pingmei coal(SH:601666) KAIYUAN SECURITIES·2024-03-19 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on a premium coal strategy and has increased its dividend to demonstrate value [5] - In 2023, the company achieved a net profit attributable to shareholders of 4.003 billion yuan, a year-on-year decrease of 30.25% [5] - The company expects net profits to grow in the coming years, with forecasts of 4.661 billion yuan in 2024, 4.955 billion yuan in 2025, and 5.340 billion yuan in 2026, representing year-on-year growth of 16.4%, 6.3%, and 7.8% respectively [5] Financial Performance Summary - In 2023, the company produced 30.71 million tons of raw coal, a year-on-year increase of 1.4%, and sold 31.028 million tons of commercial coal, a year-on-year increase of 0.3% [5] - The average selling price of commercial coal was 983 yuan per ton, down 12.1% year-on-year [5] - The gross profit margin for coal business in 2023 was 32.1%, a decrease of 3.2 percentage points year-on-year [5] - The company plans to sell 13.05 million tons of premium coal in 2024 [5] Dividend and Shareholder Returns - The company announced a cash dividend of 0.99 yuan per share for 2023, totaling 2.425 billion yuan, which is 60.59% of the distributable net profit [5] - The dividend yield based on the closing price on March 19, 2024, is 8.1%, highlighting the company's long-term investment value [5] Future Outlook - The company anticipates improved performance due to supportive government policies aimed at stabilizing growth and a potential rebound in coking coal prices due to supply constraints [5] - The company is also working on optimizing its workforce and has plans for asset injections to enhance growth potential [5]