Investment Rating - The report maintains an "Accumulate" rating for the company [1][5]. Core Views - The company reported a revenue of 343.07 billion yuan in 2023, a slight decrease of 0.4% year-on-year, and a net profit attributable to shareholders of 59.694 billion yuan, down 14.3% year-on-year [2][4]. - The company continues its high dividend policy, proposing a dividend of 2.26 yuan per share, with a total dividend payout of 44.9 billion yuan, resulting in a dividend rate of 75.2% [4][5]. - The coal production and sales volume increased, with production reaching 324.5 million tons, up 3.5% year-on-year, and sales reaching 450 million tons, up 7.7% year-on-year [4][5]. Summary by Sections Market Data - Closing price as of March 22, 2024, was 37.94 yuan, with a total share capital of 19,868.52 million shares and a net asset value of 408.692 billion yuan [2]. Financial Performance - In Q4 2023, the company achieved a revenue of 90.61 billion yuan, a decrease of 3.7% year-on-year, but an increase of 9.1% quarter-on-quarter [4]. - The company's coal business generated revenue of 273.31 billion yuan in 2023, with a gross margin of 32% [4][5]. Production and Sales - The company produced 324.5 million tons of coal in 2023, with a unit selling price of 584 yuan, reflecting a year-on-year decrease of 9.3% [4][5]. - The sales of self-produced coal were 325.4 million tons, with a unit price of 548 yuan, down 8.2% year-on-year [4][5]. Cost and Profitability - The unit production cost of self-produced coal was 179 yuan, an increase of 1.5% year-on-year, while the gross margin for self-produced coal was 46.6%, down 4.1 percentage points [3][5]. - The electricity segment reported a revenue of 92.407 billion yuan in 2023, with a gross margin of 16.9%, an increase of 2.6 percentage points year-on-year [4][5]. Future Outlook - The company expects a steady increase in coal production capacity, with significant reserves and ongoing projects to enhance production [4][5]. - Forecasted net profits for 2024-2026 are 61.264 billion yuan, 63.002 billion yuan, and 63.776 billion yuan, respectively, indicating a gradual recovery [6][7].

[Table_Title] 一体化经营业绩稳健，看好长期投资价值 [Table_ReportDate] 中国神华(601088)公司简评报告 | 2024.04.03 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [Tabl e_Summary] 张飞 ⚫ 事件：公司发布2023年业绩报告，实现营业收入3430.74亿元，同比减 行业分析师 少0.4%（经调整，下同）；实现归属于上市公司股东的净利润596.94亿 SAC执证编号：S0110523080001 元，同比减少14.3%；归属于公司股东的扣除非经常性损益的净利润为 zhangfei@sczq.com.cn 电话：010-81152685 628.68亿元，同比减少10.6%。实现基本每股收益为3.00元，同比减少 14.3%，经营性净现金流为896.87亿元，同比减少18.3%。 [市Ta场bl指e数_Ch走a势rt]（ 最近1年） ⚫ 售价同比下降业绩小幅回落，长协占比降低继续保持高毛利。公司煤炭 1 中国神华 沪深300 分部 2023 年实现营业收入 2733.06 亿元，同比下降 1.5%，营业成本 18 ...

证券研究报告 | 2024年03月28日 中国神华（601088.SH） 增持 煤电一体业绩稳健增长，高分红彰显投资价值 核心观点 公司研究·财报点评 2023年煤价下行致营收下降、利润减少。2023年公司实现营收3430.7亿元， 煤炭·煤炭开采 同比-0.4%，归母净利润596.9亿元，同比-14.3%，扣非归母净利润628.7 证券分析师：樊金璐 证券分析师：胡瑞阳 亿元，同比-10.6%。其中2023Q4公司实现营收906.1亿元，同比-3.7%，归 010-88005330 0755-81982908 fanjinlu@guosen.com.cn huruiyang@guosen.com.cn 母净利润114.3亿元，同比+8.9%。2023年营收、利润下降主因煤价下行。 S0980522070002 S0980523060002 煤炭业务：产/销量增长，持续推进煤炭资源续接。2023年公司商品煤产量 基础数据 3.245亿吨，同比+3.5%；煤炭销量4.5亿吨，同比+7.7%，其中自产商品煤 投资评级 增持(维持) 合理估值 销量3.254亿吨，同比+2.9%。2023年自产煤、外购煤销售均价分别 ...

