高分红延续，关注冶金煤价回升带来业绩修复

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [1][3] Core Views - The company continues to offer high dividends, with a proposed dividend of 15.89 CNY per 10 shares, totaling approximately 4.753 billion CNY, which represents 60% of the 2023 net profit attributable to shareholders [2] - The company is expected to benefit from a rebound in metallurgical coal prices, leading to a potential recovery in performance [1][3] Financial Performance Summary - In 2023, the company achieved total revenue of 43.137 billion CNY, a year-on-year decrease of 20.55%, and a net profit attributable to shareholders of 7.922 billion CNY, down 44.11% year-on-year [1] - The first quarter of 2024 saw a revenue of 8.659 billion CNY, a decline of 27.19% year-on-year, with a net profit of 1.288 billion CNY, down 61.90% year-on-year [1] - The company’s coal production reached 60.46 million tons in 2023, an increase of 6.26% year-on-year, while the sales volume of commercial coal was 54.98 million tons, up 3.85% year-on-year [1] Earnings Forecast - The expected EPS for 2024, 2025, and 2026 are 2.39 CNY, 2.62 CNY, and 2.86 CNY respectively, with corresponding PE ratios of 9.2, 8.3, and 7.7 [3][4] - The report anticipates a gradual recovery in revenue and profit margins, with projected revenues of 37.964 billion CNY in 2024, 38.493 billion CNY in 2025, and 41.091 billion CNY in 2026 [4][11] Market Data - As of April 22, 2024, the closing price of the company's stock was 21.87 CNY, with a year-to-date high of 28.58 CNY and a low of 15.13 CNY [1] - The current dividend yield stands at 7.27%, which remains attractive in the context of a low interest rate environment [2]