煤炭开采行业：煤价高位回落不改中报业绩向好继续关注核心硬资产

1、 HYPERLINK / P.2 HYPERLINK / P.2内容目录 HYPERLINK l _bookmark0 上年回顾4 HYPERLINK l _bookmark1 行业况：力煤格回，焦维持位4 HYPERLINK l _bookmark10 市场现：输沪深300指数12.6个百点5 HYPERLINK l _bookmark13 业表现上半合计盈利529亿元7 HYPERLINK l _bookmark18 财分析 HYPERLINK l _bookmark19 盈利力：利率净利、ROE 稍下滑10 HYPERLINK l _bookmark24 营运力：收账、存周转数均比下降1

2、3 HYPERLINK l _bookmark28 期间用：间费率维小幅降15 HYPERLINK l _bookmark32 偿能力现金持续善，债能进一提升17 HYPERLINK l _bookmark36 营分析 HYPERLINK l _bookmark37 产：产量同均小增长 HYPERLINK l _bookmark41 价：成涨幅于售，吨毛利降 HYPERLINK l _bookmark43 下年展：动焦强关注主线 HYPERLINK l _bookmark44 动力：中进一下移至570580元吨 HYPERLINK l _bookmark52 炼焦：供刚性撑价高位荡25 HYP

3、ERLINK l _bookmark55 投资略 HYPERLINK l _bookmark56 风提示图表目录 HYPERLINK l _bookmark2 图表1：6月国原产量创自2012以来月新万吨）4 HYPERLINK l _bookmark3 图表2：2019年上年国原累计量同增长2.6%（万）4 HYPERLINK l _bookmark4 图表3：1月国进煤数创近5年高（吨）4 HYPERLINK l _bookmark5 图表4：2019年上年国累进口炭数同比增长5.8%（万）4 HYPERLINK l _bookmark6 图表5：2019年上年国火发电同比微增0.2%（亿

4、千时）5 HYPERLINK l _bookmark7 图表6：2019年上年国生累计量同增长万）5 HYPERLINK l _bookmark8 图表7：2019年上年皇岛Q5500现价格比降8.8%（元/5 HYPERLINK l _bookmark9 图表8：2019年上年唐港西主煤价同比上涨3.9%（元/5 HYPERLINK l _bookmark11 图表9：炭行位居29个信一行业第17（至8月30日）6 HYPERLINK l _bookmark12 图表10：信煤板块司跌幅行（截至2019年8月30日）6 HYPERLINK l _bookmark14 图表11：煤企2019上

5、半业绩现（万）8 HYPERLINK l _bookmark15 图表12：2019年半年企营收入比增长亿元）9 HYPERLINK l _bookmark16 图表13：2019年半年企营收入行9 HYPERLINK l _bookmark17 图表14：煤企2019上半业绩现（万）10 HYPERLINK l _bookmark20 图表15：煤企2019上半盈利力11 HYPERLINK l _bookmark21 图表16：企毛率、ROE年走势12 HYPERLINK l _bookmark22 图表17：2019年半年企毛率排行12 HYPERLINK l _bookmark23 图

6、表18：2019年半年煤企ROE排行13 HYPERLINK l _bookmark25 图表19：企应账款存周转况（万）14 HYPERLINK l _bookmark26 图表20：2019年半年企应账款转天排行15 HYPERLINK l _bookmark27 图表21：2019年半年企存周转数排行15 HYPERLINK l _bookmark29 图表22：企期费用况16 HYPERLINK / P.3 HYPERLINK l _bookmark30 图表23：企期费用历走势17 HYPERLINK / P.3 HYPERLINK l _bookmark31 图表24：2019年半

7、年企期费用排行17 HYPERLINK l _bookmark33 图表25：企偿能力百）18 HYPERLINK l _bookmark34 图表26：企资负债及业收现金历年势19 HYPERLINK l _bookmark35 图表27：2019年半年企资负债排行19 HYPERLINK l _bookmark38 图表28：企产情况万）20 HYPERLINK l _bookmark39 图表29：019年半年企原产量行（除华（万吨） 21 HYPERLINK l _bookmark40 图表30：2019年半年企产增速行21 HYPERLINK l _bookmark42 图表31：2

