2023年年报点评：火电业绩大幅改善，新投机组助力成长

Investment Rating - The report maintains a "Buy" rating for the company [12][14]. Core Insights - The company's revenue for 2023 reached 27.87 billion yuan, a year-on-year increase of 8.3%, while the net profit attributable to shareholders was 1.43 billion yuan, reflecting a significant year-on-year growth of 186.4% [1][19]. - The fourth quarter of 2023 saw a revenue of 7.66 billion yuan, up 19.4% year-on-year, and a net profit of 0.125 billion yuan, compared to a loss of 0.01 billion yuan in the same period last year [1][10]. - The company is expected to continue its growth trajectory with new power generation units coming online, including a 1.32GW unit in Xinjiang and another 1.32GW unit at the Zhongmei Banjidian Power Plant, which is anticipated to start operations in the second half of 2024 [13][14]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 32.47 billion yuan, 35.69 billion yuan, and 36.27 billion yuan, respectively, with year-on-year growth rates of 17%, 10%, and 2% [7][21]. - The net profit attributable to shareholders is projected to be 1.98 billion yuan, 2.38 billion yuan, and 2.55 billion yuan for the same years, with growth rates of 38%, 20%, and 7% respectively [7][21]. - The report indicates a corresponding price-to-earnings (P/E) ratio of 10, 8, and 8 times for the years 2024, 2025, and 2026 [7][21]. Performance Metrics - The company's average daily trading volume is reported at 298.78 million yuan, with a turnover rate of 1.47% over the past month [10]. - The company plans to distribute a cash dividend of 0.221 yuan per share, totaling 500 million yuan, which represents 38.2% of the distributable profits for 2023 [9].