Core Viewpoint - The global energy landscape is experiencing significant upheaval, with domestic supply and demand imbalances and fluctuating coal prices. Yongtai Energy (600157) has achieved a revenue of 28.357 billion and a net profit attributable to shareholders of 1.561 billion, demonstrating operational resilience during this unique cycle [1]. Group 1: Company Performance - Yongtai Energy's coal-electricity integration strategy has led to steady profitability amidst industry pressures [1][2]. - The company has constructed an internal cycle system of "coal mining - power generation," which helps buffer against external market fluctuations [1][2]. - The core project, Haizetang Coal Mine, is crucial for the company's coal-electricity integration layout [2][5]. Group 2: Project Development - The Haizetang Coal Mine, which has a planned four-year construction period, has completed its first phase ahead of schedule, marking a significant step in energy upgrading [3][8]. - The mine's second phase is underway, with plans for full production by 2027, directly supplying high-calorific coal to power plants in the Yangtze River Delta [3][17]. - The project is a key initiative for local government energy structure adjustments and high-quality development [5][16]. Group 3: Cost Structure and Profitability - The Haizetang Coal Mine has a resource area of approximately 200 square kilometers and reserves of 1.145 billion tons, with favorable geological conditions leading to lower mining costs [13][15]. - The coal produced is of high quality, with an average calorific value exceeding 6,500 kcal, making it a scarce high-calorific coal type in the market [14][15]. - The mine's logistics efficiency, including direct railway connections, significantly reduces transportation costs, enhancing profitability [15][16]. Group 4: Strategic Integration - Yongtai Energy's coal-electricity integration model is positioned as a key support for navigating cyclical and structural challenges in the energy sector [16][17]. - The synergy between coal production and electricity generation is expected to stabilize cash flows and reduce operational costs, creating a beneficial cycle of "stabilizing electricity with coal and promoting coal with electricity" [17][18]. - The company is seen as a potential high-dividend stock due to its strong cash flow and resilience against market fluctuations [17][18]. Group 5: ESG and Sustainability - Yongtai Energy is committed to building a modern energy system that balances economic and ecological benefits, adhering to green mining standards [18]. - The Haizetang Coal Mine's construction follows strict environmental guidelines, including efficient coal transportation and water treatment systems that support agriculture and ecology [18]. - The project exemplifies the energy sector's shift towards green and low-carbon development, aligning with national energy strategies [18].

Core Viewpoint - Yongtai Energy is solidifying its coal and electricity business, showcasing strong operational performance and strategic project developments in the coal sector [1][2][3][4]. Group 1: Business Performance - The total installed capacity of Yongtai Energy's electricity generation reaches 9.18 million kilowatts, primarily located in Jiangsu and Henan, making it a key player in regional power supply [1]. - In 2024, the electricity business generated revenue of 18.406 billion yuan, a year-on-year increase of 10.14%, accounting for 64.91% of total revenue, with a gross margin of 14.42%, up by 3.74 percentage points [2]. - The company achieved a record electricity generation of 41.26 billion kilowatt-hours in 2024 [2]. - The coal business maintains stable production, with 13 out of 15 coal mines rated as "special grade safe and efficient mines" [2]. Group 2: Project Development - The Haizetang coal mine construction is progressing as planned, entering the second phase with all four shafts fully connected underground [3]. - The mine is expected to produce 3 million tons of coal in 2026 and reach full