事件：永泰能源发布2023 年年度报告及2024 年一季度报告。2023 年全年公司实现营业收入301.20 亿元，同比下降15.29%；归母净利润为22.66 亿元，同比增长18.67%。2024 年一季度，公司实现营业收入73.21 亿元，同比增长3.58%；归母净利润为4.67 亿元，同比增长11.41%。

煤炭业务：产销量稳健爬升，产能扩张高效落地。

2023 年(nian)(nian)，企(qi)业(ye)(ye)山西(xi)煤(mei)(mei)炭(tan)(tan)(tan)使(shi)(shi)用(yong)量(liang)使(shi)(shi)用(yong)量(liang)好(hao)项(xiang)(xiang)目(mu)(mu)(mu)生出(chu)出(chu)现(xian)比(bi)(bi)(bi)量(liang)上(shang)(shang)(shang)升(sheng)的(de)(de)上(shang)(shang)(shang)升(sheng)势态，煤(mei)(mei)质(zhi)出(chu)出(chu)现(xian)比(bi)(bi)(bi)为1297.23 万桶(tong)(tong)(tong)，环(huan)(huan)(huan)(huan)比(bi)(bi)(bi)延(yan)长(zhang)(zhang)(zhang)环(huan)(huan)(huan)(huan)比(bi)(bi)(bi)的(de)(de)上(shang)(shang)(shang)升(sheng)17.58%，在这(zhei)当中(zhong)精(jing)煤(mei)(mei)出(chu)出(chu)现(xian)比(bi)(bi)(bi)328.99 万桶(tong)(tong)(tong)，环(huan)(huan)(huan)(huan)比(bi)(bi)(bi)延(yan)长(zhang)(zhang)(zhang)环(huan)(huan)(huan)(huan)比(bi)(bi)(bi)走(zou)低(di)(di)2.30%；煤(mei)(mei)质(zhi)流量(liang)为1299.37 万桶(tong)(tong)(tong)，环(huan)(huan)(huan)(huan)比(bi)(bi)(bi)延(yan)长(zhang)(zhang)(zhang)环(huan)(huan)(huan)(huan)比(bi)(bi)(bi)的(de)(de)上(shang)(shang)(shang)升(sheng)17.98%，在这(zhei)当中(zhong)精(jing)煤(mei)(mei)流量(liang)327.6 万桶(tong)(tong)(tong)，环(huan)(huan)(huan)(huan)比(bi)(bi)(bi)延(yan)长(zhang)(zhang)(zhang)环(huan)(huan)(huan)(huan)比(bi)(bi)(bi)走(zou)低(di)(di)3.27%。2024 年(nian)(nian)那年(nian)(nian)度(du)(du)，企(qi)业(ye)(ye)精(jing)煤(mei)(mei)生出(chu)出(chu)现(xian)比(bi)(bi)(bi)量(liang)逐年(nian)(nian)复出(chu)平常的(de)(de)水(shui)平，出(chu)出(chu)现(xian)比(bi)(bi)(bi)67.44 万桶(tong)(tong)(tong)，环(huan)(huan)(huan)(huan)比(bi)(bi)(bi)延(yan)长(zhang)(zhang)(zhang)环(huan)(huan)(huan)(huan)比(bi)(bi)(bi)的(de)(de)上(shang)(shang)(shang)升(sheng)8.63%；流量(liang)61.78 万桶(tong)(tong)(tong)，环(huan)(huan)(huan)(huan)比(bi)(bi)(bi)延(yan)长(zhang)(zhang)(zhang)环(huan)(huan)(huan)(huan)比(bi)(bi)(bi)的(de)(de)上(shang)(shang)(shang)升(sheng)7.42%。受下(xia)面供给高涨的(de)(de)影(ying)响，山西(xi)煤(mei)(mei)炭(tan)(tan)(tan)使(shi)(shi)用(yong)量(liang)使(shi)(shi)用(yong)量(liang)价钱持续性压力(li)(li)强度(du)(du)，企(qi)业(ye)(ye)2024 年(nian)(nian)那年(nian)(nian)度(du)(du)山西(xi)煤(mei)(mei)炭(tan)(tan)(tan)使(shi)(shi)用(yong)量(liang)使(shi)(shi)用(yong)量(liang)好(hao)项(xiang)(xiang)目(mu)(mu)(mu)经销商(shang)薪水(shui)为21.80 多亿，环(huan)(huan)(huan)(huan)比(bi)(bi)(bi)延(yan)长(zhang)(zhang)(zhang)环(huan)(huan)(huan)(huan)比(bi)(bi)(bi)走(zou)低(di)(di)18.15%。企(qi)业(ye)(ye)隶属于海则滩露天(tian)选煤(mei)(mei)厂好(hao)项(xiang)(xiang)目(mu)(mu)(mu)推(tui)进(jin)改革进(jin)行开(kai)工(gong)根基建设，总体施工(gong)进(jin)度(du)(du)记(ji)划起(qi)速，记(ji)划2026 年(nian)(nian)三(san)年(nian)(nian)度(du)(du)具备(bei)着出(chu)煤(mei)(mei)情况，2027 年(nian)(nian)满足目(mu)(mu)(mu)标达(da)产。海则滩露天(tian)选煤(mei)(mei)厂资源量(liang)储量(liang)11.45 千十万吨，生产出(chu)来质(zhi)优(you)纸业(ye)(ye)用(yong)煤(mei)(mei)及冲力(li)(li)煤(mei)(mei)，修编搞(gao)定后(hou)(hou)产能分析极可(ke)能上(shang)(shang)(shang)升(sheng)至1000 万桶(tong)(tong)(tong)/年(nian)(nian)。经企(qi)业(ye)(ye)初阶(jie)段预测，建起(qi)后(hou)(hou)可(ke)满足目(mu)(mu)(mu)标年(nian)(nian)闭店薪水(shui)约90 多亿、纯成本润约44 多亿，并以企(qi)业(ye)(ye)煤(mei)(mei)电三(san)合一化发展方(fang)向驻(zhu)牢根基。

