[Table_Page] 公司深度研究|电力设备 证券研究报告 [永Table_泰Title] 能源（600157.SH） [公Tab司le_I评nves级t] 增持 当前价格 1.36元 煤电联营释放盈利弹性，新型储能双轮驱动 合理价值 1.88元 前次评级 增持 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-05-07 ⚫ 民营综合能源龙头，焦煤资源蓄力中长期增长。公司打造“传统能源+ 基[Ta本ble数_B据ase Info] 新型储能”双轮驱动格局, 20 年底公司重整完成迎来发展拐点。公司 总股本/流通股本（百万股） 22217.76/22217.76 23 年实现归母净利 22.66 亿元，同比+19%；扣非净利 23.59 亿元， 总市值/流通市值（百万元） 30216.16/30216.16 同比+42%，24Q1实现归母净利 4.67亿元同比+11%。公司煤炭业务 一年内最高/最低（元） 1.56/1.26 经营稳健，23年总产能1710万吨，资源储备38亿吨蓄力长期增长。 30日日均成交量/成交额（百万） 268.45/360.88 ⚫ 容量电价定性“基石”电源， ...

证券研究报告 | 公司动态点评 2024 年 04月 29日 永泰能源（600157.SH） 电力业务盈利改善，布局新能源赛道成长可期 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 35,556 30,120 31,805 32,722 33,659 股票信息 增长率yoy（%） 30.8 -15.3 5.6 2.9 2.9 归母净利润（百万元） 1,909 2,266 2,550 2,622 2,930 行业 煤炭 增长率yoy（%） 69.3 18.7 12.5 2.9 11.7 2024年4月26日收盘价（元） 1.34 ROE（%） 3.4 4.9 5.2 5.1 5.4 总市值（百万元） 29,771.80 EPS最新摊薄（元） 0.09 0.10 0.11 0.12 0.13 流通市值（百万元） 29,771.80 P/E（倍） 15.6 13.1 11.7 11.4 10.2 总股本（百万股） 22,217.76 P/B（倍） 0.7 0.6 0.6 0.6 0.5 流通股本（百万股） 22,217.76 资料来源：公司财报，长城证券 ...

炼焦煤 永泰能源（600157.SH） 增持-A(维持) 煤减电增协同铸基，经营业绩逆势增长 2024年4月30日 公司研究/公司快报 公司近一年市场表现 事件描述  公司发布2023年年度报告及2024年第一季度报告：2023年公司实现营 业总收入301.20亿元，同比变化-15.29%；实现归母净利润22.66亿元，同 比变化+18.67%；扣非后归母净利润23.59亿元，同比变化+41.73%；基本每 股收益0.102元/股，同比变化+18.74%；加权平均资产收益率为5.0124%， 同比增加0.6个百分点；经营活动产生的现金流净额70.25亿元，同比变化 +9.03%。2024Q1实现营收73.21亿元，同比+3.58%；实现归母净利润4.67 亿元，同比变化+11.41%；扣非后归母净利润4.71亿元，同比变化+12.04%。 市场数据：2024年4月29日 事件点评 收盘价（元）： 1.36  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 年内最高/最低（元）： 1.56/1.22 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 流通A股/总 ...

2024 年 04 月 30 日 公司研究 评级：增持 (维持 ) 研究所： [Table_Title] 火电业务盈利改善明显，未来煤炭主业新项目可 证券分析师： 陈晨 S0350522110007 chenc09@ghzq.com.cn 证券分析师： 王璇 S0350523080001 期 wangx15@ghzq.com.cn 联系人 ： 林国松 S0350123070007 ——永泰能源（ ） 年报及 年一 lings@ghzq.com.cn 600157 2023 2024 季报点评报告 最近一年走势 事件 : 4月26日，永泰能源发布2023年度报告以及2024年一季度报告：2023 年公司实现营业收入301.2亿元，同比-15.3%，归属于上市公司股东净 利润22.7亿元，同比+18.7%，扣非后归属于上市公司股东净利润23.6 亿元，同比+41.7%。基本每股收益为0.102元，同比+18.74%。加权平 均ROE为5.0%，同比增加0.60个百分点。 分季度看，2023年第四季度，公司实现营业收入81.4亿元，环比+1.8%， 同比-6.4%；实现归属于上市公司股东净利润6.4亿元，环比+5. ...

