发行人所在行业的地位分析及竞争优势.doc

《发行人所在行业的地位分析及竞争优势.doc》由会员分享，可在线阅读，更多相关《发行人所在行业的地位分析及竞争优势.doc（15页珍藏版）》请在得力文库 - 分享文档赚钱的网站上搜索。

1、发行人所在行业的地位分析及竞争优势(一)行业地位公司所生产的主要煤炭产品为肥煤，是我国稀有的炼焦煤资源，肥煤资源在我国煤炭资源储量中所占比例不足4%，公司作为全国主要肥煤基地，肥煤可采储量约占全国肥煤经济可开发剩余储量的10%左右。目前公司市场份额呈逐年上升趋势。开滦能源化工股份有限公司2009年度第一期短期融资券募集说明书66根据各上市公司披露资料，2008年山西焦化焦炭产量290万吨，安泰集团焦炭产量146.63万吨，云维股份焦炭产量300万吨。公司2008年焦炭产量305.07万吨，焦炭生产规模在上市公司中名列前茅，已基本形成“煤、焦、化”一体化产业链，加之所处的区位优势，整体竞争力较强

2、。2008年，跟据中国煤炭工业协会的统计，2008年公司所在的集团公司（开滦集团）按原煤产量排名为第15位。公司在沪、深煤炭类上市公司中，按照2008年末总资产和每股收益排名均为第10位。(二)公司竞争优势1.优良的煤炭品种公司两座矿井的煤炭品种分类都属于低灰、中高挥发分、特高发热量、特强粘结性的肥煤，是享誉国内外的名牌煤种。肥煤是我国煤炭资源的稀缺品种。在中国煤炭分类标准中，把开滦的肥煤作为分类标准的典型范例。2.优越的交通运输条件京山、大秦铁路贯穿公司矿区，205国道以及京沈、津唐、唐港三条高速公路贯穿和环绕矿区，秦皇岛港、塘沽港、京唐港棋布公司周围，并有铁路连通，形成了煤炭运输的多条通道

3、。公司焦化产业主要位于唐山京唐港开发区，京唐港已经具备1,200万吨的年吞吐能力，与国内通航的港口达40多个，国外可通达日本、韩国、朝鲜、俄罗斯及东南亚地区的18个港口。京唐港区域铁路、公路运输发达，坨港铁路与京沈、通坨、大秦铁路干线相连，唐港高速与京沈、唐津高速公路纵横相接，并毗邻相连秦皇岛、塘沽港，形成现代化综合运输网，且京唐港建有开滦业主码头，区位优势非常突出。公司原料、产品运输极其便利，拥有服务及时周到、库存低、交货时间短等长期竞争优势。3.经营的一体化随着公司京唐港煤化工园区的建设，公司“煤、焦、化”一体化的经营格局已经形成，炼焦及煤化工产业为煤炭业务提供了稳定、持续增长的市场。同时

4、，品质优良、供应稳定的精肥煤产品又进一步增强了公司炼焦及煤化工业务的市场竞争优势。开滦能源化工股份有限公司2009年度第一期短期融资券募集说明书67公司已经形成从煤炭开采、煤炭洗选到焦炭及煤化工产品加工完整的产业链。在建成迁安中化煤化工公司220万吨/年焦化厂的同时，正在全力推进京唐港煤化工园区建设，该园区200万吨/年焦化一期和20万吨/年焦炉煤气制甲醇一期工程已投产，200万吨/年焦化二期、20万吨/年焦炉煤气制甲醇二期工程、煤焦油深加工、粗苯精制等项目已经开工建设，逐步实现园区化、基地化、上下游产业一体化发展。这一发展模式的核心在于利用自身的煤炭资源优势，向下游延伸至焦炭，最终发展精细化

5、工产品，提高资源有效利用的附加值。4.全新的思维和理念推进管理的创新公司成立以来，便以建立现代企业制度为目标，坚持“创业、创新、创优”新理念，理顺了与控股股东的关系，健全和完善了符合现代企业制度要求的组织机构及内控制度，公司在传承开滦百年独特而深厚的管理、技术和文化底蕴的基础上，不断推进管理创新。5.规模化循环经济公司焦化产业按园区化发展，形成了独特的焦化产业规模优势。焦化产业炼焦用部分肥煤由公司自给，焦炉煤气用于生产甲醇，粗焦油、粗苯用于深加工，焦油加工产品洗油用作焦炉气洗苯，甲醇项目驰放气制氢用于苯加氢精制，干熄焦回收焦炭显热用于产生蒸汽及发电。园区统一配套公辅工程，各生产装置水、电、蒸汽

