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研報掘金丨國泰海通:維持淮北礦業“增持”評級,目標價13.66元

國泰海通證券研報指出,淮北礦業業績受市場需求下行影響,當前判斷是同比壓力最大的時候。公司爲焦煤中的成長股,24-26年可能持續有產業增量。公司2025年甲醇綜合利用制60萬噸無水乙醇項目的正式運營,實現了焦爐煤氣綜合利用制甲醇項目(甲醇產能爲50萬噸/年)向下遊產業鏈的進一步延伸,隨着乙醇產品的投放,Q1公司乙醇實現產量9.59萬噸,銷量9.12萬噸,銷售均價4776元/噸。後續仍有產能800萬噸的內蒙古陶忽圖煤礦在建,2.51億Nm?/年LNG、2.5萬噸EMC、3萬噸/年乙基胺產能預計會於2025 年完工。考慮到公司爲焦煤板塊龍頭,給予公司2025年12xPE,目標價爲13.66元,維持“增持”評級。

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