永泰能源：电力业务降本增量助力业绩提升

Investment Rating - The investment rating for the company is "Accumulate-A" (maintained) [1] Core Views - The company's performance is supported by cost reduction and incremental growth in its power business, leading to improved financial results [2][3] - The integration of coal and electricity operations is showing positive effects, with a notable increase in the profitability of the power segment [3][6] Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 14.512 billion yuan, a year-on-year increase of 3.80% [2] - The net profit attributable to shareholders was 1.189 billion yuan, reflecting a year-on-year growth of 17.45% [2] - The company's cash flow from operating activities was 3.037 billion yuan, up 1.47% year-on-year [2] - The basic earnings per share (EPS) was 0.0535 yuan, an increase of 17.32% year-on-year [2] - The weighted average return on assets (ROA) improved to 2.54%, up by 0.27 percentage points year-on-year [2] Power Business Performance - The company optimized its power generation strategy, resulting in a power generation volume of 19.365 billion kWh, a year-on-year increase of 4.16% [3] - The on-grid electricity volume reached 18.356 billion kWh, up 13.55% year-on-year [3] - The average comprehensive selling price of electricity was 0.4796 yuan/kWh, a slight increase of 0.67% year-on-year [3] - The average cost per kWh decreased to 0.4055 yuan, down 8.87% year-on-year due to a higher proportion of long-term contract coal [3] Coal Business Performance - The company's coal production and sales experienced a slight decline, with raw coal production at 5.982 million tons, down 1.11% year-on-year [3] - The average selling price of coal was 807.68 yuan/ton, a decrease of 12.09% year-on-year [3] - The coal business revenue was 4.783 billion yuan, down 14.44% year-on-year, with a gross margin of 54.24%, a decrease of 4.29 percentage points year-on-year [3] Future Outlook - The company plans to expand its production capacity, with the Haizetai coal mine expected to start production in June 2026, targeting an output of 3 million tons in the same year [4][5] - The company is also focusing on becoming a leader in the energy storage industry, with several projects underway [5] - The earnings per share (EPS) forecasts for 2024-2026 are projected to be 0.11, 0.12, and 0.15 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 9.9, 9.0, and 7.2 times [6]