主业稳健凸显韧性，股息估值价值再现

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 31.56 billion yuan in 2023, a year-on-year decrease of 12.44%, and a net profit attributable to shareholders of 4.0 billion yuan, down 30.25% year-on-year [4] - Effective cost control has alleviated the pressure from declining coal prices, with the coal business generating revenue of 30.81 billion yuan, a year-on-year increase of 12.09% [4] - The company has committed to a high dividend payout, with a proposed dividend of 0.99 yuan per share, resulting in a dividend yield of 8.1% based on the closing price on March 19 [4] - The company is focused on a "large coking coal" strategy and aims to enhance its coal washing and deep processing capabilities [4] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 8.47 billion yuan, a year-on-year increase of 7.9% and a quarter-on-quarter increase of 18.78% [4] - The average selling price of coal was 964 yuan per ton, down 13.7% year-on-year, while the comprehensive cost per ton was 653 yuan, down 9.8% year-on-year [4] - The company produced 30.71 million tons of raw coal, a year-on-year increase of 1.34% [4] Dividend Policy - The company has committed to a minimum dividend payout ratio of 60% from 2023 to 2025, with a proposed total dividend of 2.425 billion yuan for 2023 [4] Strategic Outlook - The company plans to inject additional assets into its operations, which is expected to enhance its coal business further [4] - The report anticipates that the scarcity of coking coal resources will support prices in the future [4] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 4.15 billion, 4.42 billion, and 4.57 billion yuan, respectively [4]