上市煤企全解析（二）：“五宗最”之换个角度看财报

Investment Rating - The report maintains an "Increase" rating for the coal mining industry [4] Core Viewpoints - The current coal price adjustment has been ongoing for nearly four years since the peak in Q4 2021, and the market is well aware of the price decline. The industry is at a critical stage of price bottoming, and the report emphasizes the importance of understanding the industry's fundamental attributes and maintaining confidence [7][63] - Key recommendations include major coal enterprises such as China Shenhua (H+A) and China Coal Energy (H+A), as well as companies showing signs of recovery like Qinfa [8][64] Summary by Sections Cash King - Since the supply-side reform in 2016, the historical burden on coal companies has significantly decreased. Despite the continuous decline in coal prices since early 2024, some companies have cash balances (cash and cash equivalents + trading financial assets) far exceeding their interest-bearing debts. As of Q1 2025, the top five companies with the highest cash balances are China Shenhua, Shaanxi Coal, Jinkong Coal, China Coal Energy, and Lu'an Environmental Energy [1][17] Low Debt - As of Q1 2025, the asset-liability ratio for large coal enterprises is 60.3%, an increase of 0.5 percentage points year-on-year. Most sampled coal companies have asset-liability ratios lower than the industry average. The companies with the lowest asset-liability ratios are China Shenhua, Jinkong Coal, Electric Power Investment Energy, Yitai B, and Shanghai Energy [20][21] Strong Foundation - Special reserves are funds set aside by coal companies for safety production and maintaining simple reproduction. The top five companies with the highest net increase in special reserves from the end of 2023 to Q1 2025 are China Shenhua, Shaanxi Coal, Yitai B, Lu'an Environmental Energy, and Gansu Energy [25][31] High Potential - Considering the cyclical nature of coal prices, coal companies may enhance cost control to ensure steady improvement in profitability. The report evaluates potential profit release using the ratio of operating cash flow minus net profit, depreciation, and financial expenses to net profit. The companies with the highest potential for profit release are Haohua Energy, Yitai B, Huabei Mining, China Coal Energy, and Shanmei International [2][51] Dividend King - The top five companies in terms of cumulative cash dividends over the past three years are China Shenhua, Shaanxi Coal, Yunkang Energy, China Coal Energy, and Lu'an Environmental Energy. The report highlights the high dividend attributes of coal companies, driven by reduced historical burdens and a cautious approach to reinvesting in traditional businesses [3][55]