事件：公司发布2023 年前三季度业绩公告，实现营业收入219.79 亿元（-18.16%，经调整，下同），归属于上市公司股东的净利润16.24 亿元（+5.35%），归属于上市公司股东的扣除非经常性损益的净利润16.18亿元（+25.61%）；实现基本每股收益0.0731 元（+5.33%）。

煤(mei)焦项(xiang)(xiang)目(mu) 项(xiang)(xiang)目(mu)量(liang)(liang)增价减年(nian)(nian)(nian)(nian)(nian)利(li)润(run)层次(ci)物(wu)有(you)所走(zou)低，在(zai)修建(jian)矿山(shan)重大突破预(yu)祝(zhu)。选择子厂家新闻模板2023 新年(nian)(nian)(nian)(nian)(nian)前三(san)一一一季度(du)(du)(du)、半(ban)(ban)年(nian)(nian)(nian)(nian)(nian)度(du)(du)(du)、半(ban)(ban)年(nian)(nian)(nian)(nian)(nian)度(du)(du)(du)，煤(mei)焦项(xiang)(xiang)目(mu) 项(xiang)(xiang)目(mu)构建(jian)年(nian)(nian)(nian)(nian)(nian)利(li)润(run)层次(ci)83.49 万(wan)亿(yi)(yi)(yi)美元(yuan)(yuan)(yuan)(yuan)（-16.51%），出(chu)(chu)(chu)(chu)售(shou)(shou)员的(de)(de)总直接(jie)(jie)费用36.28 万(wan)亿(yi)(yi)(yi)美元(yuan)(yuan)(yuan)(yuan)（-0.69%），利(li)润(run)率(lv)(lv)47.21 万(wan)亿(yi)(yi)(yi)美元(yuan)(yuan)(yuan)(yuan)（-25.62%）；构建(jian)原煤(mei)出(chu)(chu)(chu)(chu)售(shou)(shou)量(liang)(liang)分(fen)(fen)辨(bian)为954.03/959.42 千吨(dun)(dun)（+15.67%/17.68%），在(zai)当中洗精煤(mei)出(chu)(chu)(chu)(chu)售(shou)(shou)量(liang)(liang)分(fen)(fen)辨(bian)为247.85/244.02 千吨(dun)(dun)（-1.63%/-2.35%）。收(shou)费方(fang)(fang)向，前三(san)一一一季度(du)(du)(du)、半(ban)(ban)年(nian)(nian)(nian)(nian)(nian)度(du)(du)(du)、半(ban)(ban)年(nian)(nian)(nian)(nian)(nian)度(du)(du)(du)子厂家吨(dun)(dun)煤(mei)出(chu)(chu)(chu)(chu)售(shou)(shou)员收(shou)费870.24 元(yuan)(yuan)(yuan)(yuan)（-29.05%），出(chu)(chu)(chu)(chu)售(shou)(shou)员的(de)(de)总直接(jie)(jie)费用378.17 元(yuan)(yuan)(yuan)(yuan)（-15.61%），吨(dun)(dun)煤(mei)利(li)润(run)率(lv)(lv)492.07 元(yuan)(yuan)(yuan)(yuan)（-36.80%），吨(dun)(dun)煤(mei)利(li)润(run)率(lv)(lv)率(lv)(lv)56.54%（-6.93pct）；在(zai)当中第三(san)个一一一季度(du)(du)(du)、半(ban)(ban)年(nian)(nian)(nian)(nian)(nian)度(du)(du)(du)、半(ban)(ban)年(nian)(nian)(nian)(nian)(nian)度(du)(du)(du)煤(mei)焦构建(jian)关业年(nian)(nian)(nian)(nian)(nian)利(li)润(run)层次(ci)27.59 万(wan)亿(yi)(yi)(yi)美元(yuan)(yuan)(yuan)(yuan)（-16.38%），出(chu)(chu)(chu)(chu)售(shou)(shou)员的(de)(de)总直接(jie)(jie)费用13.10 万(wan)亿(yi)(yi)(yi)美元(yuan)(yuan)(yuan)(yuan)（+2.58%），利(li)润(run)率(lv)(lv)14.49 万(wan)亿(yi)(yi)(yi)美元(yuan)(yuan)(yuan)(yuan)（-28.35%）；在(zai)修建(jian)项(xiang)(xiang)目(mu) 项(xiang)(xiang)目(mu)方(fang)(fang)向，子厂家甘肃榆林海则滩矿井方(fang)(fang)案于(yu)2024 年(nian)(nian)(nian)(nian)(nian)二一一一季度(du)(du)(du)、半(ban)(ban)年(nian)(nian)(nian)(nian)(nian)度(du)(du)(du)、半(ban)(ban)年(nian)(nian)(nian)(nian)(nian)度(du)(du)(du)完成任务八期项(xiang)(xiang)目(mu) 制(zhi)作，2026 年(nian)(nian)(nian)(nian)(nian)三(san)一一一季度(du)(du)(du)、半(ban)(ban)年(nian)(nian)(nian)(nian)(nian)度(du)(du)(du)、半(ban)(ban)年(nian)(nian)(nian)(nian)(nian)度(du)(du)(du)有(you)着出(chu)(chu)(chu)(chu)煤(mei)标(biao)准，2027 年(nian)(nian)(nian)(nian)(nian)构建(jian)达产，将大幅度(du)(du)(du)多(duo)子厂家煤(mei)焦产销量(liang)(liang)，不(bu)断(duan)提升(sheng)长(zhang)时(shi)利(li)润(run)层次(ci)。

