The company's net profit after deducting non-profit in 2019 remained at a loss, and the profit of the main business improved slowly. However, the company is actively distributing coalbed methane, wind power, hydrogen energy and other emerging energy investment, the stock price is also relatively active, the future transformation and development of the company is worth looking forward to.
The net profit after deducting non-profit in 2019 is still at a loss. The company realized operating income net profit of 6.69 billion yuan in 2019 (year-on-year changes were respectively-8.51 picul 76.87%); net profit after deducting non-profit was-63 million yuan, which was in a state of loss; non-net profit deducted in 2018 was also negative, and profit in 2019 was not systematically improved.
The EPS is 0.02 yuan. The company plans to pay out 0.06 yuan (including tax) for every 10 shares, with a dividend rate of 30.26%.
The proportion of clean coal recovered in 2019, and the average price increased slightly. In 2019, the company's coal production / sales volume was 589 / 5.69 million tons (compared with the same period last year). Among them, the raw coal production / sales volume was 2.485 million tons (9.19% compared with the same period last year), and the washing coal production / sales volume was 340.34 million tons (0.16%).
In terms of price, the comprehensive sales price of commercial coal in 2019 is about 624.21 yuan / ton (+ 1.96% compared with the same period last year), mainly due to an increase in the proportion of clean coal production; the production cost per ton of coal is about 482.48 yuan / ton (+ 4.81% compared with the same period last year). The gross profit margin of the coal business was 22.71%, down about 1.65pct from the same period last year, and the company's main coal subsidiary made a net profit of 37 million yuan. In 2019, the company generated / sold 26.66 billion kilowatt-hours of electricity (- 6.24% Universe 6.49%). The price and cost of kilowatt-hour electricity are 0.35 yuan. The power sector as a whole is in a state of loss. In 2020, the company plans to sell 5.95 million tons of commercial coal, a slight increase compared with the actual value in 2019, and the online electricity consumption of 2.451 billion kilowatt-hours, which is lower than the actual value in 2019. The heating charge area is 27.1 million square meters.
Actively participate in energy subsidiaries to achieve diversified development. The company is actively building into a new type of energy investment company with innovative vitality and continuous ability to create efficiency and increase profits. The company has successively cooperated with Liaoning Geology and Mineral Resources to develop coalbed gas resources and funded the acquisition of 30% equity in Liao Neng Wind Power. At the same time, Hongyang Capital, a holding subsidiary, established Hongyang National hydrogen Equity Investment Company in June 2018 to actively distribute the hydrogen energy field. To achieve diversified development.
Risk factors: large cost fluctuations; macroeconomic fluctuations, affecting coal demand and performance growth.
Investment suggestion: considering the company's current investment income, we maintain the company's 2020 EPS forecast of 0.11 yuan, downgrade the 2020 EPS forecast to 0.12 yuan (the original forecast is 0.13 yuan), and increase the 2022 EPS forecast of 0.11 yuan. The current price is 3.38 yuan, corresponding to 33-28-pound-32x. Maintain the company's "hold" rating.