8、019年半年企吨销售格、售、销售利情（元/22 HYPERLINK l _bookmark45 图表32：皇岛Q5500仓价元/吨）23 HYPERLINK l _bookmark46 图表33：2019年17月我累计口力煤比增长3.9%（万）24 HYPERLINK l _bookmark47 图表34：渤海8港存（吨）24 HYPERLINK l _bookmark48 图表35：国重电厂存万吨）24 HYPERLINK l _bookmark49 图表36：海六电库（吨）24 HYPERLINK l _bookmark50 图表37：国重电日（吨）24 HYPERLINK l _book

9、mark51 图表38：海六电日（吨）24 HYPERLINK l _bookmark53 图表39：2019年17月我累计口焦煤比增长18%（万吨）25 HYPERLINK l _bookmark54 图表40：焦精供需况万吨）25 HYPERLINK / HYPERLINK / P.4上半年回顾行业概况：动力煤价格回落，焦煤维持高位2019 6 月当月产量创自 2012 年以来新高2019 年上半年我国原煤累计产量 17.6 2.6%，增速较去年同期下滑 1.3 个百分点。月累计进口 1.5 5.8%4.1 个百分点。图表 1：6 月我国原煤产量创自 2012 年以来单月新高（万吨）图表

10、2：2019 年上半年我国原煤累计产量同比增长 2.6%（万吨）资料来源：国家统计局，国盛证券研究所资料来源：国家统计局，国盛证券研究所图表 3：1 月我国进口煤数量创近 5 年新高（万吨）图表 4：2019 年上半年我国累计进口煤炭数量同比增长 5.8%（万吨）资料来源：海关总署，国盛证券研究所资料来源：海关总署，国盛证券研究所2019 3.4 5%。6 月累计完成火电发电量 2.4 7.8 16 4 7.9%7.4 个百分点。图表 5：2019 年上半年我国火电发电量同比微增 0.2%（亿千瓦时）图表 6：2019 年上半年我国生铁累计产量同比增长 7.9%（万吨）资料来源：wind，国盛

11、证券研究所资料来源：wind，国盛证券研究所2019 Q5500 605 元/8.8%Q2 609 元/1.1%（山西产1820 元/Q2 1776 元/比下降 4.9%。图表 7：2019 年上半年秦皇岛Q5500 现货价格同比下降 8.8%（元/吨）图表 8：2019 年上半年京唐港山西主焦煤价格同比上涨 3.9%（元/吨）资料来源：wind，国盛证券研究所资料来源：wind，国盛证券研究所30012.6个百分点8 30 15.7%300 26.2%13.6%，跑输沪深 300 指数 12.6 个百分点，位居 29 个行业涨跌幅榜第 17 位。 HYPERLINK / P.5个股方面，20

12、19 年至今，中信煤炭板块上市公司中 24 HYPERLINK / P.5 HYPERLINK / P.6188.2%109.3%、29.8% HYPERLINK / P.6ST 18.3%11.9%、9.8%、5.5%。图表 9：煤炭行业位居 29 个中信一级行业第 17 位（截至 8 月 30 日）资料来源：wind，国盛证券研究所图表 10：中信煤炭板块公司涨跌幅排行（截至 2019 年 8 月 30 日）股票代码公司名称现价（元/股）涨跌幅000723.SZ美锦能源9.25188.2%600546.SH山煤国际6.95109.3%600758.SH红阳能源4.7246.0%600971

13、.SH恒源煤电5.7629.8%600792.SH云煤能源3.3725.7%600725.SHST 云维2.9324.7%601225.SH陕西煤业8.9024.0%002128.SZ露天煤业8.3516.6%600157.SH永泰能源1.5616.4%601699.SH潞安环能7.4115.0%600188.SH兖州煤业9.5714.8%000983.SZ西山煤电5.8812.3%600395.SH盘江股份5.1510.1%601666.SH平煤股份3.869.7%600348.SH阳泉煤业5.259.3%601088.SH中国神华18.698.7%000780.SZ平庄能源3.057.6%

