截至8月31日，滬深兩市3344家上(shang)市公司已全(quan)部(bu)披露完(wan)上(shang)半年財務(wu)數據。上(shang)半年A股整體實現總營收18.13萬億元，較去年同(tong)期增(zeng)(zeng)長(chang)(chang)19.85%；實現凈利潤1.67萬億元，同(tong)比增(zeng)(zeng)長(chang)(chang)16.37%。從行業(ye)(ye)業(ye)(ye)績來看，大部(bu)分(fen)行業(ye)(ye)指標向(xiang)好。凈利潤同(tong)比增(zeng)(zeng)長(chang)(chang)排名居前的(de)鋼鐵、采掘(jue)、建筑材料和有(you)色金屬等(deng)四行業(ye)(ye)凈利潤同(tong)比增(zeng)(zeng)長(chang)(chang)分(fen)別達到(dao)324.42%、313.89%、133.52%和120.12%。由此可見，通過國家政策(ce)的(de)引(yin)導，供(gong)給側(ce)結構(gou)性(xing)改革為周期性(xing)行業(ye)(ye)帶來了全(quan)新活力。
從化肥行業(ye)(ye)來看(kan)，在農(nong)業(ye)(ye)供(gong)給側結構性改革的推動(dong)下，化(hua)肥(fei)行業(ye)(ye)雖然整體(ti)產能依然過(guo)剩(sheng)，市(shi)場(chang)競爭激烈，但從記者統計的2017年(nian)化(hua)肥(fei)上(shang)市(shi)公(gong)(gong)司(si)(si)(si)的半年(nian)報來看(kan)，26家(jia)(jia)化(hua)肥(fei)上(shang)市(shi)公(gong)(gong)司(si)(si)(si)的凈利(li)潤和毛(mao)利(li)率同比(bi)均出現增長(chang)。2017年(nian)上(shang)半年(nian)25家(jia)(jia)化(hua)肥(fei)上(shang)市(shi)公(gong)(gong)司(si)(si)(si)的凈利(li)潤總額達(da)(da)到(dao)(dao)933833.63萬(wan)元(yuan)，同比(bi)增加767749.30萬(wan)元(yuan)，增幅達(da)(da)到(dao)(dao)82.21%；行業(ye)(ye)平均毛(mao)利(li)率達(da)(da)到(dao)(dao)16.78%，同比(bi)增加4.21%。在26家(jia)(jia)企業(ye)(ye)中，僅有6家(jia)(jia)公(gong)(gong)司(si)(si)(si)業(ye)(ye)績出現虧(kui)損，占比(bi)僅為23%，而去(qu)年(nian)同期虧(kui)損的公(gong)(gong)司(si)(si)(si)則達(da)(da)到(dao)(dao)11家(jia)(jia)。
2017年上半年化肥上市公司凈利潤增長排名
氮肥 答卷漂亮，化工給力
從2017年上半年化(hua)肥上市公司(si)的(de)凈利潤增長(chang)排名(ming)可以(yi)看出，氮肥企業(ye)凈利潤增長(chang)幅度最(zui)大。華魯恒升、魯西化(hua)工等企業(ye)的(de)凈利潤維持(chi)(chi)持(chi)(chi)續增長(chang)，滄州大化(hua)、陽煤化(hua)工、赤天化(hua)、四川美豐(feng)等企業(ye)均實現扭虧為盈。
作為2017年上半年凈利潤增(zeng)幅(fu)最(zui)大的化肥企業，華魯恒升上半年實現營(ying)業收入47.14億元，同比(bi)增(zeng)長21.5%；實現歸屬(shu)于上市公(gong)司股(gu)東凈利潤5.46億元，同比(bi)增(zeng)長11.3%；其中二季度(du)單季實現營(ying)業收入22.55億元，歸母凈利2.32 億元。
