Investment Rating - The report maintains a "Buy" rating for Yongtai Energy (600157.SH) with a reasonable value of 1.88 CNY per share, while the current price is 1.36 CNY per share [4]. Core Views - The integration of coal and electricity operations is expected to release profit elasticity, particularly after achieving self-sufficiency in thermal coal. The company has a robust coal resource reserve and is positioned for long-term growth [2][3]. - The company has successfully navigated past debt crises and is now focusing on becoming a comprehensive energy service provider, with a significant emphasis on coal and electricity as its main revenue sources [12][14]. - The company is also advancing in the new energy storage sector, particularly in all-vanadium flow batteries, which is expected to enhance its profitability and support its transition to a comprehensive energy model [2][3]. Summary by Sections 1. Company Overview - Yongtai Energy, established in 1992 and listed in 1998, has transitioned from a focus on oil products to coal and electricity, with a strategic emphasis on energy integration and resource optimization [12][14]. - The company has resolved its debt crisis, reducing its debt ratio from 73% to 52% as of Q1 2024, allowing for a more stable operational environment [22]. 2. Coal Business Performance - The coal business has been a major profit driver, with revenues reaching 12.42 billion CNY in 2023, despite a 9% year-on-year decline due to falling coal prices. The gross margin for coal operations remains strong at 50% [25][26]. - The company has a total coal production capacity of approximately 11.1 million tons per year, with significant reserves of high-quality coking and thermal coal [27][29]. 3. Electricity Business Recovery - The electricity segment has turned profitable, with a gross margin recovery from -6.87% in 2022 to 10.68% in 2023, benefiting from capacity pricing reforms and a stable increase in electricity prices [16][34]. - The company’s total installed capacity exceeds 10 million kilowatts, primarily from coal-fired power plants, with a focus on regions like Henan and Jiangsu [35][37]. 4. New Energy Storage Initiatives - Yongtai Energy is developing an integrated all-vanadium flow battery industry chain, which is expected to contribute to its growth and profitability in the energy transition [2][3]. - The company plans to launch a 300 MW flow battery production line by Q4 2024, enhancing its competitive position in the energy storage market [2][3].

Investment Rating - The report maintains a "Buy" rating for Yongtai Energy, expecting a price increase of 5% to 15% relative to the industry index over the next six months [13]. Core Insights - Yongtai Energy's financial performance shows a significant improvement in power business profitability, with a promising outlook for growth in the renewable energy sector [1][7]. - The company reported a decrease in revenue for 2023 but an increase in net profit, indicating a shift towards more profitable operations [1][2]. - The coal production and sales volumes increased in 2023, and the company is progressing with its coal mining projects, which are expected to enhance future growth [3][6]. Financial Performance Summary - **Revenue**: In 2023, Yongtai Energy achieved a revenue of 30,120 million yuan, a decrease of 15.3% year-on-year, while the net profit was 2,266 million yuan, an increase of 18.7% year-on-year [1]. - **Earnings Per Share (EPS)**: The basic EPS for 2023 was 0.10 yuan, reflecting an 18.74% increase compared to the previous year [1]. - **Return on Equity (ROE)**: The ROE for 2023 was 4.9%, up from 3.4% in 2022 [1][9]. Coal and Power Business Analysis - **Coal Business**: In 2023, the company produced 12.97 million tons of raw coal, a year-on-year increase of 17.58%, with sales volume also increasing by 17.98% [3]. - **Power Business**: The company generated 373.49 billion kWh of electricity in 2023, a 4.16% increase year-on-year, with a significant rise in profitability due to improved efficiency [6][3]. Future Projections - The report forecasts revenue growth for 2024 to 2026, estimating revenues of 31,805 million yuan, 32,722 million yuan, and 33,659 million yuan respectively, with net profits projected at 2,550 million yuan, 2,622 million yuan, and 2,930 million yuan [7][8].

