Mountain Coal International 2013 production increased twice times

Mountain Coal International (600546) 2010 to achieve operating income of 38,644,175,400 yuan, an increase of 83.96%, the realization of operating profit of 2,002,709,500 yuan, an increase of 45.06%, to achieve the ownership of the listed company shareholders of the net profit of 755.7654 million yuan, Rose 22.91%. Earnings per share of 1.01 yuan.　　The distribution scheme provides a cash dividend of 3 yuan (including tax) for every 10 shares. The company's current operating income is mainly coal trade, accounting for 88.68%, coal mining accounted for 11.32%.　　However, the company's coal trade gross profit margin of only 1.6%, and coal mining gross profit margin of 61.4%. The company completed a total of 25.0716 million tons of railway volume, an increase of 5.9857 million tons, year-on-year growth of 31.33%, completed the target of 100.29% of the year, the completion of the coal trade volume of 64.9707 million tons, increased by 50.17%　　Coal trading business income of 33,497,099,700 yuan, an increase of 80.45%, to achieve operating profit of 625.6727 million yuan, down 8.83%. Company cumulative production of 6.0748 million tons of raw coal, an increase of 1.5148 million tons, the year-on-year increase of 33.22%; coal mining business to achieve operating income of 4,355,318,300 yuan, the increase of 97.74%, the realization of operating profit of 267,253 yuan, increased by 660,000.　　The increase in coal production is mainly from the Longwan coal industry, Holsinge coal industry, the two mines have entered the joint pilot production. The coal production increment of the company headquarters in 2011 and 2012 is also mainly from these 2 coal mines. It is expected that in 2012 all of the postpartum, Longwan coal industry, Holsinge coal industry output of 3 million tons and 1.2 million tons respectively.　　Coal production will grow by 33% in 2011, with 2012 production continuing to grow by 20%. The company has in October 2010 through targeted additional plans to acquire the parent company's 7 integrated coal and a shipping company. The capacity of 7 coal mines is 8.7 million tons and the equity capacity is 5.59 million tons. This part of the coal mine is undergoing technical renovation and is expected to begin releasing production in 2012 and fully released in 2013.　　Combined with the production of this part, the company 2013 coal production will reach more than 19 million tons, increasing twice times. The parent company still has 13 coal mines in the technical transformation, production capacity of 9.6 million tons.　　There is a greater likelihood that this part of the asset will be injected in the future. Regardless of the injection of integrated coal production capacity, it is expected that from 2011 to 2013 earnings per share of 1.60 yuan, 2.12 yuan and 2.45 yuan; Consider injecting assets, from 2011 to 2013 earnings per share of 1.20 yuan, 2.04 yuan and 2.40 yuan respectively.　　Company growth is good, the first to give "overweight" rating. The main risk is that coal prices have fallen beyond expectations.