14、600397.SH安源煤业2.336.9%601898.SH中煤能源4.825.4%600997.SH开滦股份5.613.1%600123.SH兰花科创6.453.1% HYPERLINK / P.7 HYPERLINK / P.7600121.SH郑州煤电2.411.3%000552.SZ靖远煤电2.501.2%600714.SH金瑞矿业5.770.2%601001.SH大同煤业4.26-0.2%600740.SH山西焦化7.74-1.1%601918.SH新集能源2.96-1.3%603113.SH金能科技10.47-2.6%600403.SH大有能源3.47-3.5%000937.SZ冀

15、中能源3.54-3.7%600508.SH上海能源8.92-4.9%601011.SH宝泰隆5.20-5.5%601101.SH昊华能源5.49-5.7%002753.SZ永东股份7.92-9.8%600408.SHST 安泰2.29-11.9%601015.SH陕西黑猫3.31-18.3%资料来源：wind，国盛证券研究所529亿元2019 27 家上5050529.110.6%505.6 15.3%15.3%。 HYPERLINK / P.8 HYPERLINK / P.8图表 11：煤企 2019 年上半年业绩表现（百万）营业收入归母净利润扣非后归母净利润2018H2019H2018H2

16、019H同比2018H2019H同比2018H2019H同比露天煤业4,2649,5337.4%1,1771,37516.8%1,1961,36714.4%陕西煤业26,24332,58624.2%5,9445,871-1.2%5,9525,779-2.9%恒源煤电3,1483,3185.4%4534949.1%4554958.8%新集能源4,5624,6020.9%765739-3.4%65774413.2%昊华能源3,0052,723-10.0%638446-30.0%631429-32.0%中煤能源50,21061,03221.3%2,7563,78837.4%2,7543,74636.

17、0%上海能源3,4203,6757.4%603482-20.1%607476-21.6%中国神华127,380116,365-8.6%22,97724,2435.5%23,01722,682-1.5%兖州煤业76,308105,97638.9%4,3415,36123.5%4,5345,02310.8%山煤国际20,77919,822-3.9%28150679.9%29255690.2%红阳能源3,6953,293-10.9%47131177.7%05976856.2%大同煤业5,3095,7007.4%475455-4.2%479453-5.3%郑州煤电2,3891,982-17.0%103

18、11-89.7%724-94.5%大有能源3,8702,974-23.1%448111-75.3%45793-79.7%平庄能源1,085942-13.1%-23-187707.4%-47-191306.2%靖远煤电2,1942,031-7.4%340276-18.8%337274-18.6%安源煤业2,1422,61722.2%5612-79.2%7618-76.0%西山煤电15,25616,93311.0%1,1151,26813.7%1,1271,28013.6%冀中能源10,78411,4055.8%605457-24.4%684416-39.1%永泰能源10,6699,684-9.2

19、%33791-73.0%-34939-111.2%开滦股份10,01710,8708.5%58272324.1%58172124.0%盘江股份2,9533,28611.3%52862217.8%49555712.5%潞安环能10,86211,2643.7%1,3911,5038.0%1,3881,5108.8%平煤股份9,51212,22125.3%31059592.0%30658590.9%兰花科创4,0784,1231.1%629545-13.3%572552-3.4%阳泉煤业16,81715,526-7.7%8861,06320.1%8401,06226.5%淮北矿业44830,505-

20、11.8%721,9262568.3%721,8292452.2%合计431,398504,98817.1%47,83752,90610.6%47,18450,5577.1%合计（剔除神华）304,018388,62327.8%24,86028,66315.3%24,16727,87515.3%资料来源：wind，国盛证券研究所图表 12：2019 年上半年煤企营业收入同比增长 17.1%（亿元）资料来源：wind，国盛证券研究所图表 13：2019 年上半年煤企营业收入排行资料来源：wind，国盛证券研究所Q2 2,679 261.9 15.8%、 HYPERLINK / P.9 HYPER

21、LINK / P.9图表 14：煤企 2019 年上半年业绩表现（百万）营业收入归母净利润扣非后归母净利润2019Q12019Q22019Q12019Q2环比2019Q12019Q2环比2019Q12019Q2环比露天煤业2,3817,153200.4%798576-27.8%798570-28.6%陕西煤业14,40518,18126.2%2,7753,09711.6%2,4973,28231.5%恒源煤电1,6241,6954.4%2372588.9%2392567.1%新集能源2,2862,3161.3%408331-18.7%413331-19.9%昊华能源1,3891,334-4.0

