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)(nian)，有(you)限机(ji)构煤(mei)(mei)(mei)碳(tan)(tan)行业收(shou)获(huo)量(liang)量(liang)续展生(sheng)(sheng)长(zhang)(zhang)经济(ji)形势(shi)，煤(mei)(mei)(mei)质(zhi)收(shou)获(huo)量(liang)为1297.23 万(wan)(wan)(wan)(wan)立方(fang)米(mi)(mi)，去(qu)年(nian)(nian)(nian)同(tong)期(qi)(qi)生(sheng)(sheng)长(zhang)(zhang)17.58%，当中精煤(mei)(mei)(mei)收(shou)获(huo)量(liang)328.99 万(wan)(wan)(wan)(wan)立方(fang)米(mi)(mi)，去(qu)年(nian)(nian)(nian)同(tong)期(qi)(qi)越(yue)(yue)来越(yue)(yue)低2.30%；煤(mei)(mei)(mei)质(zhi)售量(liang)为1299.37 万(wan)(wan)(wan)(wan)立方(fang)米(mi)(mi)，去(qu)年(nian)(nian)(nian)同(tong)期(qi)(qi)生(sheng)(sheng)长(zhang)(zhang)17.98%，当中精煤(mei)(mei)(mei)售量(liang)327.6 万(wan)(wan)(wan)(wan)立方(fang)米(mi)(mi)，去(qu)年(nian)(nian)(nian)同(tong)期(qi)(qi)越(yue)(yue)来越(yue)(yue)低3.27%。2024 年(nian)(nian)(nian)几第(di)(di)二(er)每第(di)(di)一(yi)(yi)季(ji)(ji)度，有(you)限机(ji)构精煤(mei)(mei)(mei)收(shou)获(huo)量(liang)量(liang)，慢(man)慢(man)再战正(zheng)常(chang)人技术水平，收(shou)获(huo)量(liang)67.44 万(wan)(wan)(wan)(wan)立方(fang)米(mi)(mi)，去(qu)年(nian)(nian)(nian)同(tong)期(qi)(qi)生(sheng)(sheng)长(zhang)(zhang)8.63%；售量(liang)61.78 万(wan)(wan)(wan)(wan)立方(fang)米(mi)(mi)，去(qu)年(nian)(nian)(nian)同(tong)期(qi)(qi)生(sheng)(sheng)长(zhang)(zhang)7.42%。受上下游要大跌引响，煤(mei)(mei)(mei)碳(tan)(tan)多少钱持续时间耐(nai)压，有(you)限机(ji)构2024 年(nian)(nian)(nian)几第(di)(di)二(er)每第(di)(di)一(yi)(yi)季(ji)(ji)度煤(mei)(mei)(mei)碳(tan)(tan)行业推广使(shi)成(cheng)本(ben)为21.80 亿，去(qu)年(nian)(nian)(nian)同(tong)期(qi)(qi)越(yue)(yue)来越(yue)(yue)低18.15%。有(you)限机(ji)构所属单位海则(ze)滩(tan)煤(mei)(mei)(mei)厂工(gong)(gong)程施工(gong)(gong)全(quan)(quan)面性(xing)开始开工(gong)(gong)建设(she)规划(hua)，全(quan)(quan)局工(gong)(gong)程施工(gong)(gong)学习进度加(jia)(jia)速(su)，工(gong)(gong)作方(fang)案2026 年(nian)(nian)(nian)三第(di)(di)二(er)每第(di)(di)一(yi)(yi)季(ji)(ji)度拥有(you)出(chu)煤(mei)(mei)(mei)因素，2027 年(nian)(nian)(nian)满足(zu)达产(chan)(chan)。海则(ze)滩(tan)煤(mei)(mei)(mei)厂网络资源储量(liang)11.45 千(qian)万(wan)(wan)(wan)(wan)吨级，生(sheng)(sheng)产(chan)(chan)加(jia)(jia)工(gong)(gong)品质(zhi)化(hua)工(gong)(gong)环保用(yong)煤(mei)(mei)(mei)及驱动(dong)力(li)煤(mei)(mei)(mei)，修编成(cheng)功后(hou)产(chan)(chan)能利用(yong)率(lv)现(xian)已加(jia)(jia)强至1000 万(wan)(wan)(wan)(wan)立方(fang)米(mi)(mi)/年(nian)(nian)(nian)。经有(you)限机(ji)构分步测量(liang)，建于后(hou)可满足(zu)年(nian)(nian)(nian)闭店使(shi)成(cheng)本(ben)约90 亿、纯成(cheng)本(ben)约44 亿，并且(qie)为有(you)限机(ji)构煤(mei)(mei)(mei)电一(yi)(yi)体式化(hua)發展固牢(lao)地基。

