\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 225 Shaanxi Coal Industry Company Limited(601225) )
Event: the company released the annual report of 2021 & the first quarterly report of 2022. In 2021, the company achieved an operating revenue of 152.27 billion yuan, an increase of 60% year-on-year; The net profit attributable to the parent company was 21.14 billion yuan, a year-on-year increase of 42%; The net profit deducted from non parent company was 20.48 billion yuan, a year-on-year increase of 125.2%. In the first quarter of 2022, the company achieved an operating revenue of 39.57 billion yuan, a year-on-year increase of 13.5%; The net profit attributable to the parent company was 5.69 billion yuan, a year-on-year increase of 68.8%; The net profit deducted from non parent company was 7.33 billion yuan, a year-on-year increase of 97.6%.
Fully enjoy the industry dividend and greatly increase the net profit of Q1 deduction and non return to parent. Quarterly, the operating revenue of Q4 in 2021 and Q1 in 2022 were 30.96 billion yuan and 39.57 billion yuan respectively, with a year-on-year increase of 0.2% and 13.5% respectively, and a month on month increase of – 36.4% and 27.8% respectively; The net profit attributable to the parent company in Q4 in 2021 and Q1 in 2022 was 6.88 billion yuan and 5.69 billion yuan respectively, with a year-on-year increase of 103.2% and 68.8% respectively, and a month on month increase of 15.3% and – 17.3% respectively; The net profit deducted from non parent company in Q4 of 2021 and Q1 of 2022 was 5.91 billion yuan and 7.33 billion yuan respectively, with a year-on-year increase of 184.4% and 97.7% respectively, and a month on month increase of – 12.1% and 24.2% respectively.
Production and sales volume gradually recovered. The company achieved 140 million tons of raw coal output in 2021, with a year-on-year increase of 8.4%; The sales volume of commercial coal was 230 million tons, a year-on-year decrease of 4.6%, of which the sales volume of self owned commercial coal was 130 million tons, a year-on-year increase of 8.4%. By quarter, the raw coal output in Q4 in 2021 and Q1 in 2022 was 33.22 million tons / 34.36 million tons respectively, with a year-on-year increase of – 4.6% / – 1.8% and a month on month increase of + 2.3% / + 3.4%; In a single quarter, the sales volume of commercial coal was 62.28 million tons / 54.87 million tons, with a year-on-year ratio of – 9.3% / – 24.8% and a month-on-month ratio of – 4.6% / – 11.9%. Among them, the sales volume of self-produced commercial coal was 32.95 million tons / 33.59 million tons, with a year-on-year ratio of – 4.5% / – 2.7% and a month-on-month ratio of 2.9% / 1.9%.
The price elasticity of tons of coal is huge. In terms of selling price, the company sold 602 yuan / ton of commercial coal in 2021, with a year-on-year increase of 65.5%, with great flexibility. Among them, the annual selling price of self-produced coal per ton was 584 yuan / ton, a year-on-year increase of 68%; The annual selling price of trade coal per ton was 627 yuan / ton, with a year-on-year increase of 64.8%. In terms of cost, due to the implementation of the new revenue standard by the company, the transportation expenses in the sales expenses are included in the operating cost, and the annual cost per ton of coal increased by 42.8% year-on-year to 395 yuan / ton; The unit full cost of the original coal preparation was 295 yuan / ton, an increase of 39.5% year-on-year. In terms of gross profit, the gross profit per ton of coal in 2021 was 207 yuan / ton, a year-on-year increase of 137.8%.
High dividends highlight investment value. Based on the capital stock of 9.695 billion shares, the company plans to distribute cash dividends of 13.50 yuan (including tax) to shareholders for every 10 shares, totaling 13.088 billion yuan, accounting for 61.9% of the net profit attributable to shareholders in the consolidated statements of the year. Based on the closing price on April 27, the dividend rate is as high as 8.5%.
Steadily promote the Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) layout and cultivate new drivers of development. Based on the capital market and in accordance with the national target direction of 30 / 60 carbon peak and carbon neutralization, the company has optimized the industrial investment map, established an investment consulting model, arranged high-quality assets in new energy, new materials, new economy and other industries, incubated new projects for the company’s transformation and upgrading, and cultivated opportunities for the company to timely introduce new industries. In 2021, the company realized an investment income of 3.03 billion yuan, accounting for 7.45% of the total profit; By the end of 2021, the company’s “long-term equity investment” was 12.45 billion yuan, which is expected to continue to increase its performance in the future.
Investment advice. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 22.98 billion yuan, 26.47 billion yuan and 27.37 billion yuan respectively, and the corresponding PE will be 6.7, 5.8 and 5.6 respectively, maintaining the “buy” rating.
Risk tip: demand fell faster than expected, coal prices fell sharply, and the national production capacity delivery progress exceeded expectations
