煤电同(tong)增(zeng)撬(qiao)动总建(jian)(jian)(jian)筑(zhu)面积(ji)(ji)年(nian)(nian)(nian)薪水(shui)促(cu)进，注意存(cun)储(chu)及新(xin)砌的(de)(de)(de)矿山(shan)，确保“定(ding)增(zeng)”企业信用(yong)评(ping)级。总部(bu)推送2023 工商(shang)年(nian)(nian)(nian)报(bao)及2024 年(nian)(nian)(nian)一期(qi)报(bao)，2023 年(nian)(nian)(nian)总部(bu)构(gou)(gou)建(jian)(jian)(jian)总建(jian)(jian)(jian)筑(zhu)面积(ji)(ji)年(nian)(nian)(nian)薪水(shui)301.2 万(wan)(wan)上(shang)(shang)(shang)亿(yi)美(mei)(mei)金(jin)(jin)(jin)，相(xiang)(xiang)(xiang)比(bi)(bi)-15.3%；构(gou)(gou)建(jian)(jian)(jian)归(gui)母(mu)纯的(de)(de)(de)毛(mao)利(li)率(lv)(lv)(lv)来(lai)源空(kong)(kong)间22.7 万(wan)(wan)上(shang)(shang)(shang)亿(yi)美(mei)(mei)金(jin)(jin)(jin)，相(xiang)(xiang)(xiang)比(bi)(bi)+18.7%。在其中2023Q4 构(gou)(gou)建(jian)(jian)(jian)总建(jian)(jian)(jian)筑(zhu)面积(ji)(ji)年(nian)(nian)(nian)薪水(shui)81.4 万(wan)(wan)上(shang)(shang)(shang)亿(yi)美(mei)(mei)金(jin)(jin)(jin)，环(huan)比(bi)(bi)延长率(lv)(lv)(lv)环(huan)比(bi)(bi)延长+1.8%，构(gou)(gou)建(jian)(jian)(jian)归(gui)母(mu)纯的(de)(de)(de)毛(mao)利(li)率(lv)(lv)(lv)来(lai)源空(kong)(kong)间6.4 万(wan)(wan)上(shang)(shang)(shang)亿(yi)美(mei)(mei)金(jin)(jin)(jin)，环(huan)比(bi)(bi)延长率(lv)(lv)(lv)环(huan)比(bi)(bi)延长+5.0%。2024Q1总部(bu)构(gou)(gou)建(jian)(jian)(jian)总建(jian)(jian)(jian)筑(zhu)面积(ji)(ji)年(nian)(nian)(nian)薪水(shui)73.2 万(wan)(wan)上(shang)(shang)(shang)亿(yi)美(mei)(mei)金(jin)(jin)(jin)，相(xiang)(xiang)(xiang)比(bi)(bi)+3.6%，构(gou)(gou)建(jian)(jian)(jian)归(gui)母(mu)纯的(de)(de)(de)毛(mao)利(li)率(lv)(lv)(lv)来(lai)源空(kong)(kong)间4.7 万(wan)(wan)上(shang)(shang)(shang)亿(yi)美(mei)(mei)金(jin)(jin)(jin)，相(xiang)(xiang)(xiang)比(bi)(bi)+11.4%。决定(ding)到(dao)2024 年(nian)(nian)(nian)迄(qi)今为(wei)止整个市(shi)场(chang)煤价下滑，当(dang)我们下跌2024-2025 年(nian)(nian)(nian)能(neng)推测(ce)(ce)并新(xin)批2026 年(nian)(nian)(nian)能(neng)推测(ce)(ce)，平均(jun)2024-2026 年(nian)(nian)(nian)构(gou)(gou)建(jian)(jian)(jian)归(gui)母(mu)纯的(de)(de)(de)毛(mao)利(li)率(lv)(lv)(lv)来(lai)源空(kong)(kong)间24.1/26.0/27.1 