煤减电增协同铸基，经营业绩逆势增长

Investment Rating - The report maintains an "Accumulate-A" investment rating for Yongtai Energy (600157.SH) [1][5] Core Views - The company has demonstrated resilient operating performance despite market challenges, with a focus on coal and electricity synergy driving growth [1][2] - The coal production and sales have increased, with a total raw coal output of 12.97 million tons in 2023, up 17.58% year-on-year, and sales of 12.99 million tons, up 17.98% year-on-year [2][4] - The average selling price of coal has decreased by 27.73% year-on-year to 872.46 yuan/ton, while the cost per ton has decreased by 13.61% to 390.43 yuan/ton, resulting in a gross profit margin of 55.25%, down 7.31 percentage points year-on-year [2][4] - The electricity segment has shown significant improvement, with a gross profit margin of 10.68%, up 17.56 percentage points year-on-year, driven by reduced fuel costs and increased electricity sales [2][4] Financial Performance - In 2023, the company achieved total revenue of 30.12 billion yuan, a decrease of 15.29% year-on-year, while net profit attributable to shareholders was 2.27 billion yuan, an increase of 18.67% year-on-year [2][5] - For Q1 2024, the company reported revenue of 7.32 billion yuan, up 3.58% year-on-year, and a net profit of 467 million yuan, up 11.41% year-on-year [2][5] - The company expects EPS for 2024-2026 to be 0.11, 0.12, and 0.13 yuan, respectively, with corresponding P/E ratios of 12.1, 11.5, and 10.3 times [5]