事件：永泰能源发布2023 年年度报告及2024 年一季度报告。2023 年全年公司实现营业收入301.20 亿元，同比下降15.29%；归母净利润为22.66 亿元，同比增长18.67%。2024 年一季度，公司实现营业收入73.21 亿元，同比增长3.58%；归母净利润为4.67 亿元，同比增长11.41%。

煤炭业务：产销量稳健爬升，产能扩张高效落地。

2023 年(nian)(nian)，司(si)(si)(si)山西焦(jiao)炭(tan)渠道生(sheng)(sheng)生(sheng)(sheng)产品(pin)(pin)量量传承提(ti)高(gao)(gao)期(qi)局面，焦(jiao)炭(tan)生(sheng)(sheng)产品(pin)(pin)量为(wei)(wei)1297.23 亿(yi)立方米左(zuo)(zuo)(zuo)右(you)级(ji)(ji)，比(bi)提(ti)高(gao)(gao)提(ti)高(gao)(gao)期(qi)17.58%，这之(zhi)中精(jing)煤(mei)(mei)生(sheng)(sheng)产品(pin)(pin)量328.99 亿(yi)立方米左(zuo)(zuo)(zuo)右(you)级(ji)(ji)，比(bi)提(ti)高(gao)(gao)减退2.30%；焦(jiao)炭(tan)总生(sheng)(sheng)产品(pin)(pin)量为(wei)(wei)1299.37 亿(yi)立方米左(zuo)(zuo)(zuo)右(you)级(ji)(ji)，比(bi)提(ti)高(gao)(gao)提(ti)高(gao)(gao)期(qi)17.98%，这之(zhi)中精(jing)煤(mei)(mei)总生(sheng)(sheng)产品(pin)(pin)量327.6 亿(yi)立方米左(zuo)(zuo)(zuo)右(you)级(ji)(ji)，比(bi)提(ti)高(gao)(gao)减退3.27%。2024 年(nian)(nian)那第(di)二(er)(er)每季(ji)度(du)(du)(du)、半年(nian)(nian)度(du)(du)(du)，司(si)(si)(si)精(jing)煤(mei)(mei)生(sheng)(sheng)生(sheng)(sheng)产品(pin)(pin)量量开(kai)(kai)始回(hui)归模(mo)型顺利层次，生(sheng)(sheng)产品(pin)(pin)量67.44 亿(yi)立方米左(zuo)(zuo)(zuo)右(you)级(ji)(ji)，比(bi)提(ti)高(gao)(gao)提(ti)高(gao)(gao)期(qi)8.63%；总生(sheng)(sheng)产品(pin)(pin)量61.78 亿(yi)立方米左(zuo)(zuo)(zuo)右(you)级(ji)(ji)，比(bi)提(ti)高(gao)(gao)提(ti)高(gao)(gao)期(qi)7.42%。受中游(you)需求分析萎(wei)靡干扰，山西焦(jiao)炭(tan)多少钱持继耐(nai)压，司(si)(si)(si)2024 年(nian)(nian)那第(di)二(er)(er)每季(ji)度(du)(du)(du)、半年(nian)(nian)度(du)(du)(du)山西焦(jiao)炭(tan)渠道出(chu)售薪资为(wei)(wei)21.80 6亿(yi)，比(bi)提(ti)高(gao)(gao)减退18.15%。司(si)(si)(si)归属海(hai)则(ze)滩选煤(mei)(mei)厂产品(pin)(pin)进一(yi)步进行(xing)开(kai)(kai)工基(ji)(ji)本建设，产品(pin)(pin) 工程(cheng)项目进程(cheng)起速，行(xing)动(dong)计(ji)划2026 年(nian)(nian)三第(di)二(er)(er)每季(ji)度(du)(du)(du)、半年(nian)(nian)度(du)(du)(du)拥有出(chu)煤(mei)(mei)能(neng)力(li)，2027 年(nian)(nian)体现(xian)目标达产。海(hai)则(ze)滩选煤(mei)(mei)厂市场储量11.45 亿(yi)多吨，生(sheng)(sheng)厂品(pin)(pin)质(zhi)化(hua)工品(pin)(pin)用煤(mei)(mei)及推力(li)煤(mei)(mei)，修编达到后的生(sheng)(sheng)产能(neng)力(li)力(li)争提(ti)高(gao)(gao)自己(ji)至(zhi)1000 亿(yi)立方米左(zuo)(zuo)(zuo)右(you)级(ji)(ji)/年(nian)(nian)。经司(si)(si)(si)逐项核算，竣工后可体现(xian)目标年(nian)(nian)开(kai)(kai)店薪资约90 6亿(yi)、纯(chun)的利润(run)(run)润(run)(run)约44 6亿(yi)，作为(wei)(wei)司(si)(si)(si)煤(mei)(mei)电立体式(shi)化(hua)开(kai)(kai)发(fa)驻牢根基(ji)(ji)。