中国神华能源股份有限公司（"中国神华"或"公司"）第五届董事会第二 十八次会议于 2024 年 3 月 25 日以电子邮件及无纸化办公系统方式向全体董事发 送了会议通知、议程、议案等会议材料，并于 2024 年 3 月 27 日以书面审议方式 召开。公司全体 8 名董事审议了本次董事会议案，以书面形式发表了表决意见。 会议的召开符合《中华人民共和国公司法》及相关法律法规、上市地上市规则和 《中国神华能源股份有限公司章程》的规定。 本次会议审议并通过以下议案： （一）《关于合资设立国能河北定州第二发电有限责任公司的议案》 1.批准中国神华签署《关于合资设立国能河北定州第二发电有限责任公司合 资协议》； 2.批准中国神华按照本次交易方案出资 7.65 亿元、持股 51%与其他股东方共 同组建合资公司； 3.授权总经理全权办理与本次设立合资公司相关的各项具体事宜，包括但不 限于签署、修改合资协议、合资公司章程等文件，办理有关审批及登记手续等。 表决情况：有权表决票 8 票，同意 8 票、反对 0 票、弃权 0 票，通过。 （二）《关于追加中国神华 2024 年度对外捐赠预算用于通过国家能源集团 公益基金会实施捐赠内 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [3]. Core Views - The report highlights that the company's earnings remain stable, with a significant cash dividend payout ratio of 75.2% for 2023. The company reported revenues and net profits of 343.07 billion and 59.694 billion yuan respectively, reflecting a year-on-year decrease of 0.4% and 14.3% [5][6]. - The coal segment's performance is impacted by a decrease in average selling prices, while the power segment shows growth in sales volume and profitability [6][8]. - The company is expected to maintain a high dividend payout ratio and stable earnings, benefiting from its leading position in the energy sector [6][9]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2023: Revenue of 343.07 billion yuan, net profit of 59.694 billion yuan, with a year-on-year decrease of 0.4% and 14.3% respectively [5]. - 2024E: Expected revenue of 358.83 billion yuan, net profit of 60.133 billion yuan [12]. - **Earnings Per Share (EPS)**: - 2023: EPS of 3.00 yuan, with projections of 3.03 yuan for 2024E [12]. - **Gross Margin**: - 2023: Gross margin of 35.9%, expected to decrease to 33.7% in 2024E [12]. - **Dividend Payout**: - The company plans to distribute a cash dividend of 2.26 yuan per share, representing 75.2% of net profit [5][6]. Segment Performance - **Coal Segment**: - Production and sales volume increased by 3.5% and 2.9% respectively, but average selling price decreased by 9.3% [6]. - Revenue from the coal segment was 273.31 billion yuan, with a profit margin of 32% [6]. - **Power Segment**: - Power generation and sales volume increased by 11% year-on-year, with a revenue of 92.41 billion yuan and a profit margin of 16.9% [8]. - **Railway Segment**: - Revenue from the railway segment was 42.96 billion yuan, with a profit margin of 37% [8]. Capital Expenditure - The company reported actual capital expenditure of 42 billion yuan in 2023, with a planned expenditure of 36.8 billion yuan for 2024, focusing on coal, power, and transportation projects [9]. Valuation and Market Position - The company is expected to maintain a high dividend yield of 6% for A shares and 8.2% for H shares in 2024, with a projected price-to-earnings ratio (PE) of 14-15x for 2024 [6][12]. - The report suggests a reasonable valuation range of 42.37 to 45.40 yuan per share, maintaining the "Outperform the Market" rating [6].

