129773932890000000_21Index of the two cities received vaginal once again today, 2,347 huzhi fell 3 points, sold for $ 65.1 billion; shenchengzhi 9,841 dropped 104 points
tera power leveling, sold for $ 59.81 billion. On the disc surface, six stocks fell, luyang share
tera gold, the Northwest chemical industry five units daily limit, wanma cable close approximations taken. Non-metallic, cement, colored, tourism, and other sections relatively strong, brewery, food, stoneWeaker oil sector performance. Being the decrease in the share of liquor, wuliangye, Luzhou laojiao, Guizhou maotai fell more than 6%.
For the market today, we stock-pickers to ten strength organisations made the summary, for the information of investors. China Shenhua Energy: coal sales structure was further optimized to buy "China Shenhua Energy report summary" 2011 earnings per share of 2.$ 25/share, a little more than market consensus.
Operating income was 2,081. $ 9.7 billion, an increase of 32.1%; operating profit was 65.775 billion yuan, an increase of 20.1%; belong to shareholders of the company's net profit was 44.822 billion yuan, an increase of 18.4%. Coal-Coal procurement times, rising coal prices to benefit fromThe sales structure was further optimized. 2011 home-grown goods production 281.9 million tons of coal, up 14.8%; full Harbor rail transport advantages, expand sales area, increase the intensity of outsourcing sales of coal; total sales 387.3 million tons of coal last year, an increase of 23.7%. 2011 company overcome the comprehensive coal contract pricesAnd the negative effects of new lower calorific value of lignite production, integrated coal at $ 435.8/tons, an increase of 6.4%, mainly benefit from the further optimization of sales structures, increased spot sales by 2010 to 54.3% on the one hand, on the spot of water coal sales by 2010, up from 322%.
Early 2012 into the asset contribution did not immediately yield of coal mine, the company produced incremental primarily through the existing commercial coal mine production capacity expansion revamping and implementation, expected an increase of about 4%.
Production mines are mainly in daliuta coal mine
tera gold, Kam po Shearer coal mine, open pit mines, Nortel shengli open pit mine in haerwusu open-pit coal mine. Expansion power machineAnd electricity prices rise on earnings growth will increasingly significant. Since the beginning of 2010, the company accelerated expansion and annexation to the electric power industry, mergers and acquisitions strategy was developed, high load and high price of preemption quality power point along the Mainland along the coast. Trough expansion in electricity mergers, can greatly reduce the cost of acquisition, but also the entire coal industry chain profit lock. Company 2011 year to complete a series of new and acquisition of power plant projects, capacity rose by 30%. Grasp the opportunity brought by the lack of hydroelectric power in the South to enhance the power of marketing, generating electricity sales rose 27%, electricity prices rose an average of 6.4%. Tariff of 2.6 per cent increase last year 2012EPS about $ 0.12, measured by 1/kWHr thickened about $ 0.07 EPS.
In 2012, the company will continue to create a new power plant commissioning and acquisition of new power supply, planning, sales grew by 19%, leading power generation companies in electricity sales increased for home power plants in Hong Kong, Chan mengjin power, spirit energy company of Anhui Province and Sichuan electric power company. Estimated EPS were 2.5 company 2012-2014,2.78, $ 3.29/unit, PE, respectively in 2012-2014 times, 9.3 times, 7.9 times times.
Lower than the industry average, maintaining buy ratings.
Risk disclosure: contract coal spot prices, asset into the slower-than-expected, resources tax reform. (US joint) var selfURL= "http://quotes.cnfol.com/block/7005"; Online statement Gold: gold online reprint of the above content, does not indicate that confirm the description, for investors ' reference only and does not constitute investment advice. Investor operations accordingly, at your own risk.
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