華魯恒升表示，產品價格上漲是帶動業績增長的主要因素。截至8月份，華魯恒升主要產品漲價明顯。其中尿素出廠(chang)價(jia)1450元(yuan)/噸，較(jiao)去(qu)年同(tong)期1120元(yuan)/噸上(shang)(shang)(shang)(shang)漲了(le)29.4%；二甲基甲酰(xian)胺出廠(chang)價(jia)5850元(yuan)/噸，較(jiao)去(qu)年同(tong)期的4300元(yuan)/噸上(shang)(shang)(shang)(shang)漲了(le)36.0%；醋酸出廠(chang)價(jia)2825元(yuan)/噸，較(jiao)去(qu)年同(tong)期1875元(yuan)/噸上(shang)(shang)(shang)(shang)漲了(le)50.7%；正(zheng)丁醇華(hua)東市場(chang)均價(jia)7660元(yuan)/噸，較(jiao)去(qu)年同(tong)期的5375 元(yuan)/噸上(shang)(shang)(shang)(shang)漲了(le)42.5%。受(shou)(shou)產品(pin)銷售價(jia)格較(jiao)去(qu)年同(tong)期上(shang)(shang)(shang)(shang)升影響(xiang)(xiang)，公司營(ying)收同(tong)比增長(chang)21.49%，受(shou)(shou)煤炭、苯、丙烯(xi)等原材料價(jia)格上(shang)(shang)(shang)(shang)漲影響(xiang)(xiang)，公司營(ying)業成(cheng)本同(tong)比增長(chang)24.6%，公司實現毛利率19.1%。
華魯恒(heng)升作為國內煤化工標桿企業，實現用(yong)煙煤氣化制尿素的技(ji)(ji)術突破，雖然尿素成本(ben)相比(bi)固定(ding)床技(ji)(ji)術便宜200-300元(yuan)/噸，優勢明顯，但(dan)上(shang)半(ban)年肥料營收(shou)同比(bi)減少18.11%，有機胺、己(ji)二酸(suan)及(ji)中間品、醋酸(suan)及(ji)衍生品、多元(yuan)醇(chun)營業收(shou)入分別同增(zeng)24.56%、52.12%、33.22%、15.67%。由此可見(jian)，華魯恒(heng)升業績實現增(zeng)長的主要原因還(huan)是化工產品價(jia)格上(shang)漲的帶(dai)動。
魯西(xi)化(hua)工同樣表(biao)示(shi)，化(hua)工品(pin)中多個(ge)品(pin)種的價(jia)(jia)差回升是帶動公(gong)司(si)盈利能(neng)力(li)大幅(fu)回升的主(zhu)要因素。公(gong)司(si)的正丁醇(chun)、辛醇(chun)、甲(jia)酸、聚碳(tan)酸酯、燒堿均在今年出現了價(jia)(jia)差回升的情況，盈利能(neng)力(li)得到加強(qiang)。由于(yu)公(gong)司(si)的燒堿、聚碳(tan)酸酯因產能(neng)投放而(er)增加銷量，同時(shi)幾(ji)種化(hua)工品(pin)的價(jia)(jia)差水平也大幅(fu)提升，今年上半年公(gong)司(si)業績增長(chang)主(zhu)要來自(zi)于(yu)價(jia)(jia)差回升，其(qi)次來自(zi)于(yu)銷量增加。
今年(nian)上(shang)(shang)(shang)半(ban)(ban)年(nian)魯西化(hua)(hua)(hua)(hua)(hua)工(gong)(gong)實現營業收(shou)入72.88 億(yi)元(yuan)(yuan)，同(tong)比(bi)(bi)增(zeng)(zeng)長42.50%，歸屬于(yu)上(shang)(shang)(shang)市公(gong)司凈(jing)利(li)(li)(li)潤5.51億(yi)元(yuan)(yuan)，同(tong)比(bi)(bi)增(zeng)(zeng)長330.38%，扣非后凈(jing)利(li)(li)(li)潤5.36 億(yi)元(yuan)(yuan)，同(tong)比(bi)(bi)增(zeng)(zeng)長417.38%。公(gong)司預計今年(nian)前三季(ji)度凈(jing)利(li)(li)(li)潤7.5-8.5億(yi)元(yuan)(yuan)，同(tong)比(bi)(bi)增(zeng)(zeng)長317.87%-373.59%。