[Table_Title] 电力业务大幅扭亏，加速推动储能转型 [Table_ReportDate] 永泰能源(600157)公司简评报告 | 2024.04.29 [评Ta级ble：_R an增k]持 核心观点 [ Table_Authors] [Tabl e_Summary] 张飞 ⚫ 事件：公司发布2023年年度业绩报告，2023年实现营业收入301.20亿 行业分析师 元（-15.29%，经调整，下同）；实现归属于上市公司的净利润22.66亿 SAC执证编号：S0110523080001 元（+18.67%），扣非净利润23.59亿元（+41.73%）；实现基本每股收益 zhangfei@sczq.com.cn 电话：010-81152685 为0.102元（+18.74%）。2024年Q1业绩，实现营收73.21亿元（+3.58%）， 归母净利润4.67亿元（+11.41%），扣非净利润4.71亿元（+12.04%）。 [市T场ab指le数_C走ha势rt]（ 最近1年） ⚫ 煤炭板块 2023年量增价减盈利保持稳健，在建煤矿项目进展顺利。煤 0.1 永泰能源 沪深300 炭板块2023年实现营业收 ...

[Table_Title] 电力业务大幅扭亏，加速推动储能转型 [Table_ReportDate] 永泰能源(600157)公司简评报告 | 2024.04.29 [评Ta级ble：_R an增k]持 核心观点 [ Table_Authors] [Tabl e_Summary] 张飞 ⚫ 事件：公司发布2023年年度业绩报告，2023年实现营业收入301.20亿 行业分析师 元（-15.29%，经调整，下同）；实现归属于上市公司的净利润22.66亿 SAC执证编号：S0110523080001 元（+18.67%），扣非净利润23.59亿元（+41.73%）；实现基本每股收益 zhangfei@sczq.com.cn 电话：010-81152685 为0.102元（+18.74%）。2024年Q1业绩，实现营收73.21亿元（+3.58%）， 归母净利润4.67亿元（+11.41%），扣非净利润4.71亿元（+12.04%）。 [市T场ab指le数_C走ha势rt]（ 最近1年） ⚫ 煤炭板块 2023年量增价减盈利保持稳健，在建煤矿项目进展顺利。煤 0.1 永泰能源 沪深300 炭板块2023年实现营业收 ...

[Table_Main] 证券研究报告 | 公司点评 永泰能源(600157.SH) 2024年04月29日 永泰能源：电力扭亏业绩高增， 买入（维持） 所属行业：煤炭 重点项目有序推进 当前价格(元)：1.34 ——公司年报及一季报点评 证券分析师 薛磊 投资要点 资格编号：S0120524020001 邮箱：xuelei＠tebon.com.cn 事件：公司发布 2023 年及 2024 年一季度业绩报告。2023 年，公司实现营业总  翟堃 收入 301.2亿元，同比-15.9%；归母净利润 22.66亿元，同比+18.67%；扣非归 资格编号：s0120523050002 母净利润23.59亿元，同比+41.73%；单季度来看，Q4公司实现营业收入81.41 邮箱：zhaikun＠tebon.com.cn 亿元，同比-6.4%，环比+1.8%；归母净利润6.42亿元，同比+74.5%，环比+5.1%； 研究助理 扣非归母净利润7.42亿元，同比+96.71%，环比+21.04%。2024年一季度，公司 实现营业总收入73.21亿元，同比+3.58%；归母净利润4.67亿元，同比+11.41%； 谢佶 ...

