分红比例50%，股息率7%

Investment Rating - The report maintains a "Buy" rating for Huayang Co., Ltd. (600348.SH) [4] Core Views - In 2023, the company reported a net profit of 5.18 billion yuan, a decrease of 26.3% year-on-year, and an operating revenue of 28.52 billion yuan, down 18.6% year-on-year [1] - The coal business remains stable with a significant reduction in coal costs, achieving revenue of 24.8 billion yuan, a decrease of 24.6% year-on-year, and a gross profit of 12.7 billion yuan, down 20.6% year-on-year [1] - The company is accelerating the construction of new coal production capacities, with the Qiyuan mine expected to enter trial operation in 2024 and the Bolin mine by the end of 2025 [1] - The renewable energy business is progressing steadily, with sodium-ion battery products entering trial operation and solar module production lines achieving high efficiency [1] Financial Summary - In 2023, the company's operating revenue was 28,518 million yuan, down 18.6% year-on-year, while the net profit attributable to the parent company was 5,179 million yuan, down 26.3% year-on-year [3] - The earnings per share (EPS) for 2023 was 1.44 yuan, with a projected EPS of 1.03 yuan for 2024 [3] - The company plans to distribute a cash dividend of 0.718 yuan per share, totaling 2.59 billion yuan, which represents 50.01% of the net profit for the year [2] - The projected net profits for 2024, 2025, and 2026 are 3.73 billion yuan, 4.29 billion yuan, and 4.51 billion yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 9.9, 8.6, and 8.2 [2][3]