Shanmei International (600546): Not only coal trade, photovoltaics are more exciting

Shanmei International (600546): Not only coal trade, photovoltaics are more exciting

Backed by Shanmei Group, Shanmei International, a scarce specimen of coal trade, is a scarce coal company on the market with trading attributes.

Shanxi Coal Import and Export Group, the controlling shareholder, is the only coal trading company among the 7 largest coal companies in Shanxi, and has accumulated rich trading resources and experience.

After the acquisition of the Hequ Open-pit Mine, the company’s overall coal asset quality has improved significantly, and the coal industry’s ability to resist risks has improved.

  Taking a multi-pronged approach, the trade sector is expected to rebirth and the consumption of coal for diabetes has passed a period of rapid growth, and demand will tend to stabilize in the future.

Supply-side reform has accelerated the structural adjustment 杭州桑拿 of coal production capacity, supplementary production capacity has been concentrated in the “three western” regions, and consumption areas are close to the coast.

The inverse distribution of supply and demand has increased the demand for coal trade.

Tangible resources such as railways and ports provide a natural moat for the company’s coal trading business.

The company has attached great importance to the shortcomings of management and risk control, and actively established a modern coal supply chain by adjusting the organizational structure, replacing non-performing assets, and dating strategic investors.

Based on consideration of coastal coal trade and environmental protection policies, we believe that mixed reform or Taihang Shipping is the best way out.

  Join hands with Jun Shi to lay out the “strategic cooperation 淡水桑拿网 framework agreement” between the new energy photovoltaic industry company and Jun Shi Energy. The two parties plan to jointly build a 10 GW heterojunction cell production line project.

Together with Junshi Energy, the company chose the new energy photovoltaic industry as the starting point for state-owned enterprise reform and energy revolution. Heterojunction cell projects are expected to become new growth points.

  Profit forecast and investment grade: Against the background of the current state reform in Shanxi and the energy revolution, the company is actively expanding into the new energy field and increasing market attention.

We expect net profit for 2019-2021 to be 11.



6 trillion, the corresponding EPS is 0.



74 yuan.

The current sustainable corresponding PE is 11/10/9.

  Combining the absolute valuation method and the relative estimation method, we give the company 15 times PE in 2019, corresponding to a target price of 8.

55 yuan.

Covered for the first time and given a “Buy” rating.

  Risk reminder: Estimated risk: The company’s estimated balance at the end of 20186.

900 million, we cannot predict the follow-up results of related lawsuits and arbitrations.

Expansion of photovoltaic business risks: The company lacks relevant investment experience in the new energy field, the investment scale potential of heterojunction battery projects, and the outlook is uncertain.