HYMD(600971) 民生证券·2024-03-29 16:00Investment Rating - The report maintains a "Recommended" rating for the company [9]. Core Views - The company reported a revenue of 7.786 billion yuan in 2023, a year-on-year decrease of 7.24%, and a net profit attributable to shareholders of 2.036 billion yuan, down 19.43% year-on-year [9]. - The company plans to distribute a dividend of 0.85 yuan per share, with a payout ratio of 50.1%, resulting in a dividend yield of 6.9% based on the closing price on March 29, 2024 [9]. - Coal production and sales increased, but the decline in washing coal prices and rising costs impacted profitability [9]. - The company achieved a raw coal output of 9.4394 million tons in 2023, a year-on-year increase of 1.07%, and a sales volume of 7.6186 million tons, up 8.19% year-on-year [9]. - The average selling price of coal was 958.1 yuan per ton, a decrease of 14.2% year-on-year [9]. - The company has significant expansion potential in its coal segment, with a total coal production capacity of 19.8 million tons outside the listed company [9]. Financial Summary - The forecasted operating revenue for 2024 is 7.565 billion yuan, with a projected decline of 2.84% [4]. - The net profit for 2024 is estimated at 1.954 billion yuan, a decrease of 4.04% [4]. - The earnings per share (EPS) for 2024 is projected to be 1.63 yuan, with a price-to-earnings (PE) ratio of 8 [9]. - The company’s gross profit margin is expected to be 45.52% in 2024, down from 46.96% in 2023 [11]. - The total assets are projected to reach 22.078 billion yuan by 2024, with a debt-to-asset ratio of 38.33% [12].