WTECL(SH:600157) Zheng Quan Shi Bao Wang·2025-05-15 08:20Core Viewpoint - The coal power industry is undergoing a critical transformation under the "dual carbon" strategy, with new generation coal power upgrades being essential for achieving carbon reduction goals [2][3]. Industry Overview - The new generation coal power upgrade is a key task in constructing a new power system, which has historically played a crucial role in ensuring stable electricity supply [3]. - China's coal power accounts for less than 40% of installed capacity but provides approximately 60% of electricity generation, 70% of peak capacity, and nearly 80% of regulation capacity, with a 90% reduction in pollutant emissions [3]. - The implementation of the "New Generation Coal Power Upgrade Special Action Implementation Plan (2025-2027)" aims to align with the dual carbon strategy and establish a technical indicator system focusing on clean carbon reduction, safety, efficiency, and intelligent operation [3][4]. Company Actions - Yongtai Energy is actively seizing opportunities for new generation coal power upgrades, reporting a 10.47% year-on-year increase in electricity generation to 41.26 billion kWh in 2024, achieving a historical high [5]. - The company’s power segment generated revenue of 18.406 billion yuan, accounting for 64.91% of total revenue, with a year-on-year growth of 10.14% [5]. - The company is also advancing the construction of the Haize Tan coal mine, which is expected to enhance its coal supply and profitability, with production of high-quality thermal coal to meet the needs of its power plants [13][14]. Strategic Developments - The coal-electricity integration strategy is gaining traction, allowing companies to effectively connect resources, transportation, and production, thus enhancing operational efficiency and reducing costs [10]. - Yongtai Energy's coal production capacity is 21.1 million tons per year, with a coal resource volume of 3.821 billion tons, including high-quality coking and thermal coal [11]. - The Haize Tan coal mine, with an investment of approximately 8.5 billion yuan, is positioned as a key asset in the national "North Coal South Transport" strategy, expected to alleviate energy supply-demand conflicts in central and eastern China [14][15]. Future Outlook - The completion of the Haize Tan coal mine by 2027 will enable Yongtai Energy to transition to a dual production model of coking and thermal coal, significantly enhancing its production capacity and profitability [18]. - The coal-electricity integration will strengthen Yongtai Energy's strategic position in regional energy supply and facilitate participation in broader electricity market transactions [18].