产量下滑拖累业绩，煤炭主业增长空间依旧广阔

Investment Rating - The report assigns a "Buy" rating to Huayang Co., Ltd. (600348) [1] Core Views - The company's coal production and sales have declined, negatively impacting its performance, but there remains significant growth potential in its coal business [1][2] - The company is expected to see a rebound in profitability driven by production growth in the coming years, with projected net profits of 40.12 billion, 41.53 billion, and 46.95 billion yuan for 2024-2026 [2] - The company is focusing on enhancing its coal and new energy businesses, with ongoing projects expected to increase coal production capacity by 10 million tons annually [1][2] Financial Performance Summary - In 2023, the company reported total revenue of 28.52 billion yuan, a decrease of 18.63% year-on-year, and a net profit attributable to shareholders of 5.18 billion yuan, down 26.26% year-on-year [1][3] - The company's coal production in 2023 was 41.57 million tons, a decline of 11.6% year-on-year, with sales of 41 million tons, down 11.68% year-on-year [1] - The average selling price of coal in 2023 was 606 yuan per ton, a decrease of 14.64% year-on-year, while the total revenue from coal business was 24.8 billion yuan, down 24.61% year-on-year [1][3] Future Projections - The company forecasts a continued decline in coal production and sales in 2024, with production expected to be 32.90 million tons and sales at 32 million tons, representing decreases of 20.9% and 22% respectively [1] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.11, 1.15, and 1.30 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 9.13, 8.82, and 7.80 [2][3]