2023年年报点评：精煤战略持续推进，高股息彰显投资价值

Investment Rating - The report maintains a "Recommended" rating for Pingmei Shenma Energy Company (601666.SH) [2][9]. Core Views - The company reported a net profit attributable to shareholders of 4.003 billion yuan in 2023, a year-on-year decrease of 30.25%, with operating revenue of 31.561 billion yuan, down 12.44% year-on-year [1]. - The coal production showed a slight increase, with raw coal output at 30.71 million tons, up 1.35% year-on-year, and premium coal output at 12.69 million tons, up 6.91% year-on-year [1]. - The company plans to slightly reduce raw coal production to 30.33 million tons in 2024 while increasing the premium coal proportion [1]. - A cash dividend of 0.99 yuan per share was proposed, resulting in a dividend yield of 8.3% based on the closing price on March 18, 2024 [1]. - The company is expected to achieve net profits of 4.693 billion yuan, 5.040 billion yuan, and 5.371 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 2.00, 2.15, and 2.29 yuan per share [1][2]. Financial Performance Summary - In 2023, the company achieved total operating revenue of 31.561 billion yuan, with a net profit of 4.003 billion yuan [2]. - The projected operating revenue for 2024 is 33.241 billion yuan, with a growth rate of 5.3% [2]. - The company's gross profit margin for coal business was 32.1%, a decrease of 3.2 percentage points year-on-year [1]. - The company’s capital expenditure for 2023 was 5.387 billion yuan, with a similar plan for 2024 [1][6]. Production and Strategic Outlook - The company’s premium coal strategy is ongoing, with plans to increase the premium coal output to 1.305 million tons in 2024, a year-on-year increase of 2.8% [1]. - The premium coal washing rate is expected to rise to 43.0% in 2024, an increase of 1.7 percentage points from 2023 [1]. - The workforce has been reduced to 44,900 employees by the end of 2023, a decrease of 16.3% from the previous year, which is expected to enhance productivity [1].