研報掘金丨廣發證券:陝西煤業Q4業績符預期,高ROE高分紅凸顯長期價值
廣發證券研報指出,陝西煤業(601225.SH)Q4業績符合預期,高ROE高分紅凸顯長期價值。2023年受市場因素影響,公司金融投資公允價值波動較大影響業績,但從扣非業績來看,由於長協煤佔比高,加上主動的成本費用控制,公司主業經營總體穩健性強。公司資源稟賦優異,部分煤礦可作為化工煤和配焦煤使用,綜合售價具備優勢,且成本控制較好,盈利能力突出。考慮到板塊系統性估值提升,同時參考可比高股息公司平均估值水平,給予公司24年11倍PE,對應合理價值26.35元/股,維持“買入”評級。
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