公司报告 | 年报点评报告 电投能源（002128） 证券研究报告 24 年业绩稳定增长，关注各板块产能增长 事件：公司公布 2024 年报及 2025 年一季报，2024 年实现营业收入 298.59 亿元，同比增长 11.23%；实现归母净利润 53.42 亿元，同比增长 17.15%。 2025Q1 实现营业收入 75.37 亿元，同比增长 2.63%；实现归母净利润 15.59 亿元，同比降低 19.82%。 铝价同比提高，电解铝板块业绩修复 截至 2024 年底，公司拥有年产 86 万吨电解铝生产线，全年生产电解铝 90 万吨，同比提高 2.85%，2024 年国内铝价均值为 19922 元/吨，同比提高 6.53%，量价齐增带动电解铝板块业绩修复，2024 年公司电解铝板块实现 营业收入 156.63 亿元，同比提高 9.51%，实现毛利润 27.69 亿元，同比提 高 24.86%。截至 2025 年 5 月 13 日，国内铝价均值为 20272 元/吨，同比 提高 4.30%，公司电解铝板块业绩改善有望持续。 各板块产能增长空间显著，公司未来成长可期 煤炭方面，国电投集团承诺公司是国家电投集团 ...

公司报告 | 年报点评报告 陕西能源（001286） 证券研究报告 煤炭销售策略优化调整，储备产能持续投产 事件：公司发布 2024 年报及 2025 年一季报，2024 年实现营业收入 231.56 亿元，同比增长 19.04%，实现归母净利润 30.09 亿元，同比增长 17.73%。 2025Q1 实现营业收入 52.02 亿元，同比降低 7.78%，实现归母净利润 7.03 亿元，同比降低 28.78%。 2024 年电力业务量价水平较优，支撑业绩水平 收入端：2024 年公司发电利用小时数 4943 小时，同比提高 129 小时，受 益于新增装机投产，整体电量表现较优，全年完成发电量 530.43 亿千瓦时， 同比增长 19.74%，2024 年公司平均上网电价（含税）0.35 元/KWh，同比 持平。成本端：由于公司业务结构调整导致发电消耗燃煤的外购量占比增 加，公司电力业务成本增幅高于营收，2024 年燃料成本 76.30 亿元，同比 增长 46.73%，电力板块整体营业成本 123.91 亿元，同比增长 28.80%。 优化煤炭销售策略，煤炭外销量显著增加 公司结合煤炭价格波动，优化煤炭内外部 ...

事件 公司发布 2024 年报及 2025 年一季报，公司 2024 年实现营业收入 880.03 亿元，同比降低 8.31%，实现归母净利润 77.53 亿元，同比提高 18.92%； 2025Q1 实现营业收入176.02 亿元，同比降低12.09%，实现归母净利润10.74 亿元，同比降低 40.81%。 发电量平稳，煤价下滑带动成本端持续改善 公司报告 | 年报点评报告 浙能电力（600023） 证券研究报告 发电量保持平稳，成本端有望持续改善 2024 年，受益于浙江省全社会用电量增长及新增装机投产（乐清电厂三期、 六横电厂二期），公司全年完成发电量 1739.52 亿千瓦时，同比增长 6.56%； 秦皇岛港 Q5500 煤炭均价约 855 元/吨，同比降低约 110 元/吨，煤价下滑 带动公司板块盈利显著改善，2024 年电力（及热力）板块实现营业收入 778.39 亿元，同比增长 2.25%，实现毛利 100.99 亿元，同比增长 49.66%。 2025Q1 公司发电量 385.91 亿千瓦时，同比基本持平，电价端压力相对较 大，2025 年浙江省中长期电力交易加权均价 0.412 元/KWh ...

问：目前燃煤机组主要的降碳技术路线有哪些？ 答：目前主要为生物质掺烧、绿氨（氢）及碳捕集利用与封存技术。目前上述 技术还处于示范阶段，存在关键技术突破、提升经济性、加强政策支持、增强 跨产业协同等挑战。2024 年公司加速推进燃煤锅炉混氨燃烧技术的示范应用， 实现收入 5,506.05 万元，2025 年将继续开展展氨/氢、生物质掺烧技术研发。 烟台龙源电力技术股份有限公司 投资者关系活动记录表 | 编号：2025-01 | | --- | 证券代码：300105 证券简称：龙源技术 投资者关系活 动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 参与单位名称 及人员姓名 天风证券：胡冰清、李宁 时间 2025年5月14日 10:00-11:00 地点 公司本部会议室 上市公司接待 人员姓名 总会计师兼董事会秘书 刘克冷、证券事务代表 宫文静 投资者关系活 动主要内 介绍 一、由宫文静女士对公司情况进行了介绍。 二、投资者提出的问题及公司回复情况。 问：4 月份《新一代煤电升级专项行动实施方案（2025—2027 年）》的发布对 目前行业发展有哪些影响？ 答：该《方 ...

