晋控煤业：资产注入启动夯实成长逻辑

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [1][8]. Core Views - The initiation of asset acquisition strengthens the company's growth logic, with the acquisition of the Panjiakou mining rights expected to increase coal resources by 44.53% to 5.969 billion tons [5][6]. - The company has a solid financial position with abundant cash flow, and it is expected to continue receiving support from its controlling shareholder, Jin Energy Holdings Group, for future growth and asset injections [6][7]. Summary by Sections Market Performance - As of January 17, 2025, the closing price was CNY 13.61, with a yearly high of CNY 19.87 and a low of CNY 11.13 [3]. Financial Data - For the fiscal year 2023, the company reported a basic earnings per share (EPS) of CNY 1.29 and a return on equity (ROE) of 11.20% [3]. - The projected EPS for 2024-2026 is CNY 1.97, CNY 2.04, and CNY 2.09, respectively, with corresponding price-to-earnings (PE) ratios of 7.0, 6.7, and 6.6 [7][10]. Acquisition Details - The company announced the acquisition of mining rights from its controlling shareholder, which is expected to enhance its production capacity significantly [4][5]. - The acquisition cost for the Panjiakou mining rights was CNY 475.3 million, with a resource volume of 182.5865 million tons, resulting in a low cost of CNY 2.60 per ton [4]. Growth Potential - The company’s coal production is projected to increase by nearly 28% upon the completion of the acquisition and full production at the Panjiakou mine, which has a designed capacity of 10 million tons per year [5][6]. - The company’s total coal resources are expected to reach 5.969 billion tons after the acquisition, significantly enhancing its growth prospects [5].