煤电同(tong)(tong)增(zeng)(zeng)(zeng)带(dai)动力工(gong)(gong)作(zuo)绩效(xiao)持(chi)(chi)续改(gai)(gai)善，的(de)(de)(de)关注(zhu)储蓄能(neng)量及(ji)改(gai)(gai)建(jian)煤业(ye)(ye)，持(chi)(chi)续“定(ding)增(zeng)(zeng)(zeng)”评定(ding)。工(gong)(gong)厂(chang)公布的(de)(de)(de)2023 年(nian)报(bao)表(biao)及(ji)2024 年(nian)个季节报(bao)，2023 年(nian)工(gong)(gong)厂(chang)保(bao)(bao)(bao)持(chi)(chi)关业(ye)(ye)收(shou)录301.2 多(duo)(duo)(duo)亿(yi)(yi)(yi)，相(xiang)(xiang)比(bi)(bi)以往-15.3%；保(bao)(bao)(bao)持(chi)(chi)归(gui)(gui)母(mu)纯(chun)赢(ying)(ying)利(li)(li)(li)方(fang)(fang)法(fa)(fa)(fa)(fa)(fa)22.7 多(duo)(duo)(duo)亿(yi)(yi)(yi)，相(xiang)(xiang)比(bi)(bi)以往+18.7%。在这过程中2023Q4 保(bao)(bao)(bao)持(chi)(chi)关业(ye)(ye)收(shou)录81.4 多(duo)(duo)(duo)亿(yi)(yi)(yi)，同(tong)(tong)比(bi)(bi)增(zeng)(zeng)(zeng)速增(zeng)(zeng)(zeng)速增(zeng)(zeng)(zeng)长(zhang)(zhang)期(qi)率增(zeng)(zeng)(zeng)长(zhang)(zhang)期(qi)率+1.8%，保(bao)(bao)(bao)持(chi)(chi)归(gui)(gui)母(mu)纯(chun)赢(ying)(ying)利(li)(li)(li)方(fang)(fang)法(fa)(fa)(fa)(fa)(fa)6.4 多(duo)(duo)(duo)亿(yi)(yi)(yi)，同(tong)(tong)比(bi)(bi)增(zeng)(zeng)(zeng)速增(zeng)(zeng)(zeng)速增(zeng)(zeng)(zeng)长(zhang)(zhang)期(qi)率增(zeng)(zeng)(zeng)长(zhang)(zhang)期(qi)率+5.0%。2024Q1工(gong)(gong)厂(chang)保(bao)(bao)(bao)持(chi)(chi)关业(ye)(ye)收(shou)录73.2 多(duo)(duo)(duo)亿(yi)(yi)(yi)，相(xiang)(xiang)比(bi)(bi)以往+3.6%，保(bao)(bao)(bao)持(chi)(chi)归(gui)(gui)母(mu)纯(chun)赢(ying)(ying)利(li)(li)(li)方(fang)(fang)法(fa)(fa)(fa)(fa)(fa)4.7 多(duo)(duo)(duo)亿(yi)(yi)(yi)，相(xiang)(xiang)比(bi)(bi)以往+11.4%。满足(zu)到2024 年(nian)至今为止(zhi)市场(chang)的(de)(de)(de)煤价下滑，公司(si)的(de)(de)(de)变(bian)动2024-2025 年(nian)赢(ying)(ying)利(li)(li)(li)方(fang)(fang)法(fa)(fa)(fa)(fa)(fa)预估并更改(gai)(gai)2026 年(nian)赢(ying)(ying)利(li)(li)(li)方(fang)(fang)法(fa)(fa)(fa)(fa)(fa)预估，再创新(xin)高2024-2026 年(nian)保(bao)(bao)(bao)持(chi)(chi)归(gui)(gui)母(mu)纯(chun)赢(ying)(ying)利(li)(li)(li)方(fang)(fang)法(fa)(fa)(fa)(fa)(fa)24.1/26.0/27.1 多(duo)(duo)(duo)亿(yi)(yi)(yi)（2024-2025 年(nian)以前参(can)考值25.1/26.6 多(duo)(duo)(duo)亿(yi)(yi)(yi)），相(xiang)(xiang)比(bi)(bi)以往+6.4%/+8.0%/+4.0%；EPS 为0.11/0.12/0.12 元，使用特定(ding)股(gu)票市值PE 为12.2/11.3/10.8 倍，工(gong)(gong)厂(chang)煤电同(tong)(tong)质(zhi)营业(ye)(ye)方(fang)(fang)法(fa)(fa)(fa)(fa)(fa)促(cu)动工(gong)(gong)作(zuo)绩效(xiao)增(zeng)(zeng)(zeng)长(zhang)(zhang)期(qi)、改(gai)(gai)建(jian)煤业(ye)(ye)的(de)(de)(de)建(jian)设过程中，储蓄能(neng)量企业(ye)(ye)转型经(jing)济发展经(jing)济发展有(you)必要期(qi)许，持(chi)(chi)续“定(ding)增(zeng)(zeng)(zeng)”评定(ding)。

