公司报告 | 首次覆盖报告 电投能源（002128） 证券研究报告 2024年05月 13日 “煤电铝一体化”稳定盈利，绿电转型持续提速 投资评级 行业 煤炭/煤炭开采 6个月评级 买入（首次评级） 国电投集团旗下“煤-电-铝”一体化经营平台 当前价格 21.64元 公司原名露天煤业，为国电投集团旗下唯一煤炭资产上市平台，大股东为 目标价格 27.94元 中电投蒙东能源集团有限责任公司，后历经多年发展，将业务延伸至电力 及电解铝行业，从而形成“煤-电-铝”联动的一体化经营格局。2023 年公 基本数据 司煤炭行业、煤电电热力行业、新能源发电行业、有色金属冶炼行业营收 A股总股本(百万股) 2,241.57 占比分别为35.32%、6.78%、3.60%、54.30%。 流通A股股本(百万 2,113.57 蒙东和东北地区褐煤龙头，煤电一体化优势显著 股) A股总市值(百万元) 48,507.65 区位优势+露天煤矿，煤炭业务盈利水平行业领先。公司拥有霍林河矿区 流通A股市值(百万 一号露天矿田和扎哈淖尔露天矿田的采矿权，煤炭核准产能 4800 万吨/ 45,737.73 年，受益于东北及蒙东地区煤炭供需紧张的 ...

证券研究报告 | 公司动态点评 2024 年 04月 26日 电投能源（002128.SZ） 煤炭盈利逆势上涨，打造“煤-电-铝”产业集群成长可期 财务指标 2022A 2023A 2024E 2025E 2026E 买入（上调评级） 营业收入（百万元） 26,793 26,846 29,300 32,164 35,662 股票信息 增长率yoy（%） 8.6 0.2 9.1 9.8 10.9 归母净利润（百万元） 3,986 4,560 4,796 5,302 5,744 行业 有色金属 增长率yoy（%） 11.3 14.4 5.2 10.5 8.3 2024年4月25日收盘价（元） 18.95 ROE（%） 17.2 14.6 14.3 13.8 13.4 总市值（百万元） 42,477.82 EPS最新摊薄（元） 1.78 2.03 2.14 2.37 2.56 流通市值（百万元） 40,052.22 P/E（倍） 10.7 9.3 8.9 8.0 7.4 总股本（百万股） 2,241.57 P/B（倍） 1.8 1.4 1.2 1.1 1.0 流通股本（百万股） 2,113.57 资料来源：公司财报 ...

公司研 究 证 券研究 报 告 铝 2024年05月08日 电 投能源（002128）2023年报暨 2024年一季报点评 推 荐 （维持） 目标价：24.2元 煤炭售价逆市上行，风光装机持续增长 当前价：21.40元 事项： 华创证券研究所  公司发布2023年年报及一季报，2023全年实现营收268.5亿元，同比+0.2%； 证券分析师：杨晖 归母净利润 45.6 亿元，同比+14.4%，其中 Q4 实现营收 71.2 亿元，同比+2. 8%，环比+9.1%；归母净利润9.7亿元，同比+33.7%，环比-2.7%；公司Q1实 邮箱：yanghui@hcyjs.com 现营收 73.4 亿元，同比+7.3%,环比+3.2%；归母净利润 19.4 亿元，同比+20. 执业编号：S0360522050001 2%，环比+99.4%，环比上行明显主要由于四季度计提费用明显。 联系人：陈俊新 评论: 邮箱： chenjunxin@hcyjs.com  煤炭售价逆市上行，电解铝板块略有下滑。2023年公司实现毛利率/净利率分 别为31.8%/18.7%，同比分别+0.4pct/+1.1pct，其中煤炭：实现销量4 ...

