物产环能深度报告：电改遗珠，攻守兼备

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4][6] Core Views - The company operates in two main sectors: coal circulation and cogeneration, with a strong presence in Zhejiang and expanding overseas [2] - The coal circulation business is the company's cornerstone, leveraging large-scale procurement and professional circulation experience to provide integrated supply chain services [3] - The cogeneration business benefits from regional advantages, with significant demand growth driven by centralized heating plans in Zhejiang [4] - The company is diversifying into new energy sectors, including molten salt energy storage and smart energy platforms, which are expected to benefit from power system reforms [4] - Revenue for 2024-2026 is projected to be 40.02/43.37/45.95 billion yuan, with net profits of 793.62/850.14/915.54 million yuan, and a PE ratio of 7.8/7.3/6.8x [4][6] Business Segments Coal Circulation - The company uses a "buy-sell matching" model to reduce inventory risks and has established stable partnerships with domestic and international suppliers [3] - Coal prices are expected to stabilize, leading to steady performance in the coal circulation business [3] Cogeneration - The company's cogeneration business covers key areas in Zhejiang, with strong regional barriers due to centralized heating policies [4] - New projects like Jinyi and Shanying are expected to boost the cogeneration business's contribution to the company's performance [4] New Energy - The company is expanding into new energy sectors, including molten salt energy storage and smart energy platforms, with significant growth potential [4] - The new energy business is expected to see rapid revenue growth, with projected revenue increases of 222.77%/115.82%/42.05% from 2024 to 2026 [7] Financial Projections - Revenue for 2024-2026 is projected to be 40.02/43.37/45.95 billion yuan, with net profits of 793.62/850.14/915.54 million yuan [4][6] - The company's dividend yield is expected to be 4.73%/5.06%/5.45% for 2024-2026, assuming a 37% dividend payout ratio [4] Valuation - The company's PE ratio is lower than comparable companies, indicating potential for valuation upside [6] - Comparable companies in the coal trade and cogeneration sectors have higher average PE ratios of 11.41/10.06/9.13x for 2024-2026 [44]