production of 10 million tons in 2027, significantly enhancing the company's competitive edge [3]. Group 3: Financial Strategy - Yongtai Energy has initiated a valuation enhancement plan to address its stock price being below net asset value, focusing on improving operational efficiency and accelerating key project developments [4]. - The company has implemented a share repurchase plan of 500 million to 1 billion yuan to support stock value recovery, with 293 million yuan spent on repurchases by April 10, 2025 [6]. - In 2024, the company reported total revenue of 28.357 billion yuan and a net profit of 1.561 billion yuan, despite a decline in coal product sales prices [5].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 9.35 CNY over the next six months [5][11]. Core Views - The company has shown resilience in controlling costs despite a decline in coal prices, resulting in a slight increase in gross profit per ton of coal in Q1 2025. The company reported a revenue of 12.727 billion CNY in 2024, a decrease of 0.92% year-on-year, while net profit increased by 13.44% to 2.393 billion CNY [2][3][11]. - The coal business has seen a significant improvement in gross profit margins due to increased prices and reduced costs, while the power generation segment benefited from the commissioning of the second phase of the Banji Power Plant, leading to a notable increase in electricity generation [3][4][11]. - The company is accelerating the progress of its power projects, with a total planned capacity of 4.64 GW, and aims to establish a "coal-coal power-new energy" development pattern by 2025 [10][11]. Financial Performance Summary - In 2024, the company achieved a total coal production of 21.5222 million tons, a year-on-year increase of 0.57%, while the average selling price of coal was 567 CNY per ton, up 2.91% year-on-year [3][12]. - For Q1 2025, the company reported a revenue of 2.910 billion CNY, a decrease of 4.85% year-on-year, with a net profit of 532 million CNY, down 11.01% year-on-year [2][4]. - The projected revenues for 2025-2027 are 12.770 billion CNY, 14.987 billion CNY, and 15.710 billion CNY, with corresponding net profits of 2.200 billion CNY, 2.572 billion CNY, and 2.828 billion CNY [11][12]. Market Position and Strategy - The company is positioned as a leading coal enterprise under the China Coal Group, with significant coal resources and a high proportion of long-term contracts, enhancing revenue stability [11]. - The ongoing construction of power projects is strategically located near the company's coal mines, which is expected to significantly boost performance once operational [11][12]. - The company has received support from its major shareholder, China Coal Group, which plans to increase its stake in the company, reflecting confidence in its future growth [10][11].

每经记者 张文瑜 西安 每经编辑 贺娟娟 受上游煤炭价格波动的影响，近年来，多数火电企业不是赚得盆满钵满，就是亏到怀疑人生，陕西能源（001286）却主打一个"稳"字。 譬如2021年，煤价大幅攀升至历史高位，燃煤电厂普遍陷入亏损时，其依然实现了较好的利润水平。2022年，煤炭价格逐渐平稳，加之电价中枢不断上移， 陕西能源净利润同比增长超5倍。 2024年，陕西能源营业收入达到231.56亿元，同比增长19.04%；归母净利润达到30.09亿元，连续三年增长。 但需要注意的是，2025年以来，新能源装机规模快速扩张，下游用电需求却呈现疲软态势，双重压力下，火电电量价格进入下行通道。 受此影响，陕西能源一季度营收与净利润较去年同期有所下滑。 营利双增背后 陕西能源是陕西省属煤炭资源电力转化的龙头企业，主要经营业务为火力发电、煤炭生产和销售，2023年4月登陆深交所主板。 《每日经济新闻》记者注意到，2024年，公司营业收入达到231.56亿元，同比增长19.04%；归母净利润30.09亿元，同比增长17.73%。 拆解业绩来看，陕西能源亮眼表现背后，主要为在能源产能布局上的持续发力。 截至2024年末，公司煤电 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has demonstrated resilience in profitability despite a decline in coal prices, with a focus on increasing production to offset price drops [1][2] - The acquisition of Shaanxi Coal Power is expected to enhance the stability of the company's earnings [2] - The company has a high dividend yield of 6.7%, reflecting strong shareholder returns [3] Summary by Sections Financial Performance - In 2024, the company reported revenue of CNY 184.15 billion, a year-on-year increase of 1.5%, and a net profit of CNY 22.36 billion, a decrease of 3.2% [1] - For Q1 2025, revenue was CNY 40.16 billion, down 7.3% year-on-year, while net profit was CNY 4.81 billion, down 