6、统一平衡，最大限度合理利用，实现节能最大化。通过园区内各项目的有序衔接，形成循环经济发展链条，实现资源的优化配置，降低运行成本，实现了园区的多联产，有助于降低行业周期性风险。6.领先的强强联合公司联合首钢组建迁安中化煤化工有限责任公司，主产品焦炭绝大部分供应首钢迁安钢铁公司，与首钢迁安钢铁基地形成协同发展的良好态势；联合唐钢和港兴实业组建唐山中润煤化工有限公司，一期工程主产品焦炭大部分供应唐钢；联合考伯斯、唐钢组建唐山考伯斯开滦炭素化工有限公司，建设30万吨/年焦油加工项目，引进考伯斯世界先进焦油加工技术，并利用考伯斯国际销售网络，扩大国际间贸易。通过大企业间强强联合，确保焦炭及化工产品销售环

7、节的顺畅，大大减少了销售费用和运输费用。资 产合 并母公司期末数期初数期末数期初数流动资产：货币资金2,670,218,494.501,123,159,376.841,532,917,810.80530,446,591.05交易性金融资产应收票据641,737,715.50677,491,344.42530,513,629.19415,444,300.00应收账款710,671,466.1648,804,751.80591,143,904.55123,744,910.80预付款项824,556,728.60380,190,808.16436,297,783.96200,609,747.91应收

8、利息应收股利其他应收款4,877,613.702,674,468.561,117,128.1718,520,871.23存 货381,071,733.03303,672,959.9981,655,479.6852,385,433.61一年内到期的非流动资产其他流动资产32,715.0032,715.00流动资产合计5,233,166,466.492,535,993,709.773,173,678,451.351,341,151,854.60非流动资产：可供出售金融资产持有至到期投资长期应收款长期股权投资1,347,202,797.001,080,469,098.50投资性房地产固定资产4,20

9、4,225,595.444,249,898,655.761,323,943,332.741,335,655,874.09在建工程1,771,217,621.13198,812,586.70903,089,097.71127,556,438.17工程物资9,263,447.10371,567.022,679,608.8927,223.00固定资产清理生产性生物资产油气资产无形资产439,357,769.49239,251,776.2778,580,004.6296,936,914.63开发支出商誉10,359,538.2310,359,538.23长期待摊费用递延所得税资产64,166,791.

10、1388,621,451.378,009,634.5050,524,002.06其他非流动资产非流动资产合计6,498,590,762.524,787,315,575.353,663,504,475.462,691,169,550.45资 产 总 计11,731,757,229.017,323,309,285.126,837,182,926.814,032,321,405.05负债和股东权益合并母公司期末数期初数期末数期初数流动负债：短期借款1,461,000,000.00916,000,000.00730,000,000.00385,000,000.00交易性金融负债应付票据172,988,

11、238.33211,250,000.0068,200,000.00应付账款1,882,589,741.87754,130,591.46603,582,260.37202,563,463.14预收款项78,969,892.3592,406,893.0333,692,966.1546,954,836.90应付职工薪酬79,774,202.2740,561,217.3871,945,574.1337,415,661.68应交税费108,053,882.01154,930,785.27181,301,083.7493,709,472.84应付利息应付股利其他应付款370,594,300.2333,62

12、4,499.9245,855,890.3513,277,816.14一年内到期的非流动负债648,500,000.0060,000,000.00其他流动负债流动负债小计4,802,470,257.062,262,903,987.061,734,577,774.74778,921,250.70非流动负债：长期借款1,881,960,000.001,616,170,000.00708,860,000.0055,570,000.00应付债券长期应付款专项应付款预计负债递延所得税负债37,343,132.7631,781,598.4436,704,792.6831,781,598.44其他非流动负债非

