Core Viewpoint - The company reported a slight increase in revenue for 2024 but a decline in net profit, with challenges in coal prices impacting performance in Q1 2025 [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 184.1 billion yuan, a year-on-year increase of 1.47%, and a net profit attributable to shareholders of 22.4 billion yuan, a decrease of 3.21% [1]. - For Q1 2025, the company reported operating revenue of 40.2 billion yuan, a year-on-year decline of 7.3%, and a net profit of 4.8 billion yuan, down 1.23% [1]. - The company's coal production in Q1 2025 reached 43.94 million tons, an increase of 6.00% year-on-year, while self-produced coal sales were 39.55 million tons, up 5.81% [1]. Coal and Power Segment - The coal segment generated revenue of 162.7 billion yuan in 2024, a year-on-year increase of 3.02%, but the gross profit decreased by 11.0% to 55.8 billion yuan [2]. - The company’s average selling price for coal was 561 yuan per ton, down 8.50% year-on-year, while the self-produced coal price was 532 yuan per ton, a decrease of 9.99% [1][2]. - In 2024, the company’s power generation was 37.6 billion kWh, an increase of 4.41% year-on-year, with sales of 35.1 billion kWh, also up 4.37% [2]. Project Development and Future Outlook - The company is advancing new coal and power projects, with production capacity at Yuan Datang coal mine increasing from 8 million tons/year to 10 million tons/year [3]. - The company has 11,320 MW of thermal power capacity under construction, with significant projects receiving approval [3]. - The company plans to maintain a high dividend payout ratio, having distributed a total cash dividend of 1.348 yuan per share in 2024, with a dividend ratio of 65% [3]. Profit Forecast and Valuation - The company is projected to achieve operating revenues of 157.8 billion yuan, 162.3 billion yuan, and 165.9 billion yuan for 2025-2027, with corresponding net profits of 18.3 billion yuan, 17.8 billion yuan, and 18.7 billion yuan [3].

Investment Rating - The report maintains a "Buy" rating for Gansu Energy Chemical [3][5] Core Views - The company is experiencing a decline in both coal sales and prices, with a significant drop in net profit expected for 2025 [2][3] - The company is actively advancing its coal-electricity integration strategy, with several projects under construction that will enhance its production capacity [2][3] Financial Performance - In 2024, the company is projected to achieve a revenue of 9.604 billion yuan, a year-on-year decrease of 14.7%, and a net profit of 1.214 billion yuan, down 30.1% year-on-year [4] - The first quarter of 2025 is expected to see a drastic decline in net profit to 51 million yuan, a 90.48% drop year-on-year and a 72.04% decrease quarter-on-quarter [1][4] - The company plans to distribute a cash dividend of 360 million yuan in 2024, with a dividend payout ratio of 30%, resulting in a dividend yield of 2.8% based on the closing price on April 28 [3] Production and Capacity - The company has successfully launched the Jingtai Baiyanzi coal mine, which is expected to improve coal price elasticity due to its high-quality coal [2] - As of the end of 2024, the company has three pairs of mines under construction, with a total planned production capacity of 6.9 million tons [2] - The total coal production capacity is expected to reach 23.14 million tons and power generation capacity to 4,829 MW upon completion of ongoing projects [2] Earnings Forecast - The projected net profits for 2025 to 2027 are 465 million yuan, 915 million yuan, and 1.206 billion yuan, respectively, with corresponding P/E ratios of 27.5X, 14.0X, and 10.6X [3][4]

Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 2.91 billion yuan, a year-on-year decrease of 4.85% [1] - The net profit attributable to shareholders was 530 million yuan, down 11.01% year-on-year, while the net profit excluding non-recurring items was 540 million yuan, a decrease of 7.62% [1] - The company reported a coal production of 5.54 million tons, an increase of 10.47% year-on-year, and a sales volume of 4.60 million tons, up 1.76% year-on-year [1] Group 2: Cost and Pricing Dynamics - The average selling price of coal was 560 yuan per ton, down 2.6% year-on-year, while the cost per ton was 324 yuan, a decrease of 6.5% year-on-year, leading to an increase in coal gross profit to 236 yuan per ton, up 3.4% year-on-year [1] - The overall coal sales revenue was 2.57 billion yuan, a slight decrease of 0.85% year-on-year, with internal sales revenue increasing significantly by 61.9% to 950 million yuan [1] Group 3: Power Generation and Future Plans - The commissioning of the second phase of the Banjic power plant resulted in a significant increase in power generation, with a total generation of 3.62 billion kWh, up 47.2% year-on-year [2] - The overall revenue from the power segment reached 1.28 billion yuan, reflecting a year-on-year increase of 35.0% [2] - Future capacity expansions include new power plants scheduled for completion by 2026, alongside the resumption of operations at Yangcun Mine [2] Group 4: Profit Forecast and Valuation - The company is projected to achieve operating revenues of 12.1 billion yuan, 14.2 billion yuan, and 14.4 billion yuan for 2025, 2026, and 2027 respectively, with a forecasted net profit of 2.12 billion yuan, 2.44 billion yuan, and 2.44 billion yuan [3] - The price-to-earnings ratio (PE) is expected to be 8.49, 7.39, and 7.39 for the respective years, while the price-to-book ratio (PB) is projected at 1.02, 0.89, and 0.78 [3]