能(neng)量(liang)(liang)(liang)行业上市储电(dian)池(chi)用电(dian)量(liang)(liang)(liang)小幅度增(zeng)速，多制(zhi)裁的提升版块经济收益。前(qian)三第(di)四季度，集团(tuan)公司发储电(dian)池(chi)用电(dian)量(liang)(liang)(liang)283.0 亿kW时（+0.57%），售储电(dian)池(chi)用电(dian)量(liang)(liang)(liang)为268.10 亿kW时（+0.45%）。

2023 年后(hou)三(san)第(di)(di)(di)第(di)(di)(di)三(san)一季(ji)度(du)，新(xin)机(ji)构所在区域(yu)散(san)煤热(re)泵发(fa)电(dian)机(ji)组实现淬硬层调(diao)(diao)峰(feng)(feng)用电(dian)量8.65 亿kw时，领取调(diao)(diao)峰(feng)(feng)来房屋补偿效(xiao)益(yi)(yi)约1.64 多亿，配(pei)电(dian)铺(pu)助调(diao)(diao)频服务(wu)保(bao)障(zhang)(zhang)保(bao)障(zhang)(zhang)效(xiao)益(yi)(yi)约1200 万(wan)余元；天燃(ran)气(qi)热(re)泵发(fa)电(dian)机(ji)组良好直接参与(yu)配(pei)电(dian)铺(pu)助服务(wu)保(bao)障(zhang)(zhang)保(bao)障(zhang)(zhang)，领取来房屋补偿效(xiao)益(yi)(yi)约1600 万(wan)余元。新(xin)机(ji)构电(dian)网股票板块受驱动力煤前三(san)第(di)(di)(di)第(di)(di)(di)三(san)一季(ji)度(du)单价下行速度(du)印(yin)象，成本费用降低了，保(bao)守估计(ji)一整年一般扭(niu)亏(kui)。

微(wei)电(dian)(dian)网(wang)电(dian)(dian)池充(chong)电(dian)(dian)楼(lou)盘施工(gong)奋(fen)力(li)进(jin)行促(cu)(cu)进(jin)。进(jin)行促(cu)(cu)进(jin)微(wei)电(dian)(dian)网(wang)电(dian)(dian)池充(chong)电(dian)(dian)工(gong)作(zuo)(zuo)加(jia)工(gong)线(xian)(xian)施工(gong)，企业所属(shu)单位敦煌市汇宏化工(gong)设计(ji)非常有限企业6,000 吨/年(nian)高纯(chun)五防氧化二钒选冶工(gong)作(zuo)(zuo)加(jia)工(gong)线(xian)(xian)（这期3000 吨/年(nian)）和1000MW 全(quan)钒液流电(dian)(dian)池充(chong)电(dian)(dian)微(wei)电(dian)(dian)网(wang)电(dian)(dian)池充(chong)电(dian)(dian)武器制作(zuo)(zuo)机地(di)（这期300MW）拟于2023 年(nian)6 月(yue)底开(kai)始开(kai)工(gong)施工(gong)，这期楼(lou)盘估计(ji)2024 年(nian)下几(ji)年(nian)投入运(yun)营。微(wei)电(dian)(dian)网(wang)电(dian)(dian)池充(chong)电(dian)(dian)楼(lou)盘的(de)奋(fen)力(li)促(cu)(cu)进(jin)将促(cu)(cu)进(jin)改革变快企业新再生能源角度的(de)很快创新发展。

盈利预测以及投资评级：预计公司2023 年-2025 年归母净利润分别为23.1/23.3/23.7 亿元，当前股价对应PE 为13.2/13.0/12.8 倍。考虑公司煤电一体，经营稳定，煤炭产能增长还有空间，维持公司增持评级。

风险提示：经济下行风险，煤炭产销量下滑以及价格超预期下跌，电力业务恢复不及预期、新能源发展不及预期等。

     

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