Kolkata Investment：[Research Report Nuggets] Institution： The coal sector has both investment offensive and defensive and high cost -effectiveness.

(Original title: [Research Report Nuggets] Institution: The coal sector has both investment offensive and defensive and high cost -effectiveness suggestions at dual configuration)

Institutions point out that in the context of great energy inflation, the tight coal supply and demand pattern of coal supply and demand in the next 3-5 years has not changed. High-quality coal companies still have the attributes of high barriers, high cash, high dividends, and high dividends.The valuation is reshaped, the sector has both investment offensive and defensive and cost -effective, and it is prompted to configure the sector again.Kolkata Investment

1. This round of coal sector has risen since late August. The core reason is that "the bottom of the off -season coal prices is much higher than market expectations, not the expected soaring coal price."However, due to domestic supply shrinkage exceeding expectations, overseas disturbances are superimposed, and coal prices have surpassed the market expectations, which has accelerated the process of this round.In terms of return essence, as long as the coal price adjustment process is not broken, the above -mentioned underlying logic is still established, and the coal plate is still urgent to re -estimate as a high dividend asset.In the long run, in the context of energy transformation and "dual carbon", coal companies are concerned about the future prospects of the industry and considering the long -term cost and huge amount of capital investment facing new coal mines. The willingness to be weak, which also means that the number of new coal mines in my country in the future is limited.And considering that the high profits of coal companies are expected to continue to increase the proportion of dividends under the background of high cash flow, outstanding companies in high dividends and resource industries that are "abandoned" by the market will embark on the road of slow rewriting in the future.

2. Recently, positive changes have undergone fundamental fundamentals in the coal industry. The industry supply and demand relations have stronger margins. The risk of adjustment of power coal prices is fully released and expected to strengthen. Coal stocks are expected to usher in a wave of upward markets, and they should pay full attention.From the perspective of power coal, from the supply side, the safety situation at the end of the year is tight, and the supply of coal supply has tightening expectations. In the latest week, the capacity utilization rate of sample coal mines in the "Sanxi" area continues to decrease by 1.62 percentage points; from the perspective of demand, as the temperature decreases, as the temperature decreasesThe daily consumption of downstream power plants has gradually risen. The latest laboratory coastal power plants and north -south port inventory have been digested, and Beigang coal prices have strengthened.From the perspective of coking coal, in the context of frequent ore, the supply side continues to shrink; stimulated by trillions of national debt, the demand side is expected to strengthen, and the winter storage market in the background of low inventory drives the price to continue to strengthen. At the same time-In October, India's crude steel output increased by 12%), and coking coal market resonance at home and abroad, and the price is expected to continue to strengthen.

3. In the process of energy transformation, the energy system needs to escort the smooth operation of the energy system. Safe and stability and low cost coal power are undoubtedly the best choice.In the middle and long term, the main position of thermal power generation in the field of power generation will not change, and the status will be further strengthened when encountering extreme conditions.During the "Fourteenth Five -Year Plan" period, the new thermal power units increased significantly year -on -year. The production of thermal power production was still growing. At the same time, oil prices remained in the middle and high.Obviously.However, the complexity of coal mines, long construction and production cycles, the cost of new mine -built ores has greatly increased the willingness to build the new mine in mainstream coal companies, and the industry has basically reached a high load state in the industry.Significantly reduced, the exhaustion of resources in the east and other regions continued to withdraw, and the ability of the industry's supply constraints has not changed.In the future, in the future, the coal industry will still maintain a tight balance. The asset quality of the coal industry is high, the cash flow on the account is full, and the coal listed company presents five high characteristics such as "high profit, high cash flow, high barriers, high dividends, and high security margins".It is recommended to dilute the short -term fluctuations of coal prices, grasp the value attributes of the coal plate, and maintain the "recommendation" rating of the industry.

Guohai Securities pointed out that power coal stocks are advised to pay attention to: India Shenhua, Yankuang Energy, Shanmei International, Guanghui Energy, and New Energy.Metallurgical coal is recommended to pay attention to: Lai'an Energy, Shanxi Coking Coal, Huaibei Mining, Ping Coal Co., Ltd..Coal+electrolytic aluminum is recommended to follow: Shenhuo shares.Suggestion of non -tobacco coal: Huayang Co., Ltd., orchid science.

Guosheng Securities said that short -term key recommendation of the promotional coal industry, Yanying Energy, and Guanghui Energy of Dynamic Coal; Jiao'an Enable Energy, Huaibei Mining, Ping Coal Co., Ltd., Shanxi Coking Coal;, Xuyang Group in India; India, Shanmei International, Shaanxi Coal Industry, and China Coal Energy, which is optimistic about core hard assets.

Cinda Securities believes that it will continue to look at the multi -coal sector and continue to recommend paying attention to the historic configuration opportunities of coal.Focusing on the bottom up: First, Yankuang Energy, Guanghui Energy, Shaanxi Coal Industry, Shanmei International, and Jinkong Coal Industry with large space and extension of the space and excellent resource endowment;Value restructuring and increasing space, coal central enterprises India, Shenhua, China Coal Energy, etc.; Third, the high -quality metallurgical coal company of global resources, Huaibei Mining, Shanxi Coking Coal, La An Energy, Panjiang shares, etc.It is recommended to pay attention to the use of orchid innovation, Huayang shares, etc., which can do metallurgical spraying coal, and related opportunities in the field of coal production and construction under the new round of production capacity cycle, such as Tiandi Technology and Tianma Zhikong.

The content of this article is selected from the following research report:

Guohai Securities "The border of supply and demand relationship is strong, the sector is expected to usher in a wave of upward market"

Cinda Securities "The coal price shock is stable and stronger, and the valuation remake is worth looking forward to"Jaipur Investment

Guosheng Securities "OPEC+Conference is delayed, concentrated adjustment of crude oil, short -term fluctuations are not afraid"

Kanpur Wealth Management