KAIYUAN SECURITIES·2024-03-20 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10]. Core Views - The company's performance improved due to increased volume and reduced impairment losses, with a focus on the growth potential of coal and coal chemical sectors [4]. - In 2023, the company achieved revenue of 192.97 billion yuan, a year-on-year decrease of 12.5%, while the net profit attributable to shareholders was 19.53 billion yuan, an increase of 7.0% year-on-year [4]. - The report anticipates net profits for 2024-2026 to be 20.55 billion, 22.01 billion, and 23.77 billion yuan respectively, with year-on-year growth rates of 5.2%, 7.1%, and 8.0% [4][5]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 36.76 billion yuan, a year-on-year decrease of 18.7% and a quarter-on-quarter decrease of 21.5% [4]. - The comprehensive selling price of self-produced coal in 2023 was 602 yuan/ton, down 15.9% year-on-year, with specific prices for thermal coal and coking coal at 532 yuan/ton and 1386 yuan/ton, down 14.5% and 20.8% respectively [4]. - The coal business generated revenue of 162.68 billion yuan in 2023, a decrease of 14.8% year-on-year, with a gross profit of 40.54 billion yuan, down 16.3% year-on-year [4]. Production and Sales - The company achieved coal production and sales of 134.22 million tons and 284.94 million tons in 2023, representing increases of 12.6% and 8.4% year-on-year respectively [4]. - The self-produced coal sales reached 133.91 million tons, an increase of 11.3% year-on-year, while the bought-in trade coal sales decreased by 1.3% to 12.649 million tons [4]. Asset Quality and Future Outlook - The company's asset and credit impairment losses in 2023 were 0.285 billion and 0.061 billion yuan, respectively, showing significant reductions compared to 2022 [4]. - The Dahuize coal mine is expected to contribute to production capacity growth, with ongoing projects in various coal mines and non-coal businesses [4]. - The company plans to complete several projects in 2024, including low calorific value coal power generation and deep processing of coal [4].