魯西化(hua)(hua)(hua)(hua)(hua)工(gong)(gong)表示，自2006年(nian)開始轉(zhuan)型化(hua)(hua)(hua)(hua)(hua)肥(fei)+化(hua)(hua)(hua)(hua)(hua)工(gong)(gong)雙線并舉，2017年(nian)上(shang)(shang)(shang)半(ban)(ban)年(nian)化(hua)(hua)(hua)(hua)(hua)工(gong)(gong)產(chan)(chan)品(pin)(pin)占(zhan)比(bi)(bi)持續(xu)提升，達到77.9%，較去(qu)年(nian)同(tong)期(qi)大(da)(da)幅提升30.3個百分點(dian)，公(gong)司未(wei)來將(jiang)持續(xu)以二八戰(zhan)略為(wei)導向（化(hua)(hua)(hua)(hua)(hua)肥(fei)占(zhan)比(bi)(bi)20%、化(hua)(hua)(hua)(hua)(hua)工(gong)(gong)產(chan)(chan)品(pin)(pin)占(zhan)比(bi)(bi)80%），化(hua)(hua)(hua)(hua)(hua)工(gong)(gong)將(jiang)成為(wei)主要的(de)盈利(li)(li)(li)增(zeng)(zeng)長點(dian)。目(mu)前絕大(da)(da)多數化(hua)(hua)(hua)(hua)(hua)工(gong)(gong)產(chan)(chan)品(pin)(pin)基本(ben)可以達到滿負荷生產(chan)(chan)，化(hua)(hua)(hua)(hua)(hua)工(gong)(gong)產(chan)(chan)品(pin)(pin)銷量也(ye)同(tong)時增(zeng)(zeng)加(jia)。上(shang)(shang)(shang)半(ban)(ban)年(nian)化(hua)(hua)(hua)(hua)(hua)工(gong)(gong)產(chan)(chan)品(pin)(pin)營收(shou)達到56.76億(yi)元(yuan)(yuan)，同(tong)比(bi)(bi)增(zeng)(zeng)長133.30%，毛利(li)(li)(li)率達到22.73%，較去(qu)年(nian)同(tong)期(qi)上(shang)(shang)(shang)漲9.66%；化(hua)(hua)(hua)(hua)(hua)肥(fei)業務方(fang)面，上(shang)(shang)(shang)半(ban)(ban)年(nian)毛利(li)(li)(li)僅(jin)有(you)1.462億(yi)元(yuan)(yuan)，較去(qu)年(nian)同(tong)期(qi)下降(jiang)54.5%，但是毛利(li)(li)(li)占(zhan)比(bi)(bi)僅(jin)有(you)10.5%，因此在化(hua)(hua)(hua)(hua)(hua)工(gong)(gong)業務產(chan)(chan)銷兩旺(wang)的(de)影(ying)響下，公(gong)司上(shang)(shang)(shang)半(ban)(ban)年(nian)實現歸母凈(jing)利(li)(li)(li)潤5.51億(yi)元(yuan)(yuan)，同(tong)比(bi)(bi)增(zeng)(zeng)長330.38%。
陽煤化工在2017年上半年實現扭虧為盈。公司實現營業收入107.05 億元，比同期94.78億元增加12.27億元；實現利潤總額1.02億元，比同期-4.02億元增加 5.04億元。公司報告期內，生產尿素193.67萬噸，甲醇38.16萬噸，燒堿19.75萬噸，丁辛醇12.74萬噸，復合肥7萬噸(dun)，聚氯乙(yi)烯(xi)9.79萬噸(dun)，雙氧水15萬噸(dun)，丙烯(xi)6.98萬噸(dun)，乙(yi)二(er)醇(chun) 7 萬噸(dun)。
