煤电同(tong)(tong)增(zeng)(zeng)(zeng)撬动(dong)绩效(xiao)解决(jue)，喜(xi)爱储(chu)热及(ji)(ji)扩建矿(kuang)井(jing)(jing)，达(da)(da)到“加持(chi)”定(ding)级。厂家上线2023 企业年度报(bao)告及(ji)(ji)2024 年1个季报(bao)，2023 年厂家达(da)(da)成(cheng)(cheng)每(mei)(mei)天(tian)(tian)的(de)运营(ying)(ying)营(ying)(ying)收(shou)(shou)(shou)301.2 万(wan)亿美(mei)(mei)(mei)元(yuan)(yuan)，同(tong)(tong)期(qi)(qi)相比(bi)-15.3%；达(da)(da)成(cheng)(cheng)归(gui)(gui)母纯(chun)销售(shou)营(ying)(ying)收(shou)(shou)(shou)22.7 万(wan)亿美(mei)(mei)(mei)元(yuan)(yuan)，同(tong)(tong)期(qi)(qi)相比(bi)+18.7%。这里面2023Q4 达(da)(da)成(cheng)(cheng)每(mei)(mei)天(tian)(tian)的(de)运营(ying)(ying)营(ying)(ying)收(shou)(shou)(shou)81.4 万(wan)亿美(mei)(mei)(mei)元(yuan)(yuan)，月(yue)同(tong)(tong)期(qi)(qi)相比(bi)增(zeng)(zeng)(zeng)长期(qi)(qi)率(lv)+1.8%，达(da)(da)成(cheng)(cheng)归(gui)(gui)母纯(chun)销售(shou)营(ying)(ying)收(shou)(shou)(shou)6.4 万(wan)亿美(mei)(mei)(mei)元(yuan)(yuan)，月(yue)同(tong)(tong)期(qi)(qi)相比(bi)增(zeng)(zeng)(zeng)长期(qi)(qi)率(lv)+5.0%。2024Q1厂家达(da)(da)成(cheng)(cheng)每(mei)(mei)天(tian)(tian)的(de)运营(ying)(ying)营(ying)(ying)收(shou)(shou)(shou)73.2 万(wan)亿美(mei)(mei)(mei)元(yuan)(yuan)，同(tong)(tong)期(qi)(qi)相比(bi)+3.6%，达(da)(da)成(cheng)(cheng)归(gui)(gui)母纯(chun)销售(shou)营(ying)(ying)收(shou)(shou)(shou)4.7 万(wan)亿美(mei)(mei)(mei)元(yuan)(yuan)，同(tong)(tong)期(qi)(qi)相比(bi)+11.4%。满(man)足(zu)到2024 年迄(qi)今为止专业市场煤价(jia)上行，人们(men)调低2024-2025 年营(ying)(ying)收(shou)(shou)(shou)估计并新增(zeng)(zeng)(zeng)的(de)2026 年营(ying)(ying)收(shou)(shou)(shou)估计，不断2024-2026 年达(da)(da)成(cheng)(cheng)归(gui)(gui)母纯(chun)销售(shou)营(ying)(ying)收(shou)(shou)(shou)24.1/26.0/27.1 万(wan)亿美(mei)(mei)(mei)元(yuan)(yuan)（2024-2025 节前临(lin)界值25.1/26.6 万(wan)亿美(mei)(mei)(mei)元(yuan)(yuan)），同(tong)(tong)期(qi)(qi)相比(bi)+6.4%/+8.0%/+4.0%；EPS 为0.11/0.12/0.12 元(yuan)(yuan)，相关(guan)联眼下(xia)发行价(jia)PE 为12.2/11.3/10.8 倍，厂家煤电相互依存(cun)操(cao)作策略动(dong)力绩效(xiao)增(zeng)(zeng)(zeng)长期(qi)(qi)、扩建矿(kuang)井(jing)(jing)提升本身，储(chu)热变革(ge)提升比(bi)较适合盼望着，达(da)(da)到“加持(chi)”定(ding)级。

