物产环能：传统能源换挡升级 新能源激发新活力

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [5][7]. Core Views - The company is positioned to benefit from the transition in traditional energy and the growth of new energy sectors, which are expected to drive new vitality [5][7]. - The coal circulation business is under pressure in the short term, but the combined heat and power (CHP) segment remains relatively stable, providing a solid foundation for overall performance [6][9]. - The company has a strong customer base in the coal circulation sector, and if coal prices stabilize, performance in this area is expected to improve [6][9]. Summary by Sections 1. Company Overview - The company is a state-owned enterprise in Zhejiang, primarily engaged in coal circulation and CHP, with a gradual expansion into new energy sectors since its spin-off from a larger group in 2021 [6][15]. 2. Traditional Energy Development 2.1 Coal Circulation - The company has a stable customer base and has been recognized as a key supplier of electricity coal by the National Development and Reform Commission [26]. - In 2023, the company sold 27.95 million tons of coal, a year-on-year increase of 12.53% [26]. 2.2 Combined Heat and Power - The company operates six CHP plants with a total capacity of 407 MW, primarily serving industrial parks in Zhejiang [31]. - The current utilization rate of the CHP capacity is below 50%, indicating potential for future growth [31]. 3. New Energy Development - The company is focusing on three main areas: new energy storage, distributed energy, and green logistics, with significant growth potential [35][36]. - In the first half of 2024, the new energy segment generated revenue of 0.21 billion yuan, a year-on-year increase of 398% [36]. 4. Profit Forecast and Valuation - The company is expected to achieve net profits of 7.82 billion yuan, 9.12 billion yuan, and 9.42 billion yuan for the years 2024 to 2026, with respective growth rates of -26.13%, 16.56%, and 3.29% [39]. - The current price-to-earnings (P/E) ratios are projected to be 9, 8, and 7 for the years 2024 to 2026, compared to an average of 12 for comparable companies [39].