?!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> 市场环境有利煤炭股走?图表)-煤炭资讯|?/TITLE><LINK href="/css/wh.css" type=text/css rel=stylesheet> <META http-equiv=Content-Type content="text/html; charset=gb2312"> <META content=煤炭|?name=Author> <META content="Copyright 2004-2005 煤炭资讯|所? name=Copyright> <META content="煤矿,煤矿|?煤炭|?清R?光电(sh)型全自动矿用清R?二手讑֤,煤炭供求,煤矿机电(sh)讑֤,煤矿新闻,煤矿人才,煤业技?校友?煤h(hun)旬报,技术论?襉K煤炭|?国际能源|?全球能源|?世界能源|?国家能源|?国际煤炭|?国际?sh)力|?国际xa(b)|?国际天然气网,国际新能源网,国际能源投融资网,能源U技,能源人物,能源要闻,能源安全,能源情报,能源危机,能源市场,能源企业,能源黄页,能源l计,能源专家,能源|聚世界能源资讯,服务全球能源企业" name=keywords> <META content="煤炭资讯|? name=description> <meta http-equiv="Cache-Control" content="no-transform" /> <meta http-equiv="Cache-Control" content="no-siteapp" /> <script>var V_PATH="/";window.onerror=function(){ return true; };</script> </head> <body> <h1><a href="http://ducatiukracing.com/">免费人成年激情视频在线观看,国产精品,精品一级影院在线播放,真实强奷在线中文</a></h1> <div 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colSpan=2 class="newsContent"> <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" > <HTML> <HEAD> <meta http-equiv=Content-Type content="text/html;charset=gb2312" /> <title>市场环境有利煤炭股走?图表)

市场环境有利煤炭股走?SPAN lang=EN-US>(图表)


06--11--14

q入冬季Q取暖将加大煤炭需求,而频发的事故抑制煤炭供l。因此,预计q底国内煤炭h可能q一步回升。山西省可能?SPAN lang=EN-US>07q开征的三项基金Q也显著增加山襉K点煤矿成本,因此q些煤矿{嫁而提价也推高国内其他地区的煤炭h?SPAN lang=EN-US>

q期煤炭事故频发

2006q?SPAN lang=EN-US>10?SPAN lang=EN-US>31?/SPAN>12Ӟ甘肃省靖q煤业公叔R家地煤矿1109工作面发生瓦斯爆怺?SPAN lang=EN-US>,M29人,受伤19人(其中6人重伤)?SPAN lang=EN-US>
  该矿为国有重点煤矿,1989q?SPAN lang=EN-US>12月徏成投产,设计和核定生产能力均?SPAN lang=EN-US>150万吨/q_(d)为煤与瓦斯突出矿井?st1:chsdate w:st="on" IsROCDate="False" IsLunarDate="False" Day="2" Month="11" Year="2006">11?SPAN lang=EN-US>2?/st1:chsdate>21Ӟ甘肃省兰州市U古区福q矿发生中毒窒息事?SPAN lang=EN-US>,M5人,该矿Z镇煤矿,设计生能力?SPAN lang=EN-US>3万吨/q_(d)属低瓦斯矿井?SPAN lang=EN-US>
  11?SPAN lang=EN-US>5?/st1:chsdate>11?SPAN lang=EN-US>45分左叻Ip省原q_同煤集团轩岗煤电(sh)公司焦家寨煤矿发生一L(fng)大瓦斯爆怺故,截至5?SPAN lang=EN-US>22Ӟ遇难人数已经辑ֈ17人,q有30C下?SPAN lang=EN-US>

煤炭q入需求旺季,事故加剧供求关系

11月䆾之后北方地区陆箋q入冬季供暖季节Q如北京?st1:chsdate w:st="on" IsROCDate="False" IsLunarDate="False" Day="15" Month="11" Year="2006">11?SPAN lang=EN-US>15?/st1:chsdate>开始正式供暖,东北地区?SPAN lang=EN-US>10月底前已l陆l供暖)Q我国每q的供热用煤量超q?SPAN lang=EN-US>1亿吨?SPAN lang=EN-US>