电力业务：煤电互补成果显著，装机新增凸显优势。

2023 年，大(da)平台魅力业务量(liang)(liang)建立运(yun)营使收入(ru)167.11 亿元人(ren)民(min)币，去(qu)年3d开(kai)(kai)奖历(li)史(shi)倍增(zeng)6.28%；获益于煤(mei)炭能源(yuan)总(zong)资金下(xia)(xia)行带宽，销售总(zong)资金消(xiao)减，运(yun)营总(zong)资金去(qu)年3d开(kai)(kai)奖历(li)史(shi)消(xiao)减11.18%，带来毛(mao)利额率去(qu)年3d开(kai)(kai)奖历(li)史(shi)倍增(zeng)17.55pct。用(yong)(yong)电(dian)(dian)池电(dian)(dian)电(dian)(dian)容(rong)(rong)量(liang)(liang)层面，2023 年大(da)平台完(wan)毕发(fa)用(yong)(yong)电(dian)(dian)池电(dian)(dian)电(dian)(dian)容(rong)(rong)量(liang)(liang)373.49 亿Kw时(shi)，无线网用(yong)(yong)电(dian)(dian)池电(dian)(dian)电(dian)(dian)容(rong)(rong)量(liang)(liang)353.93000万Kw时(shi)，较(jiao)前年区分倍增(zeng)4.16%和4.10%；2024 年二(er)每季度出售用(yong)(yong)电(dian)(dian)池电(dian)(dian)电(dian)(dian)容(rong)(rong)量(liang)(liang)下(xia)(xia)跌加大(da)，完(wan)毕发(fa)用(yong)(yong)电(dian)(dian)池电(dian)(dian)电(dian)(dian)容(rong)(rong)量(liang)(liang)99.99 亿Kw时(shi)，无线网用(yong)(yong)电(dian)(dian)池电(dian)(dian)电(dian)(dian)容(rong)(rong)量(liang)(liang)94.70 亿Kw时(shi)，较(jiao)3d开(kai)(kai)奖历(li)史(shi)区分倍增(zeng)14.15%和14.23%。安装(zhuang)系(xi)统层面，2023 年大(da)平台作为丹阳中鑫华(hua)海(hai)把(ba)控好权，划分安装(zhuang)系(xi)统电(dian)(dian)电(dian)(dian)容(rong)(rong)量(liang)(liang)二(er)十万Kw已(yi)在2023 年5 月动工，总(zong)安装(zhuang)系(xi)统电(dian)(dian)电(dian)(dian)容(rong)(rong)量(liang)(liang)攻克(ke)900 万Kw完(wan)善至918.44 万Kw，去(qu)年3d开(kai)(kai)奖历(li)史(shi)倍增(zeng)2.38%，进每一步资料(liao)大(da)平台中心竟争力。

