事件描述

工司更新2023 年(nian)本(ben)年(nian)意见书格式(shi)及2024 年(nian)首位每季度意见书格式(shi)：2023 年(nian)工司构(gou)建(jian)营运总收(shou)(shou)获301.20 万元(yuan)，同(tong)(tong)期(qi)(qi)相(xiang)(xiang)比(bi)(bi)(bi)发(fa)(fa)展(zhan)(zhan)(zhan)-15.29%；构(gou)建(jian)归(gui)母(mu)(mu)纯的收(shou)(shou)入(ru)22.66 万元(yuan)，同(tong)(tong)期(qi)(qi)相(xiang)(xiang)比(bi)(bi)(bi)发(fa)(fa)展(zhan)(zhan)(zhan)+18.67%；扣非(fei)后(hou)归(gui)母(mu)(mu)纯的收(shou)(shou)入(ru)23.59 万元(yuan)，同(tong)(tong)期(qi)(qi)相(xiang)(xiang)比(bi)(bi)(bi)发(fa)(fa)展(zhan)(zhan)(zhan)+41.73%；主要每一(yi)股(gu)(gu)收(shou)(shou)获0.102 元(yuan)/股(gu)(gu)，同(tong)(tong)期(qi)(qi)相(xiang)(xiang)比(bi)(bi)(bi)发(fa)(fa)展(zhan)(zhan)(zhan)+18.74%；权重总值股(gu)(gu)本(ben)收(shou)(shou)获比(bi)(bi)(bi)率(lv)为5.0124%，同(tong)(tong)期(qi)(qi)相(xiang)(xiang)比(bi)(bi)(bi)增高0.6 个月环比(bi)(bi)(bi)；经营者生(sheng)活存(cun)在的支付(fu)净现金净额(e)70.25 万元(yuan)，同(tong)(tong)期(qi)(qi)相(xiang)(xiang)比(bi)(bi)(bi)发(fa)(fa)展(zhan)(zhan)(zhan)+9.03%。2024Q1 构(gou)建(jian)营业额(e)73.21 万元(yuan)，同(tong)(tong)期(qi)(qi)相(xiang)(xiang)比(bi)(bi)(bi)+3.58%；构(gou)建(jian)归(gui)母(mu)(mu)纯的收(shou)(shou)入(ru)4.67万元(yuan)，同(tong)(tong)期(qi)(qi)相(xiang)(xiang)比(bi)(bi)(bi)发(fa)(fa)展(zhan)(zhan)(zhan)+11.41%；扣非(fei)后(hou)归(gui)母(mu)(mu)纯的收(shou)(shou)入(ru)4.71 万元(yuan)，同(tong)(tong)期(qi)(qi)相(xiang)(xiang)比(bi)(bi)(bi)发(fa)(fa)展(zhan)(zhan)(zhan)+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 相(xiang)(xiang)(xiang)比(bi)(bi)(bi)以(yi)(yi)(yi)往(wang)(wang)(wang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)，煤(mei)炭(tan)量减价增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)；魅力(li)(li)量增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)价减。2024Q1 单位煤(mei)炭(tan)生(sheng)生(sheng)产(chan)量239.52 十亿(yi)(yi)(yi)吨(dun)左右，相(xiang)(xiang)(xiang)比(bi)(bi)(bi)以(yi)(yi)(yi)往(wang)(wang)(wang)+0.49%，相(xiang)(xiang)(xiang)比(bi)(bi)(bi)以(yi)(yi)(yi)往(wang)(wang)(wang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)-30.21%；销(xiao)(xiao)售能(neng)力(li)(li)237.42 十亿(yi)(yi)(yi)吨(dun)左右，相(xiang)(xiang)(xiang)比(bi)(bi)(bi)以(yi)(yi)(yi)往(wang)(wang)(wang)-1.79%，但(dan)其(qi)中洗精煤(mei)生(sheng)生(sheng)产(chan)量67.44 十亿(yi)(yi)(yi)吨(dun)左右，相(xiang)(xiang)(xiang)比(bi)(bi)(bi)以(yi)(yi)(yi)往(wang)(wang)(wang)+8.63%，相(xiang)(xiang)(xiang)比(bi)(bi)(bi)以(yi)(yi)(yi)往(wang)(wang)(wang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)-16.88%；销(xiao)(xiao)售能(neng)力(li)(li)61.78 十亿(yi)(yi)(yi)吨(dun)左右，相(xiang)(xiang)(xiang)比(bi)(bi)(bi)以(yi)(yi)(yi)往(wang)(wang)(wang)+7.42%，相(xiang)(xiang)(xiang)比(bi)(bi)(bi)以(yi)(yi)(yi)往(wang)(wang)(wang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)-26.08%。换算吨(dun)煤(mei)成(cheng)(cheng)交(jiao)价918.03 元/吨(dun)，相(xiang)(xiang)(xiang)比(bi)(bi)(bi)以(yi)(yi)(yi)往(wang)(wang)(wang)-16.66%，相(xiang)(xiang)(xiang)比(bi)(bi)(bi)以(yi)(yi)(yi)往(wang)(wang)(wang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)+4.47%；吨(dun)煤(mei)纯利518.39 元/吨(dun)，相(xiang)(xiang)(xiang)比(bi)(bi)(bi)以(yi)(yi)(yi)往(wang)(wang)(wang)-26.06%，相(xiang)(xiang)(xiang)比(bi)(bi)(bi)以(yi)(yi)(yi)往(wang)(wang)(wang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)+14.25%。2024Q1 受(shou)安监反应(ying)市场销(xiao)(xiao)售售能(neng)力(li)(li)相(xiang)(xiang)(xiang)比(bi)(bi)(bi)以(yi)(yi)(yi)往(wang)(wang)(wang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)下(xia)移，但(dan)煤(mei)价拉升(sheng)挽(wan)救那部分(fen)反应(ying)。魅力(li)(li)版块，2024Q1笔记本上(shang)网电容量94.70 亿(yi)(yi)(yi)kw时，相(xiang)(xiang)(xiang)比(bi)(bi)(bi)以(yi)(yi)(yi)往(wang)(wang)(wang)+14.23%，相(xiang)(xiang)(xiang)比(bi)(bi)(bi)以(yi)(yi)(yi)往(wang)(wang)(wang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)+10.35%；度电总值成(cheng)(cheng)交(jiao)价0.4714元/kw时，相(xiang)(xiang)(xiang)比(bi)(bi)(bi)以(yi)(yi)(yi)往(wang)(wang)(wang)-0.25%，相(xiang)(xiang)(xiang)比(bi)(bi)(bi)以(yi)(yi)(yi)往(wang)(wang)(wang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(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

