Although the policy of ensuring supply and stabilizing price continued, in the first quarter of 2022, under the background of overall tight supply, China’s coal market price showed a rebound trend, and the profitability of relevant listed companies remained good.
On April 27, China Shenhua Energy Company Limited(601088) ( China Shenhua Energy Company Limited(601088) ) disclosed that the first quarterly report of 2022 showed that during the period, the company realized an operating revenue of 83.902 billion yuan, a year-on-year increase of 24.1%; The net profit was 18.957 billion yuan, a year-on-year increase of 63.3%; The basic earnings per share was 0.954 yuan / share, a year-on-year increase of 63.3%.
For revenue growth, China Shenhua Energy Company Limited(601088) said that it was mainly due to the increase of the average selling price of coal, the increase of electricity sales and the average selling price of electricity.
In the first quarter, the national raw coal output was 1.08 billion tons, a year-on-year increase of 10.3%. A total of 51.81 million tons of coal were imported, a year-on-year decrease of 24.2%. The thermal power generation capacity of power plants above Designated Size in China increased by 3.1% year-on-year. At the end of March, the price index of Bohai Rim thermal coal (5500 kcal) was 738 yuan / ton, which was basically the same as that at the end of last year; In the first quarter, the average was 742 yuan / ton, up 147 yuan / ton year-on-year, down 44 yuan / ton compared with the fourth quarter of last year.
According to the disclosure, the distribution of China Shenhua Energy Company Limited(601088) coal in the first quarter achieved an operating revenue of 67.854 billion yuan, a year-on-year increase of 10.5%; The gross profit was 24.08 billion yuan, a year-on-year increase of 79.2%, and the operating revenue of the power generation division was 20.443 billion yuan, a year-on-year increase of 51.9%; The gross profit was 3.274 billion yuan, a year-on-year increase of 37.3%. At the end of the reporting period, the total installed capacity of China Shenhua Energy Company Limited(601088) motor unit was 37899 MW. Among them, the installed capacity of coal-fired generator is 36824 MW, the installed capacity of gas-fired power generation is 950 MW, and the installed capacity of hydropower is 125 MW.
On April 27, Pingdingshan Tianan Coal Mining Co.Ltd(601666) ( Pingdingshan Tianan Coal Mining Co.Ltd(601666) ) also released the first quarterly report of 2022, which showed that during the period, the company achieved an operating revenue of 9.681 billion yuan, a year-on-year increase of 53.33%; The net profit was 1.63 billion yuan, a year-on-year increase of 199.4%; The basic benefit per share was 0.7042 yuan / share, with a year-on-year increase of 199.28%.
The company’s coal sales fell by 4.49 billion yuan year-on-year in the previous quarter, but the company’s sales of coal and commodities fell by 4.49 billion yuan year-on-year in the first quarter; The gross profit of commercial coal sales reached 3.217 billion yuan, a year-on-year increase of 113.05%.
In China’s futures market, the price of 2209, the main contract of coking coal futures, also rose all the way in the first quarter of this year, from a minimum of about 2000 yuan / ton at the beginning of the year to above 3000 yuan / ton at the end of the first quarter.
However, with the end of the northern winter heating season after mid March, the demand for coal also began to decline, and the market gradually entered the off-season.
China Shenhua Energy Company Limited(601088) believes that economic growth in 2022 will support a small increase in coal consumption. Since the implementation of supply guarantee measures in the fourth quarter of 2021, the effective production capacity has been increased, and the coal supply capacity has increased year-on-year. Under the guidance of supervision, coal supply and demand will gradually get rid of the tight pattern and move towards basic balance. Coal prices are expected to fluctuate within a reasonable range.
China Shenhua Energy Company Limited(601088) april 27 also announced that unit 2 of Fujian Luoyuanwan port power storage integration project (“Luoyuanwan project”) of the company successfully passed the 168 hour trial operation and was officially handed over to commercial operation. So far, two 1000 MW ultra supercritical coal-fired generating units of Luoyuanwan project have been completed and put into operation.
Luoyuanwan project, located in Lianjiang county, Fuzhou City, Fujian Province, is a key construction project in Fujian Province. It is controlled and operated by Guoneng (lianjiang) Gangdian Co., Ltd., a wholly-owned subsidiary of China Shenhua Energy Company Limited(601088) wholly-owned subsidiary Shenhua (Fujian) energy Co., Ltd.
The two coal-fired generating units of Luoyuanwan project adopt the world’s first two in one frequency conversion center technology and a number of advanced technologies at home and abroad. The unit has leading performance, high efficiency and low carbon operation. The design power supply standard coal consumption is 269.8 g / kWh, and the emission of air pollutants is lower than the national ultra-low emission standard. The annual power generation of the two units of Luoyuanwan project is expected to reach 8 billion kwh, which will provide an important guarantee for the peak summer and stable energy supply in Fujian Province.
