Guotai Junan: Maintain the “overweight” rating of the coal industry and recommend high-quality resource targets – Teller Report

Securities Times Network News, Guotai Junan believes that maintaining the “overweight” rating of the coal industry, the scarcity is obvious, and recommends high-quality resource targets. Under the background of “steady growth”, the demand for coking coal for the whole year is expected to exceed expectations, and in the short term, demand will accelerate in the second quarter, and in the medium and long term, strong demand will remain. Subject to supply-side constraints, coking coal prices are expected to remain high for a long time. With the implementation of the long-term coking coal price in the second quarter, coking coal enterprises will achieve continuous growth in performance month-on-month and substantial year-on-year growth, and there is room for a substantial increase in valuation under scarcity. Recommendations: 1) Long-term cooperation is the mainstay, and there is room for price improvement: Shanxi Coking Coal, Huaibei Mining, Pingmei Co., Ltd., Shougang Resources; 2) Market-oriented price adjustment is more flexible: Lu’an Environmental Energy, Shanxi Coking, Panjiang Co., Ltd. .