Pan Jiang shares (600395) 2019 minutes

Pan Jiang shares (600395) 2019 minutes
Basic information Panjiang shares belong to an old state-owned enterprise. It was built in 1966 and was affiliated to the Ministry of Coal earlier to match the Pangang project. In 1997, it was decentralized to the city to manage and reform the system. It was listed in 2001. In 2018, the company achieved an output of 840 tons of raw coal, a sales volume of 740 tons of commercial coal, an operating income of 61 billion yuan, and a net profit of 9%.500 million, return on net assets stabilized at about 14%. The company is likely to complete 19 years of performance-guided profits totaling 1.3 billion yuan. The coal business company currently has an approved capacity of 910 tons.At present, the production capacity under construction is 480 tons, of which Hengpu Company ‘s Phase II Mine 90 seconds is expected to be put into operation in 2020, and Phase II 150 tons is currently undergoing capacity approval; the Mayi coal mine has a total capacity of 1080 tons, of which Xiyi Well240 is expected to be completed and put into production in 2022.In addition, the company also has some technical transformation projects. The Jinjia Mine Jiazhuyao Mining District was completed and put into production in April 1990. It is estimated that the output contribution this year will be 40?Around 50; the production capacity of Shanjiaoshu Coal Mine increased by 90, and related procedures are still underway. The company is also responsible for hosting the two mines of the group. The hosting fee is 10 yuan / ton. If the profit is generated, some additional fees will be added accordingly: the hosting of Songhe Coal Industry 240 tons, the group holds 80% of the total, of which listed companies 35%, the group 35%10% of a second-level subsidiary of the group.Songhe Coal Industry is in the expected initial state. The output of 100 units is the break-even point, and the output in 18 years is about 80.However, Songhe Coal Industry has a shortage of resources. The main mine of the company is mainly coking coal and 1/3 coking coal, and the unit weight is 50 yuan / ton higher than the volume of the 1/3 coking coal. When the output reaches about 170-180, the profit will be compared at that time.considerable.The historical reasons for the decrease in Songhe Coal’s output are mainly the complex shareholder structure and imperfect production systems. The other is the capacity of Pannan Mine 330, which was then used to support the 2.4 million kilowatt project of Pannan Power Plant, with an output of 200 tons in 18 years.Group shares are absolutely controlled and listed companies have no equity.Large-scale mining disasters occurred in Pannan Mine in 12 years, and the operating conditions were poor in 14-15 years. The operating conditions have gradually adjusted since 16 years, and it is estimated that 200 million profits will be completed in 19 years. The personnel burden of the two mines is light, and the potential for future profit potential. The company strives to achieve the company’s coal production capacity of about 2,000 tons in 2020, and strives to reach more than 2,500 tons in 2022 (merger and reorganization, resource integration). In terms of coal sales, the main types of coal are thermal coal and coking coal. It is estimated that 352 tons of clean coal and 330 blended coal will total 682 tons in 19 years. Thermal coal is mainly supplied within the region, and regional coal supply is tight, mainly due to complications such as Guizhou’s good economic development, high-speed rail, big data and other factors driving the province’s power consumption to increase.The government’s power coal supply mission for Panjiang Group increased from 1300 in 1800 to 1600 in 19, and the government set the price at 7 kcal per calorific value.8 cents, 5000 kcal thermal coal price is about 415 yuan / ton, while the market price in other places will be 100 yuan / ton.Thermal coal is basically not profitable. To complete the task, the government gives some rewards of 10?20 pieces / ton. Coking coal is mainly sold at market prices. The company signs annual agreements with strategic customers. The current average price is about 1500 including tax, which is slightly lower than the initial price.It is mainly sold to surrounding large steel mills, Panzhihua Iron & Steel (50%), Kunming Iron & Steel and so on. Cost companies, like other companies, also face historical burdens.The three supplies and one industry will be completed in 19 years, transferred to China Southern Power Grid, delivered to local companies, 50% of the state subsidy funds, 杭州桑拿体验网 the state allocated 4.700 million, a total of 600 million plans.One year of purchase of 800 million kilowatt-hours of electricity, 20% of which is used by family members or surrounding residents, but half of them can not receive electricity bills, this part of the year affects 10 million, this part will be gone. The company expects that the cost of ton of coal will not change much in 9 years. Among them, the salary is linked to income. The income of 100 yuan has a salary of 29 yuan. The increase in wages will only be considered if the production efficiency is improved. The company’s financing costs are mainly borrowed from banks, and interest rates may rise slightly above the baseline.The group’s funds are tighter than listed companies. In July 18, the provincial government promoted the group’s asset reorganization and 合肥夜网 strived to build a coal and electricity platform in Guizhou Province. The current 3,000-ton coal production capacity and strive to reach 6,000 tons in 20 years and 7,000 tons in 21 years. Q: Does the company consider equity incentives? Answer: In 18 years, China promoted the Double Hundred Action, among which Panjiang Group was selected as a pilot, which also included the distribution of incentives, but how to do so is still uncertain. Q: How will the company’s dividend rate change in the future? A: It is expected that the dividend rate will remain at the current high level, because after the coal mines such as Liuzhi Mine and Water Mine are merged into the Group, the Group needs to support these mines and requires certain funds. Q: Guizhou’s coal production policy? Answer: The Guizhou Provincial Government requires all coal mines to be withdrawn in the next 30 years. Some of these small mines hang on large mines because of incomplete documents. Now they are required to become independent. In fact, small mines are encouraged to release more capacity.