Investment Rating - The report maintains an "Accumulate-A" investment rating for Yongtai Energy (600157.SH) [1][5] Core Views - The company has demonstrated resilient operating performance despite market challenges, with a focus on coal and electricity synergy driving growth [1][2] - The coal production and sales have increased, with a total raw coal output of 12.97 million tons in 2023, up 17.58% year-on-year, and sales of 12.99 million tons, up 17.98% year-on-year [2][4] - The average selling price of coal has decreased by 27.73% year-on-year to 872.46 yuan/ton, while the cost per ton has decreased by 13.61% to 390.43 yuan/ton, resulting in a gross profit margin of 55.25%, down 7.31 percentage points year-on-year [2][4] - The electricity segment has shown significant improvement, with a gross profit margin of 10.68%, up 17.56 percentage points year-on-year, driven by reduced fuel costs and increased electricity sales [2][4] Financial Performance - In 2023, the company achieved total revenue of 30.12 billion yuan, a decrease of 15.29% year-on-year, while net profit attributable to shareholders was 2.27 billion yuan, an increase of 18.67% year-on-year [2][5] - For Q1 2024, the company reported revenue of 7.32 billion yuan, up 3.58% year-on-year, and a net profit of 467 million yuan, up 11.41% year-on-year [2][5] - The company expects EPS for 2024-2026 to be 0.11, 0.12, and 0.13 yuan, respectively, with corresponding P/E ratios of 12.1, 11.5, and 10.3 times [5]

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 ...

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company's power business has significantly turned profitable, accelerating the transition to energy storage [2] - In 2023, the company achieved an operating revenue of 30.12 billion yuan, a decrease of 15.29%, while the net profit attributable to shareholders was 2.27 billion yuan, an increase of 18.67% [5][6] - The coal segment maintained stable profitability despite a decrease in sales prices, with a revenue of 12.42 billion yuan, down 9.30% [5] - The power segment's revenue increased by 6.28% to 16.71 billion yuan, benefiting from lower raw material costs [5] - The company is focusing on the all-vanadium flow battery technology for energy storage, with significant projects expected to commence production in Q4 2024 [5] - Profit forecasts for 2024-2026 indicate net profits of 2.67 billion, 2.77 billion, and 2.84 billion yuan respectively, with a current PE ratio of 11.1, 10.7, and 10.5 times [5] Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 7.32 billion yuan, an increase of 3.58%, and a net profit of 467 million yuan, up 11.41% [5] - The coal production for 2023 was 12.97 million tons, an increase of 17.58%, while the sales volume was 12.99 million tons, up 17.98% [5] - The average selling price of self-produced coal decreased by 18.20% to 697 yuan per ton [5] Business Segments - The coal segment's operating cost increased by 16.04% to 6.23 billion yuan, while the power segment's operating cost decreased by 11.18% to 14.93 billion yuan [5] - The power segment's gross margin improved to 10.68%, an increase of 17.55 percentage points due to lower production costs [5] Future Outlook - The company is expected to maintain stable performance due to its integrated coal and power operations, with a projected revenue growth of 2.5% in 2026 [6] - The ongoing projects in the energy storage sector are anticipated to enhance the company's core competitiveness and long-term profitability [5]