陽煤(mei)(mei)(mei)(mei)化(hua)(hua)(hua)(hua)工(gong)(gong)(gong)(gong)表示，面對(dui)嚴峻的(de)行業形(xing)勢，公(gong)(gong)(gong)(gong)司積極(ji)應對(dui)并采取有(you)(you)(you)(you)效措施，實(shi)(shi)施產業結構調整，主要是通過剝離不(bu)良(liang)資產實(shi)(shi)現(xian)扭虧為(wei)盈。2017年(nian)雖然傳統(tong)煤(mei)(mei)(mei)(mei)化(hua)(hua)(hua)(hua)工(gong)(gong)(gong)(gong)產品(pin)價格(ge)有(you)(you)(you)(you)所上(shang)升，但原材料(liao)尤其是煤(mei)(mei)(mei)(mei)炭(tan)價格(ge)也(ye)同步上(shang)漲，導致(zhi)公(gong)(gong)(gong)(gong)司盈利能力(li)(li)仍(reng)然偏低。在這一(yi)背景下(xia)，陽煤(mei)(mei)(mei)(mei)化(hua)(hua)(hua)(hua)工(gong)(gong)(gong)(gong)再次將(jiang)加碼新型煤(mei)(mei)(mei)(mei)化(hua)(hua)(hua)(hua)工(gong)(gong)(gong)(gong)提上(shang)日程，一(yi)方面，陽煤(mei)(mei)(mei)(mei)化(hua)(hua)(hua)(hua)工(gong)(gong)(gong)(gong)董事會擬定將(jiang)從陽煤(mei)(mei)(mei)(mei)集(ji)(ji)團(tuan)(tuan)(tuan)手中(zhong)收購(gou)陽煤(mei)(mei)(mei)(mei)集(ji)(ji)團(tuan)(tuan)(tuan)壽陽化(hua)(hua)(hua)(hua)工(gong)(gong)(gong)(gong)有(you)(you)(you)(you)限責(ze)任公(gong)(gong)(gong)(gong)司，用以完(wan)成陽煤(mei)(mei)(mei)(mei)集(ji)(ji)團(tuan)(tuan)(tuan)對(dui)解決同業競爭問(wen)題的(de)承諾。另(ling)一(yi)方面，陽煤(mei)(mei)(mei)(mei)化(hua)(hua)(hua)(hua)工(gong)(gong)(gong)(gong)將(jiang)盈利能力(li)(li)弱、環保壓(ya)力(li)(li)大、缺乏市場競爭力(li)(li)的(de)子公(gong)(gong)(gong)(gong)司予以轉讓。其中(zhong)包括：陽煤(mei)(mei)(mei)(mei)集(ji)(ji)團(tuan)(tuan)(tuan)深州化(hua)(hua)(hua)(hua)肥(fei)有(you)(you)(you)(you)限公(gong)(gong)(gong)(gong)司51%股(gu)權(quan)、陽煤(mei)(mei)(mei)(mei)集(ji)(ji)團(tuan)(tuan)(tuan)淄博齊魯第一(yi)化(hua)(hua)(hua)(hua)肥(fei)有(you)(you)(you)(you)限公(gong)(gong)(gong)(gong)司100%股(gu)權(quan)、陽煤(mei)(mei)(mei)(mei)集(ji)(ji)團(tuan)(tuan)(tuan)和順化(hua)(hua)(hua)(hua)工(gong)(gong)(gong)(gong)有(you)(you)(you)(you)限公(gong)(gong)(gong)(gong)86.2%股(gu)權(quan)、石(shi)家莊中(zhong)冀正(zheng)元(yuan)化(hua)(hua)(hua)(hua)工(gong)(gong)(gong)(gong)有(you)(you)(you)(you)限公(gong)(gong)(gong)(gong)司51.5%股(gu)權(quan)。上(shang)述4家企業2016全年(nian)凈利潤只為(wei)-4.51億(yi)元(yuan)，占陽煤(mei)(mei)(mei)(mei)化(hua)(hua)(hua)(hua)工(gong)(gong)(gong)(gong)凈利潤的(de)40.43%。
