since the beginning of this year, the efficiency of the coal industry has continued to improve, but the performance has been divided, with a loss of nearly 3%. Moreover, there is a problem of high debt, and it is a long way to go to reduce leverage. Some of these enterprises have taken on new burdens by changing production to promote transformation. In the second half of the year, a special fund for the optimization and integration of coal resources in central enterprises will be established, and local governments also have relevant plans, and mergers and acquisitions will brew new actions.
the supply and demand of the national coal market are basically balanced, and the overcapacity situation has not changed
the supply and demand of the national coal market are basically balanced, but the overcapacity situation has not changed. According to the data of "Analysis Report on Development Trend and Investment Decision of Coal Industry" issued by Prospective Industry Research Institute, in the first half of this year, the raw coal output of coal enterprises above designated size nationwide was 1.7 billion tons, up by 3.9% year-on-year; The net import of coal was 144 million tons, a year-on-year increase of 12.6%; According to preliminary calculations, the national coal consumption is about 1.89 billion tons, up by 3.1% year-on-year, achieving a basic balance between production and demand. However, from the scale of production capacity, the current national coal mine production capacity is about 4 billion tons/year, and the coal mine production capacity under construction, renovation and expansion is about 1.1 billion tons/year. Among them, the production capacity is about 3 million tons/year, and the import is about 25 million tons, far exceeding the national coal consumption of about 4 billion tons per year.
Analysis of profits of enterprises above designated size in coal industry
From the profit distribution of coal enterprises, the profits are mainly concentrated in the top 2 enterprises, most of which have a low profit level, and a few enterprises are still in a state of loss. A considerable number of enterprises have not turned losses into difficulties, and the phenomenon that individual enterprises are in arrears with their employees' wages still exists, and the problems of arrears in social security funds, taxes and fees have not been fundamentally solved.
among 4,462 coal enterprises above designated size in may last year, 1,176 enterprises suffered losses, accounting for 26.4% of all enterprises above designated size. The number increased by 28, and the loss increased by 5.3%.
according to the industry classification of the CSRC, there are currently 25 listed companies in the coal mining and washing industry. In 217, four companies released their performance forecasts for the first half of the year. The estimated net profit of Pingzhuang Energy and Zhengzhou Coal and Electricity decreased by 1119.2% and 75% respectively, while China Coal Energy and open-pit coal industry increased by 7% and 25% respectively.
There may be new actions in coal merger and reorganization
At the beginning of this year, the National Development and Reform Commission, together with 12 ministries and commissions, issued the Opinions on Further Promoting the Transformation and Upgrading of Coal Enterprise Merger and Reorganization, which requires that the average scale of coal enterprises will be significantly expanded through merger and reorganization, and the integration of upstream and downstream industries will be significantly improved. By the end of 22, we will strive to form a number of 1 million-ton super-large coal enterprise groups with strong international competitiveness throughout the country, and develop and cultivate a number of modern coal enterprise groups. Among them, it is clearly proposed to promote the reorganization of coal mines owned by other central coal-related enterprises by the central specialized coal enterprises, so as to make the specialized coal enterprises stronger, better and bigger.
in the second half of the year, we will steadily promote the strategic reorganization of central enterprises in the coal sector and further concentrate state-owned capital in key industries, key fields and advantageous enterprises that are in line with the national strategy. With enterprises with dominant main businesses as the leading factor, we will build collaborative development platforms such as new energy vehicles, Beidou industry, large cruise ships and industrial internet, continue to promote the integration of resources in coal and other fields, and accelerate the professional integration of coal terminals.
it is worth noting that in the second half of the year, we will also vigorously resolve the excess capacity, set up a special fund for the optimization and integration of coal resources of central enterprises, explore the mode of reorganization and integration of cities, North Korea and specialization, steadily and orderly promote the integration of coal resources, and ensure the completion of the annual targets of resolving the excess capacity of 12.65 million tons and integrating the coal capacity of 8 million tons. Undoubtedly, the coal business assets of coal-fired integrated enterprises are the focus of the next reorganization and integration.
The enterprise is in high debt, and the transformation is difficult to be solved.
In the process of coal merger and reorganization, it also faces a series of problems such as debt disposal. Although the debt ratio of coal has decreased slightly since this year, as of May, the debt ratio of coal mining and washing industry is still 66.4%, totaling about 3.6 trillion yuan, and the debt ratio of some enterprises is close to 8%.
Supply-side reform has promoted coal prices to rise, and the cash flow of coal enterprises has been greatly improved. However, the scale of interest-bearing liabilities of the coal group has not decreased, and its solvency has not improved. It is estimated that from 218 to 22, the total outstanding debts of listed coal enterprises and coal groups will be 87.5 billion yuan and 531.8 billion yuan respectively.
in addition, the pressure of enterprises is also reflected in the difficulty of transformation. Some enterprises have invested in the construction of a number of non-coal industries by changing production to promote transformation, but they are burdened by talents and technology. According to research, although the output value of some enterprises' non-coal industries accounts for more than 8%, their profits only account for about 2%, and some even suffer long-term losses; The problems of large scale, low quality and low efficiency of non-coal industry are outstanding.
To correctly handle the relationship between transformation and production conversion, transformation is an upgrade on the basis of existing industries; Changing production is to expand new industrial fields and development space, which requires innovative thinking, talent support and correct demonstration of projects, and cannot take the old road that others have taken.