公司研 究 证 券研究 报 告 动力煤 2024年03月27日 中 国神华（601088）2023年报点评 强 推 （维持） 煤价下行体现业绩韧性，高股息率凸显投资 目标价：41.73元 价值 当前价：38.03元 事项: 华创证券研究所  公司发布2023年年度报告，报告期内公司实现营收3430.74亿元，同比-0.4%， 实现归母净利润596.94亿元，同比-14.3%；扣非归母净利润628.68亿元，同 证券分析师：杨晖 比-10.6%。其中Q4实现营收906.07亿元，环比/同比分别+9.1%/-3.7%，实现 邮箱：yanghui@hcyjs.com 归母净利润114.25亿元，环比/同比分别-23.8%/+8.9%，扣非归母净利润150.57 执业编号：S0360522050001 亿元，环比/同比分别+1.5%/+26.2%。 联系人：陈俊新  煤电主业产销稳步增长，运输及煤化工毛利下滑。煤炭:2023年煤炭产量/销量 分别为32450/45000万吨，同比2022年变化+3.5%/+7.7%，煤炭平均售价607 邮箱： chenjunxin@hcyjs.com 元/吨，同比-8.6%；电力 ...

动力煤 中国神华（601088.SH） 买入-A(维持) 产销同增一体化经营稳健，分红率提高夯实投资价值 2024年3月25日 公司研究/公司快报 公司近一年市场表现 事件描述  公司发布2023年度报告：2023年度实现营业收入3430.74亿元，同比 -0.42%；实现归母净利润 596.94 亿元，同比-14.29%；扣非后归母净利润 628.68亿元，同比-10.6%；基本每股收益3.0元/股，加权平均净资产收益 率14.88%，同比减少3.2个百分点。经营活动产生的现金流量净额896.87 亿元，同比-18.3%。截至2023年12月31日，公司总资产6301.31亿元， 同比+1.3%，净资产4086.92亿元，同比+3.8%。 事件点评 市场数据：2024年3月22日  四季度煤炭产销同增，助力全年产销增长。根据公司《2023年12月份 收盘价（元）： 37.94 主要运营数据公告》，煤炭销售量为4.5亿吨，同比+7.7%。其中四季度商 年内最高/最低（元）： 41.00/27.00 品煤产量为0.83亿吨，环比+1.5%，同比5.8%；煤炭销售量为1.18亿吨， 流通A股/总股本（亿）： ...

股 票 研 究 [Table_industryInfo] 煤炭/能源 [ Table_Main[中ITnaf 国bol]e 神_Ti华tle]( 601088) [评Tab级le_：Inv est] 增持 上次评级： 增持 煤炭发电稳步增长，估值重塑正在途中 目标价格： 43.12 上次预测： 40.04 公 ——2023年年报点评 当前价格： 38.51 司 黄涛(分析师) 2024.03.26 更 021-38674879 [交Ta易bl数e_M据a rket] 新 huangtao@gtjas.com 证书编号 S0880515090001 52周内股价区间（元） 27.01-40.83 报 总市值（百万元） 765,137 告 本报告导读： 总股本/流通A股（百万股） 19,869/16,491 煤炭板块市占率继续提升，未来持续有产能增量；发电售电快速增长，拓展可再生能 流通 B股/H股（百万股） 0/3,377 流通股比例 100% 源业务；运输与煤化工板块稳健增长；保持高额分红，继续领跑行业。 日均成交量（百万股） 36.59 投资要点： 日均成交值（百万元） 1330.84 [维Ta持bl“e_ ...

