经营业绩符合预期，“提质增效重回报”行动方案发布

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has released an action plan titled "Enhancing Quality and Efficiency to Return Value," focusing on improving long-term returns for investors and maintaining stable cash dividends [8][9] - The company's Q1 2024 performance showed a decrease in revenue and net profit year-on-year, but a significant increase quarter-on-quarter, indicating a potential recovery trend [6][9] Financial Performance Summary - Total shares outstanding: 13,259 million; circulating shares: 9,152 million; market price: 11.54 yuan; market capitalization: 153,005 million yuan; circulating market capitalization: 105,614 million yuan [2] - For Q1 2024, the company reported revenue of 45.395 billion yuan, a year-on-year decrease of 23.27% but a quarter-on-quarter increase of 23.49% [6] - The net profit attributable to shareholders for Q1 2024 was 4.970 billion yuan, down 30.55% year-on-year but up 74.61% quarter-on-quarter [6] Business Segment Performance Coal Business - Self-produced coal output in Q1 2024 was 32.73 million tons, a year-on-year decrease of 1.7% [7] - The unit price for self-produced coal was 598.0 yuan/ton, down 10.9% year-on-year [7] - The unit cost for self-produced coal increased by 6.8% year-on-year to 291.0 yuan/ton [7] Chemical Business - In Q1 2024, methanol production was 412,000 tons, down 17.4% year-on-year, with a unit price of 1,675.0 yuan/ton, down 8.6% [8] - The profit margin for polypropylene improved significantly, with a unit profit of 1,299.0 yuan/ton, up 103.3% year-on-year [8] Earnings Forecast and Valuation - Projected revenues for 2024-2026 are 211.246 billion yuan, 217.644 billion yuan, and 225.383 billion yuan, respectively [9] - Expected net profits for the same period are 21.841 billion yuan, 23.474 billion yuan, and 25.549 billion yuan, respectively [9] - The current stock price of 11.54 yuan corresponds to a P/E ratio of 7.0X for 2024, 6.5X for 2025, and 6.0X for 2026 [9]