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研報掘金丨東吳證券:廣匯能源煤炭產能保持快速增長狀態,首予“買入”評級
東吳證券研報指出,廣匯能源(600256.SH)煤炭儲量豐富,資源稟賦優異,是疆煤保供的核心標的。馬朗煤礦投產後公司煤炭產能高達6000萬噸,預計公司煤炭銷量將從2022年的2670萬噸增長至2023年4069萬噸。此外,十四五期間隨着東部礦區的建設投產,預計2024年-2025年各增長1000萬噸/年產能,公司煤炭產能保持快速增長狀態。中期來看,煤炭供給偏緊格局下,預計3-5年內煤價中樞將維持相對高位,產量的高增長將為公司帶來高盈利彈性。考慮到公司兼具高成長和低估值屬性,未來煤炭產量增長有望貢獻業績增量,首次覆蓋給予“買入”評級。
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