2024 年 04 月 30 日 公司研究 评级：买入 (首次覆盖 ) 研究所： [Table_Title] 煤、铝、电业务均有增量， 年盈利将继续 2024 证券分析师： 陈晨 S0350522110007 chenc09@ghzq.com.cn 证券分析师： 王璇 S0350523080001 向好 wangx15@ghzq.com.cn 联系人 ： 林国松 S0350123070007 ——电投能源（ ） 年报 年一 lings@ghzq.com.cn 002128 2023 &2024 季报点评 最近一年走势 事件 : 4月25日和4月28日，电投能源分别发布2023年年度报告和2024年 一季度报告：2023年公司实现营业收入268.5亿元，同比+0.2%；归母 净利润 45.6 亿元，同比+14.4%；扣非后归母净利润 43.4 亿元，同比 +12.3%。基本每股收益2.11元，同比+1.93%。加权平均净资产收益率 16.24%，同比减少1.98个百分点。 分季度来看，2023年第四季度，公司实现营业收入71.2亿元，环比+9.1%， 同比+2.8%；归母净利润9.7亿元，环比-2.7%，同比+ ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company reported a revenue of 26.85 billion yuan in 2023, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 4.56 billion yuan, up 14.4% year-on-year [2] - The coal segment saw a revenue increase of 7.69% to 9.48 billion yuan, with a gross margin of 55.38%, up 3.93 percentage points year-on-year [2] - The electrolytic aluminum segment experienced a revenue decline of 4.3% to 14.578 billion yuan, with a gross margin of 15.9%, down 4.32 percentage points year-on-year [2] - The power segment achieved a revenue of 2.785 billion yuan, a year-on-year increase of 1.2%, with a gross margin of 34.6%, down 2.1 percentage points year-on-year [2] - The company plans to increase coal production capacity to 48 million tons and aims for significant growth in renewable energy and electrolytic aluminum production by 2025 [2] Financial Summary - For 2023, the company achieved a revenue of 26.846 billion yuan, with projected revenues of 29.176 billion yuan in 2024, 32.816 billion yuan in 2025, and 37.694 billion yuan in 2026 [2] - The net profit attributable to shareholders is expected to grow from 4.56 billion yuan in 2023 to 4.952 billion yuan in 2024, 5.311 billion yuan in 2025, and 5.640 billion yuan in 2026 [2] - The company's gross margin is projected to decline from 14.4% in 2023 to 6.2% by 2026 [2] - The return on equity (ROE) is expected to remain strong, with values of 31.8% in 2023, 32.6% in 2024, and gradually decreasing to 29.7% by 2026 [2] - Earnings per share (EPS) are projected to be 2.03 yuan in 2023, increasing to 2.52 yuan by 2026 [2]

煤炭/煤炭开采 公 司 电投能源（002128.SZ） Q1 盈利能力大幅提升，关注煤铝电成长性 研 究 2024年04月30日 ——2024 年一季报点评报告 投资评级：买入（维持） 张绪成（分析师） zhangxucheng@kysec.cn 日期 2024/4/29 证 书编号：S0790520020003  Q1盈利能力大幅提升，关注煤铝电成长性，维持“买入”评级 当前股价(元) 20.76 公司发布 2024 年一季报，2024Q1 公司实现营业收入 73.45 亿元，同比 公 一年最高最低(元) 20.85/12.76 +7.3%，环比+3.2%；实现归母净利润 19.44 亿元，同比+20.2%，环比 司 +99.5%；实现扣非后归母净利润 19.14 亿元，同比+20.8%，环比+124.3%。 总市值(亿元) 465.35 信 我们维持 2024-2026 年公司盈利预测，预计 2024-2026 年公司归母净利润 息 流通市值(亿元) 438.78 为 50.3/53.2/59.6 亿元，同比分别+10.4%/+5.7%/+11.9%；EPS 分别为 更 总股本(亿股) 22.42 2. ...