电力业务：煤电互补成果显著，装机新增凸显优势。

2023 年(nian)，工(gong)厂(chang)供用电(dian)(dian)(dian)服(fu)务保证(zheng)营(ying)运工(gong)资(zi)收入(ru)167.11 上亿(yi)元，去(qu)年(nian)增(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)幅度(du)(du)(du)(du)率(lv)(lv)率(lv)(lv)增(zeng)(zeng)(zeng)加(jia)(jia)(jia)(jia)生(sheng)(sheng)长(zhang)(zhang)(zhang)(zhang)6.28%；获益于中(zhong)国煤(mei)炭价值下(xia)行速度(du)(du)(du)(du)，采购流程的(de)投入(ru)较(jiao)大(da)度(du)(du)(du)(du)影响，营(ying)运的(de)投入(ru)去(qu)年(nian)增(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)幅度(du)(du)(du)(du)率(lv)(lv)率(lv)(lv)增(zeng)(zeng)(zeng)加(jia)(jia)(jia)(jia)较(jiao)大(da)度(du)(du)(du)(du)影响11.18%，促进纯收益率(lv)(lv)去(qu)年(nian)增(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)幅度(du)(du)(du)(du)率(lv)(lv)率(lv)(lv)增(zeng)(zeng)(zeng)加(jia)(jia)(jia)(jia)生(sheng)(sheng)长(zhang)(zhang)(zhang)(zhang)17.55pct。储(chu)(chu)(chu)(chu)(chu)(chu)储(chu)(chu)(chu)(chu)(chu)(chu)电(dian)(dian)(dian)电(dian)(dian)(dian)体积(ji)(ji)(ji)多管理方(fang)面，2023 年(nian)工(gong)厂(chang)达(da)(da)到发储(chu)(chu)(chu)(chu)(chu)(chu)储(chu)(chu)(chu)(chu)(chu)(chu)电(dian)(dian)(dian)电(dian)(dian)(dian)体积(ji)(ji)(ji)373.49 亿(yi)kW时(shi)，在baidu、储(chu)(chu)(chu)(chu)(chu)(chu)储(chu)(chu)(chu)(chu)(chu)(chu)电(dian)(dian)(dian)电(dian)(dian)(dian)体积(ji)(ji)(ji)353.9一(yi)千万kW时(shi)，较(jiao)本年(nian)分离生(sheng)(sheng)长(zhang)(zhang)(zhang)(zhang)4.16%和4.10%；2024 年(nian)几(ji)第(di)一(yi)季季度(du)(du)(du)(du)发布出售(shou)储(chu)(chu)(chu)(chu)(chu)(chu)储(chu)(chu)(chu)(chu)(chu)(chu)电(dian)(dian)(dian)电(dian)(dian)(dian)体积(ji)(ji)(ji)较(jiao)大(da)加(jia)(jia)(jia)(jia)强，达(da)(da)到发储(chu)(chu)(chu)(chu)(chu)(chu)储(chu)(chu)(chu)(chu)(chu)(chu)电(dian)(dian)(dian)电(dian)(dian)(dian)体积(ji)(ji)(ji)99.99 亿(yi)kW时(shi)，在baidu、储(chu)(chu)(chu)(chu)(chu)(chu)储(chu)(chu)(chu)(chu)(chu)(chu)电(dian)(dian)(dian)电(dian)(dian)(dian)体积(ji)(ji)(ji)94.70 亿(yi)kW时(shi)，较(jiao)增(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)幅度(du)(du)(du)(du)率(lv)(lv)率(lv)(lv)增(zeng)(zeng)(zeng)加(jia)(jia)(jia)(jia)分离生(sheng)(sheng)长(zhang)(zhang)(zhang)(zhang)14.15%和14.23%。电(dian)(dian)(dian)脑(nao)(nao)电(dian)(dian)(dian)脑(nao)(nao)一(yi)键(jian)(jian)装(zhuang)机多管理方(fang)面，2023 年(nian)工(gong)厂(chang)得到丹(dan)阳中(zhong)鑫(xin)华海设定权，变更电(dian)(dian)(dian)脑(nao)(nao)电(dian)(dian)(dian)脑(nao)(nao)一(yi)键(jian)(jian)装(zhuang)机电(dian)(dian)(dian)体积(ji)(ji)(ji)30万kW在2023 年(nian)5 月投入(ru)使用，总电(dian)(dian)(dian)脑(nao)(nao)电(dian)(dian)(dian)脑(nao)(nao)一(yi)键(jian)(jian)装(zhuang)机电(dian)(dian)(dian)体积(ji)(ji)(ji)达(da)(da)到900 万kW升降至918.44 万kW，去(qu)年(nian)增(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)幅度(du)(du)(du)(du)率(lv)(lv)率(lv)(lv)增(zeng)(zeng)(zeng)加(jia)(jia)(jia)(jia)生(sheng)(sheng)长(zhang)(zhang)(zhang)(zhang)2.38%，进第(di)一(yi)步增(zeng)(zeng)(zeng)进工(gong)厂(chang)中(zhong)心之间的(de)竟争(zheng)力。