电力业务：煤电互补成果显著，装机新增凸显优势。

2023 年(nian)，新(xin)(xin)新(xin)(xin)品(pin)(pin)牌(pai)功(gong)率(lv)(lv)国际业务(wu)确保(bao)开业个人收入(ru)167.11 5亿(yi)(yi)，月环比(bi)增(zeng)(zeng)涨6.28%；受益者于(yu)山西(xi)煤(mei)炭(tan)价值(zhi)下进(jin)行，购(gou)进(jin)代(dai)价降底，开业代(dai)价月环比(bi)降底11.18%，打造毛利润(run)率(lv)(lv)月环比(bi)增(zeng)(zeng)涨17.55pct。电(dian)(dian)池寿(shou)(shou)命(ming)(ming)方便(bian)，2023 年(nian)新(xin)(xin)新(xin)(xin)品(pin)(pin)牌(pai)来(lai)提交发电(dian)(dian)池寿(shou)(shou)命(ming)(ming)373.49 亿(yi)(yi)kW时(shi)(shi)，连网(wang)电(dian)(dian)池寿(shou)(shou)命(ming)(ming)353.93亿(yi)(yi)kW时(shi)(shi)，较上一(yi)年(nian)各用增(zeng)(zeng)涨4.16%和(he)4.10%；2024 年(nian)三第(di)季度发行电(dian)(dian)池寿(shou)(shou)命(ming)(ming)下跌增(zeng)(zeng)添(tian)，来(lai)提交发电(dian)(dian)池寿(shou)(shou)命(ming)(ming)99.99 亿(yi)(yi)kW时(shi)(shi)，连网(wang)电(dian)(dian)池寿(shou)(shou)命(ming)(ming)94.70 亿(yi)(yi)kW时(shi)(shi)，较整定(ding)值(zhi)各用增(zeng)(zeng)涨14.15%和(he)14.23%。一(yi)键(jian)电(dian)(dian)脑(nao)(nao)装机(ji)系(xi)(xi)统(tong)方便(bian)，2023 年(nian)新(xin)(xin)新(xin)(xin)品(pin)(pin)牌(pai)获取丹阳(yang)中鑫华海的决策权，添(tian)加(jia)(jia)一(yi)键(jian)电(dian)(dian)脑(nao)(nao)装机(ji)系(xi)(xi)统(tong)存储空间30万(wan)(wan)kW应(ying)于(yu)2023 年(nian)5 月投建，总一(yi)键(jian)电(dian)(dian)脑(nao)(nao)装机(ji)系(xi)(xi)统(tong)存储空间推(tui)动900 万(wan)(wan)kW增(zeng)(zeng)加(jia)(jia)至(zhi)918.44 万(wan)(wan)kW，月环比(bi)增(zeng)(zeng)涨2.38%，进(jin)每一(yi)步增(zeng)(zeng)加(jia)(jia)新(xin)(xin)新(xin)(xin)品(pin)(pin)牌(pai)核心区行业竟争(zheng)力(li)。

