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神火股份上市以来市净率(MRQ)分位值
神火股份上市以来市净率(MRQ)分位值
行业数据
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所属报告:
【信达证券】神火股份(000933)-公司首次覆盖报告:煤铝共振,如日方升-251222(35页).pdf
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fCDnsbvliKsgfCDmj4/ov7AgfAp8IC0tLS0gfCAtLS0tIHwKfCBUaWVkIHdpdGggbW9yZSB0aGFuIDEwJSBvZiB0aGUgcmVjb3JkIHwg5LiO6K6w5b2V5Lit6LaF6L+HMTAl55qE5rCU5rip5oyB5bmzIHwKfCBDb2xkZXN0IHwg5pyA5Ya3IHwKfCBNdWNoIEJlbG93IEF2ZXJhZ2UgfCDov5zkvY7kuo7lubPlnYcgfAp8IEJlbG93IEF2ZXJhZ2UgfCDkvY7kuo7lubPlnYcgfAp8IE5lYXIgQXZlcmFnZSB8IOaOpei/keW5s+WdhyB8CnwgQWJvdmUgQXZlcmFnZSB8IOmrmOS6juW5s+WdhyB8CnwgTXVjaCBBYm92ZSBBdmVyYWdlIHwg6L+c6auY5LqO5bmz5Z2HIHwKfCBXYXJtZXN0IHwg5pyA5pqWIHwKCui1hOaWmeadpea6kO+8mk5PQUHjgIHljY7ms7DnoJTnqbY=
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“低估值”——公司估值仍有较大空间。截至 2025 年 12 月 19 日,神火股份 PE(TTM)为13.94x,为上市以来的 36%;神火股份 PB(MRQ)为 2.48x,为近 5 年的 42%。鉴于神火股份主业为煤炭+电解铝且电解铝业务盈利占比较大,我们选取电投能源、中国铝业、云铝股份以及天山铝业作为公司的可比公司。截至 12 月 19 日,神火股份 2025 年 PE 为 11.2 倍,低于4 家可比公司平均值 13.3 倍。截至 12 月 19 日收盘价,我们预测公司 2025-2027 年归属于母公司的净利润分别为 53、62、68 亿元;对应 PE 为 11.2x、9.6x、8.7x。首次覆盖给予公司“买入”评级。
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【信达证券】神火股份(000933)-公司首次覆盖报告:煤铝共振,如日方升-251222(35页).pdf
神火股份可比公司估值表(2025年12月19日)
神火股份电解铝业务假设
神火股份煤炭业务假设
典型矿区稀缺高炉喷吹用煤主要煤质指标
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