ZHONGTAI SECURITIES·2024-03-24 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 37.94 CNY [1] Core Views - The report highlights that the company achieved a revenue of 343.07 billion CNY in 2023, a slight decrease of 0.42% year-on-year, while the net profit was 59.69 billion CNY, down 14.29% year-on-year. The report also notes a significant cash dividend payout ratio of 75.2% [6][9] - The company is expected to generate revenues of 344.08 billion CNY, 353.30 billion CNY, and 358.87 billion CNY for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 63.52 billion CNY, 65.09 billion CNY, and 67.03 billion CNY [9][10] Financial Performance Summary - Revenue Forecasts: - 2022: 344.53 billion CNY - 2023: 343.07 billion CNY - 2024E: 344.08 billion CNY - 2025E: 353.30 billion CNY - 2026E: 358.87 billion CNY [2] - Net Profit: - 2022: 69.63 billion CNY - 2023: 59.69 billion CNY - 2024E: 63.52 billion CNY - 2025E: 65.09 billion CNY - 2026E: 67.03 billion CNY [2] - Earnings Per Share (EPS): - 2024E: 3.50 CNY - 2025E: 3.00 CNY - 2026E: 3.20 CNY [2] - Return on Equity (ROE): - 2023: 12% - 2024E: 13% - 2025E: 13% - 2026E: 13% [2] - Price-to-Earnings (P/E) Ratio: - 2024E: 10.8 - 2025E: 12.6 - 2026E: 11.9 [2] - Price-to-Book (P/B) Ratio: - 2024E: 1.9 - 2025E: 1.8 - 2026E: 1.7 [2] Operational Highlights - Coal Production and Sales: - In 2023, the company produced 325 million tons of coal, an increase of 3.54% year-on-year, and sold 450 million tons, up 7.71% year-on-year [7] - Electricity Generation: - Total electricity generation in 2023 was 2,122.6 billion kWh, a year-on-year increase of 10.97% [8][9] - Cash Dividend: - The company announced a cash dividend of approximately 44.90 billion CNY, with a dividend per share of 2.26 CNY, resulting in a dividend yield of 5.96% for A shares [9]