13、流动负债小计1,919,303,132.761,647,951,598.44745,564,792.6887,351,598.44负债合计6,721,773,389.823,910,855,585.502,480,142,567.42866,272,849.14股东权益：股本617,320,000.00561,200,000.00617,320,000.00561,200,000.00资本公积1,576,204,190.57955,836,810.571,576,204,190.57955,836,810.57减：库存股盈余公积505,108,049.66387,245,398.32505,1

14、08,049.66387,245,398.32未分配利润1,613,371,893.401,183,800,500.871,658,408,119.161,261,766,347.02外币报表折算差额归属于母公司股东权益小计4,312,004,133.633,088,082,709.764,357,040,359.393,166,048,555.91少数股东权益697,979,705.56324,370,989.86股东权益合计5,009,983,839.193,412,453,699.624,357,040,359.393,166,048,555.91负债和股东权益总计11,731,757,

15、229.017,323,309,285.126,837,182,926.814,032,321,405.05利润 表编制单位：开滦能源化工股份有限公司 2008年度单位:元 币种:人民币项目合 并母公司2008年度2007年度2008年度2007年度一、营业收入9,401,430,535.805,475,205,392.793,464,370,857.922,298,418,287.85减：营业成本7,130,505,336.834,065,259,802.211,807,458,411.801,293,418,429.13营业税金及附加108,472,323.9972,694,672.476

16、8,476,408.4250,744,177.46销售费用143,073,195.03106,821,592.08121,769,175.8787,601,241.20管理费用584,140,502.40309,625,296.71372,690,092.34144,730,036.67财务费用192,859,733.32113,109,699.0528,353,273.689,470,257.09资产减值损失107,155,306.19-361,621.3623,731,449.114,167,126.75加：公允价值变动收益(损失以“-”号填列)投资收益(损失以“-”号填列)295,898

17、.843,346,165.85295,898.843,346,165.85其中：对联营企业和合营企业的投资收益二、营业利润（亏损以“-”号填列）1,135,520,036.88811,402,117.481,042,187,945.54711,633,185.40加：营业外收入3,118,277.03590,765.116,755,447.6079,626,128.43减：营业外支出3,743,191.299,805,390.252,366,577.513,923,919.21其中：非流动资产处置损失2,198,455.697,769,211.532,198,455.693,231,919.2

18、1三、利润总额（亏损总额以“-”号填列）1,134,895,122.62802,187,492.341,046,576,815.63787,335,394.62减：所得税费用276,796,033.75146,984,022.40251,472,392.15124,757,969.34四、净利润（净亏损以“-”号填列）858,099,088.87655,203,469.94795,104,423.48662,577,425.28其中:归属于母公司股东的净利润828,034,043.87623,948,140.35795,104,423.48662,577,425.28同一控制下企业合并合并日前

19、净利润少数股东损益30,065,045.0031,255,329.59五、每股收益：（一）基本每股收益1.461.111.411.18（二）稀释每股收益1.461.111.411.18项目合并母公司2008年度2007年度2008年度2007年度一.经营活动产生的现金流量销售商品、提供劳务收到的现金10,121,325,767.435,859,959,945.643,346,040,081.212,479,893,231.75收到的税费返还收到的与其他经营活动有关的现金17,017,761.452,683,160.2548,679,452.571,052,759.85经营活动现金流入小计10,

20、138,343,528.885,862,643,105.893,394,719,533.782,480,945,991.60购买商品、接受劳务支付的现金6,184,079,302.883,347,563,753.07909,998,369.37707,423,579.72支付给职工以及为职工支付的现金1,055,793,738.35818,658,637.67951,578,166.24739,834,509.08支付的各项税费1,163,351,984.39604,615,437.29551,299,044.55401,058,118.65支付的其他与经营活动有关的现金102,431,957

21、.5273,157,701.1160,473,030.6569,410,959.90经营活动现金流出小计8,505,656,983.144,843,995,529.142,473,348,610.811,917,727,167.35经营活动产生的现金流量净额1,632,686,545.741,018,647,576.75921,370,922.97563,218,824.25二.投资活动产生的现金流量收回投资所收到的现金923,193.846,904,748.85923,193.846,904,748.85取得投资收益所收到的现金处置固定资产、无形资产和其他长期资产而收到的现金9,348,74

22、6.05794,065.809,083,276.30794,065.80处置子公司及其他营业单位收到的现金净额收到的与其他与投资活动有关的现金投资活动现金流入小计10,271,939.897,698,814.6510,006,470.147,698,814.65购建固定资产、无形资产和其他长期资产所支付的现金1,956,008,323.401,191,824,257.381,002,780,286.70517,722,044.29投资所支付的现金660,010.003,558,583.00660,010.003,558,583.00取得子公司及其他营业单位支付的现金净额247,079,098.

