From the perspective of operation, what are the coal costs?
According to the production and operation process, it can be divided into three categories: 1) preliminary preparation costs, including: ① resource costs, mainly mineral resource taxes and administrative charges. The mineral resources tax is levied on the basis of price, and the applicable tax rate is 2% – 10%. The tax rate of Inner Mongolia, Shaanxi and Shanxi is higher, ranging from 8% – 10%, and that of Henan, Hubei and other provinces is only 2%. Resource tax is included in business tax and surcharges. The cost of resource tax per ton of coal is mostly between 10-20 yuan, and that of Yuneng group and Guizhou Panjiang Refined Coal Co.Ltd(600395) is more than 20 yuan / ton. Administrative charges mainly include exploration right, mining right use fee and price, which are amortized and included in the current management expenses. Medium and large coal enterprises are less than 1 billion and small coal enterprises are about 10 million. ② Mining cost includes geological exploration cost, mining area design cost and mining area construction cost. 2) Production costs, including: ① manufacturing costs, mainly including material costs, labor costs, power costs, maintenance fees, depreciation and amortization fees, accounting for about 10%, 50%, 5%, 5% and 10-20% of manufacturing costs. ② Other costs mainly include safety costs, environmental costs and development costs. Manufacturing costs and other costs account for about 50% – 60% of production costs in total. China’s production costs are accounted for by full cost accounting, including taxes, surcharges and period expenses incurred in the production stage, accounting for about 40% in total. The unit production cost, that is, the cost per ton of coal, is an important indicator to judge the operating efficiency of coal enterprises. Most coal enterprises are Shenzhen Jt Automation Equipment Co.Ltd(300400) yuan / ton, while Huaibei Mining Holdings Co.Ltd(600985) , Pingmei Shenma are about 500 yuan / ton. In terms of splitting, the labor cost per ton of coal is the highest, and there are great differences among coal enterprises. Wanbei Coal Power and xukuang group are about 100 yuan / ton, while Beijing Haohua Energy Resource Co.Ltd(601101) and Jinneng power are less than 50 yuan / ton, while Huaibei Mining Holdings Co.Ltd(600985) and Pingmei shenmachao are 150 yuan / ton, which are the main reasons for their high cost per ton of coal; The overall difference of material cost per ton of coal is small, generally about 20 yuan / ton, and Pingmei Shenma is relatively high, more than 40 yuan / ton; The cost of coal power per ton is not high, but there are great differences among enterprises. Jinneng electric power and Yuneng group are mostly less than 10 yuan / ton, Henan Neng chemical and Lanhua group are between 10-15 yuan / ton, and the cost of coal power per ton of Pingmei Shenma and Liaoning Energy Industry Co.Ltd(600758) ton is more than 25 yuan / ton; There is little difference between coal enterprises in terms of safety fee per ton of coal and maintenance fee per ton of coal. Most of the safety fee per ton of coal is about 30 yuan / ton, and the maintenance fee per ton of coal is about 10 yuan / ton. 3) Transportation costs, including freight and handling charges, are related to the region of coal enterprises, the place of sales and delivery and the mode of transportation, and are included in the current sales expenses. The transportation cost per ton of coal in Huainan mining industry and Jinneng coal industry is high, which is more than 30 yuan / ton, and most of the other coal enterprises are less than 10 yuan / ton.
From the perspective of profit, what is the cost composition of coal enterprises?
The most important expense is the operating cost. In 2020, the average coal operating cost of sample coal enterprises was 24.98 billion, with an average operating cost rate of 63%. The coal operating cost rate of Yangtai group, Huainan Mining and other coal enterprises was less than 60%, while the coal operating cost rate of Zheng coal group and Shan Xi Hua Yang Group New Energy Co.Ltd(600348) cost rate was higher, more than 80%. The second is the period cost. The average period cost of sample coal enterprises is 8.55 billion, and the scale of management and financial expenses is large, more than 3 billion, and the sales expenses are basically less than 2 billion. With the continuous promotion of supply side reform, the cost rate of coal enterprises decreased significantly during the period, with the median falling from 13.5% in 2015 to 10.4% in 2020 and further falling to 10% in the first half of 2021. This is mainly due to the obvious pressure drop in the management fee rate, which decreased from 6.1% in 2015 to 4.2% in 2021h1. The cost rate of Yangtai group and Zheng coal group is more than 20%, while that of Huadian coal industry, Kailuan Group, Shandong energy and other coal enterprises is relatively low, about 5%. In the past three years, the expense rate of most coal enterprises has decreased, and the expense rate of 9 coal enterprises, including Beijing Haohua Energy Resource Co.Ltd(601101) , Wintime Energy Co.Ltd(600157) etc., has decreased by more than 5%. There are still some coal enterprises whose expense rates have increased during the period, and Yangtai group and Zheng coal group have increased by more than 4%, mainly due to the obvious increase of financial expense rate. Thirdly, business taxes and surcharges. In 2020, the average scale of taxes and surcharges of sample coal enterprises was 1.88 billion, and the business taxes and surcharges / operating income were not high, which was 2.7% in 2021h1, a slight increase from 2% in 2019 Beijing Haohua Energy Resource Co.Ltd(601101) , Huadian coal and Yangtai group account for more than 7%; Kailuan Group, Huaibei Mining Holdings Co.Ltd(600985) , Shandong energy and other business taxes account for relatively low, only about 1%. In terms of income tax, the total income tax / profit in 2021h1 is 23.5%. Since the income tax expense includes current taxes and deferred taxes, the income tax difference between coal enterprises is large.
Risk tip: information collection is not comprehensive, and the profit of coal enterprises is less than expected.
