Yangquan Coal (600348): Improved sales structure and profit rise against trend

Yangquan Coal (600348): Improved sales structure and profit rise against trend
This report reads: Optimization of the coal sales structure, a substantial increase in profitability in the first half of the year, and increased replacement capacity to catalyze the expansion of raw coal production, thereby further increasing the proportion of self-produced coal sales, enhancing the company’s profitability, and maintaining an overweight rating. Key points of investment: The performance is slightly higher than expected, maintaining the “overweight” rating.In the first half of 2019, operating income 武汉夜网论坛 was 155.2.6 billion, net profit attributable to mother 10.630,000 yuan, achieving a budget income of 0.44 yuan, an increase of 18 per year.92%, slightly better than expected.We maintain 0 EPS for 2019-21.79/0.81/0.83 yuan forecast, maintain “overweight” rating. The coal sales structure has been optimized, and profits have risen against the trend.According to the report average, the growth rate of raw coal production in 2017 increased by 7 per year.01%, purchasing group and its subsidiary coal 1652 per year, a reduction of 16.01%.The increase of self-produced coal, the decrease of purchased coal, the optimization of the sales structure and the reduction of coal volume and price in the first half of the year (the sales volume decreased by 5).12% to 3432 budget, a reduction of 4.36% to 419.Under the influence of 40 yuan / ton), coal sales revenue has been reduced by 9% each year.25%, but the cost decline in the ten years reached 12.64%, the gross profit margin of coal has increased by ten years.The 11 singles caused the company’s net profit to increase against the market in the first half of the year, increasing by 20 each year.06%. New capacity increased by a maximum of 131, increasing the scale of production.The subsidiary of Yangquan Coal Industry Co., Ltd. purchased the 131 production capacity owned by the group at a price of 120 yuan / ton at a reasonable price.It is expected that after the transaction is completed, the company’s existing 3170 budget coal production capacity will be increased to 3301 title (up 4).1%).With the release of increased production capacity, coal production will increase. The debt scale decreased, and the expense ratio decreased to a new low during the period.73%.It is estimated that the size of the company’s interest-bearing debt dropped by an average of 38 in the same period last year.51% (49.700,000 yuan), financial expenses from 3.$ 0.6 billion in 1.7.7 billion.Affected by this, the total amount 天津夜网 of management / sales / financial expenses in the first half of the year8.90 ‰, a decrease of 14 per year last year.63%, the period expense ratio also reduced to a new low of 5.73%. risk warning.Coal prices fell more than expected, asset impairment risks, and macroeconomic risks.