23、50276,599,198.50支付的其他与投资活动有关的现金投资活动现金流出小计1,956,668,333.401,195,382,840.381,250,519,395.20797,879,825.79投资活动产生的现金流量净额-1,946,396,393.51-1,187,684,025.73-1,240,512,925.06-790,181,011.14三.筹资活动产生的现金流量吸收投资所收到的现金909,932,470.7070,283,042.30628,788,800.00其中：子公司吸收少数股东投资收到的现金281,143,670.7070,283,042.30取得借款收到的现

24、金2,532,000,000.002,116,600,000.001,440,000,000.00385,000,000.00收到的其他与筹资活动有关的现金127,550,000.0017,142,062.0050,550,000.0017,142,062.00筹资活动现金流入小计3,569,482,470.702,204,025,104.302,119,338,800.00402,142,062.00偿还债务所支付的现金1,132,710,000.001,597,630,000.00441,710,000.00331,350,000.00分配股利、利润或偿付利息所支付的现金502,750,7

25、63.37330,352,954.52353,657,458.16189,108,146.97其中：子公司支付给少数股东的股利、利润支付的其他与筹资活动有关的现金72,358,120.00400,000.002,358,120.00400,000.00筹资活动现金流出小计1,707,818,883.371,928,382,954.52797,725,578.16520,858,146.97筹资活动产生的现金流量净额1,861,663,587.33275,642,149.781,321,613,221.84-118,716,084.97四.汇率变动对现金及现金等价物的影响额-894,621.90

26、-91,730.04五.现金及现金等价物的净增加额1,547,059,117.66106,513,970.761,002,471,219.75-345,678,271.86加:期初现金及现金等价物金额1,123,159,376.841,016,645,406.08530,446,591.05876,124,862.91六.期末现金及现金等价物余额2,670,218,494.501,123,159,376.841,532,917,810.80530,446,591.05项 目合 并母公司期末余额期初余额期末余额期初余额流动资产：货币资金1,994,535,851.792,670,218,494.

27、50982,918,629.751,532,917,810.80交易性金融资产应收票据1,976,358,607.69641,737,715.501,394,673,759.91530,513,629.19应收账款160,112,592.19710,671,466.16134,837,344.76591,143,904.55预付款项225,927,642.00824,556,728.6088,739,872.00436,297,783.96应收利息应收股利其他应收款12,084,678.964,877,613.7037,127,260.901,117,128.17存 货789,386,173.

28、32381,071,733.0384,630,127.1581,655,479.68一年内到期的非流动资产其他流动资产32,715.0032,715.00流动资产合计5,158,405,545.955,233,166,466.492,722,926,994.473,173,678,451.35非流动资产：可供出售金融资产持有至到期投资长期应收款长期股权投资4,000,000.002,097,203,071.731,347,202,797.00投资性房地产固定资产7,253,108,019.894,099,525,266.411,394,910,192.621,221,796,364.02在建工

29、程461,000,732.611,771,217,621.13267,976,416.92903,089,097.71工程物资811,448.629,263,447.102,679,608.89固定资产清理生产性生物资产油气资产无形资产501,856,543.54439,357,769.4974,939,232.2178,580,004.62开发支出商誉10,359,538.2310,359,538.23长期待摊费用递延所得税资产46,383,489.3464,166,791.137,041,728.108,009,634.50其他非流动资产非流动资产合计8,277,519,772.236,3

30、93,890,433.493,842,070,641.583,561,357,506.74资 产 总 计13,435,925,318.1811,627,056,899.986,564,997,636.056,735,035,958.09项 目合 并母公司期末余额期初余额期末余额期初余额流动负债：短期借款1,475,827,892.431,461,000,000.00230,000,000.00730,000,000.00交易性金融负债应付票据343,968,679.18172,988,238.3368,200,000.00应付账款1,536,747,446.361,882,589,741.87

