煤铝价格下滑致业绩回落，税率调整增厚部分利润

Investment Rating - The report maintains an "Accumulate" rating for the company Shenhuo Co., Ltd. (000933) [2] Core Views - The company's performance has declined due to falling coal and aluminum prices, but a tax rate adjustment has partially boosted profits [2] - The profitability of the electrolytic aluminum segment is expected to rise in the long term, supported by increasing domestic demand and limited new capacity [2][3] Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 37.625 billion yuan, a year-on-year decrease of 11.89% - The net profit attributable to shareholders was 5.905 billion yuan, down 22.07% year-on-year - Basic earnings per share (EPS) was 2.65 yuan, a decrease of 21.83% year-on-year - The company plans to distribute a cash dividend of 8 yuan per 10 shares (tax included) [2][3] Production and Sales - In 2023, the company produced 1.518 million tons of aluminum products, a decrease of 7.2% year-on-year, and sold 1.5273 million tons, down 6.1% year-on-year - The revenue from aluminum products was 25.294 billion yuan, a decline of 10.5% year-on-year, with a gross profit of 6.037 billion yuan, down 20.0% year-on-year - Coal production reached 7.1696 million tons, an increase of 5.3% year-on-year, with sales of 7.2477 million tons, up 7.4% year-on-year, generating revenue of 8.012 billion yuan, down 18.9% year-on-year [2][3] Future Outlook - The company is advancing its downstream aluminum foil projects, which are expected to become new profit growth points - The second phase of the 60,000-ton new energy battery material project is progressing well, with full production expected by August 2024 - The company anticipates that net profits will gradually improve from 2024 to 2026, with projected net profits of 6.256 billion, 6.715 billion, and 6.941 billion yuan respectively [3][4]