22、%2192284.2%2072227.2%中煤能源29,55231,4796.5%1,5412,24745.8%1,5302,21644.9%上海能源1,8631,812-2.7%243239-1.8%2372390.8%中国神华57,01159,3544.1%12,58711,656-7.4%11,34611,336-0.1%兖州煤业48,24457,73219.7%2,3083,05232.2%2,2302,79325.3%山煤国际8,20811,61441.5%22128629.5%22233450.1%红阳能源1,8531,440-22.3%9537-61.3%93-34-137.0%

23、大同煤业2,6373,06316.1%236219-7.3%2192357.3%郑州煤电1,003978-2.5%64-37.1%13101.7%大有能源1,5701,405-10.5%154-43-127.9%135-42-131.3%平庄能源40354034.1%-176-11-93.9%-176-16-91.0%靖远煤电1,265766-39.5%150126-16.3%147127-13.3%安源煤业1,5611,057-32.3%19-7-138.9%27-9-133.3%西山煤电8,5108,422-1.0%59467413.4%59668414.8%冀中能源5,6465,7592

24、.0%234223-4.8%17723935.0%永泰能源5,2614,424-15.9%325981.3%832318.6%开滦股份5,7025,168-9.4%368354-3.9%367354-3.4%盘江股份1,6441,642-0.1%29632610.3%294263-10.3%潞安环能5,6205,6440.4%870632-27.3%880629-28.5%平煤股份5,7106,51114.0%323272-15.9%316269-14.9%兰花科创1,8892,23418.3%21033559.6%21234059.9%阳泉煤业8,0897,437-8.1%5295340.9

25、%5255372.2%淮北矿业11,75118,75459.6%9091,01611.7%8291,00020.7%合计237,076267,91213.0%26,18826,7192.0%24,36926,1897.5%合计（剔除神华）180,065208,55815.8%13,60115,06310.8%13,02314,85314.1%资料来源：wind，国盛证券研究所财务分析盈利能力：毛利率、净利率、ROE稍有下滑 HYPERLINK / 毛利率方面，29.1%3.5 （54%548%（39% HYPERLINK / HYPERLINK / 净利率方面，13.0%0.9 （58%248

26、%（03% HYPERLINK / ROE 0.1 （129%（113%（112%图表 15：煤企 2019 年上半年盈利能力毛利率净利率ROE2018H2019H2018H2019H同比2018H2019H同比2018H2019H同比露天煤业49.6%27.7%-21.9%27.8%15.0%-12.8%10.5%10.1%-0.4%陕西煤业54.7%43.9%-10.7%33.6%25.8%-7.8%13.1%11.3%-1.7%恒源煤电39.2%38.8%-0.4%14.4%14.8%0.4%6.5%6.3%-0.2%新集能源46.5%41.1%-5.4%18.3%17.9%-0.4%1

27、4.6%12.9%-1.6%昊华能源54.1%55.4%1.3%23.5%20.3%-3.2%8.3%5.5%-2.8%中煤能源30.4%31.7%1.3%8.6%9.8%1.1%3.1%4.0%1.0%上海能源38.5%31.1%-7.4%17.1%12.4%-4.7%6.6%5.0%-1.6%中国神华41.4%42.5%1.1%22.0%24.8%2.8%7.5%7.3%-0.2%兖州煤业20.9%13.9%-7.0%7.4%6.6%-0.8%7.7%8.5%0.8%山煤国际13.6%20.3%6.6%3.5%5.3%1.8%5.5%7.5%1.9%红阳能源16.0%17.4%1.4%1.

