Double stock performance suddenly “changed face”. On January 5, Shenyang Jinshan Energy Co.Ltd(600396) announced that due to the cost inversion caused by the sharp rise of coal price, it is expected that the maximum loss in 2021 will exceed 2 billion yuan. As soon as the news came out, 70000 investors couldn’t sit still. “The market value is only 5 billion yuan. How can we lose 2 billion yuan a year?”
Shenyang Jinshan Energy Co.Ltd(600396) performance “face change”
the maximum advance loss in 2021 exceeds 2 billion yuan
On January 5, Shenyang Jinshan Energy Co.Ltd(600396) announced that according to the preliminary calculation of the company’s financial department, the net profit attributable to the shareholders of the listed company in 2021 is expected to be – 1.8 billion yuan to – 2.038 billion yuan, a decrease of about 1.882 billion yuan to 2.12 billion yuan compared with the same period of the previous year (statutory disclosure data).
It is estimated that the net profit attributable to shareholders of listed companies after deducting non recurring profits and losses in 2021 will be about – 1.82 billion yuan to – 2.058 billion yuan, which will decrease by about 1.774 billion yuan to 2.012 billion yuan compared with the same period of last year (statutory disclosure data).
For the main reason for the performance loss in 2021, Shenyang Jinshan Energy Co.Ltd(600396) said that it was mainly affected by external factors. During the reporting period, the company’s coal price increased significantly year-on-year, and the company’s power generation and heating costs were upside down. At the same time, it said that this performance forecast is a preliminary accounting conducted by the company’s financial department based on its own professional judgment, and has not been audited by a certified public accountant. The company has no major uncertain factors that may affect the accuracy of this performance forecast.
According to the data, Shenyang Jinshan Energy Co.Ltd(600396) the net profit attributable to shareholders of Listed Companies in 2020 was 82 million yuan; The net profit attributable to the shareholders of the listed company after deducting non recurring profits and losses was – 46 million yuan. Earnings per share is 0.0555 yuan.
In addition, Shenyang Jinshan Energy Co.Ltd(600396) lost 913 million yuan of net profit attributable to the parent company in the first three quarters, which means that only in the three months of the fourth quarter, Shenyang Jinshan Energy Co.Ltd(600396) lost about 1 billion yuan.
For the main reasons for the pre loss of performance in the first three quarters, Shenyang Jinshan Energy Co.Ltd(600396) explained that first, due to external factors, the company’s coal price increased significantly year-on-year in the reporting period; Second, affected by the continuous rise of coal price and tight coal supply, the company timely adjusted the startup mode, and the power generation decreased year-on-year.
investors: the market value is 5 billion, and the annual loss is 2 billion
This sudden announcement made 70000 investors unable to sit still. Someone said: “the market value is only 5 billion yuan. It’s even a loss of 2 billion yuan a year. It’s big tomorrow.” “Loss of 2 billion, limit tomorrow.” “I just bought it today. I’ve taken it.”
However, some people said, “the loss is expected.”
By the end of the third quarter, Shenyang Jinshan Energy Co.Ltd(600396) had 68000 shareholders.
Shenyang Jinshan Energy Co.Ltd(600396) Zeng Lianla 7 daily limit
It is worth noting that under the influence of the power sector, Shenyang Jinshan Energy Co.Ltd(600396) experienced a wave of rapid rise in December, during which it pulled the limit for 7 times, and the share price rose 112% in 13 trading days. However, the share price fell again. As of the closing on January 5, the stock reported 3.53 yuan, with a total market value of 5.199 billion yuan.
The rising stock price has attracted shareholders to reduce their holdings. On December 16, Shenyang Jinshan Energy Co.Ltd(600396) disclosed the announcement of share reduction, and Liaoning Energy Industry Co.Ltd(600758) investment (Group) Co., Ltd. plans to reduce its holdings of no more than 29 million shares within six months, accounting for 1.969% of the total share capital of the company.
