Investment Rating - The report maintains a "Strong Buy" rating for the coal industry [6] Core Views - The coal price is showing signs of stabilization, with a focus on high dividend stocks for valuation opportunities [5][30] - The coal supply is tightening due to strict capacity control and increasing mining difficulties, leading to a potential new normal of underproduction [30] - The demand for coal remains resilient, supported by continuous growth in electricity generation [30] Summary by Sections Coal Market Overview - As of December 27, 2024, the Qinhuangdao 5500K thermal coal price is 758 CNY/ton, down 9 CNY/ton (1.2%) week-on-week [5][72] - The operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia is 83.3%, down 0.4 percentage points week-on-week [58] Coking Coal - The price of Shanxi first-grade metallurgical coke is 1650 CNY/ton, down 50 CNY/ton (2.9%) week-on-week [104] - The report suggests focusing on companies with excellent resource endowments and stable operating performance, such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy [5] Supply and Demand - The daily coal consumption of six major power plants is 86.2 million tons, down 0.1 million tons week-on-week [82] - The inventory of six major power plants is 1403.1 million tons, up 4.8 million tons week-on-week [60] Price Trends - The price of coking coal at the Jing Tang Port is 1520 CNY/ton, down 90 CNY/ton (5.6%) week-on-week [97] - The price of Inner Mongolia's 5500K coal is 581 CNY/ton, down 17 CNY/ton (2.8%) week-on-week [48] Key Companies - The top five companies with the highest weekly gains include Anyuan Coal Industry (+27.4%), Yunmei Energy (+7.4%), and Zhengzhou Coal Electricity (+3.29%) [18] - The report highlights companies with potential for increased production and benefiting from coal price elasticity, such as Shanxi Coal International and Yanzhou Coal Mining [5]
煤炭行业定期报告：煤价阶段性企稳，关注高股息标的提估值机会
Huafu Securities·2024-12-30 00:26