Minsheng securities gave Shanxi Coal International Energy Group Co.Ltd(600546) recommended rating to 2021 annual report and 2022 first quarter report: the performance increased significantly, and the proportion of dividends exceeded expectations

Minsheng securities released a research report on April 30, saying that it gave Shanxi Coal International Energy Group Co.Ltd(600546) ( Shanxi Coal International Energy Group Co.Ltd(600546) .sh, latest price: 14.05 yuan) a recommended rating. The reasons for rating mainly include: 1) the price has risen significantly, and the gross profit margin of self-produced coal has increased significantly; 2) The gross profit margin of trade coal increased slightly; 3) A high proportion of dividends exceeded expectations, with a dividend rate of 11.15%; 4) The price rose sharply, driving the release of 22q1 performance. Risk tip: coal prices have fallen sharply, and the construction progress of new energy projects is less than expected.