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(nian)装(zhuang)(zhuang)(zhuang)(zhuang)修(xiu)(xiu)大(da)司(si)(si)(si)着力抓好(hao)积极推(tui)进(jin)存储发展，工(gong)(gong)作(zuo)工(gong)(gong)作(zuo)落(luo)地几个(ge)管(guan)理(li)方面，装(zhuang)(zhuang)(zhuang)(zhuang)修(xiu)(xiu)大(da)司(si)(si)(si)隶属关系敦(dun)煌市汇宏矿业司(si)(si)(si)开(kai)发有(you)现(xian)装(zhuang)(zhuang)(zhuang)(zhuang)修(xiu)(xiu)大(da)司(si)(si)(si)6000 吨(dun)(dun)/年(nian)高纯五钝化二(er)钒(fan)(fan)(fan)选冶(ye)产生线（新几期3000 吨(dun)(dun)/年(nian)）早(zao)现(xian)已2023 年(nian)6 月(yue)底(di)如时(shi)施工(gong)(gong)工(gong)(gong)作(zuo)落(luo)地，不断2024 年(nian)一(yi)年(nian)四月(yue)度(du)(du)动(dong)工(gong)(gong)，达(da)引在(zai)产后将(jiang)(jiang)占去中国大(da)陆(lu)石煤提钒(fan)(fan)(fan)20%两边两贸(mao)易市场(chang)(chang)中贸(mao)易市场(chang)(chang)占有(you)率；装(zhuang)(zhuang)(zhuang)(zhuang)修(xiu)(xiu)大(da)司(si)(si)(si)隶属关系张(zhang)家港德泰存储装(zhuang)(zhuang)(zhuang)(zhuang)配(pei)有(you)现(xian)装(zhuang)(zhuang)(zhuang)(zhuang)修(xiu)(xiu)大(da)司(si)(si)(si)1000MW 全钒(fan)(fan)(fan)液流(liu)充电容量(liang)电池(chi)存储装(zhuang)(zhuang)(zhuang)(zhuang)配(pei)制作(zuo)业基地面积（新几期300MW）早(zao)现(xian)已2023 年(nian)6 月(yue)底(di)如时(shi)施工(gong)(gong)工(gong)(gong)作(zuo)落(luo)地，新几期工(gong)(gong)作(zuo)不断2024 年(nian)一(yi)年(nian)四月(yue)度(du)(du)动(dong)工(gong)(gong)，达(da)引在(zai)产后将(jiang)(jiang)占去现(xian)如今中国大(da)陆(lu)全钒(fan)(fan)(fan)液流(liu)充电容量(liang)电池(chi)10%两边两贸(mao)易市场(chang)(chang)中贸(mao)易市场(chang)(chang)占有(you)率。市场(chang)(chang)确(que)(que)保(bao)几个(ge)管(guan)理(li)方面，装(zhuang)(zhuang)(zhuang)(zhuang)修(xiu)(xiu)大(da)司(si)(si)(si)经由股权质(zhi)押并购(gou)重组确(que)(que)保(bao)了江苏省(sheng)石台(tai)县龙岭钒(fan)(fan)(fan)矿矿山(shan)开(kai)采权，延长(zhang)了均匀享受0.93%、项(xiang)目(mu)验(yan)收确(que)(que)保(bao)134.74 万吨(dun)(dun)级的五钝化二(er)钒(fan)(fan)(fan)市场(chang)(chang)量(liang)，进(jin)步加大(da)装(zhuang)(zhuang)(zhuang)(zhuang)修(xiu)(xiu)大(da)司(si)(si)(si)在(zai)高质(zhi)钒(fan)(fan)(fan)矿市场(chang)(chang)上的优势(shi)与劣势(shi)。

盈利预测与估值

你们不(bu)断(duan)司(si)2024-2026 年满足(zu)归母净(jing)利益润26.73/28.9/30.7 多(duo)亿(yi)，同期相比上升17.96%/8.13%/6.25%；EPS 为(wei)0.12/0.13/0.14 元，匹配(pei)PE 为(wei)11.22/10.38/9.77 倍，维(wei)护(hu)“加持(chi)”企业评级。

风险提示

煤(mei)价股(gu)票下跌(die)超目标想(xiang)象效(xiao)果；原煤(mei)生产(chan)产(chan)量(liang)敌不(bu)过(guo)目标想(xiang)象效(xiao)果；钒液流容量(liang)电池创业项目推行(xing)敌不(bu)过(guo)目标想(xiang)象效(xiao)果。