[Table_Main] 证券研究报告 | 公司点评 电投能源(002128.SZ) 2024年04月29日 电投能源（002128.SZ）：业绩稳 买入（维持） 所属行业：煤炭/煤炭开采 健逆势增长，关注未来成长性 当前价格(元)：20.76 证券分析师 投资要点 翟堃 资格编号：s0120523050002 事件：公司发布2023年报。2023年公司实现营业收入268.5亿元，同比+0.20%；  邮箱：zhaikun＠tebon.com.cn 归母净利润 45.6 亿元，同比+14.39%；扣非后归母净利润 43.38 亿元，同比 薛磊 +12.27%。单季度来看，23Q4实现营业收入71.2亿元，同比+2.75%，环比+9.11%； 资格编号：S0120524020001 归母净利润9.75亿，同比+34.18%，环比-2.71%；扣非后归母净利润8.53亿元， 邮箱：xuelei＠tebon.com.cn 同比+26.57%，环比-10.93%。2024年一季度，公司实现营业收入73.4亿元，同 研究助理 比+7.32%；归母净利润19.4亿元，同比+20.21%；扣非后归母净利润19.1亿元， ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company achieved a revenue of 7.345 billion yuan in Q1 2024, representing a year-on-year growth of 7.32%. The net profit attributable to shareholders was 1.944 billion yuan, up 20.21% year-on-year [2]. - The company has a high proportion of long-term coal sales contracts, accounting for 85%, which stabilizes its performance. The current coal production capacity is 48 million tons, with plans for further capacity expansion [2]. - The company is actively expanding its renewable energy business, with a total installed capacity of 4.552 million kilowatts in operation. This segment is expected to become a significant profit growth driver [2]. Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 73.45 billion yuan, a 7.32% increase year-on-year. The net profit attributable to shareholders was 19.44 billion yuan, reflecting a 20.21% increase year-on-year. The basic earnings per share (EPS) was 0.87 yuan, up 7.41% [2]. - The company expects to sell 48 million tons of raw coal, generate 12.33 billion kilowatt-hours of electricity, and sell 880,000 tons of electrolytic aluminum in 2024, all showing year-on-year growth [3]. Capacity and Projects - The company is progressing with the Zaha Naoer aluminum alloy project, with an expected electrolytic aluminum production capacity of 1.21 million tons by 2025 [2]. - The company has completed the necessary procedures for land use certificates for the Baiyin Hwa mines, which have a combined capacity of 35 million tons, indicating significant potential for capacity expansion [2]. Renewable Energy Initiatives - The company has been expanding its renewable energy generation business, with projects in regions like Tongliao and Xilingol. The total installed capacity of renewable energy projects is currently 4.552 million kilowatts [2]. - The company is also advancing the construction of a 445,000-kilowatt wind power project in Tuquan County, which is expected to significantly increase its renewable energy capacity during the 14th Five-Year Plan period [2].

关于独立董事辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 证券代码：002128 证券简称：电投能源 公告编号：2024027 内蒙古电投能源股份有限公司 因其辞职后，电投能源董事会无会计专业的独立董事，因此独立 董事夏鹏先生在辞职后将继续履行职责至电投能源选举产生新的会 计专业独立董事时止。辞职报告应当在独立董事填补因其辞职产生的 空缺后方能生效。夏鹏先生不持有本公司股份，也不存在股份锁定承 诺。 公司对夏鹏先生担任独立董事期间为公司做出的贡献表示衷心 的感谢！ 内蒙古电投能源股份有限公司董事会 2024 年 4 月 26 日 1 内蒙古电投能源股份有限公司（以下简称"公司"）董事会于 2024 年 4 月 26 日收到公司独立董事夏鹏先生提交的书面辞职报告。 独立董事夏鹏先生在公司董事会连续任职独立董事时间即将满 六年，根据《上市公司独立董事管理办法》等有关规定，特申请辞去 电投能源独立董事及董事会审计委员会主任委员、薪酬与考核委员会 委员职务，辞职后不在电投能源担任任何职务。 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥7,344,608,736.13, an increase of 7.32% compared to ¥6,843,970,382.32 in the same period last year[3] - Net profit attributable to shareholders for Q1 2024 was ¥1,944,336,625.71, representing a year-on-year increase of 20.21% from ¥1,617,411,584.81[3] - Total operating revenue for the current period reached ¥7,344,608,736.13, an increase of 7.3% compared to ¥6,843,970,382.32 in the previous period[15] - Net profit for the current period was ¥2,171,436,588.06, representing a 25.0% increase from ¥1,739,296,671.39 in the same period last year[16] - The total profit for the current period was ¥2,558,579,158.01, up from ¥2,048,870,268.21, reflecting a growth of 24.8%[16] Cash Flow - The net cash flow from operating activities was ¥1,347,713,938.90, showing a slight decrease of 0.29% compared to the previous year[3] - Net cash flow from operating activities for Q1 2024 was approximately CNY 1.35 billion, slightly down from CNY 1.35 billion in the previous year[19] - Net