1.2% year-on-year [1] - The average price of coal at Qinhuangdao Port was CNY 721 per ton in Q1 2025, reflecting a 20% decrease year-on-year [1] Business Expansion - The company acquired 88.6525% of Shaanxi Coal Power for CNY 15.695 billion, which is expected to stabilize earnings [2] - The production capacity of the Yuan Datang coal mine has been increased from 8 million tons to 10 million tons per year [2] - The company is working on increasing the capacity of the Ningtiaota mine to 20 million tons per year [2] Dividend Policy - The company plans to distribute a total dividend of CNY 1.348 per share for 2024, with a payout ratio of 58.45% [3] - The total cash dividend amounts to 65% of the distributable profits, indicating strong cash flow management [3] Profit Forecast and Valuation - The net profit forecast for 2025 has been adjusted downwards by 3.7% to CNY 20.21 billion, with an EPS of CNY 2.08 [3] - The company is expected to maintain a robust resource endowment and stable operations, justifying the "Buy" rating [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is steadily advancing its coal-electricity integration strategy, with a dividend yield of 6.7% [9] - The coal business has shown growth in production and sales, with significant cost control measures in place [2] - The acquisition of thermal power assets from Shaanxi Coal Power Group has enhanced performance, supporting the coal-electricity integrated development [3] - The company possesses significant resource reserves, with a total coal reserve of 1.7931 billion tons and a recoverable reserve of 1.0246 billion tons, ensuring over 70 years of mining life [9] Financial Performance - In 2024, the company achieved operating revenue of 184.145 billion yuan, a year-on-year increase of 1.47%, and a net profit attributable to shareholders of 22.36 billion yuan, a decrease of 3.21% [1] - For Q1 2025, the company reported revenue of 40.162 billion yuan, a year-on-year decline of 7.30%, and a net profit of 4.805 billion yuan, a slight increase of 1.23% [1] - The company’s coal production in 2024 reached 170.48 million tons, up 4.13% year-on-year, with coal sales increasing by 9.13% to 258.43 million tons [9] - The average selling price of coal in 2024 was 561 yuan/ton, down 8.50% year-on-year [9] Cost Management - The cost of self-produced coal in 2024 was 260 yuan/ton, a decrease of 1.2% year-on-year, while the comprehensive cost per ton of coal was 414 yuan, an increase of 2.8% [9] - The company has effectively reduced costs in various areas, including a decrease in material costs and related taxes [9] Future Outlook - The company expects net profits attributable to shareholders for 2025 to be 18.717 billion yuan, with projected P/E ratios of 10.4X, 9.8X, and 9.3X for 2025, 2026, and 2027 respectively [9] - The company plans to accelerate resource acquisition and development, particularly in high-quality coal resources [9]

Investment Rating - The investment rating for Shaanxi Coal and Chemical Industry Co., Ltd. is "Buy" [1] Core Views - The company's coal and electricity integration strategy is driving stable performance and expanding growth opportunities [1][3] - The coal production volume is steadily increasing, and cost reductions are enhancing profitability [3] - The company is making progress in capacity expansion, with significant projects underway that will release high-quality production capacity [3][4] - The integration of coal and electricity operations is expected to enhance earnings and mitigate risks associated with coal price fluctuations [3][4][7] Financial Performance Summary - In 2024, the company achieved operating revenue of 184.145 billion yuan, a year-on-year increase of 1.47%, and a net profit attributable to shareholders of 22.36 billion yuan, a decrease of 3.21% [1] - For Q1 2025, the company reported operating revenue of 40.162 billion yuan, a year-on-year decline of 7.3%, and a net profit of 4.805 billion yuan, a decrease of 1.23% [2] - The coal production volume for 2024 was 170.48 