hbky(SH:600985) Capital Securities·2024-04-09 16:00Investment Rating - The investment rating for Huabei Mining (600985) is "Buy" [2] Core Views - The report highlights that coal profitability remains robust, with an increased dividend payout ratio enhancing the company's value [2] - The company reported a revenue of 73.39 billion yuan in 2023, a year-on-year increase of 6.26%, while the net profit attributable to shareholders decreased by 11.21% to 6.22 billion yuan [4][5] - The coal segment's revenue was 20.68 billion yuan, down 5.28% year-on-year, with a gross profit margin of 49.39% [4] - The coal chemical segment saw a revenue decline of 14.75% to 11.14 billion yuan, with a significant drop in average selling price [4] - Future profit forecasts estimate net profits of 6.44 billion yuan, 6.94 billion yuan, and 7.08 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 7.3, 6.8, and 6.7 [4][5] Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 73.59 billion yuan, with a net profit of 6.22 billion yuan, resulting in an EPS of 2.51 yuan [5] - The coal production volume was 21.97 million tons, a decrease of 4.06% year-on-year, while coal sales volume was 17.83 million tons, down 5.27% [4] - The average selling price of coal was 1,181.45 yuan per ton, reflecting a decrease of 4.01% [4] Future Outlook - The company is expected to maintain stable growth in coal production and sales due to ongoing capacity expansion and resource development [4] - The report anticipates a slight revenue decline in 2024, followed by modest growth in subsequent years [5] Dividend Policy - The cash dividend payout ratio increased from 37.16% in 2022 to 42.60% in 2023, indicating a commitment to returning value to shareholders [4]