首页 关于我们 研究报告 观点文章 半导体 TMT 金融与服务 汽车 English

留言
报告导航：研究报告— 制造业—能源
2000-2008年中国煤炭行业上市公司投资方向研究报告
字数:2.8万 页数:155 图表数:240
中文电子版:7500元 中文纸版:7000元 发布日期:2008-07
英文电子版:2400美元 英文纸版:2200美元
编号:FW001 附件:下载 购买报告

　　中国煤炭资源丰富，储量居世界首位。2007 年，中国煤炭产销量增幅约为9-10%，煤企利润增速约为35%左右，景气度进一步提升。

　　近几年，煤炭行业固定资产投资增长迅速，2001年至2005年增长率保持在40%以上。未来几年，随着国家政策的调控，煤炭行业固定投资增速将降低。大量投资带动煤炭产能的增加，07年、08年每年约有4亿吨以上的产能投产，到2008年产能将达到29.3亿吨。

　　2008年，由于价格大幅上涨，煤炭行业业绩大幅增加。煤炭总体供需偏紧，价格屡创新高，其中，冶金煤价格涨幅要大于动力煤和无烟煤。截止到2008年6月初，秦皇岛优混动力煤同比上涨60%以上。太原、唐山等地炼焦煤价格上涨幅度已超过100%。根据1-2月份数据显示，煤炭行业主营业务收入及利润增长呈现快速增长，分别增长40.8%，66.8%。2008年煤炭行业业绩大增已成定局。 从上半年来看，煤炭下游行业需求增长依然强劲，运输的瓶颈依然制约着产能的有效释放。

　　在未来一段时间里，煤炭企业的资产并购和整合将是投资关注的亮点。《2000-2008年中国煤炭行业投资方向研究报告》分析的是煤炭行业的27家上市公司2000－2008年的所有投资项目，总结该行业的投资趋势，以及各企业的投资特点和投资趋势。

　　我们统计了自2000年1月1日以来， 中国1500多家上市公司公开发布的35000多条募集资金和非募集资金的投资项目信息。我们对所有这些投资项目，分别按时间、按地区、按投资目的、按投资行业分类，经过软件处理和分析师加工，最后形成了各行业的投资方向分析报告。

200807071.jpg

 煤炭行业上市公司2000至2008H1的投资分布图(按地区)

200807072.jpg

200807073.jpg

　　本报告总结分析了27家煤炭行业的上市公司的项目投资情况，譬如神火股份。

200807074.jpg

200807075.jpg

 

神火股份的投资特点

 ·公司主营业务是煤炭和铝产品生产、加工、销售。多元化方向：涉足铁路专用线营运，经营自产产品及相关技术的进出口业务。
 ·公司在05、06年投资急剧增加07年开始有所回落。
 ·2007年9月公司增资控股了神华铝业，通过对铝电产业的整合，实现了煤电铝一体化经营的发展战略。公司煤炭业务在08-10年期间处于产能快速扩张期，同时飙升的油价也推动看煤价走高；拥有煤电保障的电解铝随着氧化铝价格下滑收入也迎来利好，两大引擎奠定公司业绩快速增长。
 ·公司在2004年以前以募集资金投资为主，2004年以后以非募集资金为主的方式投资项目。

 


China with rich coal resources ranks the first in the world in terms of coal reserves. In 2007, China’s coal output and sales grew about 9% to 10%, and the profit growth rate of China’s coal companies hit around 35% against the previous year. The industry prosperity was further enhanced. 

In recent years, China’s fixed asset investment in coal industry has increased rapidly. During the period of 2001 to 2005, the investment grew at a rate of above 40%. In the next few years, China’s investment in coal industry will reduce, because of regulation and control of national policy. With fast expansion in production capacity stimulated by a great deal of investment, China has an annual increase in coal production capacity by over 400 million tons
In 2007 and 2008 respectively, making its production capacity reach 2.93 million tons in 2008.
 
Thanks to coal price surges in 2008, China’s coal industry has also made big gains. Generally speaking, China has a relatively tight supply of coal, so coal prices have made record highs repeatedly. Furnace coal prices rise faster than those of steam coal and anthracite. By the end of May 2008, the price of Qinhuangdao gifted mixed steam coal has jumped more than 60% against the same period last year. The prices of coking coal have even more than doubled in some areas, including Taiyuan, capital of Shanxi Province, and Tangshan, a city in Hebei province. According to the statistics from Jan. to Feb., 2008, the main business revenue and profit of China coal industry saw a fast increase, rising 40.8% and 66.8% respectively. China’s coal industry is bound to have big gains in 2008. Good performance of coal industry in the first half year of 2008 shows that demand in downstream industries is still robust and transportation bottleneck continues to restrict the effective expansion of production capacity.

Mergers and acquisitions among coal producers and integration of assets in coal industry will be the bright spot in investment in the future. The report makes a comprehensive analysis of all investment projects financed by 27 listed companies from 2000 to 2008, and makes a summary of investment trend of China coal industry and investment features and investment trend of the listed companies.

We have a collection of more than 35,000 pieces of information, released by 1,500 Chinese listed companied, on investment projects financed by fund raising and non fund raising since 2000. After the information is processed by software and studied by analysts, the investment direction report concerning various industries is completed, which is classified by time, region (province, autonomous region and municipality), by purpose and by sector.


Annual Investment of China Listed Coal Companies, 2000-2008
       200807151.jpg   
Source: ResearchInChina

Investment Distribution of China Listed Coal Companies (by Region), 2000-2008H1
 200807152.jpg
Source: ResearchInChina

Top 10 Companies in Terms of Investment, 2000-1H2008
 200807153.jpg
Source: ResearchInChina

This report analyzes all investment projects financed by 27 coal listed companies, for example, Henan Shenhuo Group Co., Ltd.

Investment Features of Henan Shenhuo Group Co., Ltd

 The company’s main business is the production, process and sales of coal and aluminum products. Diversification direction: it is also engaged in the operation of special lines of railway and import & export business regarding their own products as well as related technology.
 The company’s investment surged in 2005 and 2006, but began slowing down in 2007.
 In Sep. 2007, the company controlled Shenhua Aluminum Industry Co., Ltd. through capital increase. Through the integration of aluminum and power industry, the company has achieved its development strategy integrating coal, power and aluminum business. Its coal business will be in a period of rapid expansion of production capacity in 2008-2010, and meanwhile, skyrocketing oil prices will also push up prices of coal. Its electrolytic aluminum business with secured supply of coal and power will have increase in revenue, following the decline in aluminum prices. The two main engines of coal and electrolytic aluminum have laid a solid foundation for its rapid development.
 Before 2004, the company’ investment was mainly financed by fund raising, but after 2004, its investment projects were financed chiefly by non fund raising.


Annual Investment of Henan Shenhuo Group Co., Ltd., 2000-2008
200807155.jpg
Source: ResearchInChina

Investment Distribution of Henan Shenhuo (by Segments), 2000-2008
 200807156.jpg
Source: ResearchInChina

Note: We can update the data in the report to the most recent quarter, when the report is purchased.

    如果这份报告不能满足您的要求，我们还可以为您定制报告，请留言说明您的详细需求。
关于我们　|　版权声明　 |　联系我们　|　隐私政策　|　购买报告

2005-2008 www.pday.com.cn 版权所有