从秦皇岛市场来看Q煤炭h(hun)D7月底也呈C持箋反弹的态势Q到10月底回升?SPAN lang=EN-US>15?SPAN lang=EN-US>20?SPAN lang=EN-US>/吨。我们认期发生的一pd煤炭事故可能加剧煤炭供求关系Q导致煤仯一步回升?SPAN lang=EN-US>

采矿权改革,提升资源价?/SPAN>

2006q?SPAN lang=EN-US>9?SPAN lang=EN-US>30?/SPAN>Q国务院批复了胦攉K、国土资源部和国家发改委联合上报的《关于深化煤炭资源有偿用制度改革试点的实施Ҏ(gu)》,军_煤炭资源有偿用试点范围从p一省扩大至内蒙古、黑龙江、安徽、山东、河南、贵州、陕西等8个煤炭主产省区。这些试点省区新讄煤炭资源的探矿权、采矿权除特别规定的之外Q一律将以招标、拍卖、挂牌等方式有偿转让。根据试点实施方案的规定Q探矿权h最多可?SPAN lang=EN-US>2q缴UI采矿权h(hun)ƾ最多可?SPAN lang=EN-US>10q缴UI分期~纳h的企业应承担不低于同期银行贷Ƒֈ率水q的资金占用贏V而在此之前,企业无偿占有属于国家探明的煤炭探矿权和无偿取得的采矿权,都要q行清理Qƈ在对剩余资源储量评估作h(hun)后缴U采矿权h?SPAN lang=EN-US>
  在这8个主要煤省份全面推q煤炭采矿权攚wQ将使得煤炭公司的资源h(hun)值得到市可,对于煤炭股的走势会(x)有正面的推动作用。特别是采取招挂拍方式{让采矿权Q通过市场竞h(hun)方式得煤炭资源h(hun)值得到发玎ͼ从而推动煤炭股的走ѝ?SPAN lang=EN-US>

p三项基金推高煤h(hun)

q期Q煤炭行业在传p省可能开征三基金的消息。这对于不同煤炭公司影响不一Q但M而言可能推高明年煤炭h?SPAN lang=EN-US>
  p省是我国最主要的煤炭生产省份。据l计Q?SPAN lang=EN-US>2005q山西煤炭?SPAN lang=EN-US>54310万吨Q占到全国煤炭M量的25%以上Q煤炭出省量?SPAN lang=EN-US>43282万吨Q占到全国省际间调出量的q?SPAN lang=EN-US>80%Q出口焦炭货源约1200万吨Q占全国出口量的80%Q占国际市场总N易量?SPAN lang=EN-US>50%Q资料来源:(x)钢铁贸易|)。而国有重点煤矿又是山西省煤炭生的主力军Q?SPAN lang=EN-US>2006q?SPAN lang=EN-US>1?SPAN lang=EN-US>9月䆾p国有重点煤矿完成产量21839万吨Q同比增?SPAN lang=EN-US>12.43%Q占全省煤炭产量?SPAN lang=EN-US>57%。如果山西省煤炭企业全面提取40?SPAN lang=EN-US>/吨的三项基金Q将?x)显著提高国有重点煤矿的成本。虽然目前煤炭供求Ş势有所~解Q煤炭企业可能不?x)全部{嫁这些成本,但部分{嫁的可能性较大。因此,预计明年煤炭hQ特别是国有重点煤矿的煤炭h(hun)格可能有15?SPAN lang=EN-US>20元左右的上升。由于山西省是我国最主要的煤炭调出省份,p煤炭h的上升很可能?x)推动全国煤炭h(hun)g出现幅上升?SPAN lang=EN-US>
  q对于山西省国有地方煤矿或者其他省份的煤炭企业是利好。由于原来山西省的国有地方煤矿和乡镇煤矿已经在缴U_省费Q比如兰q创的出省费约37.5?SPAN lang=EN-US>/吨。因此,三项基金的开征对国有地方煤矿和其他省份煤矿没有成本上升的压力Q相反煤L(fng)上升对其是正面消息?SPAN lang=EN-US>

q期国内外股市助推煤炭股

q期价值型股票受到Ƣ迎Q可能带动煤炭股。国内股市钢铁股表现z跃Q走势明昑ּ于大盘。这对于同ؓ(f)低市盈率的煤炭股有很强的C作用Q钢铁热了,煤炭q会(x)q么Q?SPAN lang=EN-US>

同时Q近期美国股市上煤炭板块也明显走强?SPAN lang=EN-US>10月䆾国主要煤炭?SPAN lang=EN-US>ACIQ?SPAN lang=EN-US>Arch CoalQ?SPAN lang=EN-US>CNX(Consol Energy)?SPAN lang=EN-US>MEE(Massey Energy)上涨?SPAN lang=EN-US>25%左右,BTU(Peabody)也上涨了15%以上。煤炭股的走势远Z同期大盘指数GSPCQ?SPAN lang=EN-US>S&P500Q?SPAN lang=EN-US>

低市盈率煤炭股获市场青睐

我们认ؓ(f)Q在国内证券市场的带动下Q低市盈率的煤炭股可能会(x)重新得到市场认可。从下表可以看出Q目前煤炭股的动态市盈率仅有不到10倍,q远低于国内证券市场的^均水qI上交所q_市盈?SPAN lang=EN-US>23.46倍,׃所25.89倍)Q也显著低于国同类上市公司的定仗?


 

EPS

EPS

EPS

股h(hun)

06q?SPAN lang=EN-US>PE

07q?SPAN lang=EN-US>PE

投资评

火股䆾

0.94

0.82

1.42

9.28

11.32

6.54

买入

兰花U创

1.15

1.57

1.8

13.45

8.57

7.47

买入

开滦股?/SPAN>

0.82

0.84

0.91

6.87

8.18

7.55

增持

金牛能源

0.68

0.56

0.64

5.36

9.57

8.38

增持

国阳新能

1.21

1.34

1.36

12.04

8.99

8.85

增持

西山煤电(sh)

0.8

0.84

0.80

7.28

8.67

9.10

增持

恒源煤电(sh)

1.08

1.10

1.10

10.59

9.63

9.63

增持

潞安环能

1.1

1.22

1.34

13.65

11.19

10.19

增持

上v能源

0.56

0.6

0.62

6.33

10.55

10.21

中?/SPAN>

大同煤业

0.54

0.6

0.71

8.01

13.35

11.28

中?/SPAN>

兖州煤业

0.51

0.54

0.55

6.28

11.63

11.42

中?/SPAN>

郑州煤电(sh)

0.31

0.27

0.27

3.91

14.48

14.48

中?/SPAN>

  我们认ؓ(f)Q一斚w严峻的安全生产Ş势和季节性因素可能推高今q底的煤炭h(hun)|而山西省三项基金可能推高2007q国内煤P另一斚wQ国内低市盈率的股票开始活跃,国煤炭股也大幅上涨。这些因素的共同作用下,存在显著低估的国内煤炭股可能?x)重新进入投资者的视野Q投资h(hun)值将?x)得到认可。因此,我们对煤炭行业的投资评为增持。其中,我们最为看好神火股份和兰花U创Q因Z们明q都有比较确定的业W增长Q目前的动态市盈率最低,而且q不?x)受到山西省开征三基金的不利影响Q事实上q对他们反而是利好Q?SPAN lang=EN-US>
  火股䆾Q主要是定向增发6000万股收购集团公司的佛(jng)光铝业的20万吨?sh)解铝项目,从而实现煤?sh)铝产业铑֚g伸。预?SPAN lang=EN-US>06q公?SPAN lang=EN-US>EPSU?SPAN lang=EN-US>0.82元左叻I07q?SPAN lang=EN-US>EPS?SPAN lang=EN-US>1.4元以上?SPAN lang=EN-US>2007q目标h(hun)14元?SPAN lang=EN-US>
  兰花U创Q主要增长动力来自于两部分,一是公司煤炭量从06q的440万吨增加?SPAN lang=EN-US>2007q的570万吨左右Q二是尿素量从06q的44万吨增加?SPAN lang=EN-US>59万吨左右Q三是亚大宁煤矉K套铁路有望在06q底建成Q?SPAN lang=EN-US>07q初步达到设计?SPAN lang=EN-US>400万吨。预?SPAN lang=EN-US>06q公?SPAN lang=EN-US>EPS大约1.57元,07q约1.80?SPAN lang=EN-US>2007q目标h(hun)18元?SPAN lang=EN-US>

 



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     ~?辑:(x)q帆
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