Shanxi Coking Coal Energy (000983) 开源证券·2024-04-23 14:02Investment Rating - The investment rating for Shanxi Coking Coal (000983.SZ) is maintained at "Buy" [2][4]. Core Views - The report highlights that the decline in coal prices has negatively impacted the company's performance, but future asset injections and high dividends are expected to be promising [4]. - The company reported a revenue of 55.523 billion yuan in 2023, a year-on-year decrease of 14.8%, and a net profit attributable to shareholders of 6.771 billion yuan, down 37% year-on-year [4]. - The report anticipates a recovery in profits from 2024 to 2026, with projected net profits of 6.651 billion yuan, 6.993 billion yuan, and 7.372 billion yuan respectively [4]. Financial Performance Summary - In 2023, the company achieved a total revenue of 55.523 billion yuan, a decrease of 14.8% year-on-year, and a net profit of 6.771 billion yuan, down 37% year-on-year [4][5]. - The company's coal production reached 46.08 million tons in 2023, an increase of 5.1% year-on-year, while the average selling price of coal fell by 13.7% to 1,096.8 yuan per ton [4]. - The report projects earnings per share (EPS) of 1.17 yuan, 1.23 yuan, and 1.30 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 9.0, 8.6, and 8.2 [4][5]. Future Outlook - The company is expected to benefit from asset injections, which will enhance production capacity and maintain high dividend payouts to shareholders [4]. - The report outlines a dividend distribution plan for the next three years, ensuring that cash dividends will not be less than 10% of the annual distributable profits [4].