Coal enterprises to greet the spring, the downstream thermal power, steel-making enterprises but because of high costs and operating difficulties. Has announced three quarterly, some thermal power enterprises in the first nine months of this year net profit fell 100% year on year. According to the Securities Times e reporter learned that the current iron and steel enterprises have been close to the cost of profit and loss line, and some companies even cost upside down.

Flying coal prices in short supply

“This year’s coal market, holding two mines in Henan Pingdingshan coal boss Jia said with a smile,” a city without the city had to worry about ” .

Now this worry, two years ago. Jia boss in 2010 to do coal business, to catch up with the coal “golden years” of the last train. After 2012, excess capacity for coal prices began to decline, his hands the original four pit, with the decline in the market decline to two. However, this year has been ascribed to the price of coal, so Jia boss as “losing money” coal mine has become a “gold mine”, bringing millions of revenue. And now he can only hate their own mines to sell early.

The profit and loss, the change is the price of coal.

Since April of this year, the coal price all the way to triumph. October 19, Bohai Power Coal price index, 5500 kcal thermal coal to the overall average price of 577 yuan / ton, while the beginning of the year, this data is only 371 yuan / ton, the cumulative increase of 55% breakthrough. At the same time, coking coal prices have also seen a substantial surge. Coking coal prices in the Liulin area of ​​Shanxi province are 560 yuan / ton at the beginning of this year. The recent transaction price has reached 1150 yuan / ton, up 105%.

“Supports the current round of coal prices soaring, this year the state of coal, steel industry supply side reform.” Zhuo a coal industry analyst Han Bin said, the data show that 2016 the first 8 months of the national coal enterprises above designated size coal production 21.8 billion tons, down 247 million tons, down 10.2%. From the monthly production changes, since April, respectively, 11% decline, 15.5%, 16.6%, 13.1% and 11%, more than 10%. According to the views of capacity, the current implementation of the coal mine is 276 working days system. Although the demand for coal supply in winter and spring increased, the National Development and Reform Commission has proposed to meet the conditions of advanced mines, in 276 ~ 330 working days between the orderly release of a certain capacity, but the overall market supply of coal is still tight.

It is reported that the current total out of the national coal production capacity of about 160 million tons. Only over 30% of Henan coal production capacity has been withdrawn, 89 plans to shut down. Supply reduction when the mouth, the demand is also clearly heavy volume. Han Bin, in response to the summer heat, each year in June to August is the thermal power generation business peak season. This year the domestic power generation and average daily consumption of coal hit a new high. A thermal power company head, Mr. Zhang also said that in September this year, the company’s power supply increased by 10%, the highest in two years to record.

According to Zhuo record statistics, in recent years, China’s coal industry, about 300 million tons per year of supply surplus, the supply situation is obvious. However, the first eight months of this year, the domestic coal demand was 2.45 billion, export demand 100 million tons. While the domestic coal supply of about 2.18 billion tons, with imports of 1.6 million tons, the current media market supply gap is still about 200 million tons.

From the people who are seeking to be sold, the good days of coal enterprises, listed companies from the industry annual report, the quarterly can be glimpse.

Wind statistics, as of October 20, a total of 13 listed coal prices published Express, five announced three quarterly. Among them, the China Coal Energy (Kuala Lumpur 5.86 -0.85%, buy), Kailuan shares (quotes 7.48 -0.40%, buy) and other six listed coal prices in the three quarterly results to achieve profitability.

To consecutive years of loss of Zhengzhou Coal (market 5.55 -1.25%, buy), for example, the company released the evening of October 17 the main production and operation of the third quarter data show that from July to September this year, the company sold 2.58 million tons of coal, Down 5.6% year on year; but the coal income of 800 million yuan, an increase of 22.4%. Among them, gross profit 280 million yuan, an increase of 472%.

Meijin Energy (expected 16.58 -0.90%, BUY) is expected to achieve the first three quarters of net profit 330 million yuan to 380 million yuan, a year-on-year loss of 242 million yuan. Announcement, the company operating performance growth is mainly due to the domestic industry, the economic situation improved, the company’s main product sales prices have increased substantially, production and sales have increased. In addition, the company to take various measures to strengthen the internal potential savings, quality control, so that the company significantly enhance economic efficiency.

Jizhong Energy (6.37 + 0.47%, buy) is expected to achieve net profit of 65.84 million yuan in the third quarter to 75.84 million yuan, a loss of 469.55 million yuan last year; the first three quarters is expected to achieve net profit of 75 million yuan to 85 million yuan, a substantial increase year on year . In addition, benefited from the rebound in coal prices, open-air coal, ST flowers and other coal prices in the three quarterly results have improved.

Thermal power suffered multi-sided impact

Coal prices rose, coal prices laughed, but thermal coal as the main energy of thermal power enterprises, but faced with an unprecedented multi-faceted impact.

“Thermal coal procurement accounted for 60% of production costs.Coal prices, business costs certainly with the rise.” Mr. Zhang, head of the thermal power enterprises, said the current thermal power enterprise headache is not only the cost of coal. September 21 this year, the state promulgated the “overtaking transport vehicle road regulations”, a substantial increase in transport costs, while more direct lead to further tight supply of coal.

“Take the six-axle coal truck, for example, after the capacity of up to 56 tons, but the new regulations can only transport 49 tons.For example, companies need 120 tons of coal, the last two cars can almost pull finished, but now need three vehicles. ”

He said, due to limited load, logistics vehicles also raised the asking price. In the past from Shaanxi Shenmu to Hebei Handan freight for 270 yuan per ton, and now has risen 50 yuan per ton. Even so, there are still a lot of trucks temporarily outage, lack of market capacity.

“According to Zhuo record statistics, in October, the thermal coal power plant in Shandong to receive the price of 0.13 yuan thermal coal / kcal, and in the beginning of the year, the data to the factory price increase is more obvious.” Only about 0.06 yuan / kcal. In other words, the current 5500 kcal thermal coal to the factory price has been as high as 680 yuan / ton level.

In addition to rising coal costs, the overcapacity, power consumption prices Qi, the development of electricity plans and other unfavorable factors, so that thermal power enterprises face multiple shocks.

Zhangze Electric (October 4.07 -0.49%, BUY) October 19 evening release three quarterly report, the company third-quarter operating income of 2.3 billion yuan, down 2.6%; net profit of 120 million yuan, down 34%. The first three quarters of this year, the company operating income of 5.75 billion yuan, down 17%; net profit of 330,000 yuan, down 100%.

Prior to the company in the performance forecast, said the results of the reporting period is expected to decline over the same period last year, the number of reasons, one affected by the policy, since January 1, 2016, the coal-fired generating units reduced electricity price per kilowatt-hour 3.33 Points, the market trading power charge 0.97 per kilowatt-hour industrial enterprises restructuring special funds; the second is affected by market factors, power generation hours of decline in power generation led to reduced.

The industry generally believe that the majority of thermal power enterprises affected by the impact of coal prices rose too fast, performance under pressure. In addition to Zhangze power, there are 19 listed thermal power companies issued three quarterly or third quarter results notice. The overall situation 8 enterprises in the third quarter net profit growth, 4 loss.

October 12, Datang Power Generation (03. .96 -0.25%, buy) released results notice that the company’s third-quarter net profit will be negative, and down from the same period last year about 180% to 190%. October 14, Xinneng Taishan (stock 6.89 -2.96%, BUY) released a notice of performance, the company expects 2016 1 to 9 months attributable to shareholders of listed companies net profit -4500-38 million yuan, down year on year 160.50% to 151.09%.