[Themed strategy of the eight major brokers: price increase is still an important clue! The coal sector has just begun]Cinda Securities stated that the current sector valuation is far from reflecting the level of the fundamentals, let alone the tightening of coal supply and demand, the continuity of price rises, low valuations, high performance certainty, and substantial dividends. The income makes the coal sector “both offensive and defensive.” Under strong fundamentals, coal prices tend to rise but never fall, and the center gradually rises. The coal sector will enjoy the dividend of time, and the systematic revaluation of the market has just begun.
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Cinda Securities: The coal sector will enjoy the bonus of time. Systematic revaluation has just begun
The current valuation of the sector is far from reflecting the level of the fundamentals, nor does it reflect the tightness of coal supply and demand and the continuity of the central price rise. Low valuations and high pricesPerformanceCertainty and substantial dividend yields make the coal sector “both offensive and defensive.” Under strong fundamentals, coal prices tend to rise but never fall, and the center gradually rises. The coal sector will enjoy the dividend of time, and the systematic revaluation of the market has just begun. Maintain the industry’s “optimistic” rating.Three main lines of investment are recommended: one is the low-value, high-dividend thermal coal leaderYanzhou Coal Industry、Shaanxi Coal Industry、China Shenhua; The second is a coking coal company with endogenous and epitaxial growthPingmei Co., Ltd.、Panjiang shares; Third, there is significant room for asset injection, quality improvement and efficiency enhancement under the background of the reform of state-owned enterprisesShanxi Coking Coal。[Click to view the original research report]
Guosheng Securities: The peak of summer is approaching!Optimistic about investment opportunities in scarce coking coal stocks
Thermal coal: The peak of summer is approaching, and the rise in coal prices is still supported. As far as the current market is concerned, as the peak coal consumption season approaches, the inventory levels of mid- and downstream ports and terminals have not been effectively replenished, and the replenishment window is coming soon. Although the current market is facing policy pressure, it takes into account the gradual release of terminal demand in the later period. , It is expected that coal prices will maintain a stable medium to strong trend.
Coking coal: maintain stable operation, and different varieties are slightly differentiated. Considering that the coke market will gradually enter a downward channel in the later period, coking plants will increase their willingness to suppress raw materials after coking profits have shrunk. It is expected that the price of short-term coking coal will be mainly weak and stable, and the price of high-quality main coking coal will be relatively strong.
Coke: The first round of lifting and landing landed, short-term weak operation. On the whole, the margin of coking coal and coke supply and demand gaps has narrowed, the supply and demand pattern is gradually shifting to easing, and the continuous price reduction of the downstream steel market has caused the profit of steel enterprises to shrink. .
In the price upward cycle, we are optimistic about low-value targets with a low proportion of long-term cooperation in the coal sales structure, subsidiary chemical business, and high performance elasticity.Jinkong Coal、Shaanxi Coal Industry, It is recommended to pay attention toLu’an Environmental Energy、Yanzhou Coal Industry、China Coal Energy.Optimistic about the investment opportunities of scarce coking coal stocks, highlighting the recommendationShanxi Coking Coal、Huaibei Mining、Pingmei Co., Ltd., It is recommended to pay attention toPanjiang shares.Actively lay out the national reform in Shanxi, key recommendationShanxi Coking Coal、Jinkong Coal.Key recommendation in the field of cokeJinneng Technology、China Risun Group。[Click to view the original research report]
Zhongtai Securities: Continue to be optimistic about investment opportunities in the coal industry
The central rise in coal prices in 2021 will drive the performance of coal companies to generally increase. In addition, the coal industry has a strong margin of safety (PE valuation is 6-8 times, and the dividend rate of some leading stocks is about 10%), undergoing supply-side structural reforms After the industry structure has been greatly optimized (the industry’s top ten production accounts for about 60%), the carbon neutral policy will further restrict the industry’s capital expenditures, and demand will continue to grow significantly in the next few years. The coal industry is expected to maintain a relatively high degree of prosperity in the next few years. Continue to be optimistic about investment opportunities in the coal industry. Thermal coal stocks are recommended to pay attention to:Yanzhou Coal Industry、China Coal Energy、Shaanxi Coal Industry、China Shenhua; Metallurgical coal stocks suggested to pay attention to:Lu’an Environmental Energy, Shanxi Coking Coal,Huaibei Mining、Panjiang shares、Pingmei Co., Ltd.. Coke stocks recommended attention:Jinneng Technology、Kailuan shares、China Risun Group、Shaanxi Black Cat。[Click to view the original research report]
