Yangquan Coal (600348) Annual Report Comments: Earlier than expected dividend yield of 4.5%

Yangquan Coal (600348) Annual Report Comments: Earlier than expected dividend yield of 4.5%
Earnings exceeded expectations with a dividend yield of 4.5%.The company achieved operating income of 326 in 2018.8.4 billion, an annual increase of 16.12%; net profit attributable to shareholders of the listed company.710,000 yuan, an annual increase of 20.48%; non-net profit attributable to shareholders of listed companies is 17.3.3 billion, an annual increase of 6.00%; budget benefit 0.82 yuan, exceeding expectations.Net cash flow from operating activities 37.USD 6.4 billion, far higher than the net profit of returning mothers, with an annual increase of 31.20%, cash flow is very healthy.The company plans to distribute a cash dividend of 2 for every 10 shares.80 yuan (including tax), the current dividend yield is as high as 4.5%.  The fourth quarter realized operating income of 73.9.9 billion yuan, 28 per year.4%, down 12 from the previous month.6%; net profit attributable to shareholders of listed companies.6.7 billion, an annual increase of 18.9%, an increase of 9 from the previous month.3%; EPS0 achieved.24 yuan. Rising coal volume and price are the top priority for performance growth.In 2018, the company’s raw coal output was 3854, an annual increase of 8.72%, of which coal procurement group and its subsidiaries in the year of 3744, an increase of 3 per year.26%.Coal sales amounted to 7,128 years, with an annual increase of 6.59%, of which 478 tungsten carbide is lump coal, which decreases by 0 every year.21%; 360 tons of pulverized coal, an annual increase of 19.97%; reformation of end-of-line coal 6063, surpassing growth6.69%; 227 tons of slime, an increase of 0 in ten years.89%.  Comprehensive coal formaldehyde 436.99 yuan / ton, an increase of 9 in ten years.25%.The cost of selling coal per ton of coal is 353 yuan / ton, an increase of 12 per year.66%.The increase in costs was greater than the increase in the upper limit, which led to the company’s coal gross profit margin19.20%, a year down 2.44 averages.  In addition, the company’s financial expenses in 2018 were 5.6.2 billion, a decline of 22 per year.66%, saving 1.6.5 billion expenses.In 2018, the company completed the issuance of 5 billion renewable bonds.The company’s asset-liability ratio is 52.49%, a drop of 10 a year.28 single, the company’s asset structure is further optimized.  There are also corporate income tax expenses for 20187.2.8 billion, a decrease of 2.04 billion, a decrease of 21 every year.85%, due to the transfer of deferred income tax assets formed by using special reserves to purchase assets in 2017. The related party transactions are large, and the Group’s coal asset injection is worth looking forward to . In 2018, the company purchased 102 coal from the parent company group.7.5 billion yuan.In 2018, the company’s coal sales were 7,128 tons, of which 北京夜生活网 coal from the purchasing group and group subsidiaries was 3,744 tons, accounting for 52 of the company’s total coal sales.5%.From the perspective of improving corporate governance and solving related party transactions, there is an objective need for the Group’s coal assets to be injected into listed companies.In April 2018, the company signed an agreement with Yangmei Group, and Yangmei Group agreed to trust the subsidiary’s coal assets / equity owned by the company for management with a management fee of 6 million yuan / year. Investment Advice.It is expected that the company’s EPS in 2019 and 2020 will be 0.87 yuan, 0.89 yuan, the current sustainable corresponding PE is 7 respectively.2 times, 7.1x, PB is 0.93 times, the estimated advantage is very obvious, giving the company a “cautious recommendation” investment rating. 杭州桑拿 Risk reminder: coal demand is lower than expected, coal prices are down, and mining difficulties.