million tons, an increase of 4.13%, while coal sales volume reached 258.43 million tons, up 9.13% [3] - The average coal selling price in 2024 was 561 yuan/ton, down 8.5% year-on-year [3] - The company plans to distribute a total cash dividend of 13.07 billion yuan for 2024, representing 65% of the distributable profit, with a dividend yield of 6.74% based on the closing price on April 25, 2025 [7] Future Earnings Forecast - The company is expected to achieve net profits of 20.6 billion yuan, 21.9 billion yuan, and 22.2 billion yuan for 2025, 2026, and 2027 respectively, with EPS projected at 2.12 yuan, 2.26 yuan, and 2.29 yuan [5][7]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights the resilience of the company's Q1 performance, with expectations for steady improvement in the profitability of coal-electricity synergy [1][4] - The coal segment showed significant year-on-year production growth, with a 10.47% increase in raw coal output and a 5.23% increase in segment gross profit despite falling coal prices [3][6] - The electricity segment benefited from the commissioning of new power plants, leading to a 46.91% year-on-year increase in electricity sales volume, although average selling prices decreased [3][6] Financial Performance Summary - In Q1 2025, the company reported revenue of 2.91 billion yuan, a decrease of 4.85% year-on-year and 17.76% quarter-on-quarter [1] - The net profit attributable to shareholders was 532 million yuan, down 11.01% year-on-year and 6.47% quarter-on-quarter [1] - The operating cash flow was 749 million yuan, reflecting a decrease of 23.43% year-on-year and 18.02% quarter-on-quarter [1] Segment Analysis - **Coal Segment**: - Q1 2025 raw coal production reached 5.5394 million tons, up 10.47% year-on-year, while the average selling price was 581.97 yuan/ton, a slight increase of 1.26% year-on-year [3][6] - The cost of goods sold for coal was 324.12 yuan/ton, down 6.43% year-on-year, contributing to a gross profit increase of 5.23% [3][6] - **Electricity Segment**: - The company achieved an electricity sales volume of 3.426 billion kWh in Q1 2025, a 46.91% increase year-on-year [3][6] - The average selling price for electricity was 374.9 yuan/MWh, down 8.14% year-on-year [3][6] Profitability Forecast - The report projects net profits for 2025-2027 to be 2.369 billion, 2.744 billion, and 2.878 billion yuan respectively, with corresponding EPS of 0.91, 1.06, and 1.11 yuan per share [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company's performance has significantly improved due to increased coal and electricity output, with a focus on coal-electricity growth and high dividends [3][4] - The company reported a revenue of 23.16 billion yuan for 2024, a year-on-year increase of 19%, and a net profit attributable to shareholders of 3.01 billion yuan, up 17.7% year-on-year [3][4] - The forecast for net profit for 2025-2027 is adjusted to 3.06 billion, 3.59 billion, and 4.32 billion yuan respectively, reflecting a year-on-year growth of 1.7%, 17.4%, and 20.2% [3][4] Financial Performance Summary - In 2024, the company achieved a total electricity generation of 530.4 billion kWh, a year-on-year increase of 19.7%, and a total online electricity of 496.4 billion kWh, also up 19.8% [4] - The average on-grid electricity price for 2024 was 0.35 yuan/kWh, remaining stable compared to the previous year, while the cost per kWh increased by 7.5% to 0.25 yuan/kWh [4] - The coal production for 2024 was 18.61 million tons, a year-on-year increase of 5.1%, with external sales of self-produced coal reaching 8.04 million tons, up 40% year-on-year [4] Dividend Policy - The company plans to distribute a total cash dividend of 1.538 billion yuan for 2024, with a dividend payout ratio of 51%, resulting in a current dividend yield of 4.5% [4]

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 陕西能源(001286.SZ) | | | 上次评级 买入 [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 煤矿电厂投运助力业绩新高，产能持续扩张 未来可期 [Table_ReportDate] 2025 年 04 月 18 日 [Table_S 事件：202ummar 5 年y ...