WTECL(SH:600157) Tebon Securities·2024-04-29 06:00Investment Rating - The report maintains a "Buy" rating for Yongtai Energy [2] Core Views - Yongtai Energy reported a total revenue of 30.12 billion yuan in 2023, a year-on-year decrease of 15.9%, while the net profit attributable to shareholders was 2.266 billion yuan, an increase of 18.67% year-on-year [3][4] - The company is experiencing a significant recovery in its power generation business, with a notable increase in net profit in Q4 2023, which reached 642 million yuan, up 74.5% year-on-year [4] - The company is advancing key projects, including coal mining and energy storage, which are expected to enhance future growth [4] Financial Performance Summary - In 2023, Yongtai Energy achieved a coal production of 12.97 million tons and a sales volume of 12.99 million tons, both up by 17.6% year-on-year [4] - The average selling price of coal was 872.5 yuan per ton, down 27.7% year-on-year, while the cost per ton was 390.42 yuan, down 13.6% year-on-year [4] - The company completed a power generation of 37.349 billion kWh in 2023, an increase of 4.2% year-on-year, with a significant reduction in power generation costs [4] - The projected net profits for 2024, 2025, and 2026 are 2.7 billion yuan, 3.0 billion yuan, and 3.1 billion yuan respectively, with corresponding EPS of 0.12, 0.13, and 0.14 yuan [5][7] Key Projects and Future Growth - The company is on track with its coal mining project in Shaanxi, which is expected to start production in Q3 2026 [4] - The energy storage production line is set to be completed by Q4 2024, which is anticipated to open a new growth avenue for the company [4]