SLSVC(SH:600123) KAIYUAN SECURITIES·2024-04-23 23:30Investment Rating - The investment rating for the company is "Buy" (maintained) [15][17][23] Core Views - The report highlights the growth in coal production and the improvement in coal chemical profitability, emphasizing the investment value demonstrated by share buybacks [17] - The company reported a revenue of 13.284 billion yuan in 2023, a decrease of 6.2% year-on-year, and a net profit attributable to shareholders of 2.098 billion yuan, down 34.9% year-on-year [17] - The report projects a decline in net profit for 2024, with estimates of 1.203 billion yuan, a decrease of 42.7% year-on-year, followed by a recovery in subsequent years [17] Financial Summary - In 2023, the company achieved coal production of 13.8 million tons, an increase of 20.5% year-on-year, while coal sales rose by 11.7% to 12.99 million tons [17] - The average selling price of coal decreased by 21.8% to 739 yuan per ton, while the cost per ton increased by 5.8% to 289 yuan [17] - The gross profit from coal business was 5.34 billion yuan, down 29.0% year-on-year [17] - The company plans to distribute a dividend of 0.75 yuan per share, with a payout ratio of 53.1%, reflecting a 17.7 percentage point increase from 2022 [17] - The report indicates that the company’s coal production capacity still has room for growth, and the transformation of the coal chemical park may lead to cost reductions [17]