业绩同比保持增长，分红提升空间较大

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [13]. Core Views - The company achieved a revenue of 192.97 billion yuan in 2023, a decrease of 12.52% year-on-year, while the net profit attributable to shareholders was 19.53 billion yuan, an increase of 6.98% year-on-year [7]. - The coal production and sales increased by 12.6% and 11.3% respectively, despite a decline in unit prices [8]. - The company is expected to see revenue growth in the coming years, with projected revenues of 211.25 billion yuan in 2024 and 225.38 billion yuan in 2026 [10]. Financial Performance Summary - Revenue and Profit Forecasts: - 2023 Revenue: 192.97 billion yuan, 2024E: 211.25 billion yuan, 2025E: 217.64 billion yuan, 2026E: 225.38 billion yuan [6][10]. - 2023 Net Profit: 19.53 billion yuan, 2024E: 21.84 billion yuan, 2025E: 23.47 billion yuan, 2026E: 25.55 billion yuan [10]. - Earnings Per Share (EPS): - 2023 EPS: 1.46 yuan, 2024E: 1.65 yuan, 2025E: 1.77 yuan, 2026E: 1.93 yuan [10]. - Valuation Ratios: - Current P/E ratio is projected to be 7.2X in 2024, decreasing to 6.1X by 2026 [10]. Coal Business Overview - The company produced 134.22 million tons of self-produced coal in 2023, a 12.6% increase year-on-year, with a unit price decline of 15.9% [8]. - The company is expected to increase production capacity by 5 million tons annually, with projects completed in 2023 [8]. Coal Chemical Business Overview - The methanol production in 2023 was 1.901 million tons, with a unit price decrease of 9.5% [9]. - The company faced increased costs in Q4 2023, impacting profitability [10]. Dividend Policy - The company announced a cash dividend of 5.86 billion yuan for 2023, with a dividend payout ratio of 30%, resulting in a dividend yield of 3.74% based on the current stock price [10].