事件描述

平台发(fa)(fa)布公(gong)告2023 年(nian)(nian)月(yue)度(du)评(ping)估(gu)及2024 年(nian)(nian)第(di)1季(ji)度(du)、半年(nian)(nian)度(du)评(ping)估(gu)：2023 年(nian)(nian)平台保(bao)证总(zong)建筑面积总(zong)工资收(shou)入301.20 6亿(yi)，同(tong)(tong)期相(xiang)(xiang)比(bi)(bi)发(fa)(fa)生(sheng)(sheng)(sheng)改(gai)(gai)变(bian)(bian)(bian)(bian)-15.29%；保(bao)证归(gui)母(mu)(mu)净(jing)毛(mao)(mao)利率润22.66 6亿(yi)，同(tong)(tong)期相(xiang)(xiang)比(bi)(bi)发(fa)(fa)生(sheng)(sheng)(sheng)改(gai)(gai)变(bian)(bian)(bian)(bian)+18.67%；扣(kou)非后(hou)归(gui)母(mu)(mu)净(jing)毛(mao)(mao)利率润23.59 6亿(yi)，同(tong)(tong)期相(xiang)(xiang)比(bi)(bi)发(fa)(fa)生(sheng)(sheng)(sheng)改(gai)(gai)变(bian)(bian)(bian)(bian)+41.73%；基(ji)本性每股(gu)金(jin)币金(jin)币0.102 元/股(gu)，同(tong)(tong)期相(xiang)(xiang)比(bi)(bi)发(fa)(fa)生(sheng)(sheng)(sheng)改(gai)(gai)变(bian)(bian)(bian)(bian)+18.74%；权重计算总(zong)值财产(chan)金(jin)币率有5.0124%，同(tong)(tong)期相(xiang)(xiang)比(bi)(bi)添加0.6 个去年(nian)(nian)同(tong)(tong)期增长；开活跃(yue)存在(zai)的現金(jin)流净(jing)额70.25 6亿(yi)，同(tong)(tong)期相(xiang)(xiang)比(bi)(bi)发(fa)(fa)生(sheng)(sheng)(sheng)改(gai)(gai)变(bian)(bian)(bian)(bian)+9.03%。2024Q1 保(bao)证盈利73.21 6亿(yi)，同(tong)(tong)期相(xiang)(xiang)比(bi)(bi)+3.58%；保(bao)证归(gui)母(mu)(mu)净(jing)毛(mao)(mao)利率润4.676亿(yi)，同(tong)(tong)期相(xiang)(xiang)比(bi)(bi)发(fa)(fa)生(sheng)(sheng)(sheng)改(gai)(gai)变(bian)(bian)(bian)(bian)+11.41%；扣(kou)非后(hou)归(gui)母(mu)(mu)净(jing)毛(mao)(mao)利率润4.71 6亿(yi)，同(tong)(tong)期相(xiang)(xiang)比(bi)(bi)发(fa)(fa)生(sheng)(sheng)(sheng)改(gai)(gai)变(bian)(bian)(bian)(bian)+12.04%。

事件点评

煤炭产销同增，吨煤售价下行。受银宇煤矿和福巨源煤矿合计120 万吨焦煤产能复产影响，公司煤炭产销量增长，2023 年合计原煤产量1297.23 万吨，同比+17.58%；销量1299.37 万吨，同比+17.98%。折合吨煤售价872.46元/吨，同比-27.73%；吨煤成本390.43 元/吨，同比-13.61%；吨煤毛利482.03元/吨，同比-36.17%。产销增长部分抵消煤价下行影响，2023 年煤炭业务收入113.37 亿元，同比-14.73%；煤炭业务成本50.73 亿元，同比+1.92%；煤炭毛利62.63 亿元，同比-24.70%；毛利率55.25%，同比减少7.31 个百分点。

燃料成本下降，电力毛利率大幅提升。公司2023 年实现发电量373.49亿千瓦时，同比+4.16%；上网电量353.91 亿千瓦时，同比+4.10%；平均综合售电电价0.4722 元/千瓦时，同比+2.09%；平均度电成本0.4217 元/千瓦时，同比-14.68%；电力业务收入167.11 亿元，同比+6.28%；成本149.26 亿元，同比-11.18%；毛利17.85 亿元，整体销售毛利率10.68%，同比大幅扭亏，增加17.56 个百分点。