Dividend Distribution - The company plans to distribute a final cash dividend of RMB 2.26 per share (tax inclusive) for 2023, totaling RMB 44,903 million based on the total share capital of 19,868,519,955 shares as of December 31, 2023[2] - The company's dividend distribution proposal is subject to approval at the shareholders' meeting[2] Financial Performance - Revenue for 2023 was RMB 343,074 million, a decrease of 0.4% compared to 2022[13] - Net profit attributable to the company's owners in 2023 was RMB 64,625 million, down 11.4% year-on-year[13] - Basic earnings per share in 2023 were RMB 3.253, a decrease of 11.4% compared to 2022[13] - Net cash flow from operating activities in 2023 was RMB 89,687 million, down 18.3% year-on-year[13] - Total assets at the end of 2023 were RMB 633,412 million, an increase of 1.3% compared to the end of 2022[13] - Total equity attributable to the company's owners at the end of 2023 was RMB 411,478 million, up 3.7% year-on-year[13] - The asset-liability ratio at the end of 2023 was 24.0%, a decrease of 2.0 percentage points compared to the end of 2022[13] - The total debt-to-capital ratio at the end of 2023 was 7.3%, a decrease of 3.4 percentage points compared to the end of 2022[13] - EBITDA in 2023 was RMB 114,573 million, a decrease of 5.7% compared to 2022[13] - The company's net profit under International Financial Reporting Standards in 2023 was RMB 64,625 million, down 11.4% year-on-year[15] - Full-year net profit attributable to the company's owners reached 64.625 billion yuan, with basic earnings per share of 3.253 yuan/share, and the year-end asset-liability ratio was 24.0%[19] - Revenue for Q1, Q2, Q3, and Q4 were 87.042 billion yuan, 82.400 billion yuan, 83.025 billion yuan, and 90.607 billion yuan, respectively[17] - Net profit attributable to the company's owners for Q1, Q2, Q3, and Q4 were 20.677 billion yuan, 16.184 billion yuan, 15.640 billion yuan, and 12.124 billion yuan, respectively[17] - Net cash flow from operating activities for Q1, Q2, Q3, and Q4 were 29.203 billion yuan, 17.146 billion yuan, 28.371 billion yuan, and 14.967 billion yuan, respectively[17] - Revenue decreased by 0.4% to 343,074 million in 2023 compared to 344,533 million in 2022[43] - Operating costs increased by 2.6% to 232,537 million in 2023, driven by higher purchased coal costs and maintenance expenses[43][46] - R&D expenses decreased by 19.2% to 3,007 million in 2023[43] - The company's market capitalization at the end of the year was 598.9 billion yuan[19] - The company's integrated market value at the end of the year was 598.9 billion yuan[19] Coal Production and Sales - Coal production and sales volume increased by 3.5% and 7.7% year-on-year, respectively[19] - Coal production in 2023 reached 324.5 million tons, a 3.5% increase compared to 2022[25] - Coal sales volume in 2023 was 450.0 million tons, up 7.7% year-over-year[25] - Domestic coal sales in 2023 reached 442.5 million tons, accounting for 100% of total sales, with a 7.4% increase from 2022[25] - The coal segment contributed RMB 228,149 million in external revenue in 2023, a 3.5% decrease from 2022[26] - Pre-tax profit for the coal segment in 2023 was RMB 63,753 million, a 13.3% decrease compared to 2022[26] - Coal division operating costs increased by 2.2% to 196,959 million yuan in 2023, with purchased coal costs rising by 4.3% to 67,886 million yuan[29] - Coal sales volume increased by 7.7% to 450.0 million tons in 2023, with purchased coal sales volume rising by 22.6%[45] - Average coal sales price decreased by 9.3% in 2023 due to market supply and demand dynamics[44] - The company achieved a coal sales volume of 450.0 million tons in 2023, a 7.7% increase compared to 417.8 million tons in 2022[67] - The average selling price of coal (excluding tax) in 2023 was 584 yuan/ton, a 9.3% decrease from 644 yuan/ton in 2022[67] - Sales to the top five external coal customers accounted for 42.8% of total coal sales, with 168.8 million tons sold to the largest customer, National Energy Group, representing 37.5% of total coal sales[67] - The company's self-produced coal sales volume increased by 2.9% to 325.4 million tons, while externally purchased coal sales volume surged by 22.6% to 124.6 million tons[68] - Annual long-term