Minutes of Research on Zhao’an Environmental Energy (601699)
Survey time: Morning of 深圳桑拿网February 26, 2018. Survey object: company secretary, director of securities department, and head of finance department. Survey location: company meeting room 1.
The company’s recent fundamentals: the overall situation in 18 years has been relatively stable, and coal prices have fluctuated in a narrow range at high levels.
The production and sales volume is basically the same as in 17
years, and the cost has not changed much. In January 18, two funds were withdrawn, an increase of 15 yuan, and excluding the factor of the fund, the unit cost in 18 years is likely to decrease slightly.
The company’s existing coal sales structure, will the proportion of injection coal increase?
In the sales structure, there is a little more blended coal. The ratio of commercial coal and the ratio of injected coal is 6: 4, and the ratio of raw coal is almost 5: 5.
The amount of injected coal is based on market demand, and the actual result is basically stable.
The company’s bituminous coal injection process is mainly physical grinding, which is characterized by low sulfur and high conversion and is a relatively environmentally friendly coal type.
The company’s production, sales, inventory, and price before and after the Spring Festival. Production and sales during the Spring Festival were normal, and the mine was shut down for a short time.
The current price is almost the same as in December. In February, it was a few dollars higher than in January. Blended coal increased by 3 dollars, and the price of injection coal was basically flat.
The company’s coal pricing method The company’s coal sales are divided into market coal and Changxie coal.
The market coal pricing is to follow the market. Changxie Coal first sets a benchmark price, and the benchmark price is different for different types of coal (the benchmark price for this year is basically based on the price in December last year).
This benchmark price is determined at the beginning of each year. The others are adjusted based on several major trading indexes to calculate a floating price.
The floating frequency is dominated by months, but not necessarily by month. When the market price fluctuates more, it will be adjusted more alternately.
Changes in costs, is there any impairment of goodwill?
Will the follow-up safety fee be increased back to the level before 2013
The unit production cost in 18 years was about 13 yuan higher than in 17 years, including the environmental management fund newly included in 2018, which cost 15 yuan per ton of coal. If the impact of the accrual fund is excluded, the actual unit cost of the same caliber isDown.
Costs are also expected to remain stable in 2019.
However, there are several impairment accruals in 2018 that may depress 2018 performance: depreciation and reorganization of mines: currently waiting for the final impairment test results of the accountant, which may be in the order of several hundred million, but it is not yetMaster the best numbers.
The accounts receivable actually did some collection, and some of the impairment of the accounts receivable was flushed back, about 70 million?
100 million scale.
However, the corruption of Tianjin Iron and Steel Company affected the recovery of the company’s creditor’s rights, and a one-time impairment provision was made, affecting a net profit of about 80 million yuan.
During the merger and reorganization of small mines, 170 goodwill was generated.
Impairment was raised in 17 years, and this problem does not exist in the future.
There are currently no plans to increase safety fees.
Is there any new progress in the reform of state-owned enterprises? Currently, the reform of state-owned enterprises is mainly a group budget, and work has been progressing, but the size of listed companies is still not well understood.
The Group’s 18-year assessment of de-leveraging has been reduced from 80% to 70% (the provincial requirement is reduced to 79%). Another assessment indicator is the group’s asset securitization. At last, the asset securitization rate was increased by 3%The index of assetization rate is mainly the total assets of the listed company / the total assets of the group.
What is the latest progress of resource integration and ore reduction and reorganization?
How much output can be increased in the future?
Reduction and reorganization is actually a task of optimizing production capacity, which is equivalent to reducing production capacity, that is, there are still so many coal resources, but they cannot be mined at the same time.Resources are being mined in tandem with the currently reserved mines, rather than being mined at the same time.
There are unmined mines remaining, but they may not increase in 19 years.
In terms of company size, the output change in 19 years is not too big and basically stable.
At the beginning of last year, the group had increased its equity by about 10 yuan. This year, the reduction and decline were relatively large. What is the company’s current opinion?
Do you also consider new overweights? In the fourth quarter of last year, the company also thought that the expectations were seriously underestimated. At present, the market price is a normal return. The company believes that it is more reasonable to be more than 12
Is the price trend and profitability of the coking business affected by environmental protection and limited production in the short term?
The coke sector made a good overall profit last year.
The price of coke eventually fluctuated. The price was adjusted in the middle of last year and subsequently rebounded. It fell back at the end of last year. It is still above 2,000 yuan, but it is lower than the average price in the second half of last year.
The net profit per ton of coke is about 100 yuan.
The company’s coke production capacity is 2 × 60 + 90, with a total of 210 expectations. It is expected to produce more than 170 ingots in 18 years.
Recently also affected by some environmental protection, the operating rate is 70%.
Subsequent coking section may also be integrated. It is possible to make some mixed changes through the sale of production capacity or appointment and distribution cooperation.
Is there any change in the dividend level in 2018, and is it possible to improve it?
Dividends will be finalized at the general meeting of shareholders, and the company will consider dividends in accordance with the SSE dividend guidelines.
Will the capitalization expansion of listed companies increase?
Capitalized expenditure is very small, because there is no new project construction, basically the equipment is replaced, and the others have no particularly large expenditure.
Is the group’s cash flow tight, requiring the company to increase dividends?
The Group’s cash flow has improved significantly, and bank financing is relatively smooth. There are no special requirements for the dividends of joint-stock companies.
Moreover, the size of the group is very large, and the dividends of listed companies do not play much role for the group.
What do you think of coal prices this year?
At the coking coal dispatch meeting in December last year, everyone’s judgment was that the price in 19 years was volatile, but the decline would not be very large.
When can the company’s 15% discount on hypertension be enjoyed?
At present, the parent company is based on a 15% preferential rate of return for emerging companies,武汉夜网论坛 with a three-year reporting cycle. In 2019, it needs to report again.
However, some subsidiaries such as Suining still execute at 25% interest rates.
Progress of the Group’s coal-to-liquids project, what is the investment income of listed companies?
For coal-to-oil projects in which existing listed companies have shares, the shares in the consolidated statements of the listed companies account for 26%, of which the parent company is 19%, and the remaining companies have a minority stake in Yuwu Coal Mine and Suining Company of approximately 7%.
At present, the main process of the entire project has been completed, but there has been no stable profit contribution.