28、3%4.0%2.7%0.9%2.4%1.5%大同煤业58.3%54.8%-3.5%14.9%12.6%-2.3%8.7%7.8%-0.9%郑州煤电35.7%27.7%-8.0%9.7%4.6%-5.0%3.0%0.3%-2.7%大有能源33.8%27.0%-6.8%11.7%3.3%-8.4%6.2%1.3%-4.9%平庄能源43.1%23.5%-19.6%-2.1%-19.8%-17.7%-0.5%-4.7%-4.2%靖远煤电29.4%27.2%-2.3%15.5%13.6%-1.9%4.9%3.7%-1.1%安源煤业14.6%10.4%-4.1%2.6%0.3%-2.3%6.8%1.4%-

29、5.4%西山煤电31.9%32.9%0.9%8.4%8.6%0.2%6.0%6.3%0.3%冀中能源25.5%21.5%-4.0%6.5%5.4%-1.0%3.1%2.3%-0.8%永泰能源25.5%31.2%5.7%3.4%1.6%-1.9%1.4%0.4%-1.0%开滦股份14.8%15.5%0.7%6.7%7.6%0.9%6.1%6.7%0.6%盘江股份34.9%37.0%2.0%17.9%18.9%1.0%8.1%9.4%1.2%潞安环能40.7%40.6%-0.1%12.2%13.4%1.2%6.4%6.1%-0.3%平煤股份18.7%19.3%0.6%3.8%5.6%1.8%2.5

30、%4.5%2.0%兰花科创40.4%38.7%-1.7%13.9%11.9%-2.0%6.5%5.3%-1.2%阳泉煤业17.0%20.4%3.3%5.7%7.1%1.3%5.5%4.9%-0.6%淮北矿业38.6%16.8%-21.8%16.1%6.5%-9.6%4.1%11.2%7.2%均值32.6%29.1%-3.5%13.9%13.0%-0.9%8.6%8.5%-0.1%资料来源：wind，国盛证券研究所图表 16：煤企毛利率、ROE 历年走势资料来源：wind，国盛证券研究所 HYPERLINK / HYPERLINK / 图表 17：2019 年上半年煤企毛利率排行资料来源：win

31、d，国盛证券研究所图表 18：2019 年上半年煤企ROE 排行资料来源：wind，国盛证券研究所 HYPERLINK / HYPERLINK / 营运能力：应收账款、存货周转天数均同比下降转。应收账款方面，2019 661.3 1.92%；应收账款周转天数 51 天，同比下降 7.2%，其中应收账款周转天数最低的公司分别（5天（8天（0天；存货方面，2019458.52.2%45（9、盘江股份（9 天（10 天。 HYPERLINK / HYPERLINK / 图表 19：煤企应收账款及存货周转情况（百万）应收账款应收账周天数存货存货周天数18H19H18H19H同比18H19H同比18H1

32、9H同比18H19H同比露天煤业3,0593,44012.5%10858-46.5%3591,366280.2%2922-22.1%陕西煤业4,3143,772-12.5%3122-28.6%1,0481,1146.3%1411-24.6%恒源煤电218196-10.4%1210-17.4%304239-21.3%2823-18.4%新集能源40049122.7%18196.1%22326719.7%151816.7%昊华能源411178-56.6%1811-42.7%349261-25.2%5344-17.1%中煤能源6,8977,5299.2%2418-23.9%7,5757,8403.5

33、%3935-10.2%上海能源27735427.9%1212-4.5%32341227.4%26260.8%中国神华13,74010,355-24.6%1915-23.8%14,92512,951-13.2%3231-3.9%兖州煤业3,9277,08580.4%9109.5%5,3976,23315.5%1411-20.3%山煤国际3,5572,978-16.3%3027-8.8%1,6241,534-5.6%17188.9%红阳能源1,2651,54422.0%557331.7%2622744.8%2119-7.2%大同煤业1,1981,178-1.6%4534-23.6%29242043

34、.7%24266.7%郑州煤电2,0052,1235.9%14617821.5%2893117.7%3737-0.4%大有能源1,3011,177-9.5%596816.4%23639768.5%182638.7%平庄能源812577-28.9%113107-4.9%10312218.2%2120-4.8%靖远煤电57573227.3%414511.1%318315-1.2%353911.5%安源煤业6186210.5%4841-13.6%172102-40.3%1510-30.4%西山煤电2,7892,414-13.5%3223-28.8%3,4333,7378.9%5855-5.6%冀中能

