are expected to fully benefit.
Intelligent manufacturing of deep plough coal machine leads the intelligent development of coal mine. Subordinate to China Coal Science and Industry Group Co., Ltd., the company is one of the enterprises with the most complete industrial chain layout in the coal industry worldwide, with strong R & D and manufacturing capabilities. According to Tiandi Science & Technology Co.Ltd(600582) official website, in the intelligent equipment sector, relying on scientific and technological innovation and intelligent manufacturing, the company carries out the business of intelligent mining, mining equipment and washing equipment, leads or participates in the construction of more than 60% of the country’s intelligent chemical work, and is the practitioner and leader of the intelligent construction of coal mines. The company has formed core technologies in terms of roadheader, super power and high mining height shearer, special coal seam shearer, hydraulic support electro-hydraulic control system, intelligent integrated liquid supply system, fully mechanized mining face automatic control system, etc., and has strong brand influence.
Tianma Zhikong, a subsidiary, plans to be split and listed, which is conducive to reshaping the valuation system of the parent company. Tianma Zhikong is a Tiandi Science & Technology Co.Ltd(600582) holding subsidiary, specializing in the R & D, production, sales and service of coal mine intelligent mining control technology and equipment. According to Securities Daily, after more than 20 years of development, Tianma Zhikong’s main products are sac hydraulic support electro-hydraulic control system, SAP intelligent integrated liquid supply system and Sam fully mechanized mining automation control system, with an average market share of 40%, which are in a leading position in the industry in terms of technology, performance, quality and reliability. After the spin off and listing, Tianma Zhikong will further improve its governance structure, improve its financing capacity and operating efficiency, and its parent company Tiandi Science & Technology Co.Ltd(600582) is also expected to revalue its segments and improve the overall value of the company.
Safety production is the first priority, and the equipment and service sector benefits. Safety production is the basis for ensuring the economic benefits of enterprises, and relevant equipment and services will become the rigid demand of enterprises. The company’s mine safety sector covers all professional fields of coal mine safety technology, provides business collections such as safety products, technical services and disaster management, and creates a comprehensive solution of “technology + products + engineering services”. With the increasing attention to mine safety production in recent years, the company’s equipment and service sector is expected to fully benefit.
Take tiantianwangpo as an example to carry out ecological management and green mining in the mining area. The company’s coal production business mainly comes from Tiandi Wangpo, with a sales volume of about 2.89 million tons in 2020. At present, the coal mine has become a typical demonstration of a “safe, clean and efficient” modern large-scale coal mine. Taking this as a benchmark, the company has built an intelligent unmanned mining demonstration mine, steadily developed the overall operation of specialized coal mines, and many managed coal mines are in a leading position in the industry.
Investment suggestion: it is estimated that the company will realize net profit attributable to parent company of RMB 1.677 billion, 2.158 billion and 2.628 billion from 2021 to 2023, with corresponding EPS of RMB 0.41, 0.52 and 0.63 per share respectively, and PE of 12, 9 and 8 times, maintaining the “recommended” rating.
Risk warning: the risk of technology advancement falling short of expectations, the risk of coal price fluctuation and the risk of raw material price rise