Core Viewpoint - The coal industry leader continues to outperform the sector with optimized cost management and plans for coal-electric integration, aiming for consolidated financial statements in 2024 [1] Financial Performance - The company reported total operating revenue of 184.145 billion yuan in 2024, 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% [2] - In Q1 2025, the company achieved operating revenue of 40.162 billion yuan, a year-on-year decrease of 7.3%, with a net profit of 4.805 billion yuan, down 1.23% [2] - EPS forecasts for 2025 and 2026 have been revised down to 2.07 yuan and 2.17 yuan respectively, with a new EPS estimate for 2027 at 2.27 yuan [2] - The target price has been adjusted to 23.4 yuan, a decrease of 5.99 yuan [2] Coal Production and Sales - In 2024, the company produced 170.4846 million tons of coal, an increase of 4.13%, and sold 258.4308 million tons, up 9.13%, with self-produced coal sales at 160 million tons, down 1% [3] - In Q1 2025, coal production was 43.93 million tons, with self-produced coal sales at 39.5467 million tons, an increase of 5.81% [3] - The average coal price in 2024 was 561.30 yuan per ton, down 8.50%, while the self-produced coal price was 532.03 yuan per ton, a decrease of 59.05 yuan per ton [3] - The complete cost of raw coal was 289.92 yuan per ton, down 6.67 yuan per ton [3] Coal-Electric Integration - The company plans to achieve coal-electric asset consolidation by the end of 2024, following the acquisition of Shaanxi Coal Power Group's thermal power assets [4] - The total installed capacity of coal-fired power generation is 19,620 MW, with 8,300 MW operational and 11,320 MW under construction [4] - In 2024, total power generation was 37.615 billion kWh, an increase of 4.41%, and total electricity sales were 35.126 billion kWh, up 4.37% [4] - The electricity price was 399.23 yuan per MWh, down 4.84%, and the complete cost of power generation was 341.41 yuan per MWh, a decrease of 3.80% [4] - In Q1 2025, total power generation is expected to be 8.738 billion kWh, a decrease of 22.55%, with total electricity sales at 8.145 billion kWh, down 22.79% [4] Dividend Policy - The company plans to maintain a robust dividend policy, with a total proposed dividend of 13.07 billion yuan for 2024, corresponding to a net profit of 22.3 billion yuan, resulting in a dividend payout ratio of 58% [4] - The cash and trading financial assets at the end of 2024 amounted to 35.1 billion yuan, with operating net cash flow of 42.35 billion yuan, a significant increase compared to the previous year [4]

煤炭/煤炭开采 永泰能源（600157.SH） 煤价下行电力成本受益，延续回购回报投资者 2025 年 05 月 08 日 投资评级：增持（维持） 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-05 2024-09 2025-01 永泰能源 沪深300 相关研究报告 《上调回购价格上限，高成长彰显公 司投资价值—公司信息更新报告》 -2024.12.20 《煤电互补对冲煤价影响，关注海则 滩煤矿成长性—公司信息更新报告》 -2024.10.30 《电力高增业绩向好，关注煤矿及储 能项目成长性—公司 2024年中报点评 报告》-2024.8.29 ——公司 2024 年报&2025 年一季报点评报告 日期 2025/5/7 当前股价(元) 1.37 一年最高最低(元) 2.14/1.01 总市值(亿元) 304.38 流通市值(亿元) 304.38 总股本(亿股) 222.18 流通股本(亿股) 222.18 近 3 个月换手率(%) 145.59 股价走势图 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 煤价下行电力成本受益 ...

——公司 2025 年一季报点评报告 投资评级：买入（维持） 日期 2025/5/7 当前股价(元) 12.22 一年最高最低(元) 20.18/11.76 总市值(亿元) 329.12 流通市值(亿元) 329.12 总股本(亿股) 26.93 流通股本(亿股) 26.93 近 3 个月换手率(%) 38.73 股价走势图 数据来源：聚源 -48% -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 2025-05 淮北矿业 沪深300 煤炭/煤炭开采 淮北矿业（600985.SH） Q1 降本对冲煤价下滑影响，关注成长性及破净修复 2025 年 05 月 08 日 相关研究报告 《煤炭量价齐跌致业绩承压，关注成 长性及破净修复—公司 2024年报点评 报告》-2025.3.28 《Q3 煤炭量价齐跌拖累业绩，关注煤 矿+煤化工成长—公司信息更新报告》 -2024.10.30 《煤炭量价回落，关注煤矿和煤化工 项目成长—公司 2024 年中报点评报 告》-2024.8.30 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S079052 ...