31、349,306,793.36603,582,260.37预收款项147,485,732.6478,969,892.3588,792,709.7333,692,966.15应付职工薪酬96,732,262.0379,774,202.2780,203,322.8271,945,574.13应交税费-121,306,348.73108,053,882.0125,503,667.30181,301,083.74应付利息7,332,499.477,229,444.00应付股利其他应付款416,599,966.47370,594,300.2350,963,310.9145,855,890.35一年内到期的

32、非流动负债275,210,000.00648,500,000.0066,710,000.00其他流动负债700,000,000.00700,000,000.00流动负债合计4,878,598,129.854,802,470,257.061,598,709,248.121,734,577,774.74非流动负债：长期借款2,750,040,000.001,881,960,000.005,440,000.00708,860,000.00应付债券长期应付款专项应付款预计负债递延所得税负债19,836,669.7419,701,414.63其他非流动负债非流动负债合计2,769,876,669.741

33、,881,960,000.0025,141,414.63708,860,000.00负债合计7,648,474,799.596,684,430,257.061,623,850,662.752,443,437,774.74股东权益：股本1,234,640,000.00617,320,000.001,234,640,000.00617,320,000.00资本公积975,984,190.571,576,204,190.57975,984,190.571,576,204,190.57减：库存股专项储备75,684,470.2944,939,322.8474,737,834.1844,672,202.

34、01盈余公积552,795,764.61443,918,690.94552,795,764.61443,918,690.94一般风险储备未分配利润2,153,384,511.331,562,696,382.022,102,989,183.941,609,483,099.83外币报表折算差额95,012.89归属于母公司股东权益合计4,992,583,949.694,245,078,586.374,941,146,973.304,291,598,183.35少数股东权益794,866,568.90697,548,056.55股东权益合计5,787,450,518.594,942,626,642.

35、924,941,146,973.304,291,598,183.35负债和股东权益总计13,435,925,318.1811,627,056,899.986,564,997,636.056,735,035,958.09项目合 并母公司本期金额上期金额本期金额上期金额一、营业总收入10,976,710,202.519,401,430,535.803,922,892,916.793,464,370,857.92其中：营业收入10,976,710,202.519,401,430,535.803,922,892,916.793,464,370,857.92二、营业总成本9,795,235,154.34

36、8,288,988,667.542,919,498,375.222,442,171,588.20其中：营业成本8,832,784,379.807,153,301,499.132,428,585,336.681,827,165,081.30营业税金及附加86,480,152.09108,472,323.9972,539,456.7968,476,408.42销售费用152,463,463.39143,073,195.03104,083,186.79121,769,175.87管理费用566,587,190.62584,126,609.88309,432,511.46372,676,199.82财

37、务费用183,789,178.76192,859,733.3226,912,114.7028,353,273.68资产减值损失-26,869,210.32107,155,306.19-22,054,231.2023,731,449.11加：公允价值变动收益(损失以“-”号填列)投资收益(损失以“-”号填列)780,680.86295,898.84780,680.86295,898.84其中：对联营企业和合营企业的投资收益汇兑收益（损失以“-”号填列）三、营业利润（亏损以“-”号填列）1,182,255,729.031,112,737,767.101,004,175,222.431,022,49

38、5,168.56加：营业外收入3,926,825.263,118,277.033,059,193.396,755,447.60减：营业外支出11,318,192.783,743,191.297,790,596.952,366,577.51其中：非流动资产处置损失8,249,014.572,198,455.697,098,864.372,198,455.69四、利润总额（亏损总额以“-”号填列）1,174,864,361.511,112,112,852.84999,443,818.871,026,884,038.65减：所得税费用315,102,047.33271,234,499.43273,5

39、96,661.09246,549,197.91五、净利润（净亏损以“-”号填列）859,762,314.18840,878,353.41725,847,157.78780,334,840.74归属于母公司股东的净利润823,029,202.98811,513,969.08725,847,157.78780,334,840.74少数股东损益36,733,111.2029,364,384.33六、每股收益：（一）基本每股收益0.670.720.590.69（二）稀释每股收益0.670.720.590.69七、其他综合收益186,297.61八、综合收益总额859,948,611.79840,878,353.41725,847,157.78780,334,840.74归属于母公司所有者的综合收益总额823,124,215.87811,513,969.08725,847,157.78780,334,84