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)(jing)煤(mei)(mei)(mei)产(chan)保(bao)有量(liang)(liang)(liang)(liang)量(liang)(liang)(liang)(liang)以后(hou)增(zeng)(zeng)(zeng)加(jia)(jia)，煤(mei)(mei)(mei)质(zhi)产(chan)保(bao)有量(liang)(liang)(liang)(liang)量(liang)(liang)(liang)(liang)都(dou)为(wei)240/237 万(wan)(wan)立(li)方米，去(qu)年(nian)(nian)(nian)同(tong)期+0.5%/-1.8%；精(jing)(jing)煤(mei)(mei)(mei)产(chan)保(bao)有量(liang)(liang)(liang)(liang)量(liang)(liang)(liang)(liang)都(dou)为(wei)67/62 万(wan)(wan)立(li)方米，去(qu)年(nian)(nian)(nian)同(tong)期+8.6%/+7.4%。其(qi)基(ji)(ji)(ji)本是因为(wei)2024 年(nian)(nian)(nian)几第(di)(di)第(di)(di)三(san)第(di)(di)前三(san)季度(du)市(shi)面(mian)(mian)煤(mei)(mei)(mei)价(jia)下(xia)滑，2024Q1 装(zhuang)修(xiu)司(si)(si)(si)煤(mei)(mei)(mei)焦渠道(dao)利润(run)率(lv)(lv)率(lv)(lv)为(wei)12.3 上万(wan)(wan)元，去(qu)年(nian)(nian)(nian)同(tong)期-27.4%。装(zhuang)修(xiu)司(si)(si)(si)所属的河南亿(yi)华海则滩选煤(mei)(mei)(mei)厂品牌(pai)(pai)属于(yu)河南省榆横大(da)矿，煤(mei)(mei)(mei)种其(qi)基(ji)(ji)(ji)本为(wei)更优质(zhi)精(jing)(jing)细化工用(yong)煤(mei)(mei)(mei)及和动力(li)煤(mei)(mei)(mei)，能(neng)源(yuan)储(chu)量(liang)(liang)(liang)(liang)11.45 千万(wan)(wan)吨，分(fen)別升温量(liang)(liang)(liang)(liang)6500 大(da)卡(ka)大(da)于(yu)。该品牌(pai)(pai)再(zai)创新(xin)(xin)高2026年(nian)(nian)(nian)三(san)第(di)(di)第(di)(di)三(san)第(di)(di)前三(san)季度(du)具有出煤(mei)(mei)(mei)條件，2027 年(nian)(nian)(nian)达产(chan)。会(hui)根据装(zhuang)修(xiu)司(si)(si)(si)推算，按2023 年(nian)(nian)(nian)市(shi)面(mian)(mian)分(fen)別煤(mei)(mei)(mei)价(jia)系(xi)统(tong)化推算可(ke)(ke)改变(bian)年(nian)(nian)(nian)经营(ying)营(ying)收约90 上万(wan)(wan)元、营(ying)业收入来源(yuan)润(run)约44 上万(wan)(wan)元。电(dian)(dian)(dian)能(neng)渠道(dao)：2023 年(nian)(nian)(nian)电(dian)(dian)(dian)能(neng)渠道(dao)量(liang)(liang)(liang)(liang)升本减(jian)利润(run)率(lv)(lv)率(lv)(lv)强(qiang)势增(zeng)(zeng)(zeng)加(jia)(jia)，2024Q1 发(fa)(fa)(fa)电(dian)(dian)(dian)容(rong)量(liang)(liang)(liang)(liang)显(xian)(xian)示以后(hou)高增(zeng)(zeng)(zeng)。2023 年(nian)(nian)(nian)装(zhuang)修(xiu)司(si)(si)(si)可(ke)(ke)达丹阳中鑫华海控(kong)住(zhu)权，新(xin)(xin)加(jia)(jia)安(an)(an)装(zhuang)系(xi)统(tong)发(fa)(fa)(fa)热(re)(re)量(liang)(liang)(liang)(liang)20 心辰瓦(wa)，装(zhuang)修(xiu)司(si)(si)(si)用(yong)居民(min)用(yong)电(dian)(dian)(dian)能(neng)控(kong)股(gu)我司(si)(si)(si)总(zong)安(an)(an)装(zhuang)系(xi)统(tong)发(fa)(fa)(fa)热(re)(re)量(liang)(liang)(liang)(liang)可(ke)(ke)达918 心辰瓦(wa)、入股(gu)总(zong)安(an)(an)装(zhuang)系(xi)统(tong)发(fa)(fa)(fa)热(re)(re)量(liang)(liang)(liang)(liang)可(ke)(ke)达400 心辰瓦(wa)。2023 年(nian)(nian)(nian)装(zhuang)修(xiu)司(si)(si)(si)起(qi)售电(dian)(dian)(dian)容(rong)量(liang)(liang)(liang)(liang)显(xian)(xian)示都(dou)为(wei)373.5/353.9 亿(yi)KW时，去(qu)年(nian)(nian)(nian)同(tong)期+4.2%/+4.1%，2023 年(nian)(nian)(nian)市(shi)面(mian)(mian)煤(mei)(mei)(mei)价(jia)下(xia)滑使用(yong)装(zhuang)修(xiu)司(si)(si)(si)电(dian)(dian)(dian)能(neng)成本预算去(qu)年(nian)(nian)(nian)同(tong)期-11.2%，利润(run)率(lv)(lv)率(lv)(lv)率(lv)(lv)加(jia)(jia)大(da)17.6 个月利率(lv)(lv)至10.7%，能(neng)程度(du)大(da)大(da)增(zeng)(zeng)(zeng)加(jia)(jia)。2024Q1装(zhuang)修(xiu)司(si)(si)(si)起(qi)售电(dian)(dian)(dian)容(rong)量(liang)(liang)(liang)(liang)显(xian)(xian)示都(dou)为(wei)100.0/94.7 亿(yi)KW时，去(qu)年(nian)(nian)(nian)同(tong)期+14.2%/14.2%，让(rang)我们再(zai)创新(xin)(xin)高装(zhuang)修(xiu)司(si)(si)(si)2024Q1 绩效(xiao)去(qu)年(nian)(nian)(nian)同(tong)期增(zeng)(zeng)(zeng)加(jia)(jia)其(qi)基(ji)(ji)(ji)本出自于(yu)起(qi)售电(dian)(dian)(dian)容(rong)量(liang)(liang)(liang)(liang)显(xian)(xian)示强(qiang)势增(zeng)(zeng)(zeng)加(jia)(jia)。