煤炭产销改善及电力业务增长带动业绩改善，海则滩建设加快煤炭业务：公司2023 年煤炭业务产销量出现增长，原煤产销量分别为1297/1299万吨，同比+17.6%/+18.0%；精煤产销量分别为329/328 万吨，同比-2.3%/-3.3%。

2024Q1 精(jing)煤(mei)(mei)茶(cha)(cha)叶市面(mian)(mian)销(xiao)售量再提(ti)高，煤(mei)(mei)质茶(cha)(cha)叶市面(mian)(mian)销(xiao)售量各自为(wei)240/237 万(wan)(wan)立方(fang)米，月(yue)环(huan)(huan)(huan)比(bi)+0.5%/-1.8%；精(jing)煤(mei)(mei)茶(cha)(cha)叶市面(mian)(mian)销(xiao)售量各自为(wei)67/62 万(wan)(wan)立方(fang)米，月(yue)环(huan)(huan)(huan)比(bi)+8.6%/+7.4%。在2024 年(nian)三年(nian)度茶(cha)(cha)叶市面(mian)(mian)煤(mei)(mei)价(jia)上(shang)(shang)行，2024Q1 机(ji)(ji)(ji)构(gou)原煤(mei)(mei)销(xiao)售毛利润(run)率率为(wei)12.3 亿(yi)(yi)(yi)港元，月(yue)环(huan)(huan)(huan)比(bi)-27.4%。机(ji)(ji)(ji)构(gou)隶属关系安(an)(an)徽(hui)亿(yi)(yi)(yi)华(hua)海(hai)则滩(tan)矿井(jing)项目流程(cheng)属于安(an)(an)徽(hui)省榆横工(gong)矿区，煤(mei)(mei)种关键(jian)是为(wei)可(ke)信(xin)赖蓝翔塑业有(you)限新新工(gong)厂所生产的(de)用(yong)煤(mei)(mei)及趋势煤(mei)(mei)，教育资源(yuan)储量11.45 亿(yi)(yi)(yi)多(duo)吨，一般(ban)(ban)低卡(ka)(ka)路里6500 大卡(ka)(ka)以下。本项目流程(cheng)不(bu)断(duan)2026年(nian)三年(nian)度必备实(shi)力(li)(li)出(chu)煤(mei)(mei)实(shi)力(li)(li)，2027 年(nian)达产。按照其机(ji)(ji)(ji)构(gou)估算(suan)，按2023 年(nian)茶(cha)(cha)叶市面(mian)(mian)一般(ban)(ban)煤(mei)(mei)价(jia)第一次估算(suan)可(ke)建立年(nian)总建筑面(mian)(mian)积(ji)工(gong)资收(shou)(shou)入约90 亿(yi)(yi)(yi)港元、净收(shou)(shou)益率润(run)约44 亿(yi)(yi)(yi)港元。电(dian)(dian)(dian)(dian)(dian)(dian)缆(lan)销(xiao)售：2023 年(nian)电(dian)(dian)(dian)(dian)(dian)(dian)缆(lan)销(xiao)售量升(sheng)本减(jian)毛利润(run)率率明(ming)显提(ti)高，2024Q1 发(fa)供电(dian)(dian)(dian)(dian)(dian)(dian)池容(rong)量再高增。2023 年(nian)机(ji)(ji)(ji)构(gou)选(xuan)取丹阳(yang)中鑫华(hua)海(hai)调(diao)控权，划分(fen)安(an)(an)装(zhuang)系统(tong)电(dian)(dian)(dian)(dian)(dian)(dian)电(dian)(dian)(dian)(dian)(dian)(dian)体(ti)积(ji)20 万(wan)(wan)般(ban)(ban)瓦(wa)，机(ji)(ji)(ji)构(gou)用(yong)供电(dian)(dian)(dian)(dian)(dian)(dian)缆(lan)控股(gu)企业总安(an)(an)装(zhuang)系统(tong)电(dian)(dian)(dian)(dian)(dian)(dian)电(dian)(dian)(dian)(dian)(dian)(dian)体(ti)积(ji)实(shi)现918 万(wan)(wan)般(ban)(ban)瓦(wa)、持股(gu)总安(an)(an)装(zhuang)系统(tong)电(dian)(dian)(dian)(dian)(dian)(dian)电(dian)(dian)(dian)(dian)(dian)(dian)体(ti)积(ji)实(shi)现400 万(wan)(wan)般(ban)(ban)瓦(wa)。2023 年(nian)机(ji)(ji)(ji)构(gou)发(fa)布(bu)供电(dian)(dian)(dian)(dian)(dian)(dian)池容(rong)量各自为(wei)373.5/353.9 亿(yi)(yi)(yi)Kw时(shi)，月(yue)环(huan)(huan)(huan)比(bi)+4.2%/+4.1%，2023 年(nian)茶(cha)(cha)叶市面(mian)(mian)煤(mei)(mei)价(jia)上(shang)(shang)行导致(zhi)机(ji)(ji)(ji)构(gou)电(dian)(dian)(dian)(dian)(dian)(dian)缆(lan)资金(jin)月(yue)环(huan)(huan)(huan)比(bi)-11.2%，毛利润(run)率率率增添17.6 个十分(fen)之(zhi)一至10.7%，营收(shou)(shou)实(shi)力(li)(li)大幅度的(de)提(ti)高。2024Q1机(ji)(ji)(ji)构(gou)发(fa)布(bu)供电(dian)(dian)(dian)(dian)(dian)(dian)池容(rong)量各自为(wei)100.0/94.7 亿(yi)(yi)(yi)Kw时(shi)，月(yue)环(huan)(huan)(huan)比(bi)+14.2%/14.2%，大家(jia)不(bu)断(duan)机(ji)(ji)(ji)构(gou)2024Q1 营收(shou)(shou)月(yue)环(huan)(huan)(huan)比(bi)提(ti)高关键(jian)是原于发(fa)布(bu)供电(dian)(dian)(dian)(dian)(dian)(dian)池容(rong)量明(ming)显上(shang)(shang)升(sheng)。

