扣非业绩保持稳健，分红潜力值得期待

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance relative to the benchmark index [6]. Core Views - The company has demonstrated stable performance in its non-recurring profit, with a focus on enhancing shareholder returns through a new action plan aimed at improving operational quality and efficiency [5][6]. - The company is expected to benefit from a favorable coal price environment, with projected net profits for 2024-2026 estimated at 235 billion, 250 billion, and 267 billion respectively [6]. Financial Performance Summary - In 2023, the company achieved a revenue of 170.9 billion, a year-on-year increase of 2.41%, while the net profit attributable to shareholders was 21.2 billion, down 39.67% year-on-year [4]. - The first quarter of 2024 saw a revenue of 40.4 billion, a decrease of 9.73% year-on-year, with a net profit of 4.65 billion, down 32.69% year-on-year [4][5]. - The company maintained a coal production of 164 million tons in 2023, an increase of 4.1% year-on-year, and coal sales reached 253 million tons, up 12.6% year-on-year [4]. Capital Expenditure and Debt Management - The company plans a capital expenditure of 2.333 billion for 2024, a significant decrease of 48% compared to 2023 [5]. - As of the end of Q1 2024, the company's debt ratio was 34%, the lowest since 2016, with all short-term loans repaid and only 2.9 billion in long-term loans remaining [5]. Dividend Potential - The company announced a cash dividend of 12.7 billion for 2023, with a dividend payout ratio of 60%, translating to a dividend yield of 5.25% based on the closing price on April 26, 2024 [6].