火电业绩反弹兑现，金融利润稳健增长

Investment Rating - The report maintains a "Buy" rating for the company, with a projected increase in earnings per share (EPS) for the years 2024 to 2026 [3][4][9]. Core Views - The company reported a significant increase in net profit for 2023, achieving a net profit of 1.87 billion yuan, a year-on-year increase of 3014.4% [3]. - The financial segment of the company showed robust growth, with revenue from financial operations reaching 3 billion yuan, up 21.3% year-on-year, contributing significantly to overall profits [3]. - The company is expected to continue benefiting from a downward trend in coal prices, which will help in cost control and improve profit margins in the coal power business [3][4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 34.57 billion yuan, a year-on-year increase of 6.4% [3]. - The total power generation reached 70.65 billion kWh, an increase of 6.3% year-on-year, driven by increased electricity demand in Jiangsu [3]. - The average on-grid electricity price was 0.473 yuan/kWh, up 2.6% year-on-year, providing strong support for revenue [3]. Coal Power Business - The company’s coal power output in Jiangsu was 42.18 billion kWh, a year-on-year increase of 5.3% [3]. - The average coal price decreased by 24% year-on-year to 966 yuan/ton, which positively impacted the company's cost structure [3]. - The company’s gross margin for the power business improved to 11.0%, an increase of 11.8 percentage points year-on-year [3]. Financial Segment - The financial segment's total profit reached 2.71 billion yuan, accounting for 76.1% of the company's total profit, with a contribution rate of 50% [3]. - The subsidiary Jiangsu Trust focused on asset management and quickly developed various financial products, enhancing overall profitability [3]. Future Outlook - The company is projected to achieve net profits of 3.12 billion yuan, 3.51 billion yuan, and 3.74 billion yuan for the years 2024, 2025, and 2026 respectively [3]. - The expected EPS for the same years is 0.83 yuan, 0.93 yuan, and 0.99 yuan, indicating a positive growth trajectory [3].