Zhengzhou coal power (600121. SH) has become a shining star in the stock market this winter.
On December 2, Zhengzhou coal and Power Co., Ltd. was trading again. Eight trading boards were recorded in nine days, with a daily turnover of 729 million yuan and a turnover rate of 13.72%. From November 20 to December 3, the highest stock price of Zhengzhou coal and power company was 4.51 yuan, the lowest was 2.29 yuan, up or down 92.74%, and the turnover rate was 101.49%.
A senior coal industry analyst in an interview with the China Times reporter said that Zhengzhou coal power is pure hot money speculation, lack of basic support.
Hot money speculation
Although Zhengzhou coal power respectively announced abnormal stock trading fluctuations on the evening of November 24 and December 1, it did not dissuade crazy hot money and institutions.
Since November, Zhengzhou coal power has appeared on the dragon and tiger list for many times. On December 1, Zhengzhou Coal Power Co., Ltd. made it to the dragon and tiger list again. The top three buyers were Guosheng securities Ningbo Sangtian Road Securities Business Department, Tianfeng Securities Co., Ltd. Taizhou Shifu Avenue Securities Business Department, and China Galaxy Securities Co., Ltd. Chengdu Yizhou Avenue Securities business section; Guosheng securities Ningbo Sang was the largest seller Tianlu securities business department and Nantong Gongnong Road Securities Business Department of Dongfang Securities Co., Ltd. Guosheng securities Ningbo Sangtian Road Securities Business Department in the purchase and sale are present.
Some market people told reporters that Zhengzhou coal and electricity always make it small, easy to hype. Han Xiaoping, chief information officer of China energy network, said in an interview with Huaxia times that under the background of carbon dioxide emission reaching its peak by 2030 and carbon neutralization before 2060, it is not good for coal market from the perspective of trend. However, in the short term, Chinas economy is still recovering rapidly under the global epidemic situation, and coal is similar to energy industry and chemical industry In addition, the growth of electricity demand and coal chemical industry demand has promoted the coal market, and the stock performance of coal enterprises in the capital market is good.
The coal mining and processing sector has been strengthened in a pro cyclical manner. On December 2, Anyuan coal industry (600397) stock price rose 9.91%; Yunmei energy (600792) stock price rose 6.59%, Dayou energy (600403) stock price increased 4.02%; Datong coal industry stock price rose 2.65%, different from Zhengzhou coal power, the net profit of cloud coal energy and Dayou energy was positive, and the net profit of Datong Coal Industry in the third quarter was even higher It rose 12.68% to 763 million yuan.
In the case of continuous loss of Zhengzhou coal and power, the stock price is not normal. Continuous loss shows that there is a problem between the matching of Zhengzhou coal and power resources and the market, and not all coal power enterprises and coal enterprises are in loss. Han Xiaoping also said.
Although the stock price of Zhengzhou coal power is still crazy, but there are also shareholders who are out of pocket for safety and clear their positions. Big a is really a wonderful flower. The worse the performance is, the bigger the rise. The retail investors are crazy about the 8 boards in 9 days. Is this investment? Clearly is in gambling, the last plate rotten board, ate two boards clearance warehouse Known as small strong trading in the stock bar.
Five consecutive quarters of losses
One side is the booming stock market, the other is the bleak performance. From the third quarter of 2019, Zhengzhou coal power has been losing for five quarters.
The main business of Zhengzhou coal power company is coal mining and sales, and also the purchase and sales of coal related materials and equipment. The six pairs of coal mines are mainly distributed in Xinzheng, Xinmi and Dengfeng under the jurisdiction of Zhengzhou mining area; the coal varieties are mainly anthracite, lean coal and lean coal, which are high-quality industrial steam coal, mainly used for power generation, metallurgy and civil use; the profit model is mainly through the production and sales of raw coal.
