GUANGHUI ENERGY(SH:600256) Minsheng Securities·2024-04-20 09:30Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a revenue of 61.475 billion yuan in 2023, a year-on-year increase of 3.48%, but the net profit attributable to shareholders decreased by 54.37% to 5.173 billion yuan [2]. - The company faced a non-recurring loss of 561 million yuan due to the underperformance of the Hongnao Railway's profit commitment [2]. - Coal production and sales increased, with raw coal production rising by 9.13% to 22.31 million tons and sales up by 13.30% to 25.88 million tons [2]. - The average selling price of coal decreased by 16.64% to 475 yuan per ton, while the cost per ton fell by 2.41% to 310 yuan, leading to a gross profit margin of 34.68%, down 9.52 percentage points year-on-year [2]. - Natural gas sales increased by 30.99% to 8.684 billion cubic meters, but the gross profit margin for natural gas dropped to 8.11%, down 12.76 percentage points [2]. - The company plans to distribute a cash dividend of 0.7 yuan per share, resulting in a high dividend payout ratio of 87.90% and a dividend yield of 8.70% [2]. - Future profit forecasts for 2024-2026 are 4.515 billion, 4.830 billion, and 5.251 billion yuan, respectively, with corresponding EPS of 0.69, 0.74, and 0.80 yuan per share [2][3]. Financial Summary - In 2023, the company achieved total revenue of 61.475 billion yuan, with a projected revenue of 59.292 billion yuan for 2024, reflecting a decline of 3.6% [3]. - The net profit attributable to shareholders is expected to decrease to 4.515 billion yuan in 2024, a decline of 12.7% [3]. - The company's PE ratio is projected to be 12 for 2024, 11 for 2025, and 10 for 2026 [3]. - The gross profit margin for 2023 was 16.35%, with expectations of 15.04% in 2024 [8].