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)，子(zi)(zi)总(zong)部焦炭使用(yong)(yong)量(liang)(liang)(liang)能源(yuan)(yuan)相(xiang)关业务范(fan)(fan)围(wei)销售量(liang)(liang)(liang)量(liang)(liang)(liang)连续(xu)涨(zhang)(zhang)(zhang)幅事态，煤(mei)(mei)(mei)质产(chan)(chan)出(chu)量(liang)(liang)(liang)为1297.23 万(wan)桶(tong)(tong)，同(tong)期(qi)相(xiang)比涨(zhang)(zhang)(zhang)幅17.58%，在在这(zhei)当中精(jing)(jing)煤(mei)(mei)(mei)产(chan)(chan)出(chu)量(liang)(liang)(liang)328.99 万(wan)桶(tong)(tong)，同(tong)期(qi)相(xiang)比的(de)(de)降低(di)2.30%；煤(mei)(mei)(mei)质保有量(liang)(liang)(liang)排行(xing)为1299.37 万(wan)桶(tong)(tong)，同(tong)期(qi)相(xiang)比涨(zhang)(zhang)(zhang)幅17.98%，在在这(zhei)当中精(jing)(jing)煤(mei)(mei)(mei)保有量(liang)(liang)(liang)排行(xing)327.6 万(wan)桶(tong)(tong)，同(tong)期(qi)相(xiang)比的(de)(de)降低(di)3.27%。2024 年(nian)(nian)(nian)那每月(yue)度(du)(du)，子(zi)(zi)总(zong)部精(jing)(jing)煤(mei)(mei)(mei)销售量(liang)(liang)(liang)量(liang)(liang)(liang)渐(jian)渐(jian)回(hui)馈(kui)正常(chang)情况的(de)(de)水平，产(chan)(chan)出(chu)量(liang)(liang)(liang)67.44 万(wan)桶(tong)(tong)，同(tong)期(qi)相(xiang)比涨(zhang)(zhang)(zhang)幅8.63%；保有量(liang)(liang)(liang)排行(xing)61.78 万(wan)桶(tong)(tong)，同(tong)期(qi)相(xiang)比涨(zhang)(zhang)(zhang)幅7.42%。受中上(shang)游供需低(di)靡(mi)影响到(dao)，焦炭使用(yong)(yong)量(liang)(liang)(liang)能源(yuan)(yuan)价格(ge)持续(xu)时(shi)间压力(li)强度(du)(du)，子(zi)(zi)总(zong)部2024 年(nian)(nian)(nian)那每月(yue)度(du)(du)焦炭使用(yong)(yong)量(liang)(liang)(liang)能源(yuan)(yuan)相(xiang)关业务范(fan)(fan)围(wei)销售量(liang)(liang)(liang)工(gong)(gong)资(zi)(zi)工(gong)(gong)资(zi)(zi)为21.80 多亿(yi)，同(tong)期(qi)相(xiang)比的(de)(de)降低(di)18.15%。子(zi)(zi)总(zong)部归属海则滩(tan)媒(mei)矿顶目周全动工(gong)(gong)的(de)(de)建(jian)(jian)(jian)设，整体化(hua)过程中进程加速，方(fang)案(an)2026 年(nian)(nian)(nian)三每月(yue)度(du)(du)提(ti)供出(chu)煤(mei)(mei)(mei)能力(li)，2027 年(nian)(nian)(nian)保证 达产(chan)(chan)。海则滩(tan)媒(mei)矿资(zi)(zi)源(yuan)(yuan)量(liang)(liang)(liang)储(chu)量(liang)(liang)(liang)11.45 亿(yi)立方(fang)米，生产(chan)(chan)加工(gong)(gong)良好(hao)化(hua)工(gong)(gong)厂用(yong)(yong)煤(mei)(mei)(mei)及能源(yuan)(yuan)煤(mei)(mei)(mei)，修编提(ti)交后产(chan)(chan)能有希望提(ti)高(gao)至1000 万(wan)桶(tong)(tong)/年(nian)(nian)(nian)。经子(zi)(zi)总(zong)部大概(gai)记算，建(jian)(jian)(jian)于后可保证 年(nian)(nian)(nian)总(zong)建(jian)(jian)(jian)筑面(mian)积工(gong)(gong)资(zi)(zi)工(gong)(gong)资(zi)(zi)约(yue)90 多亿(yi)、纯毛利(li)约(yue)44 多亿(yi)，共为子(zi)(zi)总(zong)部煤(mei)(mei)(mei)电整体化(hua)發展守好(hao)条件。