Investment Rating - The report maintains a "Buy" rating for Yongtai Energy [2] Core Views - Yongtai Energy reported a total revenue of 30.12 billion yuan in 2023, a year-on-year decrease of 15.9%, while the net profit attributable to shareholders was 2.266 billion yuan, an increase of 18.67% year-on-year [3][4] - The company is experiencing a significant recovery in its power generation business, with a notable increase in net profit in Q4 2023, which reached 642 million yuan, up 74.5% year-on-year [4] - The company is advancing key projects, including coal mining and energy storage, which are expected to enhance future growth [4] Financial Performance Summary - In 2023, Yongtai Energy achieved a coal production of 12.97 million tons and a sales volume of 12.99 million tons, both up by 17.6% year-on-year [4] - The average selling price of coal was 872.5 yuan per ton, down 27.7% year-on-year, while the cost per ton was 390.42 yuan, down 13.6% year-on-year [4] - The company completed a power generation of 37.349 billion kWh in 2023, an increase of 4.2% year-on-year, with a significant reduction in power generation costs [4] - The projected net profits for 2024, 2025, and 2026 are 2.7 billion yuan, 3.0 billion yuan, and 3.1 billion yuan respectively, with corresponding EPS of 0.12, 0.13, and 0.14 yuan [5][7] Key Projects and Future Growth - The company is on track with its coal mining project in Shaanxi, which is expected to start production in Q3 2026 [4] - The energy storage production line is set to be completed by Q4 2024, which is anticipated to open a new growth avenue for the company [4]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company's performance improved due to the simultaneous growth in coal and electricity sectors, with a focus on energy storage and new coal mine developments [2][4] - In 2023, the company achieved operating revenue of 30.12 billion yuan, a year-on-year decrease of 15.3%, while net profit attributable to shareholders increased by 18.7% to 2.27 billion yuan [2][4] - The company expects net profits for 2024-2026 to be 2.41 billion, 2.60 billion, and 2.71 billion yuan respectively, reflecting year-on-year growth of 6.4%, 8.0%, and 4.0% [2][4] Financial Summary - In 2023, coal production and sales improved, with raw coal production and sales increasing by 17.6% and 18.0% respectively [4] - The company’s coal business gross profit for Q1 2024 was 1.23 billion yuan, a year-on-year decrease of 27.4% due to falling market coal prices [4] - The electricity business saw significant improvement in gross profit margins, with a 17.6 percentage point increase to 10.7% in 2023 [4] Project Developments - The company is accelerating the construction of a 1,000MW all-vanadium flow battery project, with the first phase expected to be operational by Q4 2024 [4] - The company has also initiated a high-purity vanadium pentoxide production line, which is projected to capture 20% of the domestic market share upon completion [4]

●被担保人名称：张家港华兴金城电力有限公司（以下简称"华兴金城电力"）、 山西沁源康伟森达源煤业有限公司（以下简称"森达源煤业"）、山西康伟集团有 限公司（以下简称"康伟集团"）、张家港沙洲电力有限公司（以下简称"张家港 沙洲电力"）、张家港华兴电力有限公司（以下简称"张家港华兴电力"）、华熙 矿业有限公司（以下简称"华熙矿业"）、华瀛石油化工有限公司（以下简称"华 瀛石化"）、华瀛（惠州大亚湾）石化码头仓储有限公司（以下简称"华瀛码头"）、 山西康伟集团煤炭销售有限公司（以下简称"康伟煤炭销售公司"）、山西康伟集 团南山煤业有限公司（以下简称"南山煤业"）、山西灵石银源兴庆煤业有限公司 （以下简称"兴庆煤业"）、丹阳中鑫华海清洁能源有限公司（以下简称"丹阳中 鑫华海"）。 ●本季度担保金额：本季度担保金额合计 405,454.28 万元，主要为到期续保， 被担保方为公司全资子公司、公司所属全资、控股及控制公司，其生产经营状况 良好，担保风险较小且可控。 ●对外担保累计金额：截至 2024 年 3 月 31 日，公司及下属公司提供担保累 计金额为 2,094,260.89 万元（其中：公司内部担保累计金额为 ...

永泰能源集团股份有限公司 内部控制审计报告 和信审字（2024）第 000389 号 目 录 页 码 一、内部控制审计报告 1-2 the state 和信会计师事务所（特殊普通合伙） 二〇二四年四月二十四日 永泰能源集团股份有限公司 报告正文 内部控制审计报告 和信审字(2024)第 000389 号 永泰能源集团股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们 审计了永泰能源集团股份有限公司 2023年12月 31日的财务报告内部控制的有效 性。 一、企业对内部控制的责任 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情 况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低, 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 =信会计师事务所(特殊普通合伙) 永泰能源集团股份有限公司 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评 价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是永泰能源集团 股份有限公司董事会的责任。 二、 ...