23年业绩平稳落地，着眼高股息优质主焦标的长期价值

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company achieved a net profit attributable to shareholders of 4.003 billion yuan in 2023, a year-on-year decrease of 30.25%. The fourth quarter net profit was 0.865 billion yuan, down 14.4% year-on-year and 4.3% quarter-on-quarter. The company plans to distribute a cash dividend of 0.99 yuan per 10 shares, totaling 2.425 billion yuan, with a dividend payout ratio of 60.59%, resulting in a dividend yield of 8.5% based on the closing price on March 19 [2][5][8] Summary by Relevant Sections Performance Overview - The company exceeded its production targets for the year, with raw coal production reaching 30.71 million tons, an increase of 410,000 tons (1.4%) year-on-year, and coking coal production at 12.69 million tons, up 810,000 tons (6.8%). The production targets were achieved at 101% and 106% respectively. The company plans to produce 30.33 million tons of raw coal and 13.05 million tons of coking coal in 2024 [6] Pricing and Cost Management - Coking coal prices decreased year-on-year, with the average price in Pingdingshan, Henan, at 2,212 yuan per ton, down 601 yuan per ton (21.4%). The company's average selling price per ton of coal was approximately 983 yuan, a decline of 135 yuan per ton (12.1%). The company managed to reduce its operating cost per ton of coal to about 668 yuan, a decrease of 56 yuan per ton (7.7%) [6] Future Outlook - In the short term, despite a production halt due to an accident at one of the mines, the company expects stable performance in Q1 2024 due to price increases in coking coal contracts. The long-term outlook remains positive as the company is a leading producer of high-quality coking coal in China, with strong demand anticipated due to the trend of larger blast furnaces [7][8] Financial Projections - The company is projected to have earnings per share (EPS) of 1.72 yuan, 1.83 yuan, and 1.88 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 7.13, 6.69, and 6.51 based on the closing price on March 19 [7]