煤炭/煤炭开采 公 司 研 永泰能源（600157.SH） 煤电同增带动业绩改善，关注储能及新建煤矿 究 2024年04月26日 ——公司 2023 年报及 2024 年一季报点评报告 投资评级：增持（维持） 张绪成（分析师） 汤悦（联系人） zhangxucheng@kysec.cn tangyue@kysec.cn 日期 2024/4/25 证 书编号：S0790520020003 证书编号：S0790123030035  煤电同增带动业绩改善，关注储能及新建煤矿，维持“增持”评级 当前股价(元) 1.32 公司发布 2023 年报及 2024 年一季报，2023 年公司实现营业收入 301.2 亿元， 公 一年最高最低(元) 1.56/1.22 同比-15.3%；实现归母净利润22.7亿元，同比+18.7%。其中2023Q4实现营业 司 收入 81.4 亿元，环比+1.8%，实现归母净利润 6.4 亿元，环比+5.0%。2024Q1 信 总市值(亿元) 293.27 公司实现营业收入 73.2 亿元，同比+3.6%，实现归母净利润 4.7 亿元，同比 息 流通市值(亿元) 293.27 +11.4%。 ...

Financial Performance - Revenue in 2023 decreased by 15.29% to 30,119,651,314.24 RMB compared to 2022[16] - Net profit attributable to shareholders increased by 18.67% to 2,265,702,453.59 RMB in 2023[16] - Operating cash flow increased by 9.03% to 7,024,671,658.80 RMB in 2023[16] - Basic earnings per share increased by 18.74% to 0.1020 RMB in 2023[17] - Weighted average return on equity increased by 0.60 percentage points to 5.0124% in 2023[17] - Revenue in Q4 2023 was 8,140,801,068.56 RMB, the highest among all quarters[20] - Non-recurring losses in 2023 amounted to -93,648,507.98 RMB, a significant decrease from 2022[21] - Total revenue for 2023 was 301.20 billion yuan, with a net profit attributable to shareholders of 2.27 billion yuan[87] - Revenue for 2023 decreased to 7,091,827,038.63 RMB, a 6.7% decline compared to 2022's 7,600,572,737.98 RMB[199] - Operating profit for 2023 was 4,271,533,682.53 RMB, slightly lower than 2022's 4,366,249,844.85 RMB[199] - Net profit for 2023 was 4,271,405,755.90 RMB, a 2.0% decrease from 2022's 4,360,152,113.01 RMB[199] - Cash flow from operating activities increased to 7,024,671,658.80 RMB in 2023, up 9.0% from 6,442,737,527.15 RMB in 2022[200] - Cash flow from investing activities improved to -993,068,091.97 RMB in 2023, compared to -1,888,852,585.96 RMB in 2022[200] - Sales revenue from goods and services in 2023 was 24,295,199,661.92 RMB, down 25.3% from 32,514,782,610.66 RMB in 2022[200] - Investment income increased to 3,672,984,065.82 RMB in 2023, up 20.6% from 3,044,659,665.56 RMB in 2022[199] - Interest expenses rose to 459,866,418.80 RMB in 2023, a 0.6% increase from 456,950,389.03 RMB in 2022[199] - Basic earnings per share decreased to 0.1923 RMB in 2023 from 0.1962 RMB in 2022[199] - Total comprehensive income for 2023 was 4,316,974,583.61 RMB, a 0.6% increase from 4,289,916,472.86 RMB in 2022[199] Dividend and Share Information - The company plans to distribute a cash dividend of 0.055 yuan per 10 shares, totaling 122,197,702.80 yuan based on the total shares of 22,217,764,145 as of December 31, 2023[4] - The company's total shares as of December 31, 2023, are 22,217,764,145[4] - The company's stock is listed on the Shanghai Stock Exchange under the ticker symbol 600157[14] - Cash dividend amount (including tax) is RMB 122,197,702.80, accounting for 5.39% of the net profit attributable to ordinary shareholders of the listed company[123] - Net profit attributable to ordinary shareholders of the listed company is RMB 2,265,702,453.59[123] Operational Highlights - The Haizetan Coal Mine project is progressing ahead of schedule, with the freezing drilling completed in June 2023, totaling 145,466 meters, and the main shaft achieving a monthly excavation record of 148 meters[24] - The Haizetan Coal Mine is expected to reach production capacity by Q3 2026, with full production anticipated in 2027, aiming for a 3.5-year construction timeline[24] - The Haizetan Coal Mine has a resource reserve of 1.145 billion tons of high-quality coal, with an estimated annual revenue of 9 billion yuan and net profit of 4.4 billion yuan upon full capacity release[25] - The company achieved a total power generation of 37.349 billion kWh in 2023, a year-on-year increase of 4.16%, with several power plants ranking first in utilization hours in their respective regions[25] - The company's power plants supplied 23.3171 million GJ of heat in 2023, an increase of 2.8917 million GJ compared to the previous year, contributing to revenue growth[25] - The company built 8 intelligent tunneling faces and 3 intelligent mining faces in 2023, significantly improving intelligent