TDTEC(SH:600582)2024-04-07 16:00Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company achieved a revenue of 29.9 billion yuan and a net profit attributable to shareholders of 2.36 billion yuan in 2023, representing a year-on-year increase of 9.2% and 20.8% respectively [5][6] - The company plans to maintain a high dividend payout, with a cash dividend of 0.28 yuan per share, accounting for 49.1% of the net profit, which corresponds to a dividend yield of 4.1% [5][6] - The coal machinery business showed steady growth, with revenue from mining automation and mechanization equipment reaching 14.13 billion yuan, up 19.9% year-on-year [6] - The company is expected to benefit significantly from the upcoming upturn in the coal machinery industry, with projected net profits for 2024-2026 of 2.79 billion, 3.20 billion, and 3.65 billion yuan respectively [6][10] Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 29.93 billion yuan, with a net profit of 2.36 billion yuan, reflecting a growth of 9.2% and 20.8% year-on-year [5][7] - The company’s operating cash flow was 5.77 billion yuan, indicating high profitability quality [6][10] Revenue Breakdown - Revenue from mining automation and mechanization equipment was 14.13 billion yuan, with a gross margin of 32.4% [6][8] - Coal production and sales revenue was 2.69 billion yuan, with a gross margin of 52.7% [6][8] Profitability Forecast - The company forecasts net profits of 2.79 billion yuan in 2024, 3.20 billion yuan in 2025, and 3.65 billion yuan in 2026, with corresponding EPS of 0.67, 0.77, and 0.88 yuan [6][10] Valuation - The company is assigned a valuation range of 8.09 to 9.44 yuan based on a PE ratio of 12 to 14 times for 2024 [6][9]