煤价下跌业绩承压，高分红持续回馈股东

Investment Rating - The report maintains a "Buy" rating for Lu'an Environmental Energy, expecting a price increase of over 15% relative to the industry index in the next six months [14]. Core Views - The report highlights that the company's performance is under pressure due to falling coal prices, but it continues to provide high dividends to shareholders [2][6]. - The company is recognized as the only national high-tech enterprise in the coal industry, with advanced mine automation and strong market competitiveness [7]. Financial Summary - In 2023, the company achieved operating revenue of 43.14 billion yuan, a decrease of 20.55% year-on-year, and a net profit attributable to shareholders of 7.92 billion yuan, down 44.11% year-on-year [2]. - The average selling price of coal in 2023 was 727.66 yuan/ton, a decline of 21.81% year-on-year, while the average selling cost was 347.69 yuan/ton, a slight decrease of 3.27% year-on-year [4]. - The company's coal business generated a gross profit of 20.89 billion yuan in 2023, down 30.92% year-on-year, with a gross margin of 52.22% [4]. Production and Sales - In 2023, the total coal production was 60.46 million tons, an increase of 6.26% year-on-year, while total sales reached 54.98 million tons, up 3.85% year-on-year [4]. - The company plans to increase its coal production capacity by 7.2 million tons per year through ongoing and planned mining projects [6]. Dividend Policy - The company maintains a high dividend strategy, proposing a cash dividend of 1.589 yuan per share, resulting in a total cash dividend of 4.753 billion yuan, which corresponds to a dividend yield of 6.67% [6]. Earnings Forecast - The report forecasts that the company will achieve operating revenues of 44.22 billion yuan, 45.79 billion yuan, and 47.03 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 8.05 billion yuan, 8.12 billion yuan, and 8.36 billion yuan [7][8].