mining capabilities[25] - The company expanded its resource reserves by applying for an additional 5.334 square kilometers of mining area, estimating an additional 22.88 million tons of coal resources[25] - The company's coal production optimization and equipment upgrades led to record-breaking monthly production and tunneling rates at several mines[25] - The company's power generation strategy optimization resulted in top rankings for utilization hours in key power plants across Henan and Jiangsu provinces[25] - The company's focus on fine management and cost control has stabilized production and improved efficiency across its coal and power operations[25] - Total heating area reached 51 million square meters, with new projects adding 140 million square meters[26] - Storage tank rental rate peaked at 83.48% in 2023, with total throughput of 4.004 million tons, a 417% year-on-year increase[26] - Coal enterprises increased coal extraction by 300,000 tons and generated additional revenue of approximately 60 million yuan through tailings utilization[26] - Power enterprises participated in grid peak shaving, generating 1.142 billion kWh and earning approximately 200 million yuan in peak shaving service revenue[26] - Coal-fired power plants blended 5.02 million tons of economical coal types, significantly reducing fuel costs[27] - Long-term coal contracts covered 17.28 million tons, with a fulfillment rate exceeding 80%[27] - The company implemented 98 technological innovation achievements, including 55 in coal enterprises and 39 in power enterprises[27] - The 6,000-ton/year high-purity vanadium pentoxide production line (Phase I: 3,000 tons/year) started construction in June 2023 and is expected to be operational by Q4 2024[27] - The vanadium production line is the largest, most automated, and environmentally friendly in China[27] - The company aims to establish a leading position in the vanadium redox flow battery industry, focusing on resource integration, purification, equipment manufacturing, and system integration[27] - The company's 1,000MW vanadium flow battery energy storage equipment manufacturing base (Phase I 300MW) is expected to be operational by Q4 2024, aiming to capture approximately 10% of the domestic vanadium flow battery market share[28] - The company acquired the Longling Vanadium Mine in Anhui Province, adding 134.74 million tons of vanadium pentoxide resources with an average grade of 0.93%, bringing the total high-quality vanadium pentoxide resources to 158.89 million tons[28] - The company's DeTai Energy Storage Research Institute was officially launched in June 2023, securing 10 leading energy storage patents and applying for 5 new invention patents[28] - The company acquired a 70% stake in Vnergy, a vanadium flow battery energy storage technology startup from the National University of Singapore, gaining access to advanced solid-state energy storage technology[28] - The company completed 108 safety measures and 53 countermeasures projects, significantly enhancing intrinsic safety levels[29] - The company conducted 553 safety training sessions, training a total of 39,307 employees in 2023[29] - The company completed denitrification transformation on 4 units at Zhangjiagang Huaxing Power, reducing nitrogen oxide emissions from 50mg/m³ to below 20mg/m³[29] - The company completed the construction of 4 hazardous waste storage facilities and 6 domestic sewage treatment pools, and processed 8,790 tons of waste drilling mud[30] - The company optimized internal control management by integrating newly merged units into the internal control system and enhancing process management[30] - The company conducted comprehensive internal supervision, covering key areas and major issues, and implemented targeted special supervision to improve overall management levels[30] - The company improved the economic responsibility audit system for unit leaders, focusing on safety, production, and operational management, providing important references for managerial appointments[30] - The company aims to increase its total coal production capacity to over 20 million tons/year by the end of 2027[37] - The company