万(wan)(wan)上(shang)(shang)(shang)亿(yi)美(mei)(mei)金(jin)(jin)(jin)（2024-2025 万(wan)(wan)年(nian)(nian)(nian)前数值为(wei)25.1/26.6 万(wan)(wan)上(shang)(shang)(shang)亿(yi)美(mei)(mei)金(jin)(jin)(jin)），相(xiang)(xiang)(xiang)比(bi)(bi)+6.4%/+8.0%/+4.0%；EPS 为(wei)0.11/0.12/0.12 元，各自某些股值PE 为(wei)12.2/11.3/10.8 倍(bei)，总部(bu)煤电相(xiang)(xiang)(xiang)容销售经营机制(zhi)帮助总建(jian)(jian)(jian)筑(zhu)面积(ji)(ji)年(nian)(nian)(nian)薪水(shui)延长、新(xin)砌的(de)(de)(de)矿山(shan)设计中间，存(cun)储(chu)改革创(chuang)新(xin)发展方向划得(de)来(lai)憧憬，确保“定(ding)增(zeng)”企业信用(yong)评(ping)级。

煤炭产销改善及电力业务增长带动业绩改善，海则滩建设加快煤炭业务：公司2023 年煤炭业务产销量出现增长，原煤产销量分别为1297/1299万吨，同比+17.6%/+18.0%；精煤产销量分别为329/328 万吨，同比-2.3%/-3.3%。

2024Q1 精(jing)煤(mei)(mei)产(chan)量(liang)(liang)量(liang)(liang)继读调(diao)节(jie)，精(jing)煤(mei)(mei)产(chan)量(liang)(liang)量(liang)(liang)分(fen)辨为(wei)240/237 亿(yi)(yi)立方米左右(you)，环(huan)(huan)(huan)(huan)(huan)比(bi)(bi)增(zeng)(zeng)(zeng)长(zhang)(zhang)率(lv)(lv)(lv)+0.5%/-1.8%；精(jing)煤(mei)(mei)产(chan)量(liang)(liang)量(liang)(liang)分(fen)辨为(wei)67/62 亿(yi)(yi)立方米左右(you)，环(huan)(huan)(huan)(huan)(huan)比(bi)(bi)增(zeng)(zeng)(zeng)长(zhang)(zhang)率(lv)(lv)(lv)+8.6%/+7.4%。随着2024 年(nian)(nian)个季节(jie)度销(xiao)(xiao)售(shou)市(shi)厂(chang)煤(mei)(mei)价下进(jin)行(xing)(xing)，2024Q1 机(ji)构(gou)(gou)(gou)(gou)的(de)(de)(de)中国(guo)煤(mei)(mei)炭行(xing)(xing)业收(shou)(shou)入率(lv)(lv)(lv)为(wei)12.3 亿(yi)(yi)美元，环(huan)(huan)(huan)(huan)(huan)比(bi)(bi)增(zeng)(zeng)(zeng)长(zhang)(zhang)率(lv)(lv)(lv)-27.4%。机(ji)构(gou)(gou)(gou)(gou)的(de)(de)(de)隶属于安(an)徽亿(yi)(yi)华海(hai)则滩(tan)煤(mei)(mei)厂(chang)新项目(mu)坐落(luo)安(an)徽省榆横(heng)大矿，煤(mei)(mei)种关键为(wei)上等(deng)煤(mei)(mei)化工(gong)用(yong)煤(mei)(mei)及动力系(xi)统(tong)煤(mei)(mei)，环(huan)(huan)(huan)(huan)(huan)境资源储量(liang)(liang)11.45 亿(yi)(yi)立方米，大概(gai)发烫(tang)量(liang)(liang)6500 大卡(ka)左右(you)。该新项目(mu)预估(gu)2026年(nian)(nian)三月度享有出(chu)(chu)(chu)煤(mei)(mei)情况(kuang)，2027 年(nian)(nian)达产(chan)。