开源证券研报指出，近期，永泰能源披露公告，其一为海则滩煤矿项目建设进展超预期，其二为拟3-5 亿元回购公司股份用于注销。两大举措分别从业务发展与资本运作层面释放积极信号，彰显公司长期发 展信心。维持2025-2027年盈利预测，预计2025-2027年归母净利润为5.8/10.5/14.7亿元，同 比-62.6%/+79.9%/+40.2%；EPS为0.03/0.05/0.07元，对应当前股价PE为61.4/34.1/24.3倍，海则滩煤矿建 设提速，为公司长期发展注入动力，维持"增持"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential relative price increase of over 15% [16]. Core Insights - The company has announced a share buyback plan with a total amount between 300 million to 500 million RMB, aimed at reducing registered capital by canceling the repurchased shares [2][3]. - The company has been included in the CSI A500 Index, which is expected to enhance its visibility and attract more investments from index funds [3][8]. - The construction of the Haizetang coal mine is progressing steadily, with expectations to begin trial production in July 2026, which is anticipated to significantly improve the company's operational performance [3][9]. Summary by Sections Share Buyback Plan - The company plans to repurchase shares at a maximum price of 2.5 RMB per share, with the buyback period lasting 12 months from the approval date by the shareholders [2][3]. - The estimated number of shares to be repurchased ranges from 120 million to 200 million, accounting for approximately 0.55% to 0.92% of the total share capital [3]. Index Inclusion - The company has been added to the CSI A500 Index, which has a total scale of 195.401 billion RMB, and index funds related to this index are expected to rebalance around December 15, potentially leading to increased holdings in the company [3][8]. Haizetang Coal Mine Project - The Haizetang coal mine is expected to produce high-quality coal with a calorific value of over 6500 kcal and low extraction costs, projected to generate an additional annual revenue of approximately 6.5 billion RMB and a net profit of around 3 billion RMB once fully operational [9]. - The company forecasts net profits of 316 million RMB, 854 million RMB, and 1.558 billion RMB for the years 2025 to 2027, respectively, with corresponding EPS of 0.01 RMB, 0.04 RMB, and 0.07 RMB [10].

8月4日，在鄂尔多斯市东胜区泊江海子镇油房壕煤矿项目建设现场，副立井、主立井施工有序推进，提 升机、翻矸机等设备高速运转，运输车辆往来穿梭，工程建设现场繁忙而有序。 8月4日，工人们在鄂尔多斯市东胜区泊江海子镇油房壕煤矿项目建设现场忙碌着。 "矿建、土建、安装工程的顺利推进，为实现全年矿井建设目标任务奠定了基础。下一步，我们将统筹 安排、严密组织、合理穿插，确保完成主立井、副立井井筒装备以及供电、排水系统安装等年度矿井建 设目标任务。"山东能源西北矿业油房壕煤矿党支部副书记张杰介绍说。 8月4日，从空中俯瞰油房壕煤矿项目建设现场，各项工作有序推进。 据了解，油房壕煤矿项目年产能500万吨，自然资源、生态环境、林草、水利、发改、能源等部门已通 过"容缺受理""平行办理"等方式，高效推进采矿许可证、用地、环评、水保、节能等手续办理。项目计 划2027年上半年竣工，投产后将实现营收19亿元、利税2.5亿元，为内蒙古产业高质量发展提供保障。 8月4日，鄂尔多斯市东胜区泊江海子镇油房壕煤矿项目建设现场繁忙而有序。 油房壕煤矿建设项目是自治区重点煤矿建设项目，目前，矿建、土建、安装三大工程协同推进，为2027 年竣工投产 ...