Injection of the subsequent assets of flat coal shares

Galaxy Securities expects coal production to reach 40 million tonnes in 2010.　　Liu Cartography recently, we investigated the flat coal shares, the flat coal shares in the production and operation of the company and related personnel exchange. After investigation, we expect 2010-2011 coal production of flat coal to 40.1 million tons, 42.4 million tons respectively, although the steel price has recently been reduced, but its coking coal prices in the short term downward pressure is not, it is expected that ping coal shares 2010-2011 EPS can reach 1.58 yuan, 1.77 yuan,　　The shares are now priced at 12 times times the 2010 dynamic P/E ratio, which is below the average of about 14 times times the value of the industry, so we give it a "recommended" investment rating.　　The flat coal shares were closed at 20.84 yuan yesterday and Rose 4.36%. 2010 coal production is expected to reach 40 million tons coal production 37.4 million tons in 2009, the first quarter output of about 10.15 million tons, the year-on-year increase of 1.6 million tons, the 2009 annual report disclosed in the 2010 production plan for 37.5 million tons, from the current production of various mines,　　This year is expected to exceed production targets, which are expected to reach 40 million tonnes a year in 2010.　　At present, the main coal seam of the flat coal shares mine is Ding three layer, and the coal is used as the coking coal, and the group Coal and the Group E are mainly used as power coals. And we have also made an understanding of the technical transformation and expansion of the main mine of the flat coal shares: 5 million tons of the transformation of a mine in 2009 has been completed, 2009 production of about 5.07 million tons; The technical transformation of the eight mine is being implemented, the second well capacity scale plan 1.2 million tons, is currently being approved, eight ore coal quality, for its own group of coal, 2009 Eight mineral volume of about 3.66 million tons, planned to reach 5 million tons of capacity in 2012; Nine ore 600,000 tons of capacity has been completed technical transformation, 11 mine currently has capacity of 3 million tons, 2009 output of about 3.7 million tons, two period of technical renovation is expected to 2012 up to 5 million tons; Has 1.8 million tons of capacity, 2009 production of about 2 million tons, the expansion of the project is being implemented, the first expansion to 3 million tons, then to 5 million tons; The technical transformation of Xiangshan mine has also been completed, 2009 production less than 700,000 tons, is expected to reach 1 million tons this year;　　2009 output of about 1.4 million tons, estimated to reach 1.8 million tons this year; Shou mine has been put into production, contributing 800,000 to 1 million tonnes of production this year.　　In addition, the flat coal shares in 2009 acquisition group of several mines are doing boundary optimization, after the reallocation of resources can increase the service life to 10 years. Commodity coal prices rose 60 yuan per cent of the coal shares of the commodity coal is mainly metallurgical washing coal, mixed coal and other coal preparation. Flat coal shares of commodity coal prices rose more obvious, at present, coking coal excluding the tax price of 1260 yuan/ton, only 900 yuan in the same period last year; more than 85% of the blended coal is contract sales, mixed coal priceThe first quarter is 380 yuan/ton; The comprehensive price of commodity coal has risen by about 60 yuan Year-on-year. Flat coal shares for the improvement of coal quality management is conducive to the stability of the price increase.　　Ping coal shares dynamic mixed coal 2009 years have slipped to 4000 kcal calorific level, the implementation of the internal double check system this year, taking into account the balance of coal quantity and quality, to encourage the improvement of coal quality, since February, the power of coal-blended coal is stable at more than 4200 kcal. In addition, it is noteworthy that, as electricity prices have been raised, water charges will rise, the coal-ping shares this year, the cost of tons of coal will rise.　　However, flat coal shares for the cost and cost of the annual planning, and strive to achieve smooth effect in each quarter, to solve the entire industry before the general "cost-warping" problem. Subsequent assets injected into the renewable coal shares have issued an acquisition report, its controlling shareholders at the group level of asset reorganization, the China-Ping Energy group to absorb the merger of flat Coal Group and the god Ma Group, its controlling shareholders from the original flat coal group changed to the China-Ping Energy group.　　At the same time, ping-coal shares will be pledged through targeted additional, public offerings, such as the acquisition of the Li-Ping energy Group Liyuan Mine, Changhong Mining Equity, Changan Energy company, and strive to the end of June 2011 to basically solve the potential competition. Related news "The integration of coal resources in Henan province speed up" Galaxy Securities Zhaoko at present Henan province, the Coal resources integration progress faster. And 2009 Shanxi Province Coal Resources integration similar, government-led, enterprise main body, market operation, Henan Provincial government request according to the original resource price of small coal mine 1.5-twice times to undertake the acquisition. The government's latest requirement is to complete most of the coal-mining mergers and acquisitions in June this year.　　Flat coal shares of the parent company in Henan Province, the group is a designated integration of the main body, the group as the main annex can be merged Pingdingshan Mining area, Han Liang mining area, Pro ru Mining area, Yuzhou Mining area, Jia County Mining area of small coal. At present, the group has a total of 132 small coal mine integration rights, each coal mine production and resources relatively small, integrated production capacity of more than 20 million tons, the existing resources of more than 100 million tons, in accordance with the Department of Land and Resources in Henan province to integrate attitude,　　After the completion of the integration is expected to be 20 times times the capacity of the integration of the main body of the allocation of resources.　　Group as an integrated body to implement, the group currently has a total of 5 integrated groups, AG is one of 1, integrated coal and resources will be injected into the future of listed companies. In the form of integration, the Henan provincial government requires the integration of the main body to achieve more than 51% absolute holding. At present, the flat coal shares have been approached 12 small coal mines can be expanded to more than 300,000 tons, will do in-depth evaluation and focus on absolute holding, future earnings in accordance with the proportion of equity distribution. For other smaller small coal mines, the ping coal shares are currently managed in a form of trusteeship, charging management services fees, less than 100,000 tons of small coal mines are basically not intended to technical transformation, a few years later may be closed.