added 200 MW of installed capacity in 2023 through the acquisition of Danyang Zhongxin Huahai, with a 2×100 MW gas-fired cogeneration project commencing operation in May 2023[37] - The company's coal business focuses on high-quality coking coal and blending coal, primarily sold to large steel and coking enterprises in North China, East China, and Northeast China[37] - The company's power generation business adopts a diversified market trading approach, including state grid proxy purchases, direct market transactions, and inter-provincial transactions, with increasing participation in the spot market and ancillary services market[37] - The company's total coal production capacity is 17.1 million tons/year, with 15 operational coking coal mines in Shanxi, producing over 10 million tons annually[38][39] - The company has coal reserves of 3.829 billion tons, including 922 million tons of high-quality coking coal and 2.907 billion tons of high-quality thermal coal[39] - Total installed power generation capacity reaches 9.18 million kW (controlled) and 4 million kW (equity), with 80% of coal-fired units being large-scale generators of 600 MW or above[39] - The company's coal-fired power plants achieved average emission concentrations of 1.20 mg/m³ (dust), 10.89 mg/m³ (SO₂), and 27.06 mg/m³ (NOx), significantly below ultra-low emission standards[40] - Power supply coal consumption reached 295.65 g/kWh, 7.75 g/kWh lower than the national average for 6,000 kW and above power plants, saving approximately 250,000 tons of standard coal annually[40] - The company is constructing a 3,000 tons/year high-purity vanadium pentoxide production line and a 300 MW/year next-generation vanadium flow battery production line, expected to be operational in Q4 2024[40] - The company has built 18 intelligent fully-mechanized mining faces and 4 intelligent fully-mechanized excavation faces, with 44 patents in coal mining technology[40] - Power generation sector holds 26 patents, while the energy storage sector has over 10 patents and 5 new patent applications pending[40] - The Haizetan coal mine project, with high-quality thermal coal resources exceeding 6,500 kcal/kg, is being accelerated to support coal-electricity integration[39] - The company owns a 50,000-ton and a 100,000-ton coal transportation terminal along the Yangtze River, supporting coal-electricity operations[39] - Revenue for 2023 reached 30.12 billion yuan, a decrease of 15.29% compared to the previous year[43] - Net profit attributable to shareholders was 2.266 billion yuan, an increase of 18.67% year-on-year[42] - Operating costs decreased by 21.68% to 21.86 billion yuan, primarily due to reduced petrochemical trade business[43] - Electricity business revenue increased by 6.28% to 16.71 billion yuan, with a significant improvement in gross margin by 17.55 percentage points[46] - Coal business revenue decreased by 9.30% to 12.42 billion yuan, with a reduction in gross margin by 10.96 percentage points[46] - R&D expenses decreased by 16.67% to 124.49 million yuan[43] - Net cash flow from operating activities increased by 9.03% to 7.02 billion yuan[43] - Petchem trade revenue plummeted by 94.77% to 286.07 million yuan[46] - Management expenses increased by 34.19% to 1.56 billion yuan, mainly due to higher labor costs[43] - Financial expenses decreased by 14.30% to 2.11 billion yuan, primarily due to reduced interest payments[44] - Total revenue decreased by 15.54% year-on-year to RMB 295.99 billion, with a gross margin increase of 6.08 percentage points to 26.86%[47] - Revenue in the North China region decreased by 20.12% year-on-year to RMB 101.47 billion, with a gross margin decrease of 3.22 percentage points to 49.97%[47] - Revenue in the East China region decreased by 12.78% year-on-year to RMB 122.87 billion, with a gross margin increase of 14.18 percentage points to 17.13%[47] - Electricity production increased by 4.16% year-on-year to 3,734,850 MWh, while sales increased by 4.10% to 3,539,134 MWh[48] - Raw coal production increased by 17.58% year-on-year to 12.97 million tons, with sales increasing by 17.98% to 12.99 million tons[48] - The cost of fuel for