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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.

　　 Changjiang Securities Ma Xianwen

Event description:

At 10:55 on November 24, a coal and gas outburst accident occurred in Xiangshui Coal Mine of Pannan Coal Development Co., Ltd. in Liupanshui, Guizhou Province. As of 15:50 p.m. on the 25th, 20 of the 28 miners on duty had died. On the same day, the Office of the Safety Committee of the State Council issued the Emergency Notice on Further Strengthening the Current Work Safety in Coal Mines.

Event comment:

Domestic coal storage conditions are poor, leading to frequent accidents. The main reason for the frequent occurrence of coal mine safety accidents in China is that the number of deaths exceeds 2000 every year. The poor storage conditions are the main reason: more than 90% of domestic coal mines are mine mines, and the coal reserves buried below - 1000 meters account for 53% of the total coal resources. At present, the average mining depth of domestic coal mines is close to - 500 meters, and it is still increasing at the rate of 20~30 meters every year, which means that domestic coal safety production will face more severe challenges in the future.

No matter how prosperous the coal industry is, it is the general trend to continuously increase the investment in safety supervision under the unit coal output. This can be seen from the fact that in February this year, the Ministry of Finance and the State Administration of Work Safety jointly issued a document to significantly increase the extraction standard of coal mine safety production costs (the average was less than 10 yuan/ton in the past, and after the standard was raised, the mine was 15 yuan/ton, and the high gas and outburst mines were 30 yuan/ton). Moreover, since 2013, the national debt fund for coal mine safety technology transformation is expected to increase from the current annual amount of 3 billion yuan to 5 billion yuan. The central level has significantly increased the investment in coal mine safety, which is bound to drive local and enterprises to increase corresponding supporting funds. On the other hand, the compensation standard for the miners killed in Xiangshui Coal Mine in Guizhou Province exceeded 1 million yuan per person for the first time, which will undoubtedly urge coal enterprises to pay more attention to production safety and miners' lives. In the future, the construction of safety supervision system for coal enterprises is expected to change from passive investment under policy compulsion to active investment. Therefore, we believe that even though the coal industry is facing a downturn, the coal mine safety supervision market is expected to maintain a high degree of prosperity without a significant decline in domestic coal production.

　　 Mayanson It is the most promising enterprise in the domestic coal mine safety supervision industry, and the expansion of new products and non coal market has helped the company's performance continue to grow at a high speed. We believe that Meiansen is the most promising coal mine safety supervision enterprise. The reason is that industry leaders such as Chongqing Academy of Coal Sciences are constrained by the state-owned enterprise system, and the cost rate is high (more than 30%). On the one hand, Meiansen has achieved a significantly lower cost rate than its competitors through "full staff cost control" by taking advantage of the mechanism of private enterprises, Fully transform the high gross profit of the industry into the high net profit of the company; On the other hand, the incentive mechanism linked to R&D and sales performance has greatly mobilized the enthusiasm of all staff. Since the company was listed one year ago, its product line has expanded from the first four categories to ten categories, and the growth rate of sales revenue is far higher than that of major competitors. We expect that under the background that the non coal mine safety supervision market is expected to be fully launched next year, the company's performance growth prospects will be very clear. The company's new products in the fields of real-time diagnosis of coal and gas outburst, dust prevention, mine integrated automation, etc. will also lay a solid foundation for its long-term development.

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