公司信息更新报告：在建煤矿及转型持续贡献增量，提分红彰显投资价值

Investment Rating - The investment rating for Huayang Co., Ltd. is maintained at "Buy" [2][4] Core Views - The company is expected to benefit from ongoing construction of coal mines and transformation efforts, which will contribute to incremental growth and increased dividends, highlighting its investment value [4][6] - In 2023, the company reported a revenue of 28.52 billion yuan, a year-on-year decrease of 18.6%, and a net profit attributable to shareholders of 5.18 billion yuan, down 26.3% year-on-year [4][5] - The company has a total of 10 million tons of coal mines under construction, which will enhance coal production capacity, while its new energy and materials businesses are progressing well, indicating potential for future growth [4][6] Financial Performance Summary - In 2023, coal production and sales were 45.91 million tons and 41 million tons, respectively, with an average selling price of 606 yuan per ton, down 14.6% year-on-year [4][5] - The comprehensive cost per ton of coal was 296 yuan, reflecting a decrease of 18.9% year-on-year, showcasing effective cost reduction measures [4][5] - The company plans to achieve net profits of 4.62 billion yuan, 5.25 billion yuan, and 5.73 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.28, 1.45, and 1.59 yuan [4][5] Business Development - The company has successfully launched two power generation units at the Yangquan Thermal Power Project, significantly boosting its electricity supply to 1.71 billion kWh, a year-on-year increase of 47.2% [4][6] - The new energy business, including sodium-ion batteries and photovoltaic components, is entering the operational phase, with significant sales growth anticipated [4][6] - The company has announced a cash dividend plan, proposing a distribution of 7.18 yuan per 10 shares, totaling 2.59 billion yuan, which represents 50% of the net profit for the year [4][6]