35、源3,3012,049-37.9%6033-45.4%859771-10.2%1814-22.1%永泰能源1,5562,62969.0%47470.5%62280629.4%141941.9%开滦股份2,5812,223-13.9%4136-13.5%1,1221,029-8.2%2423-3.9%盘江股份446445-0.2%3226-18.9%118102-13.1%119-22.5%潞安环能4,7764,9062.7%7468-7.5%1,4731,169-20.6%3526-27.4%平煤股份1,6371,273-22.3%3414-58.6%2,0231,518-25.0%4224-

36、42.5%兰花科创9214355.2%65-26.6%660649-1.7%4641-11.0%阳泉煤业2,8824,10942.5%313927.2%673619-7.9%99-2.3%淮北矿业2451,606556.6%928-91.3%741,2901650.4%4810-79.6%均值64,87966,1261.9%5551-7.2%44,85445,8472.2%5745-20.6%资料来源：wind，国盛证券研究所 HYPERLINK / HYPERLINK / 图表 20：2019 年上半年煤企应收账款周转天数排行图表 21：2019 年上半年煤企存货周转天数排行资料来源：win

37、d，国盛证券研究所资料来源：wind，国盛证券研究所期间费用：期间费用率维持小幅下降期间费用方面，2019 年上半年，受营收规模上升影响，煤企期间费用合计 519.8 亿元， 同比增长 2.2%。16.3%；246.82.1%；118.4。期间费用率方面1.5 （4.5%、开滦股份（49%业（57%3.1%4.9%12.3%0.5 HYPERLINK / HYPERLINK / 图表 22：煤企期间费用情况期间费率销售费率管理费率财务费率18H19H18H19H同比18H19H同比18H19H同比18H19H同比露天煤业4.0%4.5%0.5%0.3%0.3%0.0%2.8%1.5%-1.3%

38、0.9%2.7%1.7%陕西煤业12.1%11.3%-0.9%4.0%3.3%-0.7%7.9%7.8%-0.2%0.3%0.2%0.0%恒源煤电16.4%14.6%-1.8%1.4%1.7%0.3%13.1%12.1%-1.0%1.9%1.6%-0.3%新集能源18.7%16.3%-2.4%0.4%0.4%0.0%6.9%5.4%-1.4%11.4%10.4%-1.0%昊华能源20.4%27.7%7.3%9.9%11.8%1.9%7.0%10.0%3.0%3.5%6.1%2.6%中煤能源17.1%17.6%0.5%10.2%10.9%0.8%3.5%3.0%-0.5%3.5%3.8%0.3%

39、上海能源12.1%12.5%0.4%2.4%1.8%-0.6%8.4%8.7%0.4%1.4%2.0%0.7%中国神华8.9%8.6%-0.4%0.2%0.3%0.0%7.4%7.5%0.2%1.5%0.9%-0.6%兖州煤业10.5%5.8%-4.7%3.8%2.7%-1.1%4.2%1.9%-2.2%2.5%1.3%-1.3%山煤国际6.3%7.9%1.6%0.9%1.9%1.0%2.7%3.5%0.8%2.7%2.7%0.0%红阳能源12.4%12.4%0.0%1.9%1.5%-0.4%6.0%5.8%-0.2%4.5%5.1%0.6%大同煤业29.2%28.2%-1.1%20.2%20

40、.2%0.0%3.5%3.6%0.2%5.5%4.3%-1.2%郑州煤电18.1%16.6%-1.5%1.5%1.9%0.4%10.1%9.9%-0.1%6.6%4.8%-1.8%大有能源16.4%17.4%1.0%1.7%2.0%0.3%10.5%14.7%4.2%4.2%2.4%-1.8%平庄能源35.2%33.9%-1.2%1.6%2.6%1.0%35.6%33.1%-2.5%-2.1%-1.7%0.3%靖远煤电6.6%6.8%0.2%2.0%1.3%-0.7%4.4%5.2%0.9%0.3%0.4%0.1%安源煤业9.3%8.3%-1.0%1.4%0.9%-0.5%3.2%2.9%-0

