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研報掘金丨天風證券:首予晉控煤業“買入”評級,目標價17.64元
天風證券研報指出,晉控煤業目前主要的資產是塔山煤礦、色連煤礦和同忻煤礦,三個煤礦產能分別爲2660萬噸/年、800萬噸/年、1600萬噸/年。根據公司2025年1月16日公告,公司將收購控股股東晉能控股集團旗下的潘家窯礦探礦權及相關資產,設計生產能力爲1000萬噸/年。若收購後建成,公司總產能將增長19.8%,權益產能將增長35.3%,建成後有望貢獻利潤增量。公司的亮點在於比較健康的負債率,2018-2024年期間,公司的資產負債率從61%降至28.9%,降幅約爲32.1pct,遠高於行業平均,且截止2024年末,公司的短期借款爲0億元、長期借款爲3億元,償債壓力較低。選取中國神華、陝西煤業、山煤國際作爲估值可比公司,公司目前的估值低於行業平均,考慮到未來公司煤炭業務仍具有成長性,給予公司2025年利潤14倍PE,對應目標價爲17.64元,首次覆蓋,給予“買入”評級。
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