成长、弹性兼备，价值凸显

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company reported a revenue of 39.633 billion yuan in Q1 2024, a year-on-year decrease of 20.76%, and a net profit attributable to shareholders of 3.757 billion yuan, down 41.85% year-on-year [1]. - The coal segment showed significant production growth, with coal production and sales reaching 34.63 million tons and 34.18 million tons respectively, representing year-on-year increases of 15.4% and 7.1% [1]. - The chemical segment's performance remained stable, with revenue of 6.26 billion yuan in Q1 2024, a year-on-year decrease of 4.0%, but with a gross margin increase of 2.1 percentage points [1]. - The company has two coal mines under construction, with the Wanfu coal mine expected to start production in 2024 and the Wucaiwan No. 4 coal mine in 2025 [1]. - The proposed cash dividend distribution is 11.08 billion yuan, representing 55.04% of the net profit attributable to shareholders, resulting in a dividend yield of 6.4% as of April 26 [1]. Financial Summary - The company is projected to achieve net profits of 20.3 billion yuan, 20.9 billion yuan, and 21.8 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 8.5X, 8.3X, and 7.9X [2]. - Revenue for 2024 is estimated at 155.047 billion yuan, with a year-on-year growth rate of 3.3% [2]. - The latest diluted EPS is projected to be 2.73 yