2024-04-11 16:00Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance is stable, with coal and power generation segments showing resilience despite some declines in revenue and profit [10] - The company plans to distribute a cash dividend of approximately 449.03 billion yuan, reflecting a high dividend payout ratio of 75.2%, highlighting its strong dividend attributes [18][20] Financial Data and Profit Forecast - For 2023, the company reported total revenue of 3430.74 billion yuan, a slight decrease of 0.4% year-on-year, and a net profit attributable to shareholders of 596.94 billion yuan, down 14.3% year-on-year [6][10] - The earnings per share (EPS) for 2023 is 3.00 yuan, with forecasts for 2024, 2025, and 2026 being 3.07, 3.09, and 3.20 yuan respectively [21] - The company's total assets and liabilities ratio stands at 24.08%, indicating a solid financial position [3] Segment Performance - The coal segment generated revenue of 2733.06 billion yuan in 2023, a decrease of 1.5% year-on-year, with a profit margin of 32%, down 3.9 percentage points [7][10] - Power generation saw significant growth, with electricity generation increasing by 10.97% to 2122.6 billion kWh and sales rising by 11.09% to 1997.5 billion kWh, contributing to a revenue of 924.07 billion yuan [8][17] - The company’s total installed capacity reached 4463.4 million kW by the end of 2023, an increase of 433.3 million kW from the previous year [17] Cost Management - The company successfully reduced its financial and management expenses, leading to a decrease in total expenses by 7.99% year-on-year [8][10] - The total cash and financial assets held by the company amounted to 1597.49 billion yuan, despite a decrease from 1795.52 billion yuan in 2022, indicating a strong liquidity position [18][20] Investment Analysis - The company has a high proportion of long-term contracts in its coal sales, which provides stability, although the forecast for net profit in 2024 and 2025 has been revised downwards due to external market pressures [8][10]