业绩符合预期，煤电一体化稳步推进

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company's Q1 2024 performance met expectations, with a net profit of 598 million yuan, a year-on-year increase of 0.62%, and revenue of 3.058 billion yuan, up 5.59% year-on-year [2]. - The coal segment demonstrated resilience, achieving revenue of 2.6 billion yuan in Q1 2024, a year-on-year increase of 1.49%, and a gross profit of 1 billion yuan, up 1.87% year-on-year [2]. - The electricity segment saw both volume and price increases, with a power generation of 2.46 billion kWh, up 27% year-on-year, and an average on-grid electricity price of 0.4081 yuan/kWh, up 1% year-on-year [3]. - The company has significant growth potential in its coal-electricity integration business, with ongoing projects totaling 7,250 MW in installed capacity [3]. Financial Summary - For 2024-2026, the company is expected to achieve net profits of 2.4 billion yuan, 2.6 billion yuan, and 3.1 billion yuan, corresponding to P/E ratios of 9.5, 8.7, and 7.5 respectively [3]. - The company's revenue is projected to grow from 12.845 billion yuan in 2023 to 17.001 billion yuan in 2026, reflecting a compound annual growth rate of 16.6% [5]. - The latest diluted EPS is expected to increase from 0.81 yuan in 2023 to 1.19 yuan in 2026 [5].