提分红重塑价值回报，产能储备创增量机遇

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5]. Core Views - The company reported a revenue of 343.07 billion yuan in 2023, a slight decrease of 0.4% year-on-year, and a net profit attributable to shareholders of 59.694 billion yuan, down 14.3% year-on-year [2][4]. - The company continues its high dividend policy, proposing a dividend of 2.26 yuan per share, with a total dividend payout of 44.9 billion yuan, resulting in a dividend rate of 75.2% [4][5]. - The coal production and sales volume increased, with production reaching 324.5 million tons, up 3.5% year-on-year, and sales reaching 450 million tons, up 7.7% year-on-year [4][5]. Summary by Sections Market Data - Closing price as of March 22, 2024, was 37.94 yuan, with a total share capital of 19,868.52 million shares and a net asset value of 408.692 billion yuan [2]. Financial Performance - In Q4 2023, the company achieved a revenue of 90.61 billion yuan, a decrease of 3.7% year-on-year, but an increase of 9.1% quarter-on-quarter [4]. - The company's coal business generated revenue of 273.31 billion yuan in 2023, with a gross margin of 32% [4][5]. Production and Sales - The company produced 324.5 million tons of coal in 2023, with a unit selling price of 584 yuan, reflecting a year-on-year decrease of 9.3% [4][5]. - The sales of self-produced coal were 325.4 million tons, with a unit price of 548 yuan, down 8.2% year-on-year [4][5]. Cost and Profitability - The unit production cost of self-produced coal was 179 yuan, an increase of 1.5% year-on-year, while the gross margin for self-produced coal was 46.6%, down 4.1 percentage points [3][5]. - The electricity segment reported a revenue of 92.407 billion yuan in 2023, with a gross margin of 16.9%, an increase of 2.6 percentage points year-on-year [4][5]. Future Outlook - The company expects a steady increase in coal production capacity, with significant reserves and ongoing projects to enhance production [4][5]. - Forecasted net profits for 2024-2026 are 61.264 billion yuan, 63.002 billion yuan, and 63.776 billion yuan, respectively, indicating a gradual recovery [6][7].