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我国煤炭资源分布和消费极其不平衡导致“西煤东运”现象长时期内难以改变,大秦铁路优越的位置成就了“第一通道”的煤炭运输主导地位。结合行业平均估值水平、公司盈利水平、持续成长性以及资产注入预期,我们给予公司“长期推荐”投资评级。
Due to the extremely unbalanced distribution and consumption of coal resources in our country, the phenomenon of “western coal east transportation” is difficult to change over a long period of time. The superior location of Daqin Railway has led the dominance of “the first passage” in coal transportation. Combined with the industry average valuation, profitability of the company, continued growth and asset injection expectations, we give the company “long-term” investment rating.