滄(cang)(cang)州大(da)化上半年實(shi)現營(ying)(ying)業收入20.68億元(yuan)，同(tong)(tong)比(bi)增(zeng)長(chang)83.83%。實(shi)現歸屬于上市公(gong)司(si)股(gu)東的(de)(de)(de)(de)凈利潤(run)65608萬元(yuan)，比(bi)上年同(tong)(tong)期增(zeng)加 67871 萬元(yuan)。滄(cang)(cang)州大(da)化表示，報告期內(nei)公(gong)司(si)業績大(da)增(zeng)主(zhu)(zhu)要(yao)是因(yin)為(wei)(wei)主(zhu)(zhu)營(ying)(ying)業務產(chan)品(pin)(pin)甲苯二異氰酸(suan)酯和離子膜燒堿售價(jia)同(tong)(tong)比(bi)大(da)幅上漲，營(ying)(ying)業收入、毛(mao)利率相應(ying)大(da)幅增(zeng)加所致。此(ci)(ci)外，公(gong)司(si)公(gong)告稱(cheng)，為(wei)(wei)認真落實(shi)河北省政府(fu)關于危化品(pin)(pin)生產(chan)企業搬遷改造(zao)工(gong)作(zuo)的(de)(de)(de)(de)通知要(yao)求及滄(cang)(cang)州市政府(fu)有關城市規(gui)劃(hua)的(de)(de)(de)(de)工(gong)作(zuo)方案，同(tong)(tong)時鑒(jian)于相對于國內(nei)煤頭尿(niao)素(su)裝(zhuang)置，公(gong)司(si)天然氣為(wei)(wei)原料(liao)的(de)(de)(de)(de)尿(niao)素(su)裝(zhuang)置成本(ben)較高(gao)，競爭力低下的(de)(de)(de)(de)原因(yin)，公(gong)司(si)決定對尿(niao)素(su)裝(zhuang)置進行全(quan)面(mian)停產(chan)。公(gong)司(si)表示，由于尿(niao)素(su)產(chan)品(pin)(pin)占公(gong)司(si)營(ying)(ying)收比(bi)例較小，同(tong)(tong)時利潤(run)為(wei)(wei)負(fu)，因(yin)此(ci)(ci)尿(niao)素(su)裝(zhuang)置的(de)(de)(de)(de)全(quan)面(mian)停產(chan)不會(hui)對公(gong)司(si)的(de)(de)(de)(de)經營(ying)(ying)狀(zhuang)況產(chan)生重大(da)影響。
點評
2017年上半年氮肥(fei)(fei)上市公司業(ye)(ye)(ye)績(ji)呈(cheng)現(xian)整體增長態(tai)勢，主要(yao)得益(yi)于企業(ye)(ye)(ye)產(chan)(chan)品(pin)價格(ge)(ge)的回(hui)(hui)升(sheng)。在經歷(li)2016年行(xing)業(ye)(ye)(ye)產(chan)(chan)品(pin)市場持(chi)續低迷后，受原料煤碳價格(ge)(ge)上漲及(ji)行(xing)業(ye)(ye)(ye)去產(chan)(chan)能(neng)等因(yin)素影(ying)響(xiang)，報告期內氮肥(fei)(fei)行(xing)業(ye)(ye)(ye)整體開工率維持(chi)低位，價格(ge)(ge)整體波(bo)動不大，但化工產(chan)(chan)品(pin)盈利(li)能(neng)力(li)大幅增長，相關企業(ye)(ye)(ye)加大了化工產(chan)(chan)品(pin)的生產(chan)(chan)，反(fan)而減少了尿素的供應，所以氮肥(fei)(fei)企業(ye)(ye)(ye)業(ye)(ye)(ye)績(ji)明(ming)顯(xian)回(hui)(hui)升(sheng)主要(yao)原因(yin)并非是(shi)氮肥(fei)(fei)產(chan)(chan)品(pin)的貢獻，主要(yao)得益(yi)于化工產(chan)(chan)品(pin)價格(ge)(ge)的大幅回(hui)(hui)升(sheng)。總體看(kan)，氮肥(fei)(fei)行(xing)業(ye)(ye)(ye)產(chan)(chan)能(neng)過剩的局面(mian)還未徹底(di)改變(bian)，化肥(fei)(fei)及(ji)傳統化工行(xing)業(ye)(ye)(ye)仍(reng)面(mian)臨(lin)較強的生存壓力(li)。