cash flow from investing activities was negative CNY 414.88 million, compared to negative CNY 1.18 billion in the same period last year[19] - Cash inflow from financing activities totaled CNY 806.28 million, down from CNY 5.33 billion in Q1 2023[19] - Net cash flow from financing activities was CNY 406.60 million, a significant decrease from CNY 4.12 billion in the previous year[19] - The ending balance of cash and cash equivalents was CNY 2.99 billion, down from CNY 6.08 billion at the end of Q1 2023[19] - The company reported a net increase in cash and cash equivalents of CNY 1.34 billion for the quarter, compared to CNY 4.29 billion in the previous year[19] - Cash inflow from the disposal of fixed assets and other long-term assets was CNY 1.57 million[19] - Cash outflow for the acquisition of fixed assets and other long-term assets was CNY 416.92 million, significantly lower than CNY 1.18 billion in the same quarter last year[19] - The company did not report any cash received from investment income during the quarter[19] Assets and Liabilities - The company's total assets at the end of Q1 2024 reached ¥51,853,739,096.23, up 6.91% from ¥48,501,175,130.73 at the end of the previous year[3] - As of March 31, 2024, the total assets of Inner Mongolia Electric Power Investment Energy Co., Ltd. reached CNY 51.85 billion, an increase from CNY 48.50 billion at the beginning of the year, reflecting a growth of approximately 4.85%[12] - The company's total liabilities increased to CNY 15.19 billion from CNY 14.20 billion, reflecting a growth of approximately 6.9%[14] - The company's total current assets amounted to CNY 10.46 billion, compared to CNY 7.14 billion at the beginning of the year, marking an increase of about 46.5%[13] - The company’s total current liabilities increased to CNY 6.69 billion from CNY 5.82 billion, representing a growth of about 14.9%[14] Shareholder Information - The company reported a total of 31,751 common shareholders at the end of the reporting period[8] - The total equity attributable to shareholders at the end of Q1 2024 was ¥33,010,042,398.13, up 6.87% from ¥30,887,497,802.07 at the end of the previous year[3] - The equity attributable to shareholders of the parent company rose to CNY 33.01 billion, up from CNY 30.89 billion, indicating an increase of about 6.9%[14] Research and Development - Research and development expenses for the period amounted to ¥3,720,114.70, an increase of 91.53% year-on-year, primarily due to increased R&D in photovoltaic data collection[6] - Research and development expenses surged to ¥3,720,114.70, a significant increase of 91.1% from ¥1,942,330.82 in the previous period[15] Earnings and Costs - Basic earnings per share rose to ¥0.87, up from ¥0.81, reflecting a growth of 7.4%[17] - Total operating costs amounted to ¥4,802,403,347.66, slightly up from ¥4,801,347,191.71, indicating a marginal increase of 0.02%[15] - The company’s tax expenses increased to ¥387,142,569.95 from ¥309,573,596.82, representing a rise of 25.1%[16] Other Financial Metrics - The weighted average return on equity was 6.09%, a slight decrease of 0.04% compared to the previous year[3] - The balance of cash and cash equivalents at the end of the period was ¥3,032,886,611.07, reflecting a significant increase of 79.10% from the beginning of the period[5] - Accounts receivable at the end of the period totaled ¥3,335,513,884.43, which is a 76.63% increase compared to the beginning of the period, mainly due to increased coal receivables[5] - The company reported a significant increase in other income, which rose to ¥31,674,307.79 from ¥2,719,368.83, marking a growth of 1,063.5%[16] - The company’s inventory decreased to CNY 1.37 billion from CNY 1.45 billion, reflecting a decline of approximately 5.9%[12] - The total non-current assets slightly increased to CNY 41.40 billion from CNY 41.36 billion, showing a marginal growth of about 0.1%[13] - The company reported a significant increase in short-term borrowings, which rose to CNY 521.35 million from CNY 271.17 million, a growth of approximately 92.2%[13]