41、.2%4.8%4.7%-0.1%西山煤电16.3%16.8%0.4%7.1%8.2%1.1%6.7%6.8%0.2%2.5%2.5%0.0%冀中能源13.2%11.6%-1.6%1.8%1.6%-0.2%8.7%7.8%-0.9%2.7%2.2%-0.5%永泰能源24.5%25.1%0.6%0.4%0.8%0.4%4.2%4.6%0.4%19.9%20.6%0.7%开滦股份5.1%4.9%-0.2%1.3%1.2%-0.1%2.2%2.5%0.2%1.6%1.6%0.0%盘江股份11.0%10.9%-0.1%0.4%0.3%-0.1%9.1%9.7%0.7%1.5%1.6%0.1%潞安环能15

42、.7%11.3%-4.4%1.3%0.6%-0.7%9.8%9.3%-0.6%4.5%3.6%-0.9%平煤股份10.5%8.3%-2.2%1.1%0.8%-0.3%3.9%3.6%-0.3%5.5%4.7%-0.7%兰花科创21.1%19.0%-2.1%3.0%2.8%-0.1%13.2%12.2%-1.0%4.9%4.0%-0.9%阳泉煤业6.2%5.7%-0.5%0.7%0.8%0.2%3.7%4.4%0.6%1.8%1.1%-0.7%淮北矿业22.1%6.7%-15.4%6.4%0.5%-6.0%15.4%6.2%-9.3%0.2%2.0%1.8%均值11.8%10.3%-1.5%3.

43、1%3.1%0.0%5.8%4.9%-1.0%2.9%2.3%-0.5%资料来源：wind，国盛证券研究所 HYPERLINK / HYPERLINK / 图表 23：煤企期间费用率历年走势图表 24：2019 年上半年煤企期间费用率排行资料来源：wind，国盛证券研究所资料来源：wind，国盛证券研究所偿债能力：现金流持续改善，偿债能力进一步提升公司的经营性活动现金流持续好转，偿债能力进一步改善，资产负债率小幅下降。现金流方面，2019 1014.2 23.1%；资产负债率方面，2019 49.4%1.3 个百分点；营业收入现金比方面，2019 20.1%2 HYPERLINK / HYPE

44、RLINK / 图表 25：煤企偿债能力（百万）经营性活动现金净额资产负债率经营性现金净额营业收入2018H2019H2018H2019H同比2018H2019H同比2018H2019H同比露天煤业1,6131,357-15.9%25.0%48.7%23.7%18.2%14.2%-4.0%陕西煤业6,35211,03473.7%44.9%42.2%-2.6%24.2%33.9%9.7%恒源煤电69397240.2%49.4%45.9%-3.5%22.0%29.3%7.3%新集能源2,1131,610-23.8%79.2%77.3%-1.9%46.3%35.0%-11.3%昊华能源1,6931,

45、003-40.7%41.0%36.3%-4.7%56.3%36.8%-19.5%中煤能源8,25610,24124.0%57.6%57.4%-0.2%16.4%16.8%0.3%上海能源6641,12869.8%34.7%40.4%5.7%19.4%30.7%11.3%中国神华31,93741,04328.5%34.8%28.7%-6.1%25.1%35.3%10.2%兖州煤业9,56311,92124.7%58.9%58.0%-0.9%12.5%11.2%-1.3%山煤国际7481,19860.0%79.0%76.1%-2.8%3.6%6.0%2.4%红阳能源49-88-279.4%66.8

46、%62.7%-4.1%1.3%-2.7%-4.0%大同煤业1,6941,606-5.2%62.2%59.1%-3.1%31.9%28.2%-3.7%郑州煤电146-305-308.6%59.5%67.3%7.8%6.1%-15.4%-21.5%大有能源807197-75.6%56.0%51.3%-4.6%20.9%6.6%-14.2%平庄能源-56720-103.5%18.2%29.4%11.2%-52.2%2.1%54.3%靖远煤电155340118.6%27.1%22.5%-4.7%7.1%16.7%9.6%安源煤业-253-44-82.6%89.2%88.3%-0.9%-11.8%-1.

