The reporter of Securities Daily noted that from 2016 to 2019, the operating revenue and net profit of Datong coal industry kept continuous growth in the four accounting years before and after, and the latter set a new high in nine years, which is also rare in A-share listed coal enterprises. Whats more, Datong coal industry had frequent large losses before, which should mention the companys asset restructuring in recent years.
According to the data, Datong coal industry was founded in July 2001, and listed on the Shanghai Stock Exchange in June 2006 to achieve A-share listing, becoming the first A-share main board in full circulation after the reform of the states non tradable share structure. At the beginning of listing, Datong coal industry is in the golden decade of coal industry. As the listing and integration platform of high-quality coal assets under Tongmei group, Datong coal industry has successively invested in or acquired many assets such as Yanzishan mine. In addition, the capacity of the raised investment project Tashan mine has been released rapidly after being put into operation. With the rapid growth of revenue and net profit, the market value of the company has also been rising, once reaching 45 billion yuan, ushering in the most glorious moment after listing.
What was unexpected was that the coal market continued to decline since the second half of 2012. In addition, the company previously owned many old mines, Datong coal industry had large losses in 2013 and 2015, and it would be warned of delisting risk if it was a little careless. In this context, Datong coal industry not only has no way to integrate the coal assets of the contract coal group, but also its coal mines, including Tongjialiang coal mine and Yanzishan coal mine, which have suffered large losses for many times, have become hot potato. Fortunately, at the critical moment, Datong Coal Industry Co., Ltd. has given its full help to connect the plate.
Datong coal industry, which took advantage of Tongmei group to get rid of multiple performance burdens, successfully turned losses into profits in 2016, and its performance has been continuously improved since then. However, after continuing to throw off the burden, Datong coal industry, with coal as its main business, mainly consists of Xinzhouyao coal mine, Tashan Coal Mine and selian coal mine. Although the company has no risk of loss pressure, its operating indicators such as revenue have also declined significantly. The gap with other listed coal enterprises in other provinces has gradually widened. Obviously, it does not match the status of key coal enterprises in the same province as coal group, the controlling shareholder u201du3002
Of course, this also means that Datong coal industry has great potential in integrating the groups coal assets, and the first step is to spend nearly 2.5 billion yuan in 2018 to acquire the 21% equity of Tashan Coal Mine held by the same coal group.
Restructuring and transformation window opens again
The reporter learned that Tashan Coal Mine, as the highest quality coal asset of Tongmei group before, only acquired 21% of the equity above, but through the integration of Datong coal industry, it holds 72% of the equity of Tashan Coal Mine, which is also the main reason why the performance of Listed Companies in recent years can continue to soar. In addition, the equity integration is that Datong Coal Industry restarted the acquisition of group coal assets after 2012, and the window of coal assets reorganization of listed companies also opened.
Of course, the integration of part of the shares of Tashan Coal Mine is only the beginning of Datong coal industry to improve the performance scale and optimize the industrial structure: as we all know, the reform of state-owned enterprises with state-owned assets in Shanxi Province has gradually entered the deep water area, promoting the specialized restructuring of the energy field and improving the asset securitization rate of state-owned enterprises under the provincial government has become the key key object, and Tongmei group also clearly proposed to accelerate the promotion of listed companies in 2020+ u201dStrategy, accelerate Datong coal industry, Zhangze Power acquisition of high-quality assets equity and other work.
In this regard, Datong coal industry also pointed out in the deployment of the key work in 2020 that it is necessary to seize the favorable opportunity of the reform and professional restructuring of state-owned enterprises with state-owned assets in Shanxi Province, look for opportunities for mergers and acquisitions inside and outside the province around the main coal industry chain, and build the company into an effective platform for the reform and industrial integration of state-owned enterprises of the same coal group. Obviously, accelerating the integration of high-quality mines of the group will be the key work in the future.
With the implementation of Shanxi Coking Coal Group absorbing and merging Shanxi coal group, the trend of integration of coking coal has been started, and the integration of electric coal Shanxi has also put forward the expectation of integration by the same coal group. The existence of this expectation is also beneficial to the development of the company.
In addition, based on the main business of coal industry, Datong coal industry also proposes to properly cut into the new energy field, and on the basis of mature operation of equity investment fund of Tongmei Qiyin, it is necessary to launch the establishment of industrial fund, leverage social capital, carry out merger and acquisition, and promote the transformation and upgrading of the company.
In recent years, in addition to the acquisition of shares in Tashan Coal Mine, the frequent dabbling in the financial sector is also a bright spot in Datong Coal Industry: while the listed company shares in a number of financial companies under the same coal financial company, the company also launched a private equity investment fund of the same coal Qiyin, the latter achieved a profit of 65.5 million yuan only in 2019, and Lanqi technology, which participated in the investment, has been on the science and technology innovation board Listing, so it will also become a key measure to help the transformation of listed companies.
Nowadays, the continuous break of state-owned enterprise reform and continuous floating red of performance have won more time and space for capital operation for Datong coal industry. Whether listed companies can seize this rare opportunity of restructuring and transformation to achieve leapfrog development is worth looking forward to.
Source: responsible editor of Securities Daily: Yang qian_nf4425