再创(chuang)(chuang)新高(gao)(gao)机构2024-2026 年(nian)EPS 各分为(wei)为(wei)0.11\0.12\0.13 元，代表机构4 月29日期货收(shou)盘价(jia)1.36 元，2024-2026 年(nian)PE 各分为(wei)为(wei)12.1\11.5\10.3 倍。满足机构焦(jiao)煤业(ye)务量高(gao)(gao)毛利润率(lv)廷续，电气板块内容赚钱调节，再创(chuang)(chuang)新高(gao)(gao)绩效仍(reng)有上涨房(fang)间，重(zhong)新带(dai)来“定增(zeng)-A”进行投(tou)资(zi)企业(ye)评级。

风险提示

宏观金(jin)钱金(jin)钱同比增长不如预期效(xiao)果目(mu)标危(wei)险因素(su)存在；煤碳(tan)产(chan)(chan)品报价(jia)超预期效(xiao)果目(mu)标上行危(wei)险因素(su)存在；平安产(chan)(chan)量危(wei)险因素(su)存在；用电产(chan)(chan)品报价(jia)危(wei)险因素(su)存在；国(guo)(guo)际联盟美国(guo)(guo)原油(you)产(chan)(chan)品报价(jia)浮动以至于(yu)的石化厂贸(mao)易方面危(wei)险因素(su)存在等。