The company released its half-yearly report for 2022. The main financial data are as follows:
In the first half of 2022, the company achieved operating income of 13.355 billion yuan, an increase of 50.01% over the same period last year. The net profit of shareholders belonging to listed companies was 1.359 billion yuan, an increase of 8.63% over the same period last year. After deducting non-profits, the net profit of shareholders of listed companies was 1.501 billion yuan, an increase of 7.97% over the same period last year. Basic earnings per share was 0.32 yuan, an increase of 10.34% over the same period last year. The weighted average ROE is 10.34% (down 0.93% from the same period last year).
In the second quarter of 2022, the company realized operating income of 7.173 billion yuan, an increase of 16.30% from the previous month, and an increase of 39.78% over the same period last year. The net profit of shareholders belonging to listed companies was 683 million yuan, an increase of 1.04% from the previous month, and an increase of 11.30% over the same period last year. The net profit after deduction was 828 million yuan, an increase of 23.03% month-on-month and 9.53% over the same period last year.
The increase in the first half of the year is mainly due to the rise in coal prices.
Coal business: continue to contribute high profits. During the reporting period, the company achieved clean coal output of 1.293 million tons. In the first half of the year, the total operating income of the four coal mines reached 2.82 billion yuan, an increase of 62.15 percent over the same period last year, and the net profit was 1.31 billion yuan (Fenxi Taiyue, Dongyu Coal Industry, Jinfu Coal Industry and Jinhui Coal Industry realized net profits of 5.6,3.0,4.2 and 30 million yuan respectively), an increase of 153.22 percent over the same period last year, and the net profit of equity was 1.18 billion yuan, an increase of 153.22 percent. Coal prices remain high, the company's coal business profitability further enhanced, contributing to the main performance.
Coking business: rising costs and declining profits. During the reporting period, the company achieved coke production of 2.8462 million tons, a decrease of 3.07% over the same period last year, and sales of 2.9 million tons, a decrease of 3.94% over the same period last year. The comprehensive average price of coke (including coking by-products) was 3801 yuan / ton, up 60.27% over the same period last year, the unit complete cost was 3781 yuan / ton, up 84.07%, and the unit net profit was 20 yuan / ton, down 93.66% over the same period last year. Due to the sharp rise in costs, the overall profitability of the company's coking business has declined significantly, and the coking plant is basically on the break-even line.
Hydrogen business: car sales need to be expanded, and the hydrogen market continues to expand. During the reporting period, Flying Technology achieved revenue of 2. 5%.
100 million yuan (year-on-year + 99%), Qingdao Meijin achieved revenue of 130 million yuan, hydrogen energy business as a whole a small loss, less impact on the company's performance. The purchase and sales of fuel cell vehicles accounted for a relatively high proportion in the fourth quarter, and the volume of the company's hydrogen energy business this year still needs further observation. The company's investment expansion in the hydrogen energy sector continued to push forward. In the first half of the year, the company added 30 million yuan (3%) to Sexes through the Climate No.1 Fund, 50 million (4.76%) to Heidlison through the Heidlison Venture Capital Fund, 10 million yuan (35%) to Yexun Chuangneng New Energy Technology Co., Ltd., and 4 million yuan (10%) to Fenghe Yang.
Asset impairment loss of 220 million yuan, mainly from the Meijin coal chemical upgrading project. The impairment loss of the company's assets in the first half of the year was 220 million yuan, mainly because the demolition assets involved in the subsidiary Meijin coal chemical upgrading project increased compared with the original plan, and the provision for asset impairment was 196 million yuan.
Profit forecast and valuation: it is estimated that the company's net profit attributable to the parent company from 2022 to 2024 is 28.9%.
2Mather 3.79 billion yuan, a year-on-year increase of 13%, 12%, 18%, equivalent to EPS 0.68, 0.75 and 0.89 yuan per share, respectively, and the current share price is 11.79 yuan, corresponding to 17.4, 15.6, 13.3 times of PE, respectively, maintaining the "buy" rating.
Risk hints: the risk of a sharp fall in the price of coal and coke; the risk that the release of production capacity is not as expected; the risk that the promotion of the hydrogen industry is not as expected; and the risk that the public data used in the research report may lag behind or not be updated in a timely manner.