contract coal sales volume grew by 16.8% to 258.7 million tons, while spot coal sales volume increased by 46.3% to 58.5 million tons[70] - Domestic coal sales accounted for 98.3% of total sales, with a 7.4% increase in volume to 442.5 million tons[72] - The company's coal reserves under Chinese standards decreased by 3.2 billion tons to 325.8 billion tons as of December 31, 2023[73] - Coal exploration expenditures in 2023 were 226 million yuan, a significant decrease from 1.218 billion yuan in 2022[73] - Capital expenditures for coal mine development and mining increased to 10.794 billion yuan in 2023, up from 7.008 billion yuan in 2022[73] - Total coal reserves under Chinese standards are 325.8 billion tons, with recoverable reserves of 133.8 billion tons, proven reserves of 30.6 billion tons, and saleable reserves under JORC standards of 94.8 billion tons[74] - The company's coal sales revenue in 2023 was 273.306 billion yuan, a decrease of 1.5% compared to 2022, primarily due to a decline in average coal sales prices[76] - Gross profit margin for the coal segment decreased by 2.6 percentage points to 27.9% in 2023, mainly due to increased costs from outsourced coal sales and depreciation[76] - Domestic coal sales accounted for 257.117 billion yuan in revenue with a gross margin of 35.1%, while export and overseas sales were 5.751 billion yuan with a gross margin of 1.1%[77] - Self-produced coal sales generated 178.242 billion yuan in revenue with a gross margin of 49.6%, while purchased coal sales contributed 84.626 billion yuan with a gross margin of 2.4%[78] - The unit production cost of self-produced coal decreased by 2.3% to 162.4 yuan per ton in 2023, with labor costs dropping significantly by 16.5% to 37.4 yuan per ton[79] - The Shendong mining area has the largest coal reserves of 149.7 billion tons under Chinese standards and 63.6 billion tons of saleable reserves under JORC standards[74] - The calorific value of main commercial coal ranges from 4,185-5,704 kcal/kg in the Shendong mining area, with sulfur content of 0.2-0.6% and ash content of 7.0-18.4%[75] - The company's pre-tax profit for the coal segment decreased by 13.3% to 63.753 billion yuan in 2023[76] - Depreciation and amortization costs for self-produced coal increased by 4.8% to 23.9 yuan per ton in 2023, mainly due to increased mining equipment and long-term deferred expenses[79] Power Generation - Cumulative power generation and sales volume increased by 11.0% and 11.1% year-on-year, respectively[19] - Total power generation in 2023 increased by 11.0% to 212.26 billion kWh[25] - The power generation segment's external revenue in 2023 was RMB 92,202 million, up 9.3% year-over-year[26] - Total power generation increased by 11.0% to 212.26 billion kWh in 2023[45] - Total power generation from coal-fired power plants reached 2,074.0 billion kWh, with total electricity sales of 1,950.1 billion kWh[30] - The average coal consumption for electricity sales was 300 g/kWh, and the average electricity price was 412 yuan/MWh[30] - Total installed capacity of coal-fired power plants increased by 4,000 MW to 43,164 MW by the end of 2023[30] - Total electricity sales in 2023 reached 199.75 billion kWh, accounting for 2.2% of the total electricity consumption in society (92,241 billion kWh), with market transaction electricity reaching 194.56 billion kWh, representing 97.4% of total electricity sales[80] - The average electricity selling price in 2023 was 414 yuan/MWh, a decrease of 1.0% compared to 2022 (418 yuan/MWh)[80] - Coal power generation in 2023 reached 207.40 billion kWh, an increase of 11.1% compared to 2022, with electricity sales of 195.01 billion kWh, up 11.2% year-on-year[81] - The company's total installed capacity reached 44,634 MW by the end of 2023, with coal-fired power generation accounting for 43,164 MW, representing 3.1% of the total coal-fired power generation capacity in society (1.39 billion kW)[82] - In 2023, the company added 4,000 MW of coal-fired power generation capacity, including 2,000 MW each from new units in Yueyang, Hunan, and Qingyuan, Guangdong[84] - The average utilization hours of coal-fired power generation units in 2023 reached 5,221 hours, an increase of 270 hours year-on-year, and 536 hours higher than