A -share "Period Entrance Examination" ｜ Half -year net profit super last year!The net profit of Shaanxi Coal Industry has increased by 196% of high coal prices in the second half of the year or the peak of continuing profitability

21st Century Business Herald reporter reported in Xi'an early in the morning

Benefiting from high coal prices, Shaanxi Coal Industry (601225.SH) has achieved the best benefits of history.

On the evening of August 30, Shaanxi Coal Industry disclosed the half -annual report in 2022. During the reporting period, the company achieved operating income of 83.690 billion yuan, an increase of 10.829 billion yuan, an increase of 14.86%; the net profit attributable to shareholders of listed companies was 24.598 billion yuan, an increase of 16.305 billion yuan, an increase of 196.6%; the basic earnings per share were 2.54 yuan. , Year -on -year increased by 1.68 yuan, an increase of 195.35%.

The Shaanxi Coal Industry said that in the first half of the year, corporate operating quality and efficiency growth achieved the best achievements in history.

Public information shows that behind Shaanxi Coal Industry is Shaanxi Coal Industry Group, the only state -owned large coal industry group in Shaanxi. In the Shaanxi A -share market profit list, it has been in the forefront for many years.

Thanks to the continuous high prosperity cycle of the coal industry, the high -level coal prices not only allowed Shaanxi coal industry to climb the new level, but also greatly improved the company's net asset yield, total asset return, and personnel efficacy.

At present, with the high temperature sweeping the national electricity limit, the next half of the year will usher in the peak heating season. As the absolute main force of electric power supply and winter heating, will coal continue to go upstream at a high price? What kind of feedback will high coal prices have to generate downstream? Is the profitability of coal companies in the second half of the year?

Lin Boqiang, dean of the China Energy Policy Research Institute of Xiamen University, said to the 21st Century Business Herald: "In the second half of the year, coal prices will basically continue to operate high. From the perspective of in China, in summer, in summer, in winter, in winter, winter heating will have a certain impact, and it is greater, and it is greater, and it is greater, and it is greater. The influence is the promotion and requirements of the 'double carbon' strategy; the tight energy supply and demand caused by international geopolitical conflicts is the main cause of high coal prices, so the profitability of coal companies in the second half of the year is still expected to increase. "

Profit capacity increases significantly

It is worth mentioning that Shaanxi Coal Industry revenue was 152.3 billion yuan in 2021, with a net profit of 211.14 billion yuan, an increase of 42.26%year -on -year. The recent disclosed 2022 interim report shows that the company's net profit attributable to the mother has exceeded the level of 2021.

In response to the reasons for the significant increase in revenue, Shaanxi Coal Industry attributed it to the price of coal prices year -on -year, and operating income increased.

The semi -annual report shows that the coal industry in Shaanxi achieved 112.7306 million tons in the first half of the year; the output of coal was 71.579 million tons, an increase of 1.98%year -on -year; the railway capacity was 64.067 million tons, an increase of 6.11%year -on -year.

Lin Boqiang believes that the small fluctuations in yield are not enough to affect market coal prices and have limited impact on corporate profitability. The main reason for the growth of both corporate revenue and profit is still the high operation of coal prices.

Public information shows that Shaanxi Coal Industry has a coal reserves of 14.9 billion tons and 8.6 billion tons of mining reserves. The mining period can be more than 70 years, and the company's approved production capacity is 143 million tons. More than 97%of coal resources are located in high -quality coal mining areas such as northern Shaanxi mining areas (Shenfu, Yuheng), Bin Huang (Bin Chang, Huangling).

A industry insider told the 21st Century Business Herald reporter that most coal mines in Shaanxi coal industry are distributed in northern Shaanxi. Coal rectification conditions are good, shallow, and superior mining technical conditions, and the mine is large modern ore, with low mining costs, production production costs, production costs, production cost The cost advantage is obvious.

At the same time, more than 90%of the coal reserves of the coal production area of ​​the company are high -quality coal, excellent coal quality, and high -quality power coal, gasification coal, and ideal chemical for low -gray, special low -phosphorus, special low -sulfur, medium and high incidence heat coal.

The above person believes that the competitive advantage of Shaanxi Coal Industry is very obvious, and the probability of maintaining a high profitability in the second half of the year.

It is worth noting that in July this year, the company and the controlling shareholder Shaanxi Coal Group signed an asset transfer intention agreement to transfer all the equity of Binchang Mining Group and Shennan Mining Company to Shaanxi Coal Industry. Among them, Binchang Mining Group involves 12 million tons per year without listing.

This means that the incremental space of the coal industry in Shaanxi will increase, and the production capacity of coal will be further expanded. Under the continuous influence of the high prosperity cycle of the coal industry, the profitability of Shaanxi Coal Company is expected to further improve.

Coal prices are continuously optimistic in the second half of the year

Recently, the main futures price of domestic power coal has stabilized in the range of 700-900 yuan/ton. Compared with the high-priced range in the third quarter of last year, significantly declined.

Lin Boqiang said to the 21st Century Business Herald: "Affected by international geopolitical conflicts, the energy market is likely to switch. In the supply chain, the supply and demand relationship is confusing, so energy prices can only be higher. "

Lin Boqiang believes that, as an irreplaceable energy source, no matter whether oil or coal will show a high -level operation in the next period of time, this also requires preparations for downstream companies in advance.

The China Coal Transport and Sales Association pointed out that since May, large coal companies are mainly based on the supplier association contract coal. The market spot resources of the non -Changxie are relatively small, the market supply is relatively tight, and the price has continued to fluctuate at high levels.

At the same time, multiple institutions have continued to optimize the annual performance of coal companies. In the past June, a total of 16 institutions predicted the performance of Shaanxi coal industry. The average net profit in 2022 was 30.191 billion yuan, an increase of 42.82%year -on -year.

According to the Research Report of Zhongtai Securities, Shaanxi Coal Industry has increased its own coal, and the average coal price has risen sharply, and the space for gross profit has increased.

"Electricity limit and heating have a small impact on coal prices. Because 70%of domestic electricity consumption, residents account for only 30%. At the same time, compared with last year, this year's industrial growth is limited.It will not continue, and the impact on coal supply and demand is also very limited. "Lin Boqiang said.

Galaxy Futures pointed out that in terms of terminal power plants, coal power plants have a seasonal recovery trend daily, but the increasing slope is unstable, indicating that industrial demand is still weak, mainly led by civilian demand, and it is expected that the daily consumption will exceed the same period last year.

On the whole, multiple institutions and experts believe that the high -level coal price operation will continue to the second half of the year. Affected by this, downstream companies need to prepare in advance.

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