electricity generation decreased by 13.06% year-on-year to RMB 129.40 billion, accounting for 86.69% of total costs[50] - The cost of purchased coal for coal business increased by 194.87% year-on-year to RMB 11.59 billion, accounting for 18.59% of total costs[50] - Sales expenses decreased by 6.37% year-on-year to RMB 847.87 million, primarily due to reduced shipping costs[54] - Management expenses increased by 34.19% year-on-year to RMB 15.63 billion, mainly due to increased labor costs[54] - Financial expenses decreased by 14.30% year-on-year to RMB 21.11 billion, primarily due to reduced interest expenses[54] - Total R&D investment for the period was 124,485,372.50 yuan, accounting for 0.41% of total revenue[55] - The company has 319 R&D personnel, representing 3.37% of the total workforce[56] - R&D personnel are predominantly under 40 years old, with 116 aged 30-40 and 26 under 30[58] - Operating cash flow increased by 9.03% year-over-year to 7,024,671,658.80 yuan[59] - Long-term receivables surged by 588.42% to 1,384,130,441.12 yuan due to reclassification of debt investments[60] - Overseas assets totaled 7.096 billion yuan, accounting for 6.63% of total assets[61] - Coking coal production reached 1,297.23 million tons with a gross profit of 6.264 billion yuan[64] - Total coal reserves stand at 3,829,366,830 tons, with proven reserves of 1,566,657,260 tons[65] - Total power generation increased by 4.16% to 3,734,850 MWh, with a corresponding increase in grid-connected power by 4.10% to 3,539,134 MWh[68] - Revenue from thermal power generation rose by 6.32% to 16.68 billion RMB, while photovoltaic power generation revenue decreased by 14.29% to 30 million RMB[69] - Total installed capacity grew by 2.38% to 9,184.4 MW, with new capacity additions of 213.1 MW in Jiangsu Province[70] - The average utilization hours for power generation increased by 2.4% to 4,174 hours, with a slight increase in power supply coal consumption by 0.22% to 295.65 g/kWh[71] - Market-oriented trading volume surged by 16.04% to 3,526,475 MWh, accounting for 99.64% of total grid-connected power[72] - Electricity sales business achieved a 14.28% increase in revenue to 58.7622 million RMB, with sales volume reaching 5.189 billion kWh[73] - Total power generation of the company's subsidiaries reached 3,731,150 MWh, with grid-connected power generation of 3,535,533 MWh, and an average selling price of 0.4743 RMB/kWh[74] - The company's total investment in the reporting period was 87,802.31 thousand RMB, a decrease of 38.50% compared to the previous year[76] - The company made significant equity investments totaling 78,242.31 thousand RMB, including a 70% stake in Vnergy Pte. Ltd. for 5,025.65 thousand RMB[77] - The company sold 100% equity of Shandong Qingong Petrochemical Co., Ltd. for 3,900 thousand RMB, generating a profit of 350.64 thousand RMB[79] - The company sold 10% equity of Huaxing Power Co., Ltd. for 10,000 thousand RMB, with no profit generated[79] - Huaxi Mining, a major subsidiary, reported a net profit of 85,656.78 thousand RMB with total assets of 4,224,888.11 thousand RMB[80] - Huachen Power, another major subsidiary, reported a net profit of 135,527.28 thousand RMB with total assets of 4,240,875.63 thousand RMB[80] - Huaying Petrochemical, a subsidiary in the petrochemical sector, reported a net profit of 141,739.46 thousand RMB with total assets of 993,341.52 thousand RMB[80] - Huaxi Mining achieved an operating income of 772,843 million yuan and a net profit of 85,656.78 million yuan[81] - Yinyuan Coking achieved an operating income of 488,480.85 million yuan and a net profit of 61,890.94 million yuan[81] - Kangwei Group achieved an operating income of 339,522.17 million yuan and a net profit of 72,589.69 million yuan[81

永泰能源集团股份有限公司 2024 年第一季度报告 1 证券代码：600157 证券简称：永泰能源 永泰能源集团股份有限公司 2024 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人王广西、主管会计工作负责人卞鹏飞及会计机构负责人（会计主管人员） 梁亚保证季度报告中财务信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | --- | --- | --- | --- | |-----------------------------------------------|--------------------|--------------------|---------------------------------------| | 项目 | | 本报 ...