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《大行报告》中金:兖煤(001171.HK)中期盈利及派息超预期 受益精煤业务及费用下降
阿思达克 09-02 15:17

中金发表报告指,兖煤(001171.HK)公司公布今年上半年业绩:A股收入1,060亿元人民币,按年增长39%,归母净利润53.6亿元人民币,每股盈利1.09元,按年增长23.5%。H股收入332亿元人民币,按年增长3.2%,归母净利润58.1亿元人民币,按年增长25.7%,超出预期,主要由於公司国内的精煤量价齐升,以及财务费用按年回落。

该行表示,上半年公司的商品煤产量0.47亿吨,按年减少3.1%,其中国内精煤产量按年上升9%至913万吨。另外,公司自产煤销量按年下降5.7%至0.45亿吨,但国内精煤销量自产煤总销量比例按年增长至21%。

中金称,煤价下行空间有限,而国内新产能投放,但进口或回落,安全环保阶段性收缩国内产量,预计动力煤价格下行空间有限。此外,焦煤相对焦化企业议价能力较高,预计下半年价格整体平稳。

该行上调兖煤今明两年A股盈利预测各18%,至1.84元/1.9元人民币,H股盈利预测上调24%/22%至1.88元/1.95元人民币。当前A/H股股价对应明年5倍/3.1倍市盈率。中金维持兖煤A股「中性」评级和目标价12.5元人民币。H股亦维持「中性」评级和目标价9港元。

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