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Data:2009-12-12 2:34
Source: Ran Lan Jin Securities
Quotes continued to in-depth interpretation of the Shanghai Composite, after successfully crossing the 2000-point mark, apparently did not stop the idea. However, compared to hot spots, but a noticeable proliferation of large cap blue chips from the previous number of hot spots begin to penetrate. By the bullish atmosphere, contrast, naturally the recent listing of new shares have also been part of the funds of all ages, especially the good fundamentals of new shares, such as the Pingdingshan Cheonan (601,666), listed on the first day of the 61.52% that is changing hands, it is worth further attention investors .
Statistics show that Pingdingshan Cheonan by Pingmei Group in conjunction with other five co-sponsored the establishment of companies. Pingmei group was the main sponsor for the Pingdingshan Mining Bureau, is self-development and construction of New China's first large coal base. Pingdingshan Cheonan mainly steam coal and metallurgical coal production and sales. First, the scale of production from the company's point of view, the scale of production in the current class of coal, second only to listed companies, Yanzhou Coal, ranking second. The company currently has operating assets, including "Eight Mine 3 Factory" (a mine, 4 ore, Minerals, six mines, eight ore, 10 ore, 11 ore, 12 ore mining and eight coal preparation plant, coal preparation Grange plant, Seven coal washery). As of December 31, 2005, the Company maintains reserves of 1.711 billion tons of coal, recoverable reserves of 961 million tons (including corporate-owned subsidiary level Procter & Gamble's first mountain a mine); approved production capacity of 20.68 million tons of coal (excluding the first hill a mine), the design capacity of 7 million tons of raw coal selected.
Secondly, we analyze the coal. Because different coal production and operation of coal enterprises have different space determines the size of its profits and the company's future growth potential. Pingdingshan Cheonan production of coal is mainly 1 / 3 coking coal, coking coal and fat coal, coking coal belonging to China's relatively scarce resources in China's reserves are very unevenly distributed, mainly in north, northeast and east, with the varieties of the same company's products The enterprises are mainly located in the above areas. Compared with these companies, the company's products are in the mixed coal ash, low sulfur, high volatile content characteristics; coking coal product has a low ash, low sulfur, phosphorus, bonding is stronger and so on.
Third, look at the cost of capacity for the mining class enterprises, we must not only analyze the product itself, depends on how the product in the most convenient way and the most low cost transport out This final decision on the company's level of profitability. Geographical location, the Pingdingshan Cheonan is located in Henan Province, is China's inland transportation hub, near the Yangtze River area, and convenient land and water transport, railways, highways coherent mine, there are currently 11 times the supply of the main users of direct access to train, in order to provide a coal sales capacity to ensure reliable and can be sold in South Africa coal, coal shortage in economically developed east China areas.
Finally, look at resources to reserves, which is to determine a company's competitive position in the industry for a long period an important weight. Follow-up resource-rich reserves of the company, the company is rich in coal resources of Pingdingshan, Pingdingshan mine reserve resources for the future will be mainly developed by the company. Pingdingshan coal mining area covered by Pingdingshan, Yuzhou Coalfield, Yu Chau coal resources, about 15.3 billion tons, of which no development and utilization of resources about 10.7 million tons. The company raised funds to purchase mineral Pingmei Group will allow the company to increase production capacity of 3.73 million tons of raw coal, the company's continued growth in the coal Listed companies are also at middle and upper reaches.
With these points, Pingdingshan Tian An upstart piece of black gold, does not want to light also be difficult. Coal prices and sales volume increased by two factors together, the company performance of steady and rapid growth in the last three years, 2003-2005 Nian main business income of 3.217 billion yuan, respectively, 4.947 billion yuan and 7.199 billion yuan, an increase of 53.79% and the 45.49%. Moreover, from the scale of production in recent years to see the company under the Coal Mine production was basically stable. 2004 growth comes mainly from rising coal prices in 2004, metallurgical coal, the average selling price rose in 2003 compared with 57.59%, mixed coal, the average selling price rose 43.22%. The 2005 increase was primarily due to the newly acquired company's three mines due to a factory production and sales increase. In 2005 the Group acquired Pingmei Minmetals, 10 mines and 12 mines, as well as Seven coal preparation plant, making coal production in 2004 16.01 million tons, based on an increase of 4.85 million tons, an increase of 36.29%. We believe that the next few years, the amount of the company under the various minerals will remain basically stable, subsequent growth will depend on the performance of the newly acquired an increase in coal production and coal price fluctuations.
From the secondary market trends point of view, changing hands on the first day is more full, shows that large financing concerns, although the price-earnings ratio is high. But if we put the bull market background and the company's money-upstart context, consider doing a double, then was allowed to have their premium, suggesting that attention.