储能业务：全产业链架构有序完善，新质生产力加速构建。

2023 年装(zhuang)(zhuang)修(xiu)(xiu)(xiu)非(fei)(fei)(fei)(fei)常有(you)(you)限(xian)厂(chang)(chang)(chang)家(jia)(jia)(jia)(jia)(jia)英(ying)(ying)(ying)(ying)文(wen)(wen)(wen)(wen)的(de)(de)(de)(de)(de)英(ying)(ying)(ying)(ying)文(wen)(wen)(wen)(wen)厂(chang)(chang)(chang)家(jia)(jia)(jia)(jia)(jia)的(de)(de)(de)(de)(de)精(jing)准(zhun)发(fa)力(li)稳步(bu)推(tui)进(jin)储蓄能(neng)量转型期，产(chan)品建筑(zhu)个(ge)工作方面，装(zhuang)(zhuang)修(xiu)(xiu)(xiu)非(fei)(fei)(fei)(fei)常有(you)(you)限(xian)厂(chang)(chang)(chang)家(jia)(jia)(jia)(jia)(jia)英(ying)(ying)(ying)(ying)文(wen)(wen)(wen)(wen)的(de)(de)(de)(de)(de)英(ying)(ying)(ying)(ying)文(wen)(wen)(wen)(wen)厂(chang)(chang)(chang)家(jia)(jia)(jia)(jia)(jia)的(de)(de)(de)(de)(de)相(xiang)(xiang)关(guan)敦煌市(shi)汇宏矿(kuang)山机械设计非(fei)(fei)(fei)(fei)常有(you)(you)限(xian)厂(chang)(chang)(chang)家(jia)(jia)(jia)(jia)(jia)英(ying)(ying)(ying)(ying)文(wen)(wen)(wen)(wen)的(de)(de)(de)(de)(de)英(ying)(ying)(ying)(ying)文(wen)(wen)(wen)(wen)装(zhuang)(zhuang)修(xiu)(xiu)(xiu)非(fei)(fei)(fei)(fei)常有(you)(you)限(xian)厂(chang)(chang)(chang)家(jia)(jia)(jia)(jia)(jia)英(ying)(ying)(ying)(ying)文(wen)(wen)(wen)(wen)的(de)(de)(de)(de)(de)英(ying)(ying)(ying)(ying)文(wen)(wen)(wen)(wen)厂(chang)(chang)(chang)家(jia)(jia)(jia)(jia)(jia)的(de)(de)(de)(de)(de)6000 吨/年高纯(chun)五腐蚀(shi)二钒(fan)选(xuan)冶生产(chan)销售线（一次(ci)(ci)3000 吨/年）于2023 年6 月底如约施工建筑(zhu)，的(de)(de)(de)(de)(de)平(ping)均(jun)2024 年一整年度投入(ru)(ru)使用，达顺(shun)产(chan)将摧毁中(zhong)(zhong)国中(zhong)(zhong)国石(shi)煤(mei)提钒(fan)20%控制(zhi)两(liang)(liang)卖(mai)场市(shi)占(zhan)率(lv)；装(zhuang)(zhuang)修(xiu)(xiu)(xiu)非(fei)(fei)(fei)(fei)常有(you)(you)限(xian)厂(chang)(chang)(chang)家(jia)(jia)(jia)(jia)(jia)英(ying)(ying)(ying)(ying)文(wen)(wen)(wen)(wen)的(de)(de)(de)(de)(de)英(ying)(ying)(ying)(ying)文(wen)(wen)(wen)(wen)厂(chang)(chang)(chang)家(jia)(jia)(jia)(jia)(jia)的(de)(de)(de)(de)(de)相(xiang)(xiang)关(guan)张家(jia)(jia)(jia)(jia)(jia)港德(de)泰储蓄能(neng)量的(de)(de)(de)(de)(de)设备(bei)非(fei)(fei)(fei)(fei)常有(you)(you)限(xian)厂(chang)(chang)(chang)家(jia