Open-cast coal industry (002128): consolidation of electrolytic aluminum assets and new energy sources are expected to become new growth points

Open-cast coal industry (002128): consolidation of electrolytic aluminum assets and new energy sources are expected to become new growth points
The open-pit coal industry released the semi-annual report for 2019. The open-pit coal industry released the semi-annual report for 2019, reporting that a series of companies achieved operating income of 95.3.3 billion, an annual increase of 7.41%, achieving net profit attributable to shareholders of listed companies.$ 7.5 billion, an annual increase of 11.75%, the corresponding EPS is 0.83 yuan / share.In the first half of 2018, the company expected an average ROE of 10.39%, an increase of 1 per year.55 units.  Briefly evaluate the consolidated assets of electrolytic aluminum and contribute to the total profit in the first half of the year.20,000 yuan In the first half of 2019, the company completed the acquisition of 51% equity of Inner Mongolia Huomei Hongjun Aluminum Power, 南宁桑拿 contributing a total of 51 operating income to the company.76 trillion, accounting for 54 of the company’s total revenue.29%, realized profit budget1.2 ppm, which accounts for 7 of the company’s maximum profit.47%.Huomei Hongjun currently has a total of 121 inches of electrolytic aluminum production capacity, of which the actual operating capacity is 86 and at least 35 are under construction.In addition, Huomei Hongjun also has its own installed power capacity of 2.1 million kilowatts, which can reduce the unit cost of electrolytic aluminum production to a certain extent and improve its overall profitability.In the total number of reports, the company completed a total of 43 production of electrolytic aluminum.7 nominal, sales 43.1 interest rate, we judge that the company’s electrolytic aluminum plate revenue will further increase after 天津夜网 the production capacity under construction of 35 interest rates is put into production in the future.  The change in coal production and sales is small, and the new energy business brings new performance growth points. From the company’s traditional coal and power business operations, the company’s coal production in the first half of the year was 2452 instead of 2463, but sales fell by 2 respectively.03% and 1.93%, and the company raised coal calcium carbonate in the first half of the year, resulting in an increase in its coal revenue by 13.3% to 35.200 million US dollars, taking into account the impact of reclamation and greening, the increase in environmental protection costs, and the company’s expected return to net profit in 19 years after the reorganization2.About 2.5 billion.Regarding the power business, the company achieved a power generation capacity of 30 in the first half of the year.9.7 billion kilowatt-hours, 27 on-grid electricity.1.1 billion kilowatt-hours, an increase of 6 each year.1%, 2.6%, electricity revenues increase by 22 per year.1%, reaching 8.9.4 billion, mainly because the company supplemented Jiaoshan County9.950,000 kilowatts wind power project, and the company is still under construction of new energy projects, and recently established Tongfa New Energy and Alashan New Energy specializing in the development of new energy business, so we judge that the new energy business is expected to become the company’s newProfit growth.  The fluctuation of the company’s coal price is small, and the performance stability is expanding. We believe that the company’s coal scale change is much smaller than the market coal price change, which is because the company’s current proportion of long-term associations is high and the company’s coal consumption is sensitive to market coal pricesWeak, the restriction is because the company’s coal is mainly sold to the Northeast region, and the boringness of the Northeast’s own coal resources is too boring, and the company’s bargaining power for downstream customers has been reduced.Therefore, in this case, we judge that the performance stability of the company’s coal sector can be overcome, and it will not fluctuate with the fluctuation of coal prices.  The first coverage, giving the company an overweight rating. In summary, in the company’s traditional coal and power business, we believe that the future performance of the coal sector is relatively stable, and the power business will transform the gradual increase in new energy installations in the future and become a large sum of the company.Money profit growth point.In addition, this year, after the company completed the acquisition of Huomei Hongjun Aluminum and Electricity, it realized the integrated layout of the “coal-electricity-aluminum” industry chain, which can give full play to the synergies between the sectors and improve the company’s profitability.Huomei Hongjun currently has 35 tons of remaining capacity under construction, which will increase the company’s performance after it is put into production in the future.We expect that the company’s operating income will reach 187 in 2019-2021.9.3 billion, 208.6.7 billion, 229.4.3 billion, net profit attributable to mothers was 26.0 billion, 26.200 million, 26.30,000 yuan, the corresponding EPS is 1.45 yuan, 1.46 yuan, 1.47 yuan, the first time to cover the company to “overweight” rating.