“top coal and electricity” continued. Last year, coal prices rose all the way, coal enterprises made big profits and power enterprises suffered big losses. On March 25, China Shenhua Energy Company Limited(601088) ( China Shenhua Energy Company Limited(601088) ) and Huadian Power International Corporation Limited(600027) ( Huadian Power International Corporation Limited(600027) ) both disclosed the 2021 annual report. Last year, China Shenhua Energy Company Limited(601088) realized a net profit of 50.27 billion yuan and Huadian Power International Corporation Limited(600027) lost 4.965 billion yuan, with a wide gap between profits and losses
Specifically, China Shenhua Energy Company Limited(601088) 2021 achieved a revenue of 335.2 billion yuan, a year-on-year increase of 43.7%, and the net profit of 50.27 billion yuan also increased by 28.3%. In 2021, China Shenhua Energy Company Limited(601088) achieved 307 million tons of commercial coal output and 482 million tons of coal sales.
China Shenhua Energy Company Limited(601088) listed the main reasons for the year-on-year growth of the company’s revenue from four aspects:
First, there was strong demand in the coal market and the coal price rose. The company’s coal sales volume and average sales price increased by 8.0% and 43.4% respectively year-on-year;
Second, the demand for electricity in China has increased. The company has actively given full play to the advantages of integrated operation to ensure the coal supply of power plants. Since 2021, many new units have been put into operation, and the sales of electricity has increased by 22.3% year-on-year.
Third, the company integrated shipping resources, improved the scale and intensification of shipping business, ensured the strong and effective supply of energy, increased the volume of shipping freight by 7.3% year-on-year, and increased the price of shipping;
Fourth, affected by international oil prices and other factors, the sales prices of polyethylene and polypropylene increased by 21.7% and 13.9% respectively year-on-year.
According to the sub industry operation situation disclosed in China Shenhua Energy Company Limited(601088) disclosure, in 2021, the coal market demand was strong and the coal price rose. The average coal sales price of the company was 588 yuan / ton (excluding tax), an increase of 43.4% year-on-year; The coal segment achieved a revenue of 292.66 billion yuan, a year-on-year increase of 54%, and the gross profit margin increased by 1.6 percentage points to 27.6%.
Power generation division, China Shenhua Energy Company Limited(601088) 2021 completed a total electricity sales of 156.13 billion kwh, accounting for 1.9% of the total social electricity consumption of 8312.8 billion kwh in the same period, of which the market trading electricity reached 98.06 billion kwh, accounting for 62.8% of the total electricity sales. The segment achieved a revenue of 64.12 billion yuan, and the gross profit margin decreased sharply by 15.3 percentage points to 7.7%.
According to the judgment of China Shenhua Energy Company Limited(601088) , the medium and long-term contract supervision of coal will be stricter, and the coverage proportion of Changxie coal will be further increased. It is expected that the coal market will stabilize in 2022, the price center will move down and fluctuate within a reasonable range. In the power industry, the power consumption of China’s whole society is expected to maintain growth in 2022. Under the situation of clean and low-carbon energy transformation, the power supply pattern will be further optimized.
With regard to the company’s development strategy, China Shenhua Energy Company Limited(601088) mentioned that giving full play to the platform and capital advantages of listed companies, strengthening cooperation with local government enterprises, giving full play to the role of industrial funds, promoting the stable and sustainable development and growth of new energy, studying investment opportunities in strategic emerging industries such as energy storage, hydrogen energy, biomass energy projects and risk investment, so as to lay a solid foundation for the company’s industrial upgrading and transformation.
China Shenhua Energy Company Limited(601088) 2022 business plan shows that the planned scale of the company’s commercial coal output and coal sales are 297.8 million tons and 402.9 million tons respectively, which is 3% and 16.5% lower than the actual completion in 2021, while the planned scale of power generation is 180.5 billion kwh, an increase of 8.4% over 202 7
China Shenhua Energy Company Limited(601088) it is estimated that the operating revenue and operating cost will decrease by 11.5% and 16.7% respectively in 2022. In addition, the planned capital expenditure scale of the company is 32.6 billion yuan, which is lower than the completed scale of 43.4 billion yuan in 2021.
The annual report of Huadian Power International Corporation Limited(600027) is another picture. Last year, Huadian Power International Corporation Limited(600027) achieved a revenue of 104.4 billion yuan, a year-on-year increase of 12.27%, but the net profit turned from profit to loss. As mentioned above, the loss reached 4.965 billion yuan. In 2021, Huadian Power International Corporation Limited(600027) operating cost was about 110857 billion yuan, with a year-on-year increase of about 43.05%. The company said that it was mainly due to the impact of the sharp rise in coal prices.
Due to the combination of domestic and foreign energy supply and demand, China’s electricity prices increased significantly in September. Under the influence of the new long-term association pricing mechanism and the reduction of outsourcing prices by large coal enterprises, the coal prices of producing areas and ports continue to fall sharply. However, at present, the price of power coal is still high, and it still needs a process to return to the normal and reasonable range.
reporter noticed that not long ago, another power leader Huaneng Power International Inc(600011) ( Huaneng Power International Inc(600011) ) also disclosed the 2021 annual report, and the company suffered a huge loss of 10.26 billion yuan in the whole year. The company said that in 2021, the average price of ceci5500 kcal thermal coal index was 1044 yuan / ton, up 81.3% year-on-year. In 2021, the rising price of electric coal led to a significant increase in the purchase cost of electric coal for national coal and power enterprises, which had a great impact on coal and power enterprises
