Lanyan Holdings (000968) Interim Review: The first half of the year saw rapid growth in coalbed methane sales business. The new bidder won the Heshun Mafang East Exploration Blockchain.

Lanyan Holdings (000968) Interim Review: The first half of the year saw rapid growth in coalbed methane sales business. The new bidder won the Heshun Mafang East Exploration Blockchain.
Core point of view: The company’s performance has grown steadily in the first half of the year, and the revenue from the sales of coalbed methane has grown 杭州桑拿网 rapidly. The company released its 2019 Interim Report.86 ppm / 3.$ 3.4 billion / 3.290,000 yuan, at least -1.7% / + 1.3% / + 0.4%, EPS is 0 in the first half.34 yuan / share, flat for one year.In the first half of the year, the company’s gas well construction project and gas governance services business revenue and profit combination were replaced. However, due to the stable and increased production of the old blockchain, the revenue and gross profit of coalbed methane sales business replaced +19.9% and +17.4%.In the first half of the year, the subsidiary Lanyan Coalbed Methane Group Co., Ltd. achieved net profit.54 ppm, +2 for ten years.5%. By quarter, 19Q2 achieved net profit attributable to mothers2.08 thousand yuan, at least -5.4%, +65 from the previous quarter.4%. In the first half of the year, the company’s coalbed methane sales and tonnage increased by 5.7% and 13.4% coalbed methane sales business: CBM extraction in the first half of the year.400 million cubic meters (previously +2.6%), sales of coalbed methane3.700 million cubic meters (decade +5.7%), the number of units is calculated according to the sales volume1.74 yuan / square (ten years +13.4%), unit cost is 0.95 yuan / square (ten years +15.5%), the unit gross profit is 0.79 yuan / square (ten years +11.1%).In addition, in the first half of the year, the company has temporarily confirmed the compensation for the development and utilization of coalbed methane based on the previous year’s standard1.39 trillion, ten years +0.1.6 billion or 12.7%. Gas well construction engineering business: revenue in the first half of the year 1.810,000 yuan, at least -1.11 trillion or -38.0%, mainly due to the decline in the demand for gas well construction engineering construction business of related coal enterprises in the first half of the year, resulting in excessive reduction in engineering construction business volume. The subsidiary newly won the bid for the Heshun Mafang East exploration block, and the commitments for the coalbed methane mining rights of Jinmei Group have been completed. According to the interim report, the company won the bids for Liulin Shixi, Wuxiang South, Heshun Hengling, and Heshun West in November 2017.4 blockchains.As of July 31, 2019, geological mapping of 610 square millimeters and two-dimensional earthquakes of 369 were completed in four blocks.At 31 inches, 122 holes were drilled, 53 were fractured, and 19 wells were tested. According to the announcement of the Natural Resources Department of Shanxi Province, in the first half of this year, Shanxi Province conducted public tenders for 10 new exploration blockchain projects. Hongdong West Blockchain, Hongdong Blockchain, Linfen Blockchain, Linfen West Blockchain, LinfenThe South Blockchain and other five blockchain bidding units are less than three and do not meet the requirements of the Bidding and Bidding Law. The above five blockchain tenders will be reorganized in a timely manner, and the subsidiary Lanyan CBM has won the remaining five districts.Heshun Mafang East Blockchain (block area 253.82 square inches).According to the company’s announcement, on August 15th, the subsidiary Lanyan Coalbed Methane has gradually contracted with the Shanxi Provincial Department of Natural Resources for the exploration right.In addition, the controlling shareholder Jin Coal Group’s coalbed methane mining rights commitments have been completed, and Lanyan Coalbed Methane has obtained the Chengzhuang Coal Mine, Sihe Coal Mine (East District), Zhengzhuang Minefield’s coalbed methane mining rights, and Hudi Minefield’s coalbed methane exploration.Rights and resources security capabilities have been further enhanced. Earnings forecast and investment rating The company has good endogenous growth, re-integrate low-production wells, increase potential for old wells, increase production, further improve gas pipelines, and clear coalbed gas mining rights.; Reorganization, the new successful bidding for blockchain exploration and development is progressing smoothly, and the shareholder’s shareholding is changed to Shanxi Gas Group. The company’s ability to acquire resources in the future will be 杭州桑拿网 improved, and its expansion will be expected.EPS are expected to be 0 in 19-21.78, 0.84 and 0.94 yuan / share, taking into account the company’s historical estimation of the hub and the company’s performance growth rate, given 19 times 18 times PE, corresponding to a reasonable value of 14.1 yuan / share, maintain “Buy” rating. Risk warning: the price of natural gas and coalbed methane will decrease; the preferential treatment will be reduced and the sales compensation policy will be changed;