Main points of the report
Event description
We follow up on the fundamentals of the company. 1) the original oil equipment import business has maintained a stable development, and there is no further ploughing plan for the time being; 2) Coal business: after the initial adjustment of the customer structure, replace small and medium-sized customers to Datang Electric Power and upgrade to suppliers in the system; secondly, set up a team to enter the coking coal field and expand synchronously. 3) completion of electrolytic copper and aluminum business platform, 13 years of core development; 4) Logistics Park: three old transformation scope, get the transformation option, can change the project for commercial utilization and re-development.
Event comment
Oil equipment import business to maintain stability, there is no deep ploughing plan for the time being. Considering the overall business trend, the growth rate of fixed asset investment in the petrochemical industry has declined significantly, while equipment imports have also tended to be stable, taking into account the increase in domestic equipment in the future. we believe that this part of the company's business is in a state of doing its best to maintain the good cash flow brought by the existing business.
The double platform of electrolytic copper has been built and officially put into operation. The metal platform includes the South China and East China platforms, as can be seen from the company's 2012 results, the contribution to the year-on-year growth of the company's Q3 was mainly partly completed, as 2013Q3 was a difficult quarter for the coal business, the formal completion and online operation of the electrolytic aluminum platform timely shared the company's risk factors in the coal business.
The coal business platform continues to be adjusted with the addition of metallurgical coal team. 1) first of all, the company's current coal business continues to be adjusted after 12 years of shock, excluding some small steel enterprises with poor ability to pay from the supply customers and transferring the supply to Datang's internal supply. Get a faster payback speed. However, in terms of the current supply system, although the company has added Jiangsu port stacks, the growth in cargo volume is still limited, and the lack of coal blending capacity and downstream coal sources make it impossible for the company to continuously and rapidly expand its coal business. Therefore, the company needs to continue to explore in the development of customers. 2) at present, the company has set up a metallurgical coal team, started the metallurgical coal business, and continued to complete the coal platform.
Metal platform in the first half of the year to maintain a certain year-on-year effect, to maintain the "cautious recommendation." no, no, no. We believe that the conversion of the company's business platform is gradually being completed, and the new business platform is rapidly beginning to make a profit, but in view of the unclear sustainable growth ability of the new platform and the need for the company to continue to adjust the coal platform, we expect the company's 12-14-year EPS to be 0.24,0.298 and 0.378 yuan respectively, and the corresponding PE is 21 times, 17 times and 14 times respectively, maintaining a "cautious recommendation".