Shanxi Securities·2024-03-25 16:00Investment Rating - The report maintains a "Buy-A" investment rating for the company, indicating a strong potential for price appreciation relative to the benchmark index [2][5]. Core Insights - The company achieved a total revenue of CNY 343.07 billion in 2023, a slight decrease of 0.42% year-on-year, while the net profit attributable to shareholders was CNY 59.69 billion, down 14.29% year-on-year [2][3]. - The company’s coal sales volume reached 450 million tons in 2023, reflecting a year-on-year increase of 7.7%, with an average selling price of CNY 584 per ton, down 9.32% year-on-year [1][2]. - The company’s power generation increased by 11% year-on-year to 2,122.6 billion kWh, driven by rising electricity demand and new operational units [1][3]. - The company plans to distribute a dividend of CNY 2.26 per share for 2023, which translates to a dividend yield of approximately 5.96% based on the closing price of CNY 37.94 [3][4]. Financial Performance Summary - Revenue and Profit: The company reported a revenue of CNY 343.07 billion and a net profit of CNY 59.69 billion for 2023, with a basic earnings per share (EPS) of CNY 3.00 [2][3]. - Cash Flow: The net cash flow from operating activities was CNY 89.69 billion, down 18.3% year-on-year [2][3]. - Assets and Equity: As of December 31, 2023, total assets amounted to CNY 630.13 billion, with net assets of CNY 408.69 billion, reflecting a year-on-year increase of 3.8% [2][3]. Future Projections - The expected EPS for 2024, 2025, and 2026 are CNY 3.08, CNY 3.09, and CNY 3.22 respectively, with corresponding price-to-earnings (P/E) ratios of 12.3, 12.3, and 11.8 [5][6]. - The report anticipates a continued focus on value management and shareholder returns, which may enhance the company's investment appeal [3][5].