2023年年报点评：分红比例大幅提高，在建矿井贡献未来成长

Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Views - The company reported a revenue of 28.518 billion yuan in 2023, a year-on-year decline of 18.63%, and a net profit attributable to shareholders of 5.179 billion yuan, down 26.26% year-on-year [1]. - The company is progressing steadily with its coal mine construction and has increased its dividend payout ratio to 50%, reflecting confidence in future business development and cash flow performance [1]. - The projected net profits for 2024-2026 are 4.475 billion yuan, 4.939 billion yuan, and 5.667 billion yuan respectively, with corresponding EPS of 1.24 yuan, 1.37 yuan, and 1.57 yuan [2][5]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 6.867 billion yuan, a year-on-year decrease of 11.27%, but a quarter-on-quarter increase of 10.07% [1]. - The coal production for 2023 was 45.91 million tons, a slight increase of 1.50% year-on-year, while sales volume decreased by 11.68% to 41 million tons [1]. - The average selling price of coal in 2023 was 606 yuan per ton, down 14.64% year-on-year, while the unit cost decreased by 18.90% to 296 yuan per ton [1]. - The company’s total revenue is expected to decline to 25.316 billion yuan in 2024, with a projected growth of 8.9% in 2025 and 11.2% in 2026 [2][5]. Business Development - The company is advancing its coal mine construction, with the Qiyuan mine expected to enter joint trial operation in 2024 and the Bolin mine projected to be ready by the end of 2025 [1]. - The electricity business saw a significant increase, with a 47.17% year-on-year growth in power generation and a 137.42% increase in revenue [1]. - The company is also making strides in the new energy sector, with sodium-ion battery production entering trial operation and solar panel production lines being upgraded [1].