Shanmei International (600546): Trade significantly reduces deficits and pays attention to progress of heterojunction projects

Shanmei International (600546): Trade significantly reduces deficits and pays attention to progress of heterojunction projects

Event: The company released its 2019 Interim Report, reporting a series of 198 operating income.

200 million, down 3 every year.

9%; achieve net profit attributable to mother 5.

1 trillion, corresponding to 0 EPS.

26 yuan / share, an increase of 52 in ten years.

9%; net profit attributable to mother 5.

70,000 yuan, an annual increase of 70.


Operating cash flow 11.

9 billion, an annual increase of 53.


Opinion: The acquisition resulted in a significant increase in production and the self-produced coal profit has improved significantly.

2019H company’s raw coal output reached 1830 every year, increasing by 50 times.

9% (the acquisition of Hequ Open Air in Q3), which gradually increased by a comparable caliber.


It is estimated that the comprehensive purity of the company’s self-produced coal in 2019 will be 359 yuan / ton, which will gradually decrease3.

5%, in addition to the weak operation of the thermal coal market, the overall production of the Hequ open-pit mine is reduced every quarter; in terms of costs, although the cost end has increased due to changes in sales models and other factors, the overall production cost of the Hequ Open-pit Mine has been reducedThe full cost of coal production reached 244 yuan / ton, with slight decreases of 3 times.


It is estimated that the net profit per ton of coal is 86 yuan, a decrease of 4 yuan per year; the coal sector achieved a profit of 15 yuan.

1 trillion, contributed to the net profit of the mother 7.

90,000 yuan, an increase of 22% in ten years (the company’s consecutive comparable caliber net profit).

Trade has fallen sharply and is still being stripped off.

Measure the trade sector appropriately 2.

8 trillion, a year of loss reduction of 0.

US $ 800 million, which was supposed to be the transfer of 100% of the shares of the five poorly-operated subsidiaries to the holding subsidiaries (51%) at the end of last year, thereby 四川耍耍网 eliminating the drag on net profit attributable to mothers.

On July 1, the company has completed the merger of some 6 trading subsidiaries and 5 grandson companies (which were transferred to the holding subsidiary at the end of last year). Partial distribution transfers (each 11 yuan), because the net assets are negative, the transfer can bringtotal.

700 million transfer proceeds.

If calculated based on 2018 operating conditions, annual losses can be reduced by 6.

0 million yuan, greatly reducing the drag on the company’s performance.

Profit forecast and investment rating.

The company’s EPS for 2019-2021 is expected to be 0.



76 yuan / share, 414 changes in ten years.

9% / 11.

5% / 20.


At present, the coal market is operating weakly, and the company’s excellent cost management 杭州夜生活网 and control ability can still maintain high profitability of its self-produced coal business.Since the beginning of this year, Shanxi’s national reform has accelerated. Under the requirements of developing non-coal emerging industries, major coal enterprises have launched an energy revolution.

The company has announced in the early stage that it will jointly invest in the production of heterojunction battery with Junshi Energy.

In the long run, the two-wheel drive of traditional energy and new energy will help the company resist the cycle change of the royal coal industry and enhance its comprehensive competitiveness.

It is recommended to continue to pay attention to the progress of cooperation and maintain the “strong recommendation-A” level.

Risk reminder: weakening macro economy, accruing large amounts of bad debt losses, the outcome of litigation disputes is not good for the company, and new energy cooperation projects are blocked