“煤超疯”再次来袭 煤企上半年盈利将维持高位

证券日报 General,  Viewpoint 2018-06-11 14:15:00

天气愈发炎热,煤炭市场也再次迎来火热的行情。尽管发改委等部门发布了多项控制煤价的政策,但煤价似乎并没有因此刹住车。


尤其是5月31日,神华公布了6月份年度长协和月度长协,6月份年度长协557元/吨,环比持平,同比下降1元/吨;月度长协625元/吨,环比上涨31元/吨,同比上涨55元/吨。


神华上调长协煤价说明此次政府对煤价调控力度并不强,再次点燃了市场的涨价热情。


易煤研究院研究员潘汉翔向《证券日报》记者表示,这一价格远高于此前市场普遍认为的6月份年长协、月长协不高于570元/吨的价格预期,进一步增强了市场看涨信心。


海通证券也指出,本周受神华月度长协提价影响,港口煤价上涨,反映看涨情绪浓厚, 但价格最终还由供需决定,目前基本面向好是造成价格可以逆政策上涨的主因。


与此同时,内蒙古和陕西多地受环保核查的影响,不少煤矿停产,导致煤炭供应不足。


近期,内蒙地区煤矿大面积停产,产能严重缩减,到港量有所下降。受产地煤炭供应紧缺影响,港口看涨情绪浓烈。


《证券日报》记者了解到,近日,5500大卡动力煤有贸易商报价突破700元/吨,5000大卡煤有贸易商报价610元/吨。进入6月份下游沿海电厂日耗在70万吨以上,比去年同期高出10万吨以上,目前浙电集团5500大卡煤平仓报价已经达到685元/吨。


中宇资讯分析师陈晓涵向《证券日报》记者表示,内蒙古和陕西环保检查力度较大,有些煤矿停产了,导致整个地区产量不足,煤价不断上涨。


业内认为,在电煤消费和需求保持快速增长、现货动力煤供求关系持续偏紧的背景下,主管部门一系列综合措施对现货动力煤价格的影响趋于淡化,现货煤价再度回归上行通道之中。


需要一提的是,受益于煤价上涨,一季度业绩大增的煤企,上半年盈利水平有望持续保持高位。


其中,大同煤业预计本年初至下一报告期的累计净利润与上年同期相比有较大幅度增长,主要原因为煤炭价格变化;山西焦化也预计年初至下一报告期期末的累计净利润与上年同期相比发生较大幅度增长。


露天煤业的业绩预告显示,公司2018年上半年归属于上市公司股东的净利润9.5亿元-13亿元,同比增长-10.00%至25.00%。


公司预计经营业绩较上年同期有所变化,主要是煤炭产销量、上网电量、成本等因素对比同期有所变化。


同时,尚未公布2018年上半年业绩预告的煤企,从销售数据来看,业绩仍旧值得期待。


5月15日晚间,中国神华发布公告称,4月份煤炭销售量4280万吨,同比增长21.6%;1月份至4月份煤炭销售量累计1.51亿吨,同比增长1.8%。4月份总售电量198.1亿千瓦时,同比增长10.5%;1月份至4月份总售电量累计822.9亿千瓦时,同比增长11%。


业内认为,煤价从4月中旬就开始上涨,呈现淡季不淡的行情,随着煤炭消费旺季逐步到来,动力煤价有望继续上涨并突破700元/吨,未来三个月预计煤价趋势向上,煤企上半年业绩有望继续保持高位。


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