Panjiang Co., Ltd. (600395): The double advantage of increasing revenue and reducing the cost of dividends

Panjiang Co., Ltd. (600395): The double advantage of increasing revenue and reducing the cost of dividends
Introduction to this report: In the first half of the year, benefiting from the increase in coal volume and price, it has catalyzed better operating results.The current total corresponding dividend yield has reached 9.0%, the regional leader has obvious advantages, has the dual advantages of growth and dividends, and maintains an overweight rating. Investment Highlights: Performance is in line with expectations, maintaining the “overweight” rating.Operating income for the first half of 201932.8.6 billion, net profit attributable to mother 6.220,000 yuan, to achieve a budget income of 0.38 yuan, an increase of 17 per year.87%, performance was in 北京夜网line with expectations.We maintain 0 EPS for 2019-21.66/0.69/0.The forecast of 77 yuan remains at 7.39 yuan (after removing the right) target price and increase holding level. Benefiting from both volume and price increases, the coal business performed well.The total number of reports is 368.59 Initially, it increased by 14 each year.30% of coal sales were 398.59 Initially, it increased by 11 each year.52%, of which 367 were commercial coal.40 initially, an increase of 13 per year.35%.The estimated purity of commercial coal per ton is 795.00 yuan / ton, increasing by 0 every year.40% per ton of coal cost 509.37 yuan / ton, down 2 before.53%.Taken together, the gross profit margin of the coal business is 35.93%, rising by 1 every year.93PCT, the best level since 2016. During the period, the level of expenses decreased and the net cash flow from operations increased.In the first half of the year, the company’s total financial / management / sales expenses358 trillion, with an expense ratio of 10.97%, a decrease from the beginning of the period.46%.In fact, the operating net cash flow is affected by the increase in government subsidies and increases by 0 every year.7.4 billion (10.71%), and cash flow improved further. Growth and dividends have the dual advantages, and the estimated yield has reached 9.0%.The company’s Jinjia mine (90 expected / year) is expected to be put into production in 2019, the first phase of Faer No. 2 mine (90 predicted / year),返回码: 500 网站打不开?重查 and the Mayi Yijing (240 annual / year) is expected to be put into operation in 2020 and 2022, with a three-year capacity increase10%, 9%, and 22%, respectively.The dividend rates for 2017-2018 were 66% / 70%, respectively, and the latest continued (5.09 yuan) according to the 70% dividend rate, the corresponding dynamic dividend yield has reached 9.0%, investment attractiveness increased. risk warning.Coal prices have fallen sharply; construction in progress has fallen short of expectations; macroeconomic risks.