West China Securities: The second quarter results of listed companies in the coal sector are expected to increase in volume and prices
The short-term fluctuations in the future prices of thermal coal and the ferrous industry chain affected by the policy have basically ended and gradually returned to the fundamentals. In the future, when thermal coal is in the peak season and the seasonal off-season of steel is coming, the price of thermal coal and coking steel industry may be There will be differentiation. We are optimistic about the resilience of the thermal coal leading coal companies that have seen a small increase before, and the coking coal leading companies that have a stable and sustained supply-side contraction logic. The second-quarter performance of listed companies in the coal sector is expected to increase both volume and price, and a year-on-year increase.China Shenhua、Open-pit coal industry, Panjiang Co., Ltd., the leading coking coal area, benefited from the targetShanmei International、Lu’an Environmental Energy、China Coal EnergyWait.[Click to view the original research report]
Huajin Securities: Thermal coal enters the peak demand season, coal is still in the recovery zone
Thermal coal and dual coke downstream are facing seasonal differentiation. Thermal coal has entered the peak demand season. Power demand in the five southern provinces and regions is strong. Thermal coal is easy to rise and hardly fall; steel enters the off-season, and dual coke faces certain pressure; at the supply level, policies are forced In the trade-off between ensuring supply and safety, it is difficult to release production significantly due to frequent accidents. The overall coal industry is still in the recovery zone. We are optimistic about Yanzhou Coal Industry, Panjiang Co., Ltd., Shaanxi Coal Industry andChina Shenhua。[Click to view the original research report]
Essence Securities: Thermal coal prices exceed expectations!Sector valuation is at the bottom of history
The peak summer is coming, and the demand for restocking will support coal prices. But still need to pay attention to the policy-side coal price control measures. The current thermal coal price exceeds expectations, and the sector valuation is at the bottom of history. We believe that the central rise of coal prices is expected to promote the performance growth of listed companies and drive the sector valuation to rebound. We suggest paying attention to Lu’an Environmental Energy, Yanzhou Coal Industry,China Coal Energy, Shanxi Coking Coal,Xinji Energy, Shaanxi Coal Industry.[Click to view the original research report]
Huachuang Securities: The price increase in the first half of this year is still an important clue, and the adjustment of the coal sector is nearing the end
We expect that price increases in the first half of this year are still an important clue. It is recommended that under the premise of competition barriers + track texture, we should actively seek a valuation solution. Among them, the inflection point of the prosperity and the high growth rate are two effective ideas. The valuation of some targets has become more reasonable in the past period of time, and even some targets have been significantly underestimated. Therefore, we believe that the sectoral adjustments are close to the end and should be actively deployed.Coal sector pushes Shaanxi Coal Industry; petrochemical sector continues to push polyester filamentTongkun shares、Xin Fengming; Olefin track continues to pushBaofeng EnergywithSatellite Petrochemical; Refinery track forced pushRongsheng Petrochemical+Hengli Petrochemical; Recommended rubber products trackMori Kirin、Racing wheel tireswithLinglong Tire。[Click to view the original research report]
Industrial Securities: Follow-up still needs to pay attention to the marginal changes in output and demand
On the supply side, under the premise of ensuring safety, most coal mines have stable production, and individual mines in Inner Mongolia have stopped production due to the exhaustion of coal pipe tickets at the end of the month, and the overall supply is still tight. In terms of demand, the South has entered its peak summer, and the daily consumption of downstream terminals has continued to increase. The number of days available for inventory at southern ports is still at a low level, and supply and demand have maintained a tight balance. In summary, coal prices have been corrected in the context of the policy of maintaining the supply and stabilizing prices of bulk commodities, but the downstream replenishment is still in rigid demand, and imports have not improved significantly. We still need to pay attention to the marginal changes in production and demand in the future. Recommended combination: Lu’an Environmental Energy,Huaibei Mining, Shaanxi Coal Industry,China Shenhua。[Click to view the original research report]
(Article Source:Oriental wealthResearch center)
(Editor in charge: DF150)
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