Shanxi Securities·2024-04-10 16:00Investment Rating - The report maintains a "Buy-A" investment rating for Yancoal Energy (600188.SH) [1][6]. Core Views - The company is expected to continue its growth driven by both internal and external factors, with a high dividend payout ratio ensuring sustained high dividend yields [1][4]. - The company's coal production capacity is projected to expand, with overseas coal prices rebounding in 2024, positively impacting overall performance [3][4]. Summary by Sections Company Performance - In 2023, the company produced 132.107 million tons of coal, a year-on-year increase of 0.61%, while sales volume decreased by 6.21% to 127.024 million tons [2]. - The average selling price of coal fell to 803.15 yuan/ton, down 25.49% year-on-year, influenced by declining coal prices domestically and internationally [2][3]. - The company's revenue for 2023 was 1500.25 billion yuan, a decrease of 33.31% year-on-year, with a net profit of 201.40 billion yuan, down 39.62% [3][4]. Financial Metrics - The basic earnings per share (EPS) for 2023 was 2.74 yuan, a decline of 39.78% compared to the previous year [3][4]. - The return on equity (ROE) was reported at 22.94%, reflecting a decrease of 17.57 percentage points year-on-year [3][4]. - The company plans a capital expenditure of 19.702 billion yuan for 2024, an increase of 8.71% year-on-year [4][5]. Dividend Policy - The company announced a cash dividend of 1.49 yuan per share and a stock dividend of 0.3 shares, totaling a cash distribution of 110.85 billion yuan, which represents 60% of the net profit after statutory reserves [5]. - The expected dividend yield based on the closing price of 24.39 yuan per share is approximately 6.11% [5]. Future Outlook - The company anticipates continued growth in coal production capacity, with new projects expected to come online in 2024 and 2025 [3][4]. - The rebound in overseas coal prices in 2024 is expected to enhance the profitability of the company's international operations [3][4].