47、7%10.1%西山煤电3,7443,639-2.8%61.4%62.3%0.9%24.5%21.5%-3.1%冀中能源58491256.3%53.2%51.4%-1.8%5.4%8.0%2.6%永泰能源3,0772,373-22.9%73.2%72.9%-0.3%28.8%24.5%-4.3%开滦股份1,3991,108-20.8%49.7%46.9%-2.8%14.0%10.2%-3.8%盘江股份69677010.7%46.2%49.5%3.3%23.6%23.4%-0.1%潞安环能6843,412399.0%66.0%62.7%-3.3%6.3%30.3%24.0%平煤股份1,8672,0

48、7611.2%67.3%69.9%2.5%19.6%17.0%-2.6%兰花科创664560-15.6%57.2%56.4%-0.9%16.3%13.6%-2.7%阳泉煤业400-866-316.5%57.7%49.1%-8.6%2.4%-5.6%-8.0%淮北矿业3,5894,20417.2%23.3%65.4%42.1%16.3%13.8%-2.5%小计82,368101,42123.1%50.7%49.4%-1.3%18.1%20.1%2.0%资料来源：wind，国盛证券研究所 HYPERLINK / HYPERLINK / 图表 26：煤企资产负债率及营业收入现金比历年走势图表 27：

49、2019 年上半年煤企资产负债率排行资料来源：wind，国盛证券研究所资料来源：wind，国盛证券研究所经营分析产销：产销量同比均小幅增长2019 年上半年煤企共生产原煤 5.16 亿吨，同比增长 4.3%；销量 7.09 亿吨，同比增长3.8%26 3.71 4.92 。28：煤企产销情况（万吨2018H2019H2018H2019H同比2018H2019H同比露天煤业2,5032,452-2.0%2,5112,463-1.9%陕西煤业5,2715,3701.9%6,5417,73018.2%恒源煤电541522-3.5%4504776.0%新集能源9129473.9%7758003.2%昊

50、华能源38563865.9%63970310.1%中煤能源3,6805,05637.4%7,92510,31530.2%上海能源396377-4.9%282247-12.4%中国神华14,58414,540-0.3%22,53021,710-3.6%兖州煤业5,3375,249-1.7%5,5505,529-0.4%山煤国际1,6871,8308.5%6,1955,879-5.1%红阳能源298281-5.7%296280-5.4%大同煤业1,2591,62929.4%1,0661,35026.6%郑州煤电403381-5.6%419371-11.5%大有能源788682-13.5%80664

51、1-20.5%平庄能源264250-13.4%靖远煤电495443-10.4%490433-11.6%安源煤业1021107.8%10999-9.3%西山煤电1,3371,48210.9%1,2181,3026.9%冀中能源1,3901,4484.1%1,4611,5345.0%永泰能源490413-15.7%485391-19.4%开滦股份407387-4.7%261226-13.6%盘江股份32236914.3%35739911.5%潞安环能1,9912,0543.2%1,6381,6722.1%平煤股份1,5311,434-6.3%1,0401,37131.8%兰花科创37646323.

52、3%34141621.8%阳泉煤业1,8852,0177.0%3,6173,432-5.1%淮北矿业1,1631,072-7.8%1,066902-15.4%合计49,53351,6474.3%68,33270,9193.8%合计（剔除34,94937,1076.2%45,80249,2097.4%神华）产量销量 HYPERLINK / HYPERLINK / 资料来源：各公司半年报，国盛证券研究所 HYPERLINK / HYPERLINK / 图表 29：2019 年上半年煤企原煤产量排行（剔除神华）（万吨）图表 30：2019 年上半年煤企产量增速排行资料来源：各公司半年报，国盛证券研究

53、所资料来源：各公司半年报，国盛证券研究所 HYPERLINK / HYPERLINK / 售价方面，2019 年上半年煤企吨煤综合售价 459 元/吨，同比下滑 0.4%；吨煤销售成本 309 元/吨，同比微涨 0.4%；吨煤销售毛利 150 元/吨，同比下滑 2.1%。图表 31：2019 年上半年煤企吨煤销售价格、销售成本、销售毛利情况（元/吨）吨煤综合售价吨煤销售成本吨煤销售毛利公司简称2018H2019H同比2018H2019H同比2018H2019H同比露天煤业12114116.3%567024.0%65719.6%陕西煤业3914125.5%恒源煤电653646-1.1%419410-2.1%2342360.8%新集能源488473-3.2%25629013.1%232183-21.2%昊华能源381344-9.6%156137-12.2%225207-7.8%中煤能源471447-5.2%333312-6.0%139134-3.2%上海能源97010518.3%46855017.6%502500-0.5%