2023年年报点评：现金分红67%，高股息凸显投资价值

Investment Rating - The report upgrades the investment rating to "Recommended" based on the company's high dividend payout ratio and potential for future growth [2][5]. Core Views - The company reported a revenue of 55.523 billion RMB in 2023, a decrease of 14.82% year-on-year, and a net profit attributable to shareholders of 6.771 billion RMB, down 37.03% year-on-year [1][2]. - The company plans to distribute a cash dividend of 67%, translating to a dividend of 8 RMB per 10 shares, resulting in a dividend yield of 7.5% based on the stock price as of April 22, 2024 [1][2]. - The company aims to maintain stable production levels in 2024, with a slight decrease in raw coal production to 44.8 million tons, while the proportion of washed coking coal is expected to increase from 40.89% to 42.14% [1][2]. - The non-coal business segment continues to face losses, with a gross margin of -3.09% in the power and heat supply business [1][2]. - The company has significant potential for capacity expansion through the acquisition of competitive coal mine assets, with a total of 58 mines projected to be integrated by 2030 [1][2]. Financial Summary - The forecasted net profit for 2024-2026 is projected at 6.664 billion RMB, 7.359 billion RMB, and 8.477 billion RMB respectively, with corresponding EPS of 1.17, 1.30, and 1.49 RMB per share [2][5]. - The price-to-earnings (PE) ratio is expected to be 9, 8, and 7 for the years 2024, 2025, and 2026 respectively [2][5]. - The company’s total revenue is projected to gradually increase from 54.497 billion RMB in 2024 to 61.551 billion RMB in 2026, reflecting a recovery trend [5].