业绩符合预期，成长&分红兼具的华东焦煤龙头

Investment Rating - The report maintains a "Buy" rating for Huabei Mining [4] Core Views - The company's 2023 performance met expectations, with revenue of 73.39 billion yuan, a year-on-year increase of 6.26%, and a net profit of 6.225 billion yuan, a year-on-year decrease of 11.21% [1] - The coal business remains stable, with self-produced coal revenue of 20.69 billion yuan, a year-on-year decrease of 5.3% [1] - The company is progressing with the construction of the Tao Hutou coal mine, expected to be operational by the end of 2025, and plans to distribute a cash dividend of 2.65 billion yuan, representing 42.6% of the net profit [2] Financial Performance Summary - In 2023, the company achieved a revenue of 73.39 billion yuan, with a growth rate of 6.3% compared to 2022 [3] - The net profit for 2023 was 6.225 billion yuan, reflecting a decline of 11.2% year-on-year [3] - The earnings per share (EPS) for 2023 was 2.35 yuan, with a projected EPS of 2.40 yuan for 2024 [3] Business Segment Performance - The company's coke business generated revenue of 8.74 billion yuan in 2023, down 19.6% year-on-year, while methanol revenue increased by 30.6% to 1.1 billion yuan [2] - The production and sales of coke were 3.77 million tons and 3.75 million tons respectively, showing a slight increase [2] - The average selling price of self-produced coal remained stable at 1,160 yuan per ton in 2023 [1]