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研報掘金丨民生證券:華陽股份股息率高、估值較低,維持“推薦”評級
格隆匯 06-23 15:42

民生證券研報指出,華陽股份主產煤種優質稀缺,產量具備成長性。公司背靠原陽煤集團——是原山西五大煤炭集團之一、前身為陽泉礦務局,是國內最大的無煙煤上市企業。25Q1公司實現原煤產量994 萬噸,同比增長16.85%;預計2025年公司產量可達到3970萬噸,同比增長3.45%,未來三年產量CAGR或達到7.52%。目前,在低煤價的影響下,有效供應下降,供給端的收縮遠大於需求端,因此我們判斷煤價處於超跌狀態。隨着火電發電量同比轉正,夏季用電高峯逐步到來,動力煤價格有望反彈。公司在建礦井穩步推進,股息率高、估值較低。維持“推薦”評級。

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