事件点评：新街一井、二井采矿许可证获批，中期增量可期

Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The approval of mining licenses for New Street No. 1 and No. 2 wells, each with a production capacity of 8 million tons per year, is expected to stabilize the company's mid-term coal production [2]. - The New Street mining area, with a total resource reserve of approximately 15.3 billion tons, is a key project under the national energy group's "14th Five-Year Plan" [2]. - The company anticipates a potential increase in coal production capacity of 60.7 million tons, which includes the acquisition of coal mines with a total recoverable reserve of 1.33 billion tons [2]. - The company's financial performance is stable, with a high dividend yield supported by a strong cash position and decreasing capital expenditures [2]. - The projected net profit for the company from 2023 to 2025 is estimated at 59.89 billion, 65.28 billion, and 66.73 billion yuan, respectively, with corresponding EPS of 3.01, 3.29, and 3.36 yuan per share [2]. Summary by Sections Mining Licenses and Production Capacity - The New Street No. 1 and No. 2 wells have received mining licenses with a production capacity of 8 million tons per year each, valid for 30 years [2]. - The New Street mining area is the only large-scale undeveloped coalfield in the core coal area of Shanxi, Shaanxi, and Inner Mongolia, covering approximately 800 square kilometers [2]. Financial Performance - The company reported a net cash level that is the highest in the industry, with a debt-to-asset ratio decreasing to 24.72% [2]. - The projected revenue for 2023 is 333.31 billion yuan, with a slight decrease from 2022, followed by a recovery in 2024 and 2025 [6]. Dividend and Shareholder Returns - The company is expected to maintain a dividend payout ratio of 60% to 72.8%, resulting in a projected dividend yield of 4.89% to 5.92% for 2023 [2]. - The company aims to enhance its valuation through stable performance, high dividends, and policy support [2].