Tiandi Technology (600582): Technology innovation drives the intelligent wave of coal mines
Leader in the coal machine industry, providing integrated solutions for coal enterprises. Tiandi Technology specializes in mine automation mechanization equipment, safety technology and equipment, and coal product sales.
The company ranks first in the top 50 coal machinery industry in 2018 and is a leading company in the coal machine industry.
The company’s controlling shareholder, China National Coal Science and Industry Corporation, was reorganized from the 60-year-old Coal Science Research Institute and China Coal International Engineering Design and Research Institute. It is a central enterprise directly monitored by the SASAC.
From 2017 to 2018, the operating income of Tiandi Technology was US $ 15.4 billion and US $ 17.9 billion, an annual increase of 19% and 17%.
Net profit attributable to mothers was 9, respectively.
6.2 billion, a year-on-year increase of 1% and 2%.
The coal industry maintains a high boom, supporting the demand for coal mining machinery. The company’s profit is highly related to the prosperity of the coal industry.
After the supply-side reform, the profit of the coal industry has rebounded sharply since 2016. At present, the profit of coal enterprises is at a historically high level.
The market is worried that the demand for coal mining machinery will decline in 2019.
We believe that the coal price will show an upward trend in 2019, and the profit of coal enterprises will still maintain a rapid growth.
In the long run, the coal industry will maintain a reasonable level of profitability, and coal machine demand is not pessimistic.
The core competitiveness of scientific and technological innovation, leading the tide of coal mine intelligence. As the fourth industrial revolution represented by artificial intelligence approaches, the intelligent transformation 合肥夜网 of coal mines has become the development trend of the coal industry.
The company aims to build a world-class scientific and technological innovation enterprise with global competitiveness, implements an innovation-driven strategy, and has gathered the popularity and discipline leaders of various professional and technical fields in the industry.7.
800 million, accounting for 4% of operating income, an annual increase of 47%.
The company’s scientific research foundation has grown, and the intelligent comprehensive mining technology and equipment have reached the international leading or advanced level, which is expected to lead the intelligent development of coal comprehensive mining.
Target price 4.
38 yuan, the first coverage given a “buy” rating.
Forecast the company’s net profit for 2019-202112.
60 ppm, corresponding PE estimate 11.
By combining the absolute and relative estimation methods, the reasonable value range of the company is estimated to be 4.
The market is pessimistic about the profit forecast of the coal industry and the company.
We believe that Tiandi Technology is a leading company in the domestic coal machinery industry and has the industry’s strongest scientific and technological innovation capabilities. Benefiting from the improved coal industry boom and the intelligent wave of coal mining, it is expected that the company’s compound growth rate for 2019-2022 will be 22% higher than market expectations.It is estimated that there is an expected safety margin at the bottom of history, and the first coverage gives a “Buy” rating.
Risks suggest that the prosperity of the coal industry is decreasing, and the impact of intelligent coal mines on the company is lower than expected.