Core Viewpoint - The company reported a decline in revenue for 2024 but an increase in net profit, primarily affected by unexpected carbon emission expenses [1] Financial Performance - 2024 revenue was 22.294 billion yuan, down 1.03% year-on-year; net profit attributable to shareholders was 2.325 billion yuan, up 15.98% year-on-year, but below the expected 2.512 billion yuan due to additional carbon emission costs of 276 million yuan [1] - In Q1 2025, revenue decreased by 9.33% to 5.052 billion yuan, and net profit fell by 16.25% to 744 million yuan, also below the expected range of 871-977 million yuan [1] Dividend Policy - The company declared a dividend per share (DPS) of 0.22 yuan (before tax) for 2024, corresponding to a dividend yield of 5.45% [1] - The total dividend payout accounted for 61.75% of the net profit attributable to shareholders and 71.9% of the distributable profits, exceeding the commitment of at least 70% [1] Electricity Pricing - In 2024, the company's on-grid electricity volume decreased by 3.51% to 54.297 billion kWh, mainly due to a 7.02% drop in electricity volume sent to the North China grid [2] - The average on-grid electricity price (excluding tax) for 2024 was 336.46 yuan/MWh, down 2.17% year-on-year, with a smaller decline compared to 6.23% in 2023 [2] - In Q1 2025, the average on-grid electricity price increased by 3.57% to 363.11 yuan/MWh, driven by increased peak-shaving revenue and a decrease in on-grid electricity volume [2] Coal Sector Performance - In 2024, the coal segment saw both volume and price increases, with external sales volume rising by 16.89% to 7.2803 million tons, despite a downward trend in market coal prices [3] - The external sales price (excluding tax) was 402.21 yuan/ton, up 0.18% year-on-year [3] - In Q1 2025, external sales volume increased by 0.39% to 1.5608 million tons, but the external sales price dropped by 14.03% to 358.7 yuan/ton due to a decline in raw coal calorific value [3] Price Target and Rating - The target price is set at 5.01 yuan, maintaining a "buy" rating [4] - Adjustments were made to the 2025-26 on-grid electricity volume and external coal prices, leading to a downward revision of net profit expectations for those years by 19% and 21% respectively [4] - The expected net profit for 2027 is projected to be 2.739 billion yuan, with corresponding EPS of 0.36/0.39/0.42 yuan for 2025-2027 [4]

本报讯 （记者王僖）4月28日晚，永泰能源集团股份有限公司（以下简称"永泰能源"）同步发布的2024年年报及2025年一 季报显示，2024年，公司实现营业收入283.57亿元，归属于上市公司股东的净利润15.61亿元；今年一季度，公司实现营业收入 56.41亿元，归属于上市公司股东的净利润0.51亿元。 作为区域能源保供的重要力量，永泰能源电力板块在2024年实现发电量412.6亿千瓦时，营业收入占比达64.91%，毛利率 同比显著提升。公司旗下电厂凭借大容量、高参数机组的优势，在江苏、河南等电力负荷中心保持领先地位。张家港沙洲电力 百万级机组利用小时数连续位居江苏省前列；裕中能源作为河南省最大热电联产企业，承担郑州市超三分之一供热任务。2025 年一季度，公司发电量达96.32亿千瓦时，机组深调能力再获突破，周口隆达、裕中能源相继完成25%额定负荷稳燃试验，为电 网调峰及新能源消纳提供有力支持。 为维护投资者利益，永泰能源自2024年6月份启动5亿至10亿元股份回购计划，截至2025年4月10日已累计回购2.46亿股。核 心管理层亦通过增持股票传递对公司长期价值的认可。公司有关人士表示，未来将结合经营状况 ...

