业绩稳健，持续高分红回报股东

Investment Rating - The investment rating for the company is "Accumulate" [4][17]. Core Views - The company's performance remains stable with a high dividend payout to shareholders. In 2023, the company achieved an operating revenue of 72.543 billion yuan, with a net profit attributable to shareholders of 2.125 billion yuan, a year-on-year decrease of 1.67% [1][5]. - The company has optimized its product mix and increased exports to enhance profitability, demonstrating a significant performance advantage over the industry despite weak demand and strong raw material prices [1][5]. - The company is advancing its coke projects steadily, with the Indonesian Jinrui New Energy project achieving a sales volume of 1.4606 million tons and a net profit of 139 million yuan in 2023 [1][15]. - The change in ownership to CITIC Group is expected to empower the company and create synergies, as CITIC is a leading special steel enterprise in China [1][16]. - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, totaling 1.541 billion yuan, which represents 72.52% of the net profit attributable to shareholders for 2023, resulting in a dividend yield of 5.4% [1][16]. Summary by Sections Financial Performance - In 2023, the company reported an operating revenue of 72.543 billion yuan, a 2.7% increase from the previous year, while the net profit decreased by 1.7% to 2.125 billion yuan [2][5]. - The company’s advanced steel materials sales reached 2.5879 million tons, a significant increase of 25.15% year-on-year, with a unit price of 5,972.81 yuan per ton and a gross profit of 957.53 yuan per ton, outperforming other steel products [1][8]. Research and Development - The company invested 2.402 billion yuan in R&D in 2023, accounting for 3.31% of its operating revenue, with some flagship products being nationally recognized [1][8]. Project Development - The Indonesian Jinrui New Energy project has four coke ovens operational, with plans for further expansion in the Indonesian Jinxiang New Energy project [1][15]. Shareholder Returns - The company has established a shareholder return plan for 2024-2026, committing to distribute at least 30% of the annual net profit as cash dividends [1][16].