2024Q1 月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)同(tong)(tong)(tong)(tong)期(qi)(qi)相(xiang)(xiang)(xiang)(xiang)(xiang)比(bi)(bi)(bi)(bi)(bi)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)提(ti)(ti)(ti)高(gao)(gao)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)，煤(mei)炭使用量(liang)量(liang)减价增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)；电(dian)池(chi)(chi)寿命量(liang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)价减。2024Q1 企业煤(mei)质总时(shi)(shi)产(chan)239.52 万桶(tong)(tong)，月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)同(tong)(tong)(tong)(tong)期(qi)(qi)相(xiang)(xiang)(xiang)(xiang)(xiang)比(bi)(bi)(bi)(bi)(bi)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)提(ti)(ti)(ti)高(gao)(gao)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)+0.49%，月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)同(tong)(tong)(tong)(tong)期(qi)(qi)相(xiang)(xiang)(xiang)(xiang)(xiang)比(bi)(bi)(bi)(bi)(bi)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)提(ti)(ti)(ti)高(gao)(gao)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)-30.21%；消(xiao)费(fei)量(liang)237.42 万桶(tong)(tong)，月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)同(tong)(tong)(tong)(tong)期(qi)(qi)相(xiang)(xiang)(xiang)(xiang)(xiang)比(bi)(bi)(bi)(bi)(bi)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)提(ti)(ti)(ti)高(gao)(gao)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)-1.79%，其中(zhong)的(de)洗精煤(mei)总时(shi)(shi)产(chan)67.44 万桶(tong)(tong)，月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)同(tong)(tong)(tong)(tong)期(qi)(qi)相(xiang)(xiang)(xiang)(xiang)(xiang)比(bi)(bi)(bi)(bi)(bi)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)提(ti)(ti)(ti)高(gao)(gao)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)+8.63%，月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)同(tong)(tong)(tong)(tong)期(qi)(qi)相(xiang)(xiang)(xiang)(xiang)(xiang)比(bi)(bi)(bi)(bi)(bi)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)提(ti)(ti)(ti)高(gao)(gao)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)-16.88%；消(xiao)费(fei)量(liang)61.78 万桶(tong)(tong)，月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)同(tong)(tong)(tong)(tong)期(qi)(qi)相(xiang)(xiang)(xiang)(xiang)(xiang)比(bi)(bi)(bi)(bi)(bi)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)提(ti)(ti)(ti)高(gao)(gao)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)+7.42%，月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)同(tong)(tong)(tong)(tong)期(qi)(qi)相(xiang)(xiang)(xiang)(xiang)(xiang)比(bi)(bi)(bi)(bi)(bi)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)提(ti)(ti)(ti)高(gao)(gao)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)-26.08%。记算吨煤(mei)租(zu)价918.03 元(yuan)/吨，月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)同(tong)(tong)(tong)(tong)期(qi)(qi)相(xiang)(xiang)(xiang)(xiang)(xiang)比(bi)(bi)(bi)(bi)(bi)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)提(ti)(ti)(ti)高(gao)(gao)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)-16.66%，月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)同(tong)(tong)(tong)(tong)期(qi)(qi)相(xiang)(xiang)(xiang)(xiang)(xiang)比(bi)(bi)(bi)(bi)(bi)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)提(ti)(ti)(ti)高(gao)(gao)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)+4.47%；吨煤(mei)毛利额518.39 元(yuan)/吨，月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)同(tong)(tong)(tong)(tong)期(qi)(qi)相(xiang)(xiang)(xiang)(xiang)(xiang)比(bi)(bi)(bi)(bi)(bi)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)提(ti)(ti)(ti)高(gao)(gao)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)-26.06%，月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)同(tong)(tong)(tong)(tong)期(qi)(qi)相(xiang)(xiang)(xiang)(xiang)(xiang)比(bi)(bi)(bi)(bi)(bi)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)提(ti)(ti)(ti)高(gao)(gao)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)+14.25%。2024Q1 受安监印象产(chan)消(xiao)费(fei)量(liang)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)同(tong)(tong)(tong)(tong)期(qi)(qi)相(xiang)(xiang)(xiang)(xiang)(xiang)比(bi)(bi)(bi)(bi)(bi)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)提(ti)(ti)(ti)高(gao)(gao)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)低迷，但煤(mei)价返(fan)弹掩盖个部分印象。电(dian)池(chi)(chi)寿命区域(yu)，2024Q1在网络上电(dian)池(chi)(chi)寿命94.70 亿kW时(shi)(shi)，月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)同(tong)(tong)(tong)(tong)期(qi)(qi)相(xiang)(xiang)(xiang)(xiang)(xiang)比(bi)(bi)(bi)(bi)(bi)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)提(ti)(ti)(ti)高(gao)(gao)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)+14.23%，月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)同(tong)(tong)(tong)(tong)期(qi)(qi)相(xiang)(xiang)(xiang)(xiang)(xiang)比(bi)(bi)(bi)(bi)(bi)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)提(ti)(ti)(ti)高(gao)(gao)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)+10.35%；度电(dian)峰值租(zu)价0.4714元(yuan)/kW时(shi)(shi)，月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)同(tong)(tong)(tong)(tong)期(qi)(qi)相(xiang)(xiang)(xiang)(xiang)(xiang)比(bi)(bi)(bi)(bi)(bi)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)提(ti)(ti)(ti)高(gao)(gao)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)-0.25%，月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)同(tong)(tong)(tong)(tong)期(qi)(qi)相(xiang)(xiang)(xiang)(xiang)(xiang)比(bi)(bi)(bi)(bi)(bi)月(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)(yue)提(ti)(ti)(ti)高(gao)(gao)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)-3.51%。

