Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance in Q4 2023 met expectations, with revenue of 116.4 billion RMB, a year-on-year increase of 9.8%, and a net profit attributable to shareholders of 4.6 billion RMB, marking a turnaround from losses [3]. - The report anticipates a potential increase in dividends, with a proposed dividend of 0.15 RMB per share, representing 43.7% of the net profit attributable to ordinary shareholders [3]. - The company's gross profit margin for 2023 was 6.4%, an increase of 6.0 percentage points year-on-year, attributed mainly to a decrease in fuel costs, which were approximately 75.5 billion RMB, down 8.93% year-on-year [3]. - The balance sheet is expected to continue improving, with a debt ratio of 62.6% as of Q4 2023, a slight decrease from the previous quarter [3]. Financial Summary - Revenue (million RMB): 2020: 89,382; 2021: 100,984; 2022: 105,960; 2023: 116,376; 2024E: 124,897; 2025E: 126,210; 2026E: 125,647 [2]. - Net profit attributable to shareholders (million RMB): 2020: 4,167; 2021: -3,342; 2022: -31; 2023: 4,601; 2024E: 6,442; 2025E: 6,576; 2026E: 7,034 [2]. - The report projects EPS for 2024-2026 to be 0.63, 0.64, and 0.69 RMB respectively, with a current PE ratio of 6.1 times for 2024E [3].
火电业绩改善，股息价值凸显