永泰能源经营情况交流

Financial Performance and Key Indicators - The company expects a net profit of 1.16 billion to 1.26 billion yuan for the first half of 2021, representing a year-on-year growth of 15% to 25% [1] - In Q2, the net profit is projected to be between 700 million to 800 million yuan, with a year-on-year increase of 17% to 30% and a quarter-on-quarter growth of nearly 50% to 70% [1] Coal Segment and Related Projects - The total coal production capacity is 19.1 million tons per year, with coking coal production capacity at 11.1 million tons per year [1] - The Haizitan coal mine is expected to reach a production capacity of 10 million tons per year, with a projected capacity exceeding 20 million tons by 2027 [1] - The company owns 15 coking coal mines with a total coal resource of 3.829 billion tons, including 920 million tons of high-quality coking coal and 2.907 billion tons of thermal coal [1] - The average selling price of coking coal in Q1 was 1916 yuan per ton, with production costs around 820 yuan per ton [1] Power Business and Market Performance - The power business has turned profitable since the second half of last year, with continued growth in performance this year [1] - The company has a controlling installed capacity of 9.18 million kilowatts and a shareholding installed capacity of 4 million kilowatts [1] - In Q1, the power generation reached 10 billion kilowatt-hours, a year-on-year increase of nearly 15%, with heating volume up nearly 30% [1] - The average power generation energy consumption for coal-fired units was 295.65 grams per kilowatt-hour, lower than the national average by 7.75 grams per kilowatt-hour [1] Petrochemical and Energy Storage Segments - The petrochemical segment is small, with the Huayi Petrochemical project located in Guangdong, having an annual online storage capacity of 21.5 million tons [1] - The energy storage segment aims to achieve a scale by 2025 and a market share of over 30% for vanadium flow batteries by 2027 to 2030 [1] - The Gansu Dunhuang Phase I vanadium pentoxide production line and Zhangjiagang Detai energy storage equipment company's Phase I 300 MW production line are under construction [1] Company Strategy and Industry Competition - The company plans to focus capital expenditures on the Haizitan coal mine and energy storage project construction over the next two years [5] - The company aims to consolidate its coal and power segments to improve economic efficiency and accelerate the construction of the Haizitan coal mine, expecting significant growth in future performance [5] Management Comments on Operating Environment and Future Outlook - Despite a year-on-year negative growth in national thermal power generation, the company's power plants in Zhangjiagang achieved a load rate of 80%-90%, with increased electricity demand during high-temperature periods in Henan [5] - The company will continue to monitor market developments for energy storage projects and expects annual output value of about 1 billion yuan with a comprehensive return rate of 10-15% once two production lines are operational [5] Other Important Information - The company’s overall coverage rate for long-term coal supply agreements was approximately 80% last year and has reached 80% in Q1 this year, with expectations for better performance throughout the year [2][4] Q&A Session Summary Question: Does the company’s power plant long-term coal supply cover all needs? Is the coal sold to power plants at long-term prices? - The company primarily sells coking coal, and the coal for power plants is mainly purchased externally [2] Question: How do the prices of coking coal, thermal coal, and mixed coal compare year-on-year for the first half of this year? - Coal prices decreased year-on-year in Q1 but have seen a rebound since Q2 [2] Question: Is the mixed coal sold at market prices, and is the guaranteed supply coal also sold at market prices? - The guaranteed supply coal accounts for a very small proportion, with the company mainly selling coking coal and raw coal [2] Question: Will there still be guaranteed supply coal sales this year, and have market prices fallen below 900 yuan? - The sales structure changes have minimal impact on the overall price increase of mixed coal due to its low calorific value [3] Question: What is the net asset situation of the Huaying Petrochemical project? - The company completed its restructuring at the end of 2020, and all shares from debt-to-equity swaps were released by September 2022 [4] Question: How has the procurement cost of thermal coal for power plants changed year-on-year in the first half of this year? - The overall coverage rate for long-term agreements was about 80% last year and has reached 80% in Q1 this year, with expectations for better performance [4] Question: What is the expected contribution of the energy storage business to the company’s profits in the next two to three years? - The energy storage market's development prospects are uncertain, but the company anticipates significant output value once production lines are operational [5] Question: How much is the coal production expected to increase in Q2 compared to Q1? - Coal production typically sees a significant increase in Q2 compared to Q1 due to lower production during the Spring Festival [5] Question: How does the nationwide negative growth in thermal power generation affect the company’s power plants? - The company’s power plants have maintained high load rates, and electricity demand has increased during peak periods [5] Question: Does the company plan to achieve full self-supply of thermal coal for its power plants in the future? - The company primarily produces high-quality coking coal for steelmaking, while the coal needed for power plants is mainly sourced externally [5]