永泰能源事件点评：24H1业绩持续向好，回购彰显发展信心

Investment Rating - The report maintains a "Buy" rating for Yongtai Energy [2][5] Core Views - Yongtai Energy's performance is continuously improving, highlighted by a share buyback plan that reflects management's confidence in the company's future [2][4] - The company expects a significant increase in net profit for the first half of 2024, projecting a year-on-year growth of 14.54% to 24.41% [3][4] Summary by Sections Share Buyback and Management Confidence - On June 25, 2024, Yongtai Energy announced a share buyback plan using its own funds, with a total amount between RMB 150 million and RMB 300 million, and a maximum buyback price of RMB 1.89 per share [3][4] - The management plans to purchase 13.75 million shares, demonstrating confidence in the company's long-term development [4] Coal and Power Business Performance - The company's coal and power business is performing steadily, with a focus on high-quality coking coal production in Shanxi province [4] - The power business has become a new profit growth point due to measures such as long-term coal contracts and increased power generation capacity [4] - The Haizetang coal mine is a key project expected to start production in Q3 2026, with an estimated annual capacity of 10 million tons and a potential net profit contribution of approximately RMB 4.4 billion [4] Energy Storage and Vanadium Battery Development - Yongtai Energy is expanding into the vanadium battery industry, aiming to capture high-quality vanadium resources [4] - The company has acquired a 70% stake in Vnergy, a startup focused on vanadium flow battery technology, and plans to complete a 3000 tons/year high-purity vanadium production line by Q4 2024 [4] Financial Projections - Revenue projections for 2024-2026 are RMB 31.7 billion, RMB 33.2 billion, and RMB 34.8 billion, respectively, with net profits expected to be RMB 2.49 billion, RMB 2.79 billion, and RMB 2.95 billion [5][6] - The price-to-earnings (P/E) ratios for the closing price on June 26 are projected to be 10.34, 9.24, and 8.72 for the years 2024, 2025, and 2026, respectively [5][6]