2023年年报点评：分红率提升，煤炭量升价降

Investment Rating - The report maintains a "Buy" rating for the company [1][18] - Previous rating was also "Buy" [1] - Target price is set at 15.30 [1] - Previous target price was 10.60 [1] - Current price is 12.29 [1] Core Insights - The company reported a revenue of 77.86 billion yuan in 2023, a decrease of 7.24% year-on-year, and a net profit attributable to shareholders of 2.036 billion yuan, down 19.43% year-on-year, which aligns with market expectations [1][11] - The coal production and sales continue to rise, although prices are expected to decline in 2023 [1][11] - The company is expanding its power generation business and steadily increasing its dividend payout ratio [1][11] Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 77.86 billion yuan, a decrease of 7.24% year-on-year [1][11] - The net profit attributable to shareholders was 2.036 billion yuan, down 19.43% year-on-year [1][11] - The average sales price for coal in 2023 was 959 yuan per ton, a decrease of 158 yuan per ton compared to the previous year [1][11] Production and Sales - The company's raw coal production reached 943.94 million tons, an increase of 1.07% year-on-year [1][11] - The total sales volume of commodity coal was 761.86 million tons, an increase of 8.19% year-on-year [1][11] - The company expects a slight decline in overall performance in 2024 due to pressure from coal prices [1][11] Dividend Policy - The company announced a dividend of 0.85 yuan per share for 2023, with a dividend payout ratio of 50% [1][11] - The dividend payout ratio has shown a steady upward trend [1][11] Future Outlook - The company anticipates a slight decrease in performance in 2024, but the overall performance fluctuation is expected to be limited [1][11] - The expansion of the power generation business is expected to contribute positively to future earnings [1][11]