Chongqing Business News Yesterday, Jingyuan Coal and Electricity (23. 10,-1.02, -4.23%) and Shenhuo (6.84, -0. 17, -2.43%) announced 201. Statistics show that at present, 15 listed coal stocks have published annual reports, of which 1 1 has a year-on-year decline in net profit, accounting for more than 70% of the published financial reports. The industry believes that coal stocks still lack upward momentum when the physical coal price continues to bottom out, but with the tilt of future policies, it is expected to go out of a wave of compensatory growth.
Coal stocks usher in "cold spring"
Compared with other heavyweights, the performance of coal stocks is not satisfactory. According to the statistics of Business Daily Data Center, the coal sector as a whole has fallen by 2.4 1% this year, while the Shanghai Composite Index has risen by 2.54% in the same period, and the hot medicine sector has recently risen by 23.66%. Behind the "abandonment" of the coal sector by funds stems from its poor performance. At present, only 15 coal enterprises publish annual reports, only China Shenhua (2 1.99, -0. 18, -0.8 1%) and yongtai energy (12. 14). Taking Shanghai Energy (14.6 1, -0.36, -2.40%) as an example, the company announced its 20 12 annual report, saying that it realized a net profit of 922 million yuan, down 34.96% year-on-year. Poor performance is affected by the slowdown of domestic economic development and the substantial increase of imported coal, and the overall supply of coal market exceeds demand.
Li Xiaogang, investment consultant of Hualong Securities, believes that the reason why the coal sector changed the image of blue-chip stocks in the past is mainly due to the overall downturn of the 20 12 coal industry and the continuous decline in physical coal prices, which led to poor performance of listed companies. Li Xiaogang said that the price of thermal coal in Qinhuangdao has hit a new low recently, and the price of thermal coal around Bohai Sea has been falling for 13 weeks, and the coal price is at a historical low. "Behind the continuous decline in coal prices is mainly the sluggish market demand. In the case of slow economic recovery, the demand of downstream industries is sluggish, which has suppressed the rise of coal prices. In addition, the recent increase in coal imports has also suppressed domestic coal prices. "
Waiting for an outbreak in hibernation
The poor performance of coal stocks makes it one of the worst performing sectors in the market. Nevertheless, some securities analysts have changed their previous attitude of bearish on coal stocks. Li Xiaogang said that although its performance is not satisfactory, this negative sentiment has been reflected in the previous stock price decline. Judging from the current value, coal stocks can still be concerned.
Wang, a researcher at Guodu Securities, believes that the external macro environment on which coal stocks depend is improving, but the sustainability of this improvement needs to be confirmed. Wang analyzed that it is expected that the relevant government policies and expectations will support coal stocks, and the ideas and measures of the new government on promoting new urbanization are expected to maintain macroeconomic stability and benefit coal stocks in the medium term. GF Securities (14. 13, -0.27,-1.87%) released a coal industry research report on March 22nd, indicating that the macroeconomic situation recovered moderately in the first quarter, and the fundamentals of the coal industry rebounded steadily, and it is expected that the chain price of coal will improve greatly.
According to Li Xiaogang's analysis, from the comprehensive macro data in February, the economy is still in a steady recovery trend. With the arrival of summer, electricity consumption will increase and coal stocks will bottom out. As long as there is an opportunity, coal stocks are likely to make up for the increase. Investors are advised to pay attention to Jizhong Energy (13.07, -0.45, -3.33%) and Yanzhou Coal (17.54, -0.96, -5. 19%) which are affected by the favorable listing of coking coal futures. Overall leading enterprises, local leading enterprises China Shenhua, China Coal Energy (7.30, -0.04, -0.54%), Shanxi Five, Jizhong Energy, Pingdingshan Coal (7.8 1, -0. 19, -2.38%), Panjiang Coal (65438).
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