扣非业绩符合预期，黑金白马稳健依旧

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's performance in 2023 met expectations, with a revenue of 170.87 billion yuan, a year-on-year increase of 2.41%, and a net profit attributable to shareholders of 21.24 billion yuan, a year-on-year decrease of 39.7% [1] - The coal business remains stable, with a raw coal production of 164 million tons in 2023, a year-on-year increase of 4.1%, and sales of 253 million tons, a year-on-year increase of 12.6% [2] - The company has a strong coal resource endowment, with total coal reserves of 1.8141 billion tons and a recoverable reserve of 1.0441 billion tons, ensuring a long mining life of over 70 years [2] - The company plans to distribute a cash dividend of 13.15 yuan per 10 shares, with a cash dividend payout ratio of 60.03% for 2023, resulting in a dividend yield of 5.2% as of April 25 [2] Financial Summary - In 2023, the company achieved an operating income of 170.87 billion yuan, with a net profit of 21.24 billion yuan, and is projected to have net profits of 20.7 billion yuan, 22.3 billion yuan, and 23.3 billion yuan for 2024, 2025, and 2026 respectively [3] - The company's earnings per share (EPS) for 2023 was 2.19 yuan, with projections of 2.13 yuan for 2024, 2.30 yuan for 2025, and 2.41 yuan for 2026 [3] - The price-to-earnings (P/E) ratio is expected to be 11.8X for 2024, 11.0X for 2025, and 10.5X for 2026 [3]