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 (600157.SH) [2][6] Core Views - Yongtai Energy's performance in H1 2024 is expected to improve, with projected net profit ranging from RMB 1.16 billion to RMB 1.26 billion, representing a year-on-year increase of 14.54% to 24.41% [4][5] - The company plans to repurchase shares worth between RMB 150 million and RMB 300 million to enhance employee stock ownership plans and equity incentives, reflecting management's confidence in long-term growth [5][6] Summary by Relevant Sections Market Performance - The stock price of Yongtai Energy has fluctuated between RMB 1.13 and RMB 1.56 over the past 52 weeks [7] Investment Highlights - The company is focusing on its coal and power business, which is showing stable growth. The Haizetan coal mine is expected to contribute significantly to future growth, with production capacity projected to reach 10 million tons per year by 2027, potentially adding approximately RMB 4.4 billion to net profit [5][6] - Yongtai Energy is also expanding into the energy storage sector, particularly through vanadium flow batteries, aiming for a market share of over 30% by 2030 [5] Financial Forecasts - Revenue projections for Yongtai Energy are estimated at RMB 31.7 billion, RMB 33.2 billion, and RMB 34.8 billion for 2024, 2025, and 2026 respectively. Net profit is expected to be RMB 2.49 billion, RMB 2.79 billion, and RMB 2.95 billion for the same years, with corresponding P/E ratios of 10.34, 9.24, and 8.72 [6][9]