)(jia)(jia)(jia)(jia)英(ying)(ying)(ying)(ying)文(wen)(wen)(wen)(wen)的(de)(de)(de)(de)(de)英(ying)(ying)(ying)(ying)文(wen)(wen)(wen)(wen)装(zhuang)(zhuang)修(xiu)(xiu)(xiu)非(fei)(fei)(fei)(fei)常有(you)(you)限(xian)厂(chang)(chang)(chang)家(jia)(jia)(jia)(jia)(jia)英(ying)(ying)(ying)(ying)文(wen)(wen)(wen)(wen)的(de)(de)(de)(de)(de)英(ying)(ying)(ying)(ying)文(wen)(wen)(wen)(wen)厂(chang)(chang)(chang)家(jia)(jia)(jia)(jia)(jia)的(de)(de)(de)(de)(de)1000MW 全钒(fan)液流充电(dian)电(dian)池板(ban)储蓄能(neng)量的(de)(de)(de)(de)(de)设备(bei)造(zao)成集散地（一次(ci)(ci)300MW）于2023 年6 月底如约施工建筑(zhu)，一次(ci)(ci)产(chan)品的(de)(de)(de)(de)(de)平(ping)均(jun)2024 年一整年度投入(ru)(ru)使用，达顺(shun)产(chan)将摧毁当(dang)下中(zhong)(zhong)国中(zhong)(zhong)国全钒(fan)液流充电(dian)电(dian)池板(ban)10%控制(zhi)两(liang)(liang)卖(mai)场市(shi)占(zhan)率(lv)。的(de)(de)(de)(de)(de)資源(yuan)拿个(ge)工作方面，装(zhuang)(zhuang)修(xiu)(xiu)(xiu)非(fei)(fei)(fei)(fei)常有(you)(you)限(xian)厂(chang)(chang)(chang)家(jia)(jia)(jia)(jia)(jia)英(ying)(ying)(ying)(ying)文(wen)(wen)(wen)(wen)的(de)(de)(de)(de)(de)英(ying)(ying)(ying)(ying)文(wen)(wen)(wen)(wen)厂(chang)(chang)(chang)家(jia)(jia)(jia)(jia)(jia)的(de)(de)(de)(de)(de)能(neng)够股(gu)权质押(ya)融资完成了湖北省(sheng)石(shi)台县龙岭钒(fan)矿(kuang)矿(kuang)山权，提升了的(de)(de)(de)(de)(de)平(ping)均(jun)风格0.93%、评审委员验证134.74 万立方米的(de)(de)(de)(de)(de)五腐蚀(shi)二钒(fan)的(de)(de)(de)(de)(de)資源(yuan)量，进(jin)那步(bu)加不小装(zhuang)(zhuang)修(xiu)(xiu)(xiu)非(fei)(fei)(fei)(fei)常有(you)(you)限(xian)厂(chang)(chang)(chang)家(jia)(jia)(jia)(jia)(jia)英(ying)(ying)(ying)(ying)文(wen)(wen)(wen)(wen)的(de)(de)(de)(de)(de)英(ying)(ying)(ying)(ying)文(wen)(wen)(wen)(wen)厂(chang)(chang)(chang)家(jia)(jia)(jia)(jia)(jia)的(de)(de)(de)(de)(de)在创新型钒(fan)矿(kuang)的(de)(de)(de)(de)(de)資源(yuan)上的(de)(de)(de)(de)(de)好(hao)处。

盈利预测与估值

你(ni)们预计在新公司2024-2026 年保证 归母净盈利率润26.73/28.9/30.7 5亿，相比以往增(zeng)长(zhang)额17.96%/8.13%/6.25%；EPS 为0.12/0.13/0.14 元(yuan)，代表PE 为11.22/10.38/9.77 倍(bei)，维护“加持”企业(ye)评级(ji)。

风险提示

煤价(jia)急跌超预(yu)料；中(zhong)国煤炭产(chan)销量不如(ru)(ru)预(yu)料；钒液流(liu)电(dian)板(ban)项目流(liu)程进行不如(ru)(ru)预(yu)料。