论文部分内容阅读
4月10日,国际油价站上110美元,高油价时代已然来临。随着原油价格大幅上升,作为石油的替代品,煤炭的比价优势亦越来越明显。伴随旺盛的需求、持续走高的价格,煤炭行业利润自2004年以来大幅增长。而经过前期的大幅调整,煤炭行业整体PE水平已经降至2008年27.7倍,即使与香港或其他市场煤炭公司估值比较,A股煤炭公司估值也出现了相当的吸引力。由于08年煤炭价格上涨幅度明显高于以往,同时企业政策性成本征收已逐步实施到位,而下游行业快速发展带来的旺盛需求不断增强煤炭企业的成本转嫁能力,加上国内外煤炭巨幅价差的拉动,我们相信,伴随着国际油价继续走高,煤炭“黑金”亦将再度闪耀。
April 10, the International Oil Station 110 US dollars, the era of high oil prices have come. As the price of crude oil soared, as a substitute for petroleum, the price advantage of coal became more and more obvious. With the booming demand and rising prices, the profit of the coal industry has risen sharply since 2004. After the previous drastic adjustment, the overall PE level in the coal industry has dropped to 27.7 times of 2008 levels. Even with the valuation of coal companies in Hong Kong or other markets, the valuation of A-share coal companies is quite attractive. As coal prices in 2008 increased significantly higher than in the past, while the company’s policy of cost collection has been gradually put into place, and the rapid development of downstream industries has brought strong demand for coal companies continue to increase the cost of passing capacity, coupled with huge domestic and international coal price spread We believe that along with the international oil prices continue to rise, coal “black gold” will also shine again.