扣非业绩符合预期，长投价值显著

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 170.87 billion yuan in 2023, a year-on-year increase of 2.41%, while the net profit attributable to shareholders decreased by 39.67% to 21.24 billion yuan [5] - The coal business showed a growth in production and sales volume, with self-produced coal output increasing by 4.1% to 163.72 million tons in 2023 [5] - The company plans to distribute a cash dividend of 13.15 yuan per 10 shares, resulting in a dividend payout ratio of 60.03% and a dividend yield of 5.21% based on the closing price on April 25 [6] - The company expects net profits for 2024-2026 to be 21.56 billion, 22.42 billion, and 23.40 billion yuan respectively, with corresponding P/E ratios of 11.3, 10.8, and 10.3 [5][8] Financial Performance Summary - In 2023, the company achieved a gross profit of 62.5 billion yuan from its coal business, with a gross margin of 38%, a decrease of 7.06 percentage points year-on-year [5] - The company’s total assets were reported at 201.97 billion yuan, with a debt-to-asset ratio of 34.01% as of the end of Q1 2024 [6][8] - The company’s operating income for Q1 2024 was 40.45 billion yuan, a decrease of 9.73% year-on-year, while the net profit attributable to shareholders was 4.65 billion yuan, down 32.69% [5] Production and Sales Data - In 2023, the company’s self-produced coal sales volume reached 16.37 million tons, an increase of 5.3% year-on-year, while trade coal sales rose by 29% to 8.95 million tons [5] - For Q1 2024, the company reported a coal production of 4.15 million tons, a year-on-year increase of 1.49%, and sales volume of 6.15 million tons, up 9.16% [5]