Coal giants have rare negative growth in profits

China Shenhua (601088) reported in the third quarter that the company achieved a profit of 11.37 billion yuan in the third quarter of this year, a year-on-year drop of 8%. As the "coal leader" who ranks first in national coal output for many years, Shenhua's overall net profit maintained an increase of 6.5% from January to September. However, under the economic situation of insufficient coal consumption and falling coal prices, it is difficult to conceal three. Decline in quarterly results.

The coal sales volume has dropped so that the second largest coal company China Coal Group has also entered a negative profit growth. In the first half of this year, China Coal Energy (601,898) had a net profit of 4,769 million yuan, a year-on-year decrease of 4.1%. In the third quarter, its net profit was 2,077 million yuan, a year-on-year decrease of 22%, the lowest level in the year.

Taking Shenhua and China Coal as the windward indicators, the downtrend of the coal industry is evident. In the first eight months of this year, the profits of the 90 large-scale coal enterprises directly reported by the China Coal Industry Association fell by 14.5% year-on-year, of which 16 companies suffered losses and the loss was 17.8%.

A few days ago, the China Coal Association held the third quarter coal economy operation analysis meeting, the association's president Wang Xianzheng said: "In the slow growth of coal demand, production capacity has advanced significantly, the inventory remains high, the coal market is loose and obvious situation is difficult in the short term change."

From the statistics of the industry, the total coal consumption in the country in the first three quarters of this year was about 3.02 billion tons, a year-on-year increase of 2.8%, and the growth rate was down by 7.5 percentage points. At the same time, the increase in coal consumption in high-energy-consuming industries has declined significantly.

Electricity consumption is close to half of coal consumption, but this year's significant decrease in power generation and electricity consumption cannot support high growth in coal consumption. CEC statistics show that in the first three quarters of this year, thermal power generation decreased by 0.2% year-on-year, the growth rate decreased by 14.6 percentage points year-on-year, and the first, second and third quarter growth rates were 7.0%, -1.7%, -5.3%, respectively. Fall back.

Corresponding to the amount of power generation, the total social power consumption in the first three quarters was 3.69 trillion kWh, an increase of 4.8% year-on-year, and the growth rate fell 7.1 percentage points year-on-year, and fell quarter by quarter.

According to the National Development and Reform Commission, in September, the nation's railway coal shipment volume reached 173 million tons, a year-on-year decrease of 13.85 million tons, a decrease of 7.4%. On October 23, the country's key power plants stored 94.30 million tons of coal, an increase of 30.5% over the previous year, and was available for 31 days.

Wang Xianzheng suggested that large-scale coal enterprises should take effective measures to control coal production and scientifically organize production according to market demand, so as to prevent serious oversupply of the coal market.