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　　 Sina tip: This is a research report column, which is only an analyst's personal views and opinions on a stock, not a formal news report. Sina does not guarantee its authenticity and objectivity. All effective information about the stock is subject to the announcement of the Shanghai and Shenzhen Stock Exchanges. Investors are respectfully advised to pay attention to the risks.

Zhongyuan Securities Wang Zhilei

Make up the price by quantity. The company is located in Suzhou, Anhui Province. The price of bituminous coal in Suzhou decreased by 23.65% compared with the beginning of the year, but the company's revenue increased by 10.29% year on year, which shows that the company made up for the pressure of price decline by increasing the proportion of clean coal and increasing sales efforts.

Cost pressure increases. The gross profit rate of the company was 25.33%, a year-on-year decrease of 4.64 percentage points, which shows that the mining life and mining depth of the company's mines have increased, and the pressure on the company's mining and maintenance costs has increased.

The period cost control needs to be strengthened. The administrative expense rate was 8.55%, an increase of 0.71 percentage points year on year. It is speculated that it should be due to the increase of employee compensation.

The existing mine capacity is stable. The company has seven pairs of mines with a production capacity of 12.8 million tons, which has basically reached the production capacity. The future production capacity is relatively limited. The Liuqiao Deep Mine and Longwangmiao (South) Mine, which have newly obtained the exploration right, will increase the production capacity by about 2.3 million tons in the future, and the production time is expected to be 2014 and 2015 respectively.

Asset injection is worth looking forward to. The parent company of the company, Wanbei Coal Power Group, has 5.3 billion tons of coal reserves. At the end of the 12th Five Year Plan, the coal production capacity of the Group will exceed 50 million tons, including 20 million tons in the province. At the same time, the Group promises to continuously inject coal assets into the Company in the future.

The third quarter is expected to be the bottom of the company's performance. At present, major coal producing provinces have increased efforts to rectify coal production safety, and supply has decreased. In addition, the macro-economy has stabilized, and the coal market is expected to maintain stability in the later period. The third quarter is expected to be the bottom of the company's performance.

Give a "wait and see" rating. It is estimated that the EPS in 2012 and 2013 will be 0.90 yuan and 0.92 yuan respectively. Based on the closing price of 12.88 yuan on October 26, the corresponding P/E ratio will be 14 times and 14 times. The endogenous growth of the company is limited, but the asset injection expectation is strong, so the investment rating of "wait-and-see" will be given.

Risk tips: 1. The risk of coal price falling; 2. The time of asset injection is uncertain.

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