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Coal price rises pushed up costs Recently, both domestic and international coal prices continued to hit new highs. On October 29, the plate price of Datong High-grade Mixed Coal (6000 kcal) in the domestic Qinhuangdao market reached 500 yuan to 510 yuan/ton, and reached a record high again. It increased by about 485 to 495 yuan/ton from the end of last month. 15 yuan. On November 2nd, the spot coal price in Newcastle, Australia reached a record high of US$82.08, which has soared 24% since September.
Contrary to the increase in the performance of coal stocks, the profits of downstream companies, especially chemical companies, have been squeezed. Take Shuanghuan as an example, the company predicts that it will achieve a profit of 75 million yuan in 2007 and a return of 0.16 yuan per share, although its performance will turn year-on-year losses. And a substantial increase. However, the expected performance of the company is far lower than market expectations. After the company's success in oil-to-coal conversion, it has announced that it will reduce the annual cost by about RMB 400 million. The increase in coal prices is also an unsatisfactory result, despite the fact that the coal-to-oil conversion has not yet reached the optimal level of adjustment. The main reason, the company's main raw material thermal coal prices have risen by a certain extent, which has driven up the cost of the company.
In fact, listed chemical companies that use coal as a power source and raw materials are all more or less affected by the rise in coal prices. For instance, the announcement of Lan Tai Industrial Co., Ltd. said that in recent years, the price of coal has risen rapidly, which has increased the company's production. cost.
Group to enter the coal industry to reduce the adverse effects of coal price increases, but also for the sake of the coal industry boom, to obtain better industry profits, many coal as raw materials or power of chemical companies have snapped up coal company shares.
Shuanghuan Technology acquired Shanxi Yufeng Yuyu Coal Industry Co., Ltd. The production capacity of Shanxi Yufeng Yuyu Coal Industry is 300,000 tons/year, and the actual coal output is expected to reach 400,000-600,000 tons per year, reaching the above-mentioned scale after the current market and If the price does not change much, the coal mine can achieve a net profit of 60 million to 110 million yuan, which will increase Shuanghuan Technology's annual net profit of 30.6 million to 51 million yuan.
Tai Cheng Tiancheng subsidiary Tiancheng Ocean acquired a 100% stake in Miaowan Coal Mine for 1.733812 million yuan. Acquired a 45% stake in Chengjiazhuang Coal Mine at a price of 3,602,500 yuan. The Liuhua Co., Ltd. recently signed an equity transfer contract with Guizhou Aneng Industrial and Mining Co., Ltd., and invested RMB 84.7346 million in cash to acquire a 90% stake in Guizhou Guizhou Guizhou Xinyi Mining Co., Ltd. held by Guizhou Aneng Industrial and Mining Corporation. Xinyi Coal Mine has a geological reserve of approximately 66.03 million tons and recoverable reserves of approximately 45.7 million tons. It is divided into three mining areas, and the total annual output is expected to reach approximately 900,000 tons.
In order to ensure the production of coal for Guizhou Yihua Synthetic Ammonia and Urea project, Hubei Yihua acquired 60% of Xinyi Mining of Guizhou Yihua Holdings for a total of 110 million yuan to acquire the property rights of Hengtai Coal Mine in Pu'an County, Southwest Guizhou, and Heluo. Jiayi acquired the assets of Guizhou Ruixin Coal Co., Ltd. for 40 million yuan. Obviously, the acquisition of these two coal mine assets has provided resources for the development of the company's coal chemical industry and has contributed huge profits.
All the capital raised by Lantai Industrial was fully invested in coal equity acquisition. The first major shareholder, Jilin Salt Group, subscribed by assets and issued additional 278 million yuan in cash to other specific investors, all of which were used for wholly-owned subsidiaries of Lantai Industry. Inner Mongolia Lantai Resources Development Co., Ltd. increased its capital, and Inner Mongolia Lantai Resources Development Co., Ltd. will invest the above funds in the development of Bayin Coal Mine.
The direct significance of the acquisition of coal mines for the transformation of coal chemical industry companies to chemical companies will not only guarantee the source of raw materials for coal chemical industry in the future, but also lock in the cost, which will help resist the price risk of coal and reduce the cost of raw materials. According to the gross profit rate of more than 30% of the general coal enterprises and the ex-factory price of coal of 250 yuan/ton, the cost savings per ton of coal is 75 yuan. Taking Liuhua shares as an example, the coal produced by the coal company will be put into production, and tons of ammonia will cost 180 yuan. The company's newly purchased coal production capacity of 900,000 tons of coal will be able to guarantee 600,000 tons of synthetic ammonia/year production needs. Considering that the coal mine still has a certain potential for expansion and external procurement as a supplement, the company will have enough capacity to improve the space without being subject to raw materials. source.
In addition to locking raw material costs, chemical companies have entered the coal industry and laid the foundation for the development of coal chemical industry. The chemical industry should pursue the maximization of resource efficiency as an opportunity for the development of coal chemical industry. The sustainable development of national economic strategy makes coal chemical industry inevitably occupy an increasingly important position in the long-term development in the future. Judging from the stability of energy structure, China's per capita reserves of coal, oil, and natural gas are quite different from developed countries in Europe and America. On the other hand, China's energy sustainability is also very poor. China’s coal resources are closest to the world average and have relatively comparative advantages. This determines China’s long-term dependence on coal’s energy pattern. During the “Eleventh Five-Year Plan†period, China will spend heavily to develop coal chemical industry from 2006 to 2020. . Coal-to-methanol, dimethyl ether, coal olefins, and coal-to-oil will be the focus of investment in the next 15 years.
Obviously, chemical companies have certain advantages in transitioning to coal chemical industry. If they can obtain coal resources, they will undoubtedly take a step forward in the direction of shifting to coal chemical industry and gain an opportunity. It is believed that this is also an important reason why chemical companies are snapping up coal mines.
Recently, the listed companies such as Lantai Industry, Liuhua Chemicals, Hubei Yihua and others have announced their advancement into the coal mining industry. Prior to this, related listed companies such as Shuanghuan Technology, Taigong Tiancheng, and Lutianhua Chemical also successively announced the purchase of shares in coal companies. . All kinds of signs show that the trend of chemical companies expanding into the upstream energy industry is very clear.