Q1销售结构有优化，高分红政策再延续 报点评报告

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][9] Core Views - The company reported a significant decline in revenue and net profit for 2023, with revenue at 43.14 billion yuan, down 20.6% year-on-year, and net profit at 7.92 billion yuan, down 44.1% year-on-year [3][4] - The first quarter of 2024 also showed a decline in performance, with revenue of 8.66 billion yuan, down 27.2% year-on-year, and net profit of 1.29 billion yuan, down 61.9% year-on-year, primarily due to falling coal prices and sales volume [3][5] - Despite the challenges, the company continues to maintain a high dividend policy, proposing a cash dividend of 1.59 yuan per share, totaling 4.75 billion yuan, which represents 60% of the net profit [6][9] Summary by Sections Financial Performance - In 2023, the company achieved a total coal production of 60.46 million tons, up 6.3% year-on-year, and sales of 54.98 million tons, up 3.9% year-on-year [4][5] - The average selling price of coal decreased to 728 yuan per ton, down 21.8% year-on-year, while the comprehensive cost per ton was 348 yuan, down 3.3% year-on-year, resulting in a gross profit of 380 yuan per ton, down 33.5% year-on-year [4][5] - The company’s return on equity (ROE) for 2023 was 16.4%, a decrease of 17.62 percentage points year-on-year [3][9] Market Position and Outlook - The company is positioned as a leading producer of spray coal in Shanxi province, benefiting from favorable resource endowments and mining conditions [6][9] - The forecast for 2024-2026 indicates a gradual recovery, with expected revenues of 39.65 billion yuan, 41.14 billion yuan, and 42.68 billion yuan, respectively, with net profits projected to be 6.59 billion yuan, 7.17 billion yuan, and 7.86 billion yuan [6][8][9] - The company is expected to maintain a high dividend yield of 6.6% based on the current stock price [6][9]