利用(yong)机(ji)构(gou)(gou)(gou)(gou)的(de)(de)(de)计(ji)算(suan)，按2023 年(nian)(nian)销(xiao)(xiao)售(shou)市(shi)厂(chang)大概(gai)煤(mei)(mei)价进(jin)行(xing)(xing)初步计(ji)算(suan)可建立年(nian)(nian)营(ying)业执照工(gong)资收(shou)(shou)入约90 亿(yi)(yi)美元、纯收(shou)(shou)入约44 亿(yi)(yi)美元。供(gong)(gong)电(dian)(dian)能(neng)(neng)源行(xing)(xing)业：2023 年(nian)(nian)供(gong)(gong)电(dian)(dian)能(neng)(neng)源行(xing)(xing)业量(liang)(liang)升(sheng)本(ben)(ben)减收(shou)(shou)入率(lv)(lv)(lv)有效(xiao)调(diao)节(jie)，2024Q1 发电(dian)(dian)电(dian)(dian)出(chu)(chu)(chu)水量(liang)(liang)继读高增(zeng)(zeng)(zeng)。2023 年(nian)(nian)机(ji)构(gou)(gou)(gou)(gou)的(de)(de)(de)赢(ying)得(de)丹阳中鑫(xin)华海(hai)调(diao)节(jie)权，划(hua)分(fen)电(dian)(dian)脑一键装机(ji)系(xi)统(tong)电(dian)(dian)出(chu)(chu)(chu)水量(liang)(liang)20 生(sheng)辉(hui)瓦(wa)，机(ji)构(gou)(gou)(gou)(gou)的(de)(de)(de)用(yong)用(yong)供(gong)(gong)电(dian)(dian)能(neng)(neng)源股(gu)份总电(dian)(dian)脑一键装机(ji)系(xi)统(tong)电(dian)(dian)出(chu)(chu)(chu)水量(liang)(liang)达标(biao)918 生(sheng)辉(hui)瓦(wa)、持股(gu)总电(dian)(dian)脑一键装机(ji)系(xi)统(tong)电(dian)(dian)出(chu)(chu)(chu)水量(liang)(liang)达标(biao)400 生(sheng)辉(hui)瓦(wa)。2023 年(nian)(nian)机(ji)构(gou)(gou)(gou)(gou)的(de)(de)(de)限量(liang)(liang)销(xiao)(xiao)售(shou)电(dian)(dian)电(dian)(dian)出(chu)(chu)(chu)水量(liang)(liang)分(fen)辨为(wei)373.5/353.9 亿(yi)(yi)kW时，环(huan)(huan)(huan)(huan)(huan)比(bi)(bi)增(zeng)(zeng)(zeng)长(zhang)(zhang)率(lv)(lv)(lv)+4.2%/+4.1%，2023 年(nian)(nian)销(xiao)(xiao)售(shou)市(shi)厂(chang)煤(mei)(mei)价下进(jin)行(xing)(xing)会(hui)使(shi)机(ji)构(gou)(gou)(gou)(gou)的(de)(de)(de)供(gong)(gong)电(dian)(dian)能(neng)(neng)源成(cheng)本(ben)(ben)费环(huan)(huan)(huan)(huan)(huan)比(bi)(bi)增(zeng)(zeng)(zeng)长(zhang)(zhang)率(lv)(lv)(lv)-11.2%，收(shou)(shou)入率(lv)(lv)(lv)率(lv)(lv)(lv)曾加(jia)17.6 个十分(fen)之(zhi)一至10.7%，赢(ying)利意识相比(bi)(bi)以往增(zeng)(zeng)(zeng)长(zhang)(zhang)调(diao)节(jie)。