KAIYUAN SECURITIES·2024-03-24 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company's performance remains stable with coal and electricity revenue growth, and high dividend payouts highlight its investment value [4][5] - In 2023, the company achieved operating revenue of 343.07 billion yuan, a year-on-year decrease of 0.4%, and a net profit attributable to shareholders of 59.694 billion yuan, down 14.3% year-on-year [4][5] - The forecast for net profit attributable to shareholders for 2024-2026 is 61.518 billion yuan, 63.008 billion yuan, and 64.632 billion yuan respectively, reflecting year-on-year growth of 3.1%, 2.4%, and 2.6% [4][5] Summary by Sections Financial Performance - In Q4 2023, the company reported operating revenue of 90.61 billion yuan, a quarter-on-quarter increase of 9.1%, and a net profit of 11.43 billion yuan, a quarter-on-quarter decrease of 23.8% [4] - The average selling price of coal in 2023 was 584 yuan per ton, a decline of 9.3% compared to 2022, leading to a decrease in coal business gross margin from 35.9% in 2022 to 32.0% in 2023 [4][5] Business Segments - Coal production in 2023 reached 325 million tons, an increase of 3.5% year-on-year, while coal sales volume was 450 million tons, up 7.7% year-on-year [4] - The electricity segment saw significant growth, with power generation and sales increasing by 11.0% and 11.1% year-on-year, respectively [4] Future Outlook - The company is expected to maintain stable profitability due to its integrated operations and high proportion of long-term contracts [4] - The company plans to distribute a cash dividend of 2.26 yuan per share, corresponding to a dividend yield of 6.0% based on the closing price on March 22, 2024 [4][5]