盈利维持高位，投资价值凸显

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company's coal business remains stable, with a focus on sustainable development and high dividend returns, highlighting its long-term investment value [5][6]. - The company reported a revenue of 170.814 billion yuan for 2023, a year-on-year increase of 2.38%, while the net profit attributable to shareholders decreased by 39.59% to 21.259 billion yuan [5][6]. - The company has a significant coal resource reserve of 10.606 billion tons, with a mining life exceeding 70 years, supporting its long-term growth and dividend policy [5][6]. Financial Performance - In Q4 2023, the company achieved a revenue of 43.38 billion yuan, a year-on-year increase of 20.1% and a quarter-on-quarter increase of 18.0% [5]. - The company's self-produced coal output for 2023 was 163.73 million tons, up 4.1% year-on-year, while trade coal sales increased by 31.5% to 91.24 million tons [5][6]. - The projected net profits for 2023, 2024, and 2025 are 21.259 billion yuan, 23.858 billion yuan, and 24.682 billion yuan, respectively, with corresponding P/E ratios of 11.5, 10.3, and 9.9 [6][8]. Dividend Policy - The company has committed to a minimum cash dividend payout ratio of 60%, resulting in a guaranteed cash dividend of 12.76 billion yuan for 2023, translating to a dividend yield of 5.21% [5][6]. - Since its listing, the company has distributed a total of 55.449 billion yuan in dividends, with a payout ratio of 1386% [5][6].