全钒液流电池项目加速落地，能源转型可期

高速(su)度格局全钒液(ye)(ye)流(liu)电(dian)板(ban)全产(chan)业(ye)群链(lian)，工司(si)储蓄能量转型发展高速(su)度半(ban)空。（1）全钒液(ye)(ye)流(liu)电(dian)板(ban)产(chan)品建筑：工司(si)经济类(lei)型张家港德(de)泰储蓄能量配备是有限的工司(si)1,000MW 全钒液(ye)(ye)流(liu)电(dian)板(ban)储蓄能量配备生育(yu)加工示(shi)范园区（一(yi)次300MW）于2023 年6 月底复工建筑，估计在(zai)2024 年四季图片度投(tou)运(yun)，估计在(zai)一(yi)次产(chan)品达产(chan)妇占目前我(wo)国行业(ye)市场占比10%。（2）钒矿选冶(ye)生育(yu)线建筑：

新(xin)(xin)工(gong)厂(chang)相关(guan)敦煌市(shi)汇(hui)宏矿山机械(xie)开放非(fei)常(chang)有限新(xin)(xin)工(gong)厂(chang)6000 吨(dun)/年(nian)(nian)高纯五(wu)硫化物(wu)二(er)(er)钒(fan)选冶生產销(xiao)售(shou)线(xian)（1期3000 吨(dun)/年(nian)(nian)）已经(jing)在2023 年(nian)(nian)6 月底(di)开始开工(gong)建筑(zhu)，开展2024 年(nian)(nian)常(chang)年(nian)(nian)度投建。截止(zhi)现阶(jie)段(duan)现阶(jie)段(duan)，该(gai)产(chan)线(xian)是(shi)(shi)在中国单条(tiao)面(mian)积最(zui)(zui)主要、全自(zi)动化控(kong)制数量是(shi)(shi)最(zui)(zui)高的(de)、环镜最(zui)(zui)合理的(de)石(shi)煤提(ti)钒(fan)生產销(xiao)售(shou)线(xian)，达(da)生产(chan)后将抢占在中国石(shi)煤提(ti)钒(fan)20%上下市(shi)面(mian) 占比。同(tong)样新(xin)(xin)工(gong)厂(chang)经(jing)由(you)股份企(qi)业并购有了(le)江西省石(shi)台(tai)县(xian)龙岭钒(fan)矿挖矿权，扩大(da)了(le)年(nian)(nian)均品味0.93%、审查明(ming)确(que)134.74亿立方(fang)米(mi)左(zuo)右的(de)五(wu)硫化物(wu)二(er)(er)钒(fan)市(shi)场(chang)量，现阶(jie)段(duan)新(xin)(xin)工(gong)厂(chang)五(wu)硫化物(wu)二(er)(er)钒(fan)市(shi)场(chang)量达(da)到(dao)158.89 亿立方(fang)米(mi)左(zuo)右。

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。