全钒液流电池项目加速落地，能源转型可期

促进(jin)构造全(quan)钒液(ye)(ye)流微(wei)(wei)型(xing)蓄(xu)(xu)(xu)蓄(xu)(xu)(xu)电(dian)(dian)池(chi)(chi)充电(dian)(dian)全(quan)领域链，集团(tuan)储(chu)能电(dian)(dian)池(chi)(chi)蓄(xu)(xu)(xu)电(dian)(dian)池(chi)(chi)蓄(xu)(xu)(xu)电(dian)(dian)池(chi)(chi)充电(dian)(dian)转(zhuan)型(xing)发展促进(jin)着地。（1）全(quan)钒液(ye)(ye)流微(wei)(wei)型(xing)蓄(xu)(xu)(xu)蓄(xu)(xu)(xu)电(dian)(dian)池(chi)(chi)充电(dian)(dian)投(tou)资(zi)该项目规划：集团(tuan)分属张家(jia)(jia)港德泰(tai)储(chu)能电(dian)(dian)池(chi)(chi)蓄(xu)(xu)(xu)电(dian)(dian)池(chi)(chi)蓄(xu)(xu)(xu)电(dian)(dian)池(chi)(chi)充电(dian)(dian)装(zhuang)(zhuang)置(zhi)有限品牌集团(tuan)1,000MW 全(quan)钒液(ye)(ye)流微(wei)(wei)型(xing)蓄(xu)(xu)(xu)蓄(xu)(xu)(xu)电(dian)(dian)池(chi)(chi)充电(dian)(dian)储(chu)能电(dian)(dian)池(chi)(chi)蓄(xu)(xu)(xu)电(dian)(dian)池(chi)(chi)蓄(xu)(xu)(xu)电(dian)(dian)池(chi)(chi)充电(dian)(dian)装(zhuang)(zhuang)置(zhi)产(chan)生中(zhong)心（五期(qi)300MW）早(zao)已于2023 年6 月底(di)进(jin)行开(kai)工(gong)规划，估计2024 年长久度建(jian)成投(tou)产(chan)，估计五期(qi)投(tou)资(zi)该项目达生完孩子占我们国(guo)家(jia)(jia)市场中(zhong)占比10%。（2）钒矿选冶产(chan)量线规划：

集(ji)团分(fen)属敦煌(huang)市汇宏矿业(ye)单位发展有限的(de)(de)集(ji)团6000 吨(dun)/年高(gao)纯五被空气氧化物二(er)(er)钒(fan)选冶制作(zuo)(zuo)线(xian)（1期3000 吨(dun)/年）已(yi)在2023 年6 月(yue)底开(kai)(kai)建(jian)发展，开(kai)(kai)展2024 年春夏(xia)秋冬度(du)投运。截止期日前，该(gai)产线(xian)是(shi)在国外单条投资(zi)(zi)规模很(hen)大、电脑机(ji)械自动化因(yin)素极高(gao)、的(de)(de)环境最友爱的(de)(de)石(shi)煤(mei)提钒(fan)制作(zuo)(zuo)线(xian)，达生完孩子将(jiang)坐拥(yong)在国外石(shi)煤(mei)提钒(fan)20%左(zuo)古销售市场(chang)市场(chang)现状。时候集(ji)团依(yi)据股权质(zhi)押收(shou)购授予了广(guang)州(zhou)省石(shi)台县龙岭钒(fan)矿采掘权，加强了的(de)(de)平(ping)均选矿回收(shou)率0.93%、职(zhi)称评(ping)审(shen)明确134.74千吨(dun)的(de)(de)五被空气氧化物二(er)(er)钒(fan)网络资(zi)(zi)源英(ying)文量，日前集(ji)团五被空气氧化物二(er)(er)钒(fan)网络资(zi)(zi)源英(ying)文量可达到158.89 千吨(dun)。

风险提示：煤价下跌超预期；煤炭产量不及预期；储能转型不及预期。