the national average of 4,685 hours[85] - The company completed energy-saving and consumption-reducing transformations for 10.20 million kW of coal-fired units, flexibility transformations for 5.58 million kW, and heating transformations for 4.40 million kW in 2023[80] - The company's photovoltaic power generation projects reached a total installed capacity of 512 MW by the end of 2023, with 395 MW commercially operational[80] - The company's coal consumption for power supply decreased to 294.9 g/kWh in 2023, a reduction of 1.8 g/kWh compared to 2022[80] - The company's investment funds completed mergers and acquisitions in 37 new energy projects, including photovoltaic, wind power, and hydrogen energy equipment manufacturing, with cumulative exit proceeds of 98 million yuan[80] - Coal-fired power generation average utilization hours increased by 5.5% to 5,221 hours in 2023 compared to 4,951 hours in 2022[86] - Market-based electricity trading volume increased by 19.4% to 194.56 billion kWh in 2023, accounting for 97.4% of total grid-connected electricity[87] - Shandong Power Sales Company sold 7.15 billion kWh of electricity in 2023, generating revenue of 3,366 million yuan and incurring costs of 2,970 million yuan[88] - The company's total capital expenditure for the power generation segment in 2023 was 15,922 million yuan, with major projects including Guangdong Qingyuan Power Plant Phase I (5,176 million yuan) and Hunan Yueyang Power Plant (3,068 million yuan)[90] - The power generation segment's revenue increased by 9.3% to 92,407 million yuan in 2023, with a gross profit margin of 16.0%, up 2.9 percentage points from 2022[91] - Coal-fired power generation accounted for 97.3% of the company's total electricity sales cost in 2023, with a 10.0% increase in sales revenue to 83,252 million yuan[92] - The power generation segment consumed 73.2 million tons of internally supplied coal in 2023, a 10.9% increase from 2022, accounting for 78.0% of total coal consumption[93] - Raw materials, fuel, and power costs accounted for 77.4% of coal-fired power plant electricity sales costs in 2023, increasing by 4.8% to 54,414 million yuan[94] Transportation and Logistics - Transportation and coal chemical operating costs increased by 9.3% to 27,380 million yuan in 2023, with internal transportation business costs rising by 20.8% to 18,704 million yuan[29] - Port coal handling volume increased by 9.1% to 225.9 million tons in 2023, with third-party port volume surging by 74.2% to 27.0 million tons[29] - Railway transportation turnover increased by 5.9% to 367.4 billion ton-kilometers in 2023, with state-owned railway turnover growing by 17.6% to 58.0 billion ton-kilometers[29] - Shipping freight volume increased by 12.2% to 152.9 million tons in 2023, with internal customer volume growing by 15.7% to 97.8 million tons[29] - Depreciation and amortization costs in the coal division increased by 14.6% to 7,983 million yuan in 2023[29] - External transportation business costs increased by 4.3% to 7,476 million yuan in 2023[29] - Repair and maintenance costs in the transportation and coal chemical division surged by 38.8% to 4,971 million yuan in 2023[29] - Raw materials, fuel, and power costs in the coal division increased by 1.3% to 9,726 million yuan in 2023[29] - Labor costs in the coal division decreased by 13.1% to 12,512 million yuan in 2023[29] - Railway division's own railway transportation turnover reached 309.4 billion ton-kilometers in 2023, a year-on-year increase of 4.0%[96] - Non-coal cargo volume in the railway division increased by 13.8% to 22.3 million tons in 2023, with reverse transportation volume reaching 16.9 million tons[96] - Railway division's revenue increased by 1.8% to 42,961 million yuan in 2023, while operating costs rose by 9.3% to 27,380 million yuan, leading to a 4.4 percentage point decline in gross margin to 36.3%[97] - Huanghua Port's coal loading volume reached 209.5 million tons in 2023, a year-on-year increase of 2.1%, maintaining its position as the top coal port in China[98] - Non-coal cargo volume in the port division surged by 62.3% to 12.5 million tons in 2023, driven by the operation of Huanghua Port's 3 and 4 general bulk cargo terminals[99] - Port division's revenue increased by 