焦煤高毛利协同电力毛利率回升，加强版煤电协同经营稳健。截止2023年底公司拥有煤炭资源量总计38.29 亿吨，其中：焦煤资源量共计9.22 亿吨，动力煤资源量共计29.07 亿吨，资源量丰富；公司目前在产煤矿15 座，总产能合计1710 万吨/年。同时，公司电力控股总装机容量达918 万千瓦、参股总装机容量达400 万千瓦，为区域内主力电厂和保供主力，利用小时数和电价相对有保障。公司煤电协同效应显现，2023 年煤炭毛利减少21.35 亿元，但电力板块增加28.66 亿元，焦煤高毛利延续叠加电煤价格中枢下移导致的燃料煤成本下降电力板块毛利率回升，公司经营稳健，业绩抗风险能力较强。

转型项目稳步推进。按照公司转型发展规划，公司致力于成为储能行业全产业链发展领先和龙头标杆企业，在已形成的全钒液流电池全产业链发展基本架构与布局基础上，正在有序推进一期3,000 吨/年高纯五氧化二钒选冶生产线和一期300MW/年新一代大容量全钒液流电池生产线建设，预计将于2024 年四季度投产；公司所属钒电池产品已完成了电堆产品定型、自主研发的BMS 程序测试和储能模块整装定型；未来，转型项目或将成为公司发展的第二增长极。

投资建议

保(bao)(bao)守估计(ji)集(ji)团司2024-2026 年EPS 分开(kai)为0.11\0.12\0.13 元，都集(ji)团司4 月29日收盘价价1.36 元，2024-2026 年PE 分开(kai)为12.1\11.5\10.3 倍。遵循集(ji)团司焦煤销售高毛(mao)利润(run)率持(chi)(chi)续，功率区域净利润(run)改善，保(bao)(bao)守估计(ji)销售业(ye)绩仍(reng)有增加个人(ren)空间，重新享有“持(chi)(chi)股-A”创业(ye)企业(ye)评级。

风险提示

大体上资金增长速(su)率敌不过预想(xiang)危(wei)害(hai)性(xing)；煤炭(tan)使用量多(duo)少钱超预想(xiang)下行(xing)速(su)度危(wei)害(hai)性(xing)；的(de)安全生產危(wei)害(hai)性(xing)；电缆(lan)多(duo)少钱危(wei)害(hai)性(xing)；国际英(ying)文(wen)黄金多(duo)少钱起伏致使的(de)石化(hua)公司对外(wai)贸易危(wei)害(hai)性(xing)等。