According to the main business data disclosed in the third quarter, the production and sales of coal and electricity in Zhengzhou have increased. On the basis of the cost reduction, the coal revenue decreased by 14.7% to 671 million yuan. The main economic indicators were affected by the transition of market and production succession, and the profit decreased significantly compared with the same period last year. In the third quarter, the comprehensive calorific value of the companys commercial coal was 4341 kcal / kg, down 207 kcal / kg, a decrease of 5%; the selling price was 323.64 yuan / ton, down 85.91 yuan / ton, a decrease of 21% Zhengzhou coal and Power Co., Ltd.
From the perspective of industry, on December 2, according to the statistics and Information Department of China Coal Industry Association, from January to October 2020, the business income (including non coal) of large coal enterprises directly reported by the association was 300.39 billion yuan, a year-on-year decrease of 0.1%; the total profit (including non coal) was 108.52 billion yuan, down 22.1% year-on-year.
Zhengzhou coal power, which has already lost money in 2019, will be defeated again if the net profit in the fourth quarter does not increase significantly.
The companys sales situation is consistent with the overall trend of the industry. Since October, the overall purchasing enthusiasm of the companys users has remained stable. From the recent communication situation, most of the users inventory has been greatly improved compared with the previous period. Without the influence of bad weather, the later purchase will be stable. In the later stage, it is expected that the overall supply and demand of the coal market will maintain a relatively balanced situation, and the coal price will be mainly stable with minor fluctuations occasionally. Zhengzhou coal power also said in the announcement on December 2.
Zhengzhou coal power also said, since the fourth quarter, Chinas macro-economic trend has been good, the power, steel, chemical and other industries in the downstream of coal have developed well, and coal consumption has entered the traditional seasonal peak since November. In addition, environmental protection and safety supervision were further tightened at the end of the year, and the coal supply capacity in some areas was limited by the policy. Under the expected influence of cold winter caused by the superposition of La Nina phenomenon, the supply and demand of all kinds of coal showed peak season characteristics. In the later stage, it is expected that the overall supply and demand of the coal market will maintain a relatively balanced situation, and the coal price will be mainly stable with minor fluctuations occasionally.
As early as 2015 and 2016, Zhengzhou coal and Power Co., Ltd. lost 544 million yuan and 628 million yuan respectively. Until 2017, thanks to a series of policies to reduce coal production capacity, the relationship between supply and demand of coal market has stabilized, and coal prices have returned rationally. Zhengzhou coal and power has turned losses into profits, achieving revenue of 2.913 billion yuan, and the net profit attributable to the parent company is 406 million yuan.
It is worth noting that in 2018, due to the influence of the national coal industry policy, the main coal industry assets still retained by the controlling shareholder Zhengmei group are difficult to meet the overall listing conditions in a short period of time. Therefore, Zhengmei group decided to revise the plan to avoid horizontal competition and postpone the deadline for completing the commitment. At present, Zhengzhou group is producing 4 mines with a production of about 3 million tons. Some analysts analyze that if Zhengzhou group fulfills its promise, the above coal mines will be injected into the listed companies as a whole, and the growth of Zhengzhou coal power is expected to further open. In this regard, China Times reporter called Zhengzhou coal and power securities department, the other side said that if there are major issues, the company will disclose the first time, all in accordance with the announcement. By the end of December 3 at noon, Zhengzhou Coal shares still rose 7.98% to 4.87 yuan / share. Source: China Times editor in charge: Yang Bin_ NF4368
It is worth noting that in 2018, due to the influence of the national coal industry policy, the main coal industry assets still retained by the controlling shareholder Zhengmei group are difficult to meet the overall listing conditions in a short period of time. Therefore, Zhengmei group decided to revise the plan to avoid horizontal competition and postpone the deadline for completing the commitment. At present, Zhengzhou group is producing 4 mines with a production of about 3 million tons.
In this regard, China Times reporter called Zhengzhou coal and power securities department, the other side said that if there are major issues, the company will disclose the first time, all in accordance with the announcement.
By the end of December 3 at noon, Zhengzhou Coal shares still rose 7.98% to 4.87 yuan / share.