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冀中能源(000937)2023年三季报点评:业绩符合预期 增量空间值得期待

Jizhong Energy (000937) 2023 three-quarter report review: Performance is in line with expectations, and incremental space is worth looking forward to

民生證券 ·  Oct 29, 2023 00:00

Event: on October 27, 2023, the company released its third quarterly report of 2023. In the first three quarters of 2023, the company's operating income was 20.356 billion yuan, down 29.93% from the same period last year, and its net profit was 3.916 billion yuan, down 1.73% from the same period last year. In the third quarter of 2023, the company's operating income was 5.604 billion yuan, down 38.17% from the same period last year and 17.93% from the previous year; the net profit from the home was 549 million yuan, down 61.17% from the same period last year and 17.31% from the previous year.

It successfully transferred 72% of the equity of Qianxin Coal Industry and divested the inefficient assets. In October 2023, Hainan Menghong Technology Co., Ltd. successfully acquired a 72% stake in Qianxin Coal Industry, with a consideration of 1.035 billion yuan. In addition, all the assets and liabilities of Xingbei Coal Industry held by the company have been transferred through public listing, and the divestiture of inefficient assets will help the company to further improve its profitability.

The assigned exploration rights ensure the continuation of resources, and the increment of coal production capacity is considerable. In order to solve the problem of the continuation of Yunjialing Mine and Guoerzhuang Mine Resources of Hanfeng Company, a wholly-owned subsidiary of the company, Hanfeng Company intends to transfer the exploration rights of Yunjialing and Guoerzhuang Deep expansion area in Wu'an North Tongyun Planning area held by Hanfeng Group in cash at a transaction price of 316 million yuan. after the completion of the transaction, the company will increase its recoverable reserves by 21.02 million tons and its production capacity by 1.2 million tons per year. In addition, 1) New production capacity: the company has added 600000 tons of coking coal production capacity in Xingtai Mine West well, and the company expects 23H2 to be completed and put into production by 2024. 2) Nuclear increase in production capacity: 1.5 million tons of thermal coal in Mongolia mining area in 2023, of which 300000 tons of Shengxin Coal Industry has been increased in 2022, 900000 tons of Jiaxinde and 300000 tons of Jiadong Coal Industry will be increased in 2023. Jiaxinde capacity replacement plan has been submitted to the Dongsheng District Energy Bureau, Jiadong Coal Industry has successfully obtained the mining license for the resource expansion project, and after the completion of the project expansion, It can increase the reserves of high-quality retained resources by more than 27 million tons and the amount of recoverable raw coal by 20.04 million tons. At present, a capacity replacement plan is being prepared and capacity targets are purchased at the same time. Jizhong Energy Group, the company's controlling shareholder, still has an approved production capacity of about 30.06 million tons outside the listed company, and the company is expected to achieve the increment of the coal plate through the injection of group assets in the future.

Focus on optimizing the product structure, non-coal business growth is clear. The third phase of Jizhong new materials production line is under construction and is expected to be put into production in 2024. After putting into production, the industrial scale will enter the first echelon of the industry, and the total production capacity of glass fiber will reach 400000 tons. As the utilization rate of the original 230000-ton PVC capacity is low and the 400000-ton PVC project has not yet produced benefits, business profitability has been dragged down. with the commissioning of the project and the construction and operation of special ethylene terminals, the company is expected to turn losses and profits through increasing production and reducing costs. In addition, the Baijian Iron Mine project of 3 million tons / year is going through the preliminary formalities such as the approval of the project of transferring exploration rights to mining rights. The company's non-coal business is developing rapidly and is expected to contribute considerable performance increments in the future.

Investment suggestion: we estimate that the return net profit of the company from 2023 to 2025 will be 45.25Universe 4.216 billion yuan, the corresponding EPS will be 1.28pm 1.15pm 1.19 yuan per share, and the PE corresponding to the closing price on October 27, 2023 will be all times that of 5-6-5. Maintain the "cautious recommendation" rating.

Risk hint: coal prices have fallen sharply; projects under construction have fallen short of expectations.

The translation is provided by third-party software.


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