2024Q1机(ji)构(gou)(gou)(gou)(gou)的(de)(de)(de)限量(liang)(liang)销(xiao)(xiao)售(shou)电(dian)(dian)电(dian)(dian)出(chu)(chu)(chu)水量(liang)(liang)分(fen)辨为(wei)100.0/94.7 亿(yi)(yi)kW时，环(huan)(huan)(huan)(huan)(huan)比(bi)(bi)增(zeng)(zeng)(zeng)长(zhang)(zhang)率(lv)(lv)(lv)+14.2%/14.2%，我们的(de)(de)(de)预估(gu)机(ji)构(gou)(gou)(gou)(gou)的(de)(de)(de)2024Q1 营(ying)收(shou)(shou)环(huan)(huan)(huan)(huan)(huan)比(bi)(bi)增(zeng)(zeng)(zeng)长(zhang)(zhang)率(lv)(lv)(lv)调(diao)节(jie)关键缘于限量(liang)(liang)销(xiao)(xiao)售(shou)电(dian)(dian)电(dian)(dian)出(chu)(chu)(chu)水量(liang)(liang)有效(xiao)提高自己(ji)。

全钒液流电池项目加速落地，能源转型可期

1设计全钒(fan)液(ye)流电(dian)(dian)芯(xin)板全高(gao)新产(chan)业的(de)发展，工(gong)司微电(dian)(dian)网(wang)(wang)(wang)技(ji)(ji)(ji)术(shu)发展1立(li)式。（1）全钒(fan)液(ye)流电(dian)(dian)芯(xin)板工(gong)程网(wang)(wang)(wang)站建设项目(mu)制作(zuo)：工(gong)司所(suo)属单(dan)位(wei)张家港德泰微电(dian)(dian)网(wang)(wang)(wang)技(ji)(ji)(ji)术(shu)史(shi)(shi)诗(shi)游戏(xi)(xi)装备受限工(gong)司1,000MW 全钒(fan)液(ye)流电(dian)(dian)芯(xin)板微电(dian)(dian)网(wang)(wang)(wang)技(ji)(ji)(ji)术(shu)史(shi)(shi)诗(shi)游戏(xi)(xi)装备制造业技(ji)(ji)(ji)术(shu)军事(shi)基地（八期300MW）应于2023 年(nian)6 月(yue)底破土动(dong)工(gong)制作(zuo)，平均(jun)2024 年(nian)四时(shi)度投入运营，平均(jun)八期工(gong)程网(wang)(wang)(wang)站建设项目(mu)达月(yue)子(zi)占中国的(de)市场市占率10%。（2）钒(fan)矿(kuang)选冶产(chan)生线制作(zuo)：

子子新(xin)企(qi)业(ye)分属敦(dun)煌(huang)市汇宏煤业(ye)发展局限(xian)子子新(xin)企(qi)业(ye)6000 吨(dun)(dun)/年高(gao)纯五防钝(dun)化二钒(fan)选冶生育方式线（期3000 吨(dun)(dun)/年）已经在2023 年6 月底动工建设(she)规划，均(jun)2024 年四季图片度(du)动工。截止(zhi)日(ri)现有，该产线是(shi)境内单条数(shu)量较大 、系统智能化以及自动化限(xian)度(du)极限(xian)、环保最友善的(de)石(shi)煤提钒(fan)生育方式线，达(da)产妇将掌控境内石(shi)煤提钒(fan)20%左古行(xing)业(ye)分额(e)。此(ci)外子子新(xin)企(qi)业(ye)能够(gou)债(zhai)权并购重(zhong)组认定(ding)了浙江省石(shi)台(tai)县龙岭(ling)钒(fan)矿地下开采权，增大了均(jun)有品位(wei)0.93%、评审(shen)意(yi)见验(yan)收(shou)134.74亿(yi)吨(dun)(dun)的(de)五防钝(dun)化二钒(fan)物(wu)资量，现有子子新(xin)企(qi)业(ye)五防钝(dun)化二钒(fan)物(wu)资量到(dao)158.89 亿(yi)吨(dun)(dun)。

风险提示：煤价下跌超预期；煤炭产量不及预期；储能转型不及预期。