Investment Rating - The investment rating for the company is "Buy-A" with a target price of 14.11 CNY over the next six months [1][8]. Core Views - The company has demonstrated strong growth potential due to its substantial project reserves and operational capacity in both power generation and coal mining sectors [2][3]. - The integration of coal and power generation significantly mitigates operational risks associated with coal price fluctuations, ensuring stable and robust profitability [3][4]. - The company has a solid cash flow and has consistently returned value to shareholders through dividends, with a proposed cash dividend of 1.35 billion CNY for 2023 [7][8]. Summary by Sections Investment Overview - The company has a total market capitalization of 44.25 billion CNY and a circulating market capitalization of 12.39 billion CNY [1]. - The stock price as of June 14, 2024, was 11.80 CNY, with a 12-month price range of 7.59 to 12.25 CNY [1]. Financial Performance - The company reported a net profit of 2.56 billion CNY in 2023, with projected net profits of 3.10 billion CNY, 3.47 billion CNY, and 4.07 billion CNY for 2024, 2025, and 2026 respectively, indicating growth rates of 21.5%, 11.7%, and 17.3% [8][10]. - The revenue for 2023 was 19.45 billion CNY, with forecasts of 22.81 billion CNY, 25.54 billion CNY, and 27.99 billion CNY for the following three years, reflecting growth rates of 17.3%, 12.0%, and 9.6% [8][10]. Project Development - As of the end of 2023, the company had operational power generation capacity of 9.18 million kilowatts and coal production capacity of 22 million tons per year [2]. - The company is actively expanding its project portfolio, including the acquisition of a 51% stake in Xinfeng Power and the development of new coal and power projects [1][2]. Cash Flow and Dividends - The company had cash reserves of 6.69 billion CNY as of Q1 2024, with a net cash flow from operating activities of 7.13 billion CNY in 2023 [4][7]. - The dividend payout ratio has been consistently high, with a proposed dividend of 1.35 billion CNY for 2023, maintaining a payout ratio of approximately 52.8% [7][8].
陕西能源：拟收购信丰发电51%股权，项目储备再上台阶