4.8% to 6,749 million yuan in 2023, while operating costs rose by 8.1% to 3,844 million yuan, resulting in a 1.8 percentage point decline in gross margin to 43.0%[100] - Shipping division's cargo volume increased by 12.2% to 152.9 million tons in 2023, with turnover growing by 23.3% to 164.7 billion ton-nautical miles[101] - Shipping division's revenue decreased by 20.1% to 4,836 million yuan in 2023 due to a decline in average shipping prices, while operating costs fell by 11.7% to 4,602 million yuan, leading to a 9.0 percentage point decline in gross margin to 4.8%[102] Coal Chemical Business - Coal-to-olefins project's polyolefin product output reached 702.9 thousand tons in 2023, a year-on-year increase of 1.3%, with comprehensive energy consumption decreasing by 3.0% and unit product water consumption dropping by 8.6%[103] - Polyethylene sales volume increased by 1.7% to 364.4 thousand tons in 2023, while polypropylene sales volume rose by 0.3% to 341.5 thousand tons, with prices declining by 4.7% and 10.7% respectively[104] - Revenue from the coal chemical segment decreased by 4.4% to 6,098 million yuan in 2023, primarily due to a decline in the average selling price of polyolefin products[105] - The gross margin of the coal chemical segment dropped by 5.2 percentage points to 8.7% in 2023[105] - Pre-tax profit for the coal chemical segment fell by 66.5% to 180 million yuan in 2023[105] - Polyethylene production increased by 2.5% to 362.4 thousand tons in 2023, with unit production cost decreasing by 2.6% to 5,660 yuan per ton[106] - Polypropylene production remained stable at 340.5 thousand tons in 2023, with unit production cost decreasing by 5.2% to 5,487 yuan per ton[106] Corporate Governance and Leadership - The company's board of directors, supervisors, and senior management guarantee the authenticity, accuracy, and completeness of the annual report[2] -

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated stable performance with a slight increase in dividends, which exceeded market expectations. The report continues to favor the valuation reassessment of this high-quality coal leader [1][8] - The company's coal production and sales have shown stable growth, compensating for price fluctuations, which supports steady performance [17][18] - The company plans to distribute cash dividends of approximately 449.03 billion yuan, with a dividend payout ratio of about 75.22%, highlighting its high dividend attributes [3][24] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 343.07 billion yuan, a year-on-year decrease of 0.42%. The net profit attributable to shareholders was 59.69 billion yuan, down 14.29%, with basic earnings per share of 3.00 yuan [2][13] - The fourth quarter saw a revenue of 90.61 billion yuan, a year-on-year decrease of 3.65%, while net profit was 11.43 billion yuan, an increase of 8.86% year-on-year [13] Coal Production and Sales - The company reported a coal production of 324.5 million tons in 2023, an increase of 3.5% year-on-year, and coal sales of 450 million tons, up 7.7% year-on-year [17][18] - The company benefits from a high proportion of long-term contracts in coal sales, which accounted for 82% of total sales, reducing the impact of coal price fluctuations [18] Power Generation Business - The company’s power generation volume reached 212.26 billion kWh, a year-on-year increase of 11.0%, with sales volume at 199.75 billion kWh, also up 11.1% [21] - The revenue from the power generation segment was 92.41 billion yuan, reflecting a year-on-year growth of 9.3%, while the cost was 76.79 billion yuan, up 6% [21] Dividend Policy - The company plans to distribute cash dividends of approximately 449.03 billion yuan, with a dividend payout ratio of about 75.22%, which is higher than the minimum commitment of 60% [24] - The A-share dividend yield is calculated at 5.96%, while the Hong Kong share dividend yield is at 8.27% [24] Future Outlook - The company has adjusted its net profit forecasts for 2024 and 2025 to 59.6 billion yuan and 60.2 billion yuan, respectively, with an expected EPS of 3.00 yuan for 2024 [8][24] - The report anticipates a potential decrease in dividend yield to around 4.5% in a low-interest-rate environment, suggesting a possible 32% upside in stock price [24]