Core Viewpoint - The coal industry is expected to face significant pressure in 2024 due to falling coal prices, leading to an estimated 18.8% year-on-year decline in net profit attributable to shareholders, with a further decline of 29.7% anticipated in Q1 2025 [1][2]. Industry Summary - The total revenue for the coal industry in 2024 is projected to be 1.3574 trillion yuan, a decrease of 4.9% year-on-year, with a net profit of 146.8 billion yuan, reflecting an 18.8% decline [2]. - In Q1 2025, the coal industry is expected to generate 279.5 billion yuan in revenue, down 17.7% year-on-year, and a net profit of 28.65 billion yuan, representing a 29.7% decline [2]. - The supply-demand dynamics for thermal coal are expected to weaken, with a notable increase in coal imports and the release of production capacity in the latter half of 2024, leading to further price pressures [2]. Coal Segment Analysis - The coking coal segment is anticipated to see a revenue decline of 11.4% in 2024, with net profit expected to drop by 45.5% due to weak demand and policy constraints [3]. - Coking coal prices are influenced by the overall health of the black metal industry, with a decrease in demand from key sectors like real estate and infrastructure contributing to price declines [3]. Investment Logic - High-dividend coal companies are expected to exhibit defensive characteristics, with recommendations to focus on firms with strong resource endowments and stable performance, such as China Shenhua (601088), Shaanxi Coal (601225), and China Coal Energy (601898) [4]. - The coal-electricity joint operation model is seen as a way to mitigate cyclical fluctuations and benefit from price differentials between market and long-term contract coal prices, with suggested companies including Xinjie Energy (601918), Shaanxi Coal, and China Shenhua [5]. - The cyclical sector may benefit from economic stimulus policies, with expectations of increased domestic demand driven by government fiscal measures, recommending attention to Shanxi Coking Coal (000983), Huaibei Mining (600985), and Pingdingshan Coal (601666) [6].

在动力煤价格中枢持续下移的行业变局中，永泰能源（600157.SH）依托煤电互补的深度协同，交出一 份韧性十足的年报答卷。 2024年度经营数据显示，公司实现营业收入283.57亿元，利润总额25.02亿元，归属母公司股东的净利润 15.61亿元。 手握13座"特级安全高效矿井"、4台百万千瓦超超临界机组，永泰能源凭借煤电双产业链的精密咬合， 进一步实现发电增幅与成本降幅的对冲，在动力煤价格周期中稳步前行。 战略级项目海则滩煤矿的突破性进展，为煤电一体化注入新动能。目前主工业广场四条井筒已贯通并形 成供电、通风、排水系统，计划2026年三季度首采工作面投产，2027年达产后将新增产能1000万吨。 在稳健经营的基础上，永泰能源资产负债率较2018年压降22个百分点至51.72%，有息负债率降至 37.17%的行业低位。 同时，年内实施股份回购3.43亿元，核心管理层连续7年累计增持8600万股，叠加1.22亿元现金分红重 启，传递出经营层对"破净股"价值重估的坚定信心。在多重利好共振下， 永泰能源有望加速构筑估值修复通道。 海则滩"倒计时"：煤电联营协同破局 煤矿总产能规模2110万吨/年、控股电力总装机容量 ...

Core Viewpoint - The recent annual report of Shaanxi Coal and Chemical Industry Group (601225.SH) reveals a slight increase in revenue but a decrease in net profit, highlighting the need for transformation in the coal and electricity industry due to cyclical fluctuations [2][4]. Financial Performance - In 2024, the company achieved operating revenue of 184.145 billion yuan, an increase of 1.47% year-on-year, while net profit attributable to shareholders was 22.36 billion yuan, a decrease of 3.21% [2]. - The coal production reached 170.4846 million tons, up 4.13% year-on-year, and coal sales increased to 258.4308 million tons, a rise of 9.13% [4]. - The average coal price fell to 561.30 yuan per ton, down 8.50% year-on-year [5]. Business Segmentation - In 2024, coal business revenue accounted for 88.34% of total revenue at 162.674 billion yuan, a year-on-year increase of 3.02%, while electricity business revenue was 16.176 billion yuan, down 7.84% [8]. - The transportation business generated 0.876 billion yuan, up 0.51%, and other businesses contributed 4.420 billion yuan, down 13.96% [8]. Strategic Moves - The company has engaged in over 10 billion yuan in acquisitions to mitigate industry impacts, with a focus on coal-electricity integration [3][9]. - A significant acquisition of 15.695 billion yuan for an 88.6525% stake in Shaanxi Coal Power Group is aimed at enhancing operational synergy [9][11]. - The restructuring of non-core assets prior to the acquisition is intended to streamline operations and focus on core fire power generation [10]. Market Outlook - The company anticipates that electricity and chemical coal will be the main sources of coal consumption growth, with stable coal production expected [11]. - The energy market is expected to face tight supply-demand conditions during peak electricity consumption periods in 2025 [12].