储能业务：全产业链架构有序完善，新质生产力加速构建。

2023 年(nian)企业(ye)(ye)(ye)(ye)(ye)(ye)(ye)重点围绕促进储热发(fa)展，产品(pin)发(fa)展问题，企业(ye)(ye)(ye)(ye)(ye)(ye)(ye)隶属关系(xi)敦煌(huang)市(shi)汇宏矿(kuang)业(ye)(ye)(ye)(ye)(ye)(ye)(ye)单(dan)位修建有(you)效企业(ye)(ye)(ye)(ye)(ye)(ye)(ye)6000 吨(dun)/年(nian)高(gao)纯五(wu)脱(tuo)色(se)二(er)钒(fan)选冶产生线（一起(qi)3000 吨(dun)/年(nian)）截至2023 年(nian)6 月(yue)底按时(shi)开(kai)始进行(xing)(xing)(xing)(xing)开(kai)工发(fa)展，预测2024 年(nian)春天度动(dong)工，达(da)产妇(fu)将拥(yong)有(you)内(nei)地石煤(mei)提钒(fan)20%影响(xiang)销售(shou)(shou)行(xing)(xing)(xing)(xing)业(ye)(ye)(ye)(ye)(ye)(ye)(ye)行(xing)(xing)(xing)(xing)业(ye)(ye)(ye)(ye)(ye)(ye)(ye)需求；企业(ye)(ye)(ye)(ye)(ye)(ye)(ye)隶属关系(xi)张家港德(de)泰储热史诗(shi)准备有(you)效企业(ye)(ye)(ye)(ye)(ye)(ye)(ye)1000MW 全(quan)钒(fan)液流充(chong)电(dian)(dian)锂(li)电(dian)(dian)储热史诗(shi)准备加(jia)工制造研学基(ji)地（一起(qi)300MW）截至2023 年(nian)6 月(yue)底按时(shi)开(kai)始进行(xing)(xing)(xing)(xing)开(kai)工发(fa)展，一起(qi)产品(pin)预测2024 年(nian)春天度动(dong)工，达(da)产妇(fu)将拥(yong)有(you)现(xian)如今(jin)内(nei)地全(quan)钒(fan)液流充(chong)电(dian)(dian)锂(li)电(dian)(dian)10%影响(xiang)销售(shou)(shou)行(xing)(xing)(xing)(xing)业(ye)(ye)(ye)(ye)(ye)(ye)(ye)行(xing)(xing)(xing)(xing)业(ye)(ye)(ye)(ye)(ye)(ye)(ye)需求。影视(shi)的(de)资源性得到 问题，企业(ye)(ye)(ye)(ye)(ye)(ye)(ye)凭借股权(quan)(quan)质押并购(gou)重组拥(yong)有(you)了江西省(sheng)石台县龙岭钒(fan)矿(kuang)采掘权(quan)(quan)，加(jia)大月(yue)均吨(dun)度0.93%、初评核验134.74 千吨(dun)的(de)五(wu)脱(tuo)色(se)二(er)钒(fan)影视(shi)的(de)资源性量，进三步加(jia)大企业(ye)(ye)(ye)(ye)(ye)(ye)(ye)在(zai)更优质钒(fan)矿(kuang)影视(shi)的(de)资源性上的(de)优越。

盈利预测与估值

我国再创新高装(zhuang)修公司2024-2026 年实行归母(mu)纯销售(shou)收入润26.73/28.9/30.7 亿，同比增速发展17.96%/8.13%/6.25%；EPS 为0.12/0.13/0.14 元，相(xiang)对PE 为11.22/10.38/9.77 倍，长期保持“定增”评(ping)定。

风险提示

煤价下挫(cuo)超预计效果(guo)；原(yuan)煤时产(chan)不(bu)抵预计效果(guo)；钒液流(liu)电(dian)池组活(huo)动助推不(bu)抵预计效果(guo)。