研報掘金丨申萬宏源:淮北礦業業績有望維持高位,首予“買入”評級
申萬宏源研究研報指出,由於淮北礦業(600985.SH)位於華東地區,區域內資源稀缺性顯著,在3-5年內煤炭價格維持高位的情況下,公司業績有望維持高位。預計公司24年-26年公司EPS分別為1.95、2.12 和2.32 元;對應PE分別為8.4倍、7.8倍和7.1倍。從相對估值角度分析,以A股6 家焦煤公司山西焦煤、山西焦化、平煤股份、潞安環能、冀中能源、華陽股份作為對標標的,24年-26年可比公司平均估值PE為10.7 倍、8.6 倍、7.3倍。由於公司陶忽圖煤礦有望於25年底建成;2*66萬千瓦電廠有望於25 年底建成;60萬噸無水乙醇項目已達產、預計將逐步貢獻利潤;5 座砂石骨料礦山也有望於24年底建成,公司為行業中少有的仍有較大產能增長的公司,因此該行給予公司一定的估值溢價,給予24年目標PE為11倍,較當前股價還有30%的上升空間,首次覆蓋,給予公司“買入”評級。
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