电力业务：煤电互补成果显著，装机新增凸显优势。

2023 年(nian)，子(zi)单位电(dian)(dian)缆项目实现目标关业创收167.11 亿美元(yuan)，例(li)(li)数(shu)(shu)相(xiang)比增速率(lv)6.28%；获利于媒碳价额下(xia)降，购(gou)买费用(yong)减少(shao)，关业费用(yong)例(li)(li)数(shu)(shu)相(xiang)比减少(shao)11.18%，不断提升毛利额率(lv)例(li)(li)数(shu)(shu)相(xiang)比增速率(lv)17.55pct。电(dian)(dian)池(chi)寿(shou)(shou)命(ming)(ming)地(di)方，2023 年(nian)子(zi)单位完(wan)毕(bi)发电(dian)(dian)池(chi)寿(shou)(shou)命(ming)(ming)373.49 亿kw时(shi)(shi)，笔记本无线网电(dian)(dian)池(chi)寿(shou)(shou)命(ming)(ming)353.9一(yi)千(qian)万(wan)kw时(shi)(shi)，较(jiao)(jiao)本年(nian)都增速率(lv)4.16%和4.10%；2024 年(nian)个季节度(du)售卖电(dian)(dian)池(chi)寿(shou)(shou)命(ming)(ming)较(jiao)(jiao)大扩大，完(wan)毕(bi)发电(dian)(dian)池(chi)寿(shou)(shou)命(ming)(ming)99.99 亿kw时(shi)(shi)，笔记本无线网电(dian)(dian)池(chi)寿(shou)(shou)命(ming)(ming)94.70 亿kw时(shi)(shi)，较(jiao)(jiao)例(li)(li)数(shu)(shu)都增速率(lv)14.15%和14.23%。电(dian)(dian)脑安(an)(an)装系(xi)统(tong)地(di)方，2023 年(nian)子(zi)单位赢得丹阳中鑫(xin)华海(hai)把控权，新(xin)开(kai)电(dian)(dian)脑安(an)(an)装系(xi)统(tong)存储量(liang)30万(wan)kw在(zai)2023 年(nian)5 月建成投产，总电(dian)(dian)脑安(an)(an)装系(xi)统(tong)存储量(liang)突破自我(wo)900 万(wan)kw不断提升至(zhi)918.44 万(wan)kw，例(li)(li)数(shu)(shu)相(xiang)比增速率(lv)2.38%，进两步怎强子(zi)单位内(nei)在(zai)竞争者力。

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(nian)司(si)(si)着力解决扎(zha)实推(tui)进微(wei)电网企业(ye)战略转型(xing)，工(gong)(gong)(gong)程(cheng)(cheng)工(gong)(gong)(gong)程(cheng)(cheng)项目(mu)施(shi)工(gong)(gong)(gong)的(de)(de)问(wen)题(ti)，司(si)(si)隶(li)属(shu)于敦煌市(shi)汇宏矿(kuang)业(ye)企业(ye)开拓(tuo)十(shi)分(fen)十(shi)分(fen)有限司(si)(si)6000 吨(dun)(dun)/年(nian)高(gao)纯五阳极(ji)氧化物二钒(fan)(fan)(fan)(fan)选冶生育线（一起3000 吨(dun)(dun)/年(nian)）已在(zai)(zai)2023 年(nian)6 月(yue)(yue)(yue)底如时复(fu)工(gong)(gong)(gong)施(shi)工(gong)(gong)(gong)，再创(chuang)新(xin)高(gao)在(zai)(zai)2024 年(nian)随(sui)时度(du)投(tou)入(ru)运营，达生月(yue)(yue)(yue)子(zi)将抢(qiang)占(zhan)我(wo)们国(guo)家石煤提(ti)钒(fan)(fan)(fan)(fan)20%时间市(shi)場(chang)分(fen)额；司(si)(si)隶(li)属(shu)于张家港德泰微(wei)电网裝备十(shi)分(fen)十(shi)分(fen)有限司(si)(si)1000MW 全钒(fan)(fan)(fan)(fan)液流(liu)电瓶微(wei)电网裝备营造(zao)园区（一起300MW）已在(zai)(zai)2023 年(nian)6 月(yue)(yue)(yue)底如时复(fu)工(gong)(gong)(gong)施(shi)工(gong)(gong)(gong)，一起工(gong)(gong)(gong)程(cheng)(cheng)工(gong)(gong)(gong)程(cheng)(cheng)项目(mu)再创(chuang)新(xin)高(gao)在(zai)(zai)2024 年(nian)随(sui)时度(du)投(tou)入(ru)运营，达生月(yue)(yue)(yue)子(zi)将抢(qiang)占(zhan)迄(qi)今为止我(wo)们国(guo)家全钒(fan)(fan)(fan)(fan)液流(liu)电瓶10%时间市(shi)場(chang)分(fen)额。能源(yuan)更改(gai)的(de)(de)问(wen)题(ti)，司(si)(si)根据债权并(bing)购重组要确认(ren)了河北省石台县龙岭(ling)钒(fan)(fan)(fan)(fan)矿(kuang)矿(kuang)山开采权，提(ti)高(gao)了峰值(zhi)吨(dun)(dun)度(du)0.93%、初(chu)审要确认(ren)134.74 万(wan)吨(dun)(dun)左右(you)的(de)(de)五阳极(ji)氧化物二钒(fan)(fan)(fan)(fan)能源(yuan)量(liang)，进一次(ci)加不小司(si)(si)在(zai)(zai)优(you)秀钒(fan)(fan)(fan)(fan)矿(kuang)能源(yuan)上的(de)(de)的(de)(de)优(you)势(shi)。

盈利预测与估值

.我(wo)保(bao)守估计司2024-2026 年构建归母纯净收入润26.73/28.9/30.7 6亿，相(xiang)比以往增(zeng)涨17.96%/8.13%/6.25%；EPS 为(wei)0.12/0.13/0.14 元，相(xiang)匹配的PE 为(wei)11.22/10.38/9.77 倍(bei)，保(bao)护“持股”评估。

风险提示

煤(mei)价下滑超目(mu)标(biao)(biao)想象(xiang)(xiang)目(mu)标(biao)(biao)；原煤(mei)产油(you)量抵(di)不过(guo)目(mu)标(biao)(biao)想象(xiang)(xiang)目(mu)标(biao)(biao)；钒液流(liu)锂电工(gong)作实施抵(di)不过(guo)目(mu)标(biao)(biao)想象(xiang)(xiang)目(mu)标(biao)(biao)。