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].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown significant growth in Q1 2025, with revenue reaching 619 million yuan, a year-on-year increase of 317.34%, and net profit attributable to shareholders at 69 million yuan, up 990.26% [1] - The substantial growth is primarily driven by the completion of the "Fish-Solar Complementary" project, which contributed significantly to the company's performance [1] - The company is positioned to benefit from the increasing demand for coal power upgrades and auxiliary equipment, with a projected market potential of 700 million to 2.9 billion yuan over the next three years [2] - The company is actively expanding into international markets and diversifying its product offerings, which are expected to become new growth engines for future performance [3] Financial Summary - The company is projected to achieve revenues of 1.987 billion yuan in 2025, with a year-on-year growth rate of 51.2%, and net profits of 212 million yuan, reflecting a growth rate of 128.2% [4] - Earnings per share (EPS) are expected to be 1.72 yuan in 2025, with corresponding price-to-earnings (P/E) ratios of 15.1, 12.4, and 10.4 for 2025, 2026, and 2027 respectively [4][5] - The financial outlook indicates a steady increase in revenue and profit margins, with net profit margins projected to improve from 8.4% in 2023 to 11.1% by 2027 [4]

此外，永泰能源的煤电一体化重点项目——海则滩煤矿建设正按计划快速推进。2024年矿建工程顺利进 入二期施工阶段，四条井筒已实现地下全部贯通，并形成了井下供电、排水、通风系统；计划2025年进 行井下永久泵房、水仓、变电所等主要硐室掘砌，回风、主运、辅运三条大巷及三期顺槽工程施工； 2026年二季度完成三期工程建设，6月底形成首采工作面进行试生产，预计当年产煤300万吨；2027年全 面投产，力争当年产煤1000万吨。海则滩煤矿拥有煤炭资源储量11.45亿吨，煤种主要为优质化工用煤 和动力煤，平均发热量6500大卡以上，投产后将全面实现公司煤电一体化，大幅提升公司的核心竞争力 和整体业绩。 后续，公司将继续聚焦能源主业，全力持续提升公司经营业绩和市场竞争力，积极采取规则允许的市值 管理手段，提升公司长期投资价值，增强市场投资者信心，与全体股东共享公司成长和发展成果。（燕 云） 估值提升计划彰显信心，持续回购维护股东权益 针对公司股价低于每股净资产的情况，永泰能源制定了估值提升计划，拟通过提升经营效率和盈利能 力、加快海则滩煤矿重点项目建设、实施现金分红与股份回购、开展核心管理人员股票增持、积极寻求 并购重组机会 ...

投资咨询业务资格：证监许可【2011】1778 号 专业研究·创造价值 火电同比下滑，CEA 弱势运行 核心观点 根据上海环境能源交易所数据，截至到 2025 年 4 月 25 日，全国 碳市场碳排放配额(CEA)收盘价为 75.76 元/吨，较上月同期下跌 13.12%，较去年同期下跌 26.02%。近 30 个交易日内，全国碳排放配 额的平均成交量为 23.2 万吨，上期平均成交量为 11.9 万吨，可见 近期碳排放现货市场较为活跃，成交量均值月环比增加 11.3 万吨。 能源价格来看，截至 2025 年 4 月 27 日，秦皇岛港 5500K 报价 656 元/吨，较上月底偏低 11 元/吨，较去年底偏低 107 元/吨。动力 煤偏空因素堆积，年内价格重心持续下行，市场氛围较为悲观。 2024 年 1~12 月，全国天然气表观消费量累计 4234.65 亿立方 米，同比去年偏多 334.30 亿立方米；全国燃料油表观消费量累计 5199.42 万吨，同比去年偏少 1102.83 万吨；全国焦炭表观消费量累 计 48108.04 万吨，同比去年偏少 296.69 万吨。 电力方面，2025 年 3 月，全 ...

2025 年 04 月 28 日 新集能源(601918.SH) 严控成本抵御价格下降，25Q1 吨煤毛 利同比小幅提升 公司发布 2024 年年度报告及 2025 年一季报：2024 年公司实现 营收 127.27 亿元，同比-0.92%；归母净利润 23.93 亿元，同比 +13.44%；扣非归母净利润 23.88 亿元，同比+16.30%；其中 2024Q4 实现营收 35.38 亿元，同比+12.21%，环比+10.43%；归母净利润 5.69 亿元，同比+201.28%,环比-12.32%;扣非归母净利润 6.01 亿 元，同比+283.77%，环比-7.43%。2025Q1 实现营收 29.10 亿元， 同比-4.85%；归母净利润 5.32 亿元，同比-11.01%，扣非归母净 利润 5.38 亿元，同比-7.62%。此外，2024 年公司合计派发现金 红利总额 4.14 亿元，占归母净利润比例为 17.32%。 2024 年煤炭业务价增本降，吨煤毛利同比抬升明显；电力业务 受益于板集电厂二期投运，电量增幅显著。据公司公告，煤炭业 务方面，2024 年公司原煤产量 2152.22 万吨，同比+0 ...