盘江股份公司研究报告:西南焦煤龙头 稀缺优质高分红标的

2020-04-23 16:18:25 来源:海通证券

公司债

打印 放大 缩小

XINANJIAOMEILONGTOU,JIANJUQUWEIYUZIYUANYOUSHI。

公司债GONGSIZHUYAOCHANPINWEIJIAOMEIHEDONGLIMEI,SHIXINANDIQUZUIDADELIANJIAOMEIQIYE。JIEZHI2019NIANDI,GONGSIYONGYOUZAICHANKUANGJING5ZUO,CHANNENGHEJI1000WANDUN/NIAN。GONGSIJIAOMEIHEDONGLIMEIDECHANLIANG、MAOLILVXIANGDANG,DANQUWEIYOUSHIZAOJIUJIAOMEIJIAGELINGXIANKEBIGONGSI,ERDONGLIMEIXUYAOBAOZHANGSHENGNEIDIANMEIGONGYINGDAOZHIJIAGEXIANGDUIJIAODI,GONGSIMAOLIJIN80%LAIZIJIAOMEI。2019NIAN,GONGSISHIXIANYINGSHOU/GUIMUJINGLI64.58/10.91YIYUAN,TONGBI+6.0%/15.5%,YEJITONGBIZENGZHANGDEZHUYAOYUANYINSHIZICHANMEICHANLIANGZENGJIA。

XINANSHICHANGGONGXUGEJUZHENGTIQUJIN,MEIJIAHUOXIANGDUIJIANTING。GONGJIFANGMIAN,XINANDIQUCHANLIANGCHIXUXIAHUA,QIESHICHANGJINRUBILEIGAO,TONGSHISUIZHEYUNNAN、SICHUANDENG30WANDUNYIXIAMEIKUANGDETUICHU,GONGJIHUOJINYIBUQUJIN。CIWAI,XINANDIQUMEIYUWASITUCHUKUANGJINGJIAODUO,“LIANGLEI”MEIKUANGZHENGKAIZHANZHENGZHI,JIAOMEIGONGJIHUOSHOUYINGXIANG。XUQIUFANGMIAN,XINANDIQUJINGJIHUORENGJIANGJIXUBAOCHIGAOYUQUANGUOPINGJUNZENGSUZENGZHANG,ERDASHUJUZHONGXINDEJIANCHENGTOUYUNJIANGJINYIBUZENGJIADUIDIANMEIDEXUQIU。YOUYUXINANDIQUMEITANSHICHANGJIAOWEIDULI,QIMEIJIAYOUWANGZAIXIAXINGQUSHIXIABAOCHIJIANTING。  NEISHENGKUOZHANGYUWAIYANZHENGHE,YUANQIZENGLIANGKEQI。CUNLIANGKUANGJINGFANGMIAN,GONGSISHANJIAOSHU、YUELIANGTIAN、JINJIAKUANG3ZUOKUANGJINGJIGAIKUONENGYUJI20NIANJIBENWANCHENG。XINJIANKUANGJINGFANGMIAN,GONGSIYUANQIGUIHUACHANNENG1500WANDUN/NIAN,MUQIANZAIJIANKUANGJING330WANDUN/NIAN,LINGYOUYIHEZHUNKUANGJING150WANDUN/NIAN。2020NIAN,GONGSILIZHENGXINZENGCHANNENG505WANDUN/NIAN,BAOKUOFAERERKUANGYIQI(90WANDUN)、MAYIXIYIJINGYICAIQU(120WANDUN)DENG。TONGGUOQUYUZIYUANZHONGZU,PANJIANGMEIDIANJITUANYONGYOUJITUOGUANZAICHANKUANGJINGYUE2000WANDUN/NIAN,WOMENYUJIWEILAIYOUWANGZHURU。

XIQUEYOUZHIGAOFENHONGBIAODE。GONGSIZICHANFUZHAILVDI,DIYUJINGYINGFENGXIANNENGLIQIANG,YEJIWENJIAN,TONGSHIDAGUDONGFENHONGYIYUANJIAOGAO,SHIDEGONGSIYIZHIYILAIJUBEIGAOFENHONGCHUANTONG,FENHONGBILICHIXULINGXIANXINGYE。2019NIAN,GONGSINIFENHONG0.4YUAN/GU,FENHONGBILIYUE61%,CHUANG2013NIANYILAIXINDI。DANWOMENRENWEI,GONGSILIUCUNGENGDUOXIANJINHUOWEIBAOZHANGJIGAIJIXINJIANKUANGJINGSHUNLITOUCHAN。JISHIFENHONGBILIYOUSUOXIAJIANG,AN4YUE21RISHOUPANJIA5.17YUANJI,GUXILVRENGGAODA7.7%,WOMENYUJIGONGSIWEILAIRENGJIANGJIXUBAOCHIGAOFENHONGCHUANTONG。

TOUZIJIANYI。SHOUYIQINGYINGXIANG,GONGSI20NIANYIJIDUYEJITONGBIYALIJIAODA,DANWOMENRENWEISUIZHEJIGAIKUANGJINGJIXINZENGCHANNENGZHUBUTOUCHAN,GONGSIJIAOMEIJIDONGLIMEICHANLIANGJUNYOUWANGTISHENG。TONGSHICONGXINGYEKAN,SHOUYIXIBEIMEITANSHICHANGXIANGDUIDULI,JIAGEXIADIEYOUXIAN。WOMENGUSUANGONGSI20/21/22NIANGUIMUJINGLIRUNWEI10.07/11.26/12.55YIYUAN,EPSWEI0.61/0.68/0.76YUAN。CANKAOKEBIGONGSI,KAOLVGONGSISUOCHUXINANSHICHANGXIANGDUIDULIQIEGONGXUZHENGTIPIANJIN,GONGSIZUOWEIXINANSHICHANGLONGTOU,ZIYUANJIQUWEIYOUSHIXIANZHU,JIYUGONGSI2020NIAN9~10BEIPE,DUIYINGHELIJIAZHIQUJIAN5.47~6.08YUAN,SHOUCIFUGAIJIYU“YOUYUDASHI”PINGJI。

FENGXIANTISHI:TOUCHANJINDUDIYUYUQI、XIAYOUXUQIUDIYUYUQI。

责任编辑:ERM523