2023年年报点评：盈利同比增长，新能源贡献未来成长

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a revenue of 26.846 billion yuan in 2023, a year-on-year increase of 0.20%, and a net profit attributable to shareholders of 4.560 billion yuan, up 14.37% year-on-year [2]. - The company plans to distribute a cash dividend of 0.68 yuan per share, resulting in a dividend payout ratio of 33.43% and a dividend yield of 3.6% based on the closing price on April 25, 2024 [2]. - Coal production and sales remained stable, with a comprehensive coal price increase of 7.37% to 196.22 yuan per ton, leading to a gross margin of 54.48%, an increase of 4.78 percentage points year-on-year [2]. - The company is expanding its renewable energy business, with significant projects in wind and solar power expected to contribute to future profit growth [2]. - The report forecasts net profits of 4.914 billion yuan, 5.349 billion yuan, and 5.709 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 2.19 yuan, 2.39 yuan, and 2.55 yuan [3]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 7.115 billion yuan, a year-on-year increase of 2.75%, and a net profit of 975 million yuan, up 34.18% year-on-year [2]. - The company’s coal production reached 46.547 million tons, a 1.04% increase, while the average cost per ton decreased by 2.84% to 89.32 yuan [2]. - The electricity generation volume was 8.700 billion kWh, with a gross margin of 34.68%, down 1.59 percentage points year-on-year [2]. Future Outlook - The company plans to sell 48 million tons of raw coal and generate 123.3 billion kWh of electricity in 2024, both showing year-on-year growth [2]. - The projected revenue growth rates for 2024 to 2026 are 4.35%, 3.86%, and 3.43%, respectively [3]. - The company is expected to enhance its renewable energy capacity significantly during the "14th Five-Year Plan" period, which will support profit growth [2].