点评：成本管控优异，业绩符合预期

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a total revenue of 31.561 billion yuan for 2023, a year-on-year increase of 12.44%, while the net profit attributable to shareholders was 4.003 billion yuan, a decrease of 30.25% year-on-year [5] - The company plans to distribute a cash dividend of 9.90 yuan per 10 shares, totaling 2.425 billion yuan, which represents 60.59% of the net profit attributable to shareholders, resulting in a dividend yield of 8.1% [5] - The company is expected to have a total coal production capacity of over 40 million tons and a premium coal output of over 15 million tons by 2025 due to the planned asset injection from the parent group [6] - Revenue forecasts for 2024-2026 are projected at 34 billion, 35.4 billion, and 36.1 billion yuan respectively, with net profits of 4.4 billion, 4.665 billion, and 4.983 billion yuan [6] Financial Performance Summary - The company achieved a quarterly revenue of 8.465 billion yuan in Q4 2023, a year-on-year increase of 7.9% and a quarter-on-quarter increase of 18.8% [5] - The average selling price of coal was 983.19 yuan per ton for the year, down 12.1% year-on-year, while the comprehensive cost was 668 yuan per ton, down 7.71% year-on-year [5] - The company’s total assets were reported at 77.685 billion yuan, with a total market value of 28.5 billion yuan [7] - The company’s earnings per share (EPS) for 2023 was 1.71 yuan, with projections of 1.88 yuan, 1.99 yuan, and 2.12 yuan for 2024, 2025, and 2026 respectively [8]