The coal industry, coal prices continued to rise in three quarter earnings are expected to significa 姉summer

Coal industry: coal prices continued to rise in three quarter earnings are expected to significantly improve the Haitong Securities issued in September 8th the coal industry research report, the report is as follows: 1H2016 74% listed companies to achieve profitability, Q2 were significantly improved. In the market downturn, coal prices fall, most of the coal enterprises to reduce the cost of the strategy to maintain profit, cost and income decline quite. 1H2016 listed companies total net profit of 11 billion 400 million yuan; excluding Chinese Shenhua, the whole industry total net profit of 1 billion 600 million yuan, up +50 billion of substantial losses, including Q2 single quarter profit 1 billion 500 million yuan, net profit rate of Q2 industry chain to improve significantly, 74% companies achieve profitability. The first half of the coal price rise. Since the beginning of this year, coal prices continued to rise, on the whole, coal prices rose more than 15 during the first half of the second half of the year. The average price was up 1.2% QoQ, two quarter of coking coal prices rebounded sharply (Q2 ratio 15.7%). But the first half of the overall price is still significantly lower than the same period last year (steam coal -15.3%, coking coal up -13.4%). Performance improvement of steam coal company, coking coal company profitability. 16 power coal companies achieved a total income of $185 billion 500 million, an -14%, net profit to the parent (excluding Shenhua), an increase of +40 billion, to achieve a substantial profit margin of 600 million. 8 coal listed companies achieved a total revenue of 37 billion 400 million yuan, an implementation of -13.5%, owned by the parent net profit of 410 million yuan, an increase of 470 million, profitability in the two quarter because of coking coal prices rose significantly, Q2 single quarter results improved significantly. The ability of payment rebounded significantly, asset liability rate 57%. From the receivables (accounts receivable and notes receivable) accounted for the proportion of sales revenue, all 27 companies in the two quarter compared with a quarter improved, showing the ability of payment is a significant rebound in listed companies. 1H2016 industry average asset liability ratio was 57%, to maintain the level of the end of 2015. Interest protection multiples, 1H2016 was 1.62, an increase over the same period, but less than the level of the year 2015, the company is still facing greater debt pressure, while the large market value of the company’s cash flow situation is better. Coal prices, company annual performance elasticity. The first half of the relative price of coal, assuming that the cost remains unchanged, the first half of the first half of average prices rose 50 yuan tons, only 7 tons of coal company net profit is negative, in addition to Chinese Shenhua, open-air coal, ST, Yangquan Shenhuo Coal Industry and the Shanghai energy of PE was less than 20 times, and Hengyuan coal, Yanzhou coal, Shaanxi coal, coal energy of PE was less than 30 times. The first half of the first half of the current average prices rose 100 yuan per ton of coal tons, net profit for enterprises dropped to 4, less than 20 times the annual PE enterprises increased to 9 (excluding Shenhua), increase Hengyuan coal, Yanzhou coal, Shaanxi coal, coal and coal mountain ST. Three quarter, the price of steam coal continued to rise rapidly. The port 5500 kcal coal prices have exceeded 500 yuan per ton, since 2016.相关的主题文章: