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【申银万国证券】石煤装备新股分析:锚杆支护机具的骨干生产厂家,合理价格5.28-6.60元

申萬宏源 ·  Jul 18, 2012 00:00  · Researches

“Increased coal production+increased degree of mechanization+demand for transformation of existing equipment” became the main driving force for coal machinery, and the “12th Five-Year Plan” space exceeded 500 billion dollars. By 2015, coal production will reach more than 3.3 billion tons. The total investment in new coal mines in the coal industry from 2011 to 2015 was 357 billion yuan, and the investment in coal machinery and equipment required to increase coal production capacity is about 124.9 billion yuan. Furthermore, according to the “12th Five-Year Plan for the Development of the Coal Industry (Draft for Comments)”, the degree of mechanization of coal mining in coal mines nationwide has reached more than 75%. At the same time, existing coal machinery and equipment is gradually aging, and some of the equipment is out of service. In the next few years, China's demand for coal machinery upgrading will also continue to grow rapidly. Adding up the above three requirements, according to the forecast of the China Coal Machinery Industry Association, the total demand for coal machinery in 2011-2015 was 514.7 billion yuan, or a CAGR of 16.5%. The market capacity of coal mine anchor rod support tools in 2015 was about 1.2 billion. Anchor rod support technology is currently the most suitable support method for coal lanes, and is widely used in mines in China. According to the “2010 Annual Work Report of the Coal Mine Support Professional Committee of the China Coal Industry Association”, during the “11th Five-Year Plan” period, the average total advance of coal mine roadways in China was about 15 million meters/year, of which the total advance of coal lanes accounted for about 84%, and the total advance of rock lanes accounted for about 16%. At present, the coal lane anchor support rate in key state-owned coal mines has reached more than 85%. According to estimates, the coal mine anchor rod support equipment market capacity was about 500 million yuan in 2010, is expected to reach 700 million yuan in 2012, and 1.2 billion yuan in 2015. The company is a key manufacturer of anchor rod support tools, accounting for more than 30% of the country's market share. Support tools are the company's main products, including anchor drill rigs, anchor drill trucks and supporting tools. The variety is complete, and the market share of anchor support tools accounts for more than 30% of the country. The company participated in the formulation of two industry standards, such as “Mine Handheld Pneumatic Drilling Rig” (MT/T994-2006) and “Technical Specification for Coal Lane Anchor Support” (MT/T1104-2009), and anchor support tools have obvious advantages in the industry.

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