Previously, Shenyang Jinshan Energy Co.Ltd(600396) has issued several change announcements, saying that the company is mainly engaged in thermal power generation, and the installed capacity of thermal power accounts for 91.57%. At present, the production and operation activities are normal. After the company’s self-examination and verification with the controlling shareholder and actual controller, there are no major events under planning involving the company, such as major asset restructuring, share issuance, acquisition, debt restructuring, business restructuring, asset stripping, asset injection, share repurchase, equity incentive, bankruptcy reorganization, major business cooperation, introduction of strategic investors and so on. Remind investors to pay attention to investment risks.
the shortage of power coal supply may be gradually alleviated
coal prices still have room to decline in the future
It is understood that Shenyang Jinshan Energy Co.Ltd(600396) is a comprehensive regional basic energy company integrating thermal power generation, wind power generation, heating, steam supply and coal purchase and sales. Shenyang Jinshan Energy Co.Ltd(600396) the main raw material of thermal power generation and heating business is coal. The high-temperature and high-pressure heat energy generated by the thermal power unit of the company through fuel is first converted into electricity through the unit, and then the heat energy is used for industrial production or residential heating; The company’s wind power generation and photovoltaic power generation are respectively converted into power products through primary energy processing such as wind power and Cecep Solar Energy Co.Ltd(000591) and connected to the power grid.
In fact, the market has long expected the loss of Shenyang Jinshan Energy Co.Ltd(600396) annual performance. Due to the sharp rise of coal price year-on-year, thermal power plants still insist on generating power at a loss, and the cost of power generation and heating of Shenyang Jinshan Energy Co.Ltd(600396) is upside down. At the same time, Shenyang Jinshan Energy Co.Ltd(600396) has also become a representative of such enterprises.
Affected by Indonesia’s interruption of coal export and other news, thermal power related stocks have performed poorly recently. On January 5, Chongqing Fuling Electric Power Industrial Co.Ltd(600452) fell by the limit, and Guangdong Electric Power Development Co.Ltd(000539) , Shanghai Electric Power Co.Ltd(600021) , Datang International Power Generation Co.Ltd(601991) led the decline.
On December 15, the National Bureau of statistics released the energy production in November. In November, raw coal production accelerated. With the continuous promotion of the policy of increasing production and ensuring supply, 370 million tons of raw coal were produced in November, with a year-on-year increase of 4.6%. The growth rate was 0.6 percentage points higher than that of the previous month, an increase of 6.1% over the same period in 2019, an average increase of 3.0% in two years, and an average daily output of 12.36 million tons. 35.05 million tons of coal were imported, a year-on-year increase of 198.1%.
The growth rate of power production continued to fall. In terms of varieties, in November, thermal power changed from increase to decrease, the decline of hydropower narrowed, the growth rate of nuclear power slowed down, and the growth rate of wind power and Cecep Solar Energy Co.Ltd(000591) power generation accelerated.
China Securities Co.Ltd(601066) said that recently, the National Bureau of statistics and the energy administration disclosed China’s power generation and consumption in November. In November, the output of thermal power decreased significantly, and the output of coal continued to increase due to the supply guarantee policy. On a month on month basis, in November, the growth rate of thermal power decreased by 7.7 percentage points, the growth rate of coal production increased by 0.6 percentage points, the scissors difference between thermal power production and coal production has reversed compared with the previous situation, and the growth rate of coal continues to be higher than that of thermal power generation. Overall, the coal supply and demand pattern has improved significantly, and it is expected that there is still room for further decline in coal prices in the future.
Open source Securities pointed out that the power generation business may usher in the dawn, and the potential of the coal business is still there. Since entering Q4, the policy of ensuring supply and price of thermal coal has been continuously strengthened, the increment of producing areas has been gradually released, the power plant has strengthened the signing of long-term association, and the shortage of thermal coal supply may be gradually alleviated. At the same time, the national development and Reform Commission will increase the price limit of thermal coal, which will significantly alleviate the pressure of power generation cost.
Fitch Ratings believes that due to the sharp increase in power demand and the tight coal production in China, China once had a coal shortage and caused power supply interruption; With the introduction of market intervention measures by the Chinese government, the orderly power consumption started in response to power supply interruption has been cancelled since early November 2021.
(China Fund News)
