Core Viewpoint - Guoyuan International has given Shougang Resources (00639) a "buy" rating with a target price of HKD 3.52, citing the company's ownership of three high-quality coking coal mines in Shanxi, which are expected to benefit from a balanced supply-demand situation and stricter safety regulations by 2026, leading to a recovery in profitability [1] Group 1: Coking Coal Resources - The company owns three coking coal mines in Shanxi Province, with a total approved production capacity of 5.25 million tons per year [2] - The coking coal produced is known as "Panda Coal" due to its rarity and high economic value, and the company is working on the approval for the Lianshan Coal Chemical Guojiaogou mine, which will address long-term resource continuity issues [2] Group 2: Profitability Outlook - The company has seen a 45% year-on-year decline in the average selling price of premium coking coal to RMB 1,067 per ton in the first half of 2025, but prices are expected to recover in the second half of the year [3] - By 2026, a balanced supply-demand situation and stricter safety regulations may lead to a temporary tightening of supply, providing upward price elasticity and benefiting the company's profitability [3] Group 3: Financial Health and Dividend Policy - The company has no interest-bearing debt and maintains a strong financial position with cash reserves of HKD 9.456 billion as of June 2025, ensuring high dividend payouts [4] - The company has a minimum dividend payout ratio of 40%, with an average actual payout ratio around 80% in recent years, and a projected dynamic dividend yield of approximately 5.7% in 2026, indicating strong long-term investment value [4]
国元国际：给予首钢资源“买入”评级 焦煤资源得天独厚 高股息凸显价值