2023年年报点评：Q4业绩同比扭亏为盈，经营性现金流修复明显

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company reported a significant improvement in its financial performance for 2023, achieving a revenue of 117.18 billion yuan, a year-on-year increase of 9.45%, and a net profit attributable to shareholders of 4.52 billion yuan, compared to 0.1 billion yuan in the previous year [3][4] - The fourth quarter of 2023 saw a revenue of 26.45 billion yuan, a decrease of 3.5% year-on-year, but the net profit attributable to shareholders turned positive at 0.02 billion yuan, recovering from a loss of 2.23 billion yuan in the same period last year [3][4] - The company’s operational cash flow showed a notable recovery, with a net inflow of 13.25 billion yuan, up 37.3% year-on-year [5] Summary by Sections Financial Performance - In 2023, the company’s net profit improved significantly due to better performance in thermal power, with an estimated net profit of approximately 1.5 billion yuan from thermal power operations, compared to a loss of 4.1 billion yuan in 2022 [4][6] - The overall gross margin for the company improved to 4.7% in Q4 2023, compared to -5.1% in Q4 2022 [4] Dividend Distribution - The company declared a cash dividend of 0.15 yuan per share for the 2023 fiscal year, totaling 1.53 billion yuan, which represents a payout ratio of 44% based on net profit after deducting perpetual bond interest [3] Investment Income - The company reported investment income of 3.78 billion yuan in 2023, a decrease of 21% year-on-year, primarily due to a 31% decline in coal investment income [4][6] - In Q4 2023, the investment income was 640 million yuan, down 26.5% year-on-year [4] Future Outlook - The company is expected to see further improvement in thermal power performance and growth contributions from renewable energy installations in the coming years, with projected net profits of 6.50 billion yuan, 6.93 billion yuan, and 7.33 billion yuan for 2024, 2025, and 2026 respectively [6][7]