Xinji Energy (601918) 2019 Semi-annual Report Review: Volume Increases and Price Drops in the First Half of the Year, Performance Decreases Slightly in Ten Years
Investment Highlights The company disclosed its semi-annual report for 2019: operating income46.
0 million yuan, up by 0 every year.
88%; Net profit attributable to shareholders of listed companies7.
3.9 billion, down 3 each year.
39%, after deduction is 武汉夜生活网 7.
44 ppm, an increase of 13 per year.
17%, equivalent to 0 EPS.
29 yuan / share, down 3 before.
Coal business volume increased and prices decreased, and coal business gross margin increased and decreased.
In the first half of the year, the company’s raw coal output increased by 947, exceeding 3.
81%, commercial coal production is expected to be 807, an increase of more than 2%.
63%, commercial coal sales are expected to be 800, exceeding the rise by 3.
The comprehensive bid for commercial coal is 472 yuan / ton (-3.
2%), volume increase and price decrease, the company’s coal business income fell 0 year-on-year.
04% to 37.
In the first half of the year, the unit coal sales cost was 290 yuan / ton (+13.
1%), operating costs rose 16 ahead of schedule.
8% to 23.
There are three main reasons for the increase in unit cost: First, due to the impact of energy saving and environmental protection inspections, the prices of materials such as local produce, cement, yellow sand, and melon seeds will continue to rise in 2019;Part of the mine roadway was lost and modified, and the company’s existing staff was insufficient. In order to ensure normal production succession, the company introduced expansion units to carry out roadway maintenance, which increased the cost compared to the same period.
Reported average, coal business gross margin decreased by 8.
8 up to 39%, with a unit gross profit of 183 yuan / ton (-21.
The price of thermal power business increased and the thermal power revenue ratio decreased by 5.
The company’s consolidated statement of Banji Power Plant (unit size is 2 * 1000MW) has a cumulative power generation of 50 in the first half of the year.
700 million degrees (-7.
0%), 48 electricity sales.
200 million degrees (-7.
0%), kWh excluding tax 0 pounds.
31 yuan (+2.
0%), revenue from power business reached 17.
7.5 billion (-5.
The unit cost of coal rose month-on-month, and the amount of electricity sold decreased month-on-month, resulting in a slight tilt in Q2 performance.
According to the company’s disclosure, the company’s Q1 / Q2 net profit attributable to the mother was 4 respectively.
At 31 ppm, the slight decrease in Q2 performance was mainly due to the increase in coal unit cost and decrease in sales volume.
Q2 commercial coal sales increased by 401, an increase of 0 from the previous month.
5%, Q2 commercial coal averaged 481 yuan / ton per ton, an increase of 3 from the previous month.
9%, the average cost of commercial coal in the second quarter of 292 yuan / ton, an increase of 1 chain.
6%, the company generated / sold electricity 23 in the second quarter.
200 million degrees, down 14% / 15% from the previous month.
Profit forecast and estimation: We predict that the company’s net profit 重庆耍耍网 attributable to the parent company in 2019-2021 will be 10 respectively.
10,000 yuan, equivalent to EPS are 0.
43 yuan / share, currently expected 2.
29 yuan corresponding to PE are 7 respectively.
8 times, maintain the company’s “overweight” rating.
Risk reminders: Macroeconomic growth is slower than expected; uncertainty of administrative reservations; continuous replacement of new energy sources.