煤化主业齐头并举，分红规模提升

Investment Rating - The report maintains a "Buy" rating for Huabei Mining (600985.SH) [1] Core Views - The company achieved an annual revenue of 73.387 billion, a year-on-year increase of 6.26%, while the net profit attributable to shareholders was 6.225 billion, a decrease of 11.21% year-on-year [3][4] - The coal business showed a decline in total coal production and sales, but the sales of coking coal increased by 3.8% year-on-year [3][4] - The company plans to enhance its cash dividend, proposing a dividend of 2.652 billion, a year-on-year increase of 1.79%, with a dividend payout ratio of 42.6% [4] Summary by Sections Market Performance - The stock price of Huabei Mining is currently at 16.38 RMB, with a market performance comparison against the CSI 300 index showing a relative decline [1][2] Financial Performance - In Q4 2023, the company reported a revenue of 17.897 billion, a year-on-year increase of 51.63%, but a net profit decrease of 34.93% year-on-year [3] - The average selling price of coal was 1,159.76 RMB/ton, with a slight decrease of 0.01% year-on-year, while the cost per ton was 592.35 RMB, an increase of 0.78% year-on-year [3] Coal Business - The total coal production for 2023 was 21.9734 million tons, a decrease of 4.06% year-on-year, while the total sales were 17.832 million tons, a decrease of 5.27% year-on-year [3] - The company has several projects in progress, including the Inner Mongolia Taohutu coal mine expected to be operational by the end of 2025, with a designed capacity of 8 million tons/year [4] Chemical Business - The coking coal segment faced price pressure, with an average selling price of 2,330.42 RMB/ton, a decrease of 19.66% year-on-year, leading to a net loss of 0.912 billion for the subsidiary [4] - The methanol segment saw production and sales increases of 40.16% and 43.37% year-on-year, respectively, but the average selling price decreased by 8.87% [4] Earnings Forecast - The projected revenues for 2024, 2025, and 2026 are 76.6 billion, 81.497 billion, and 86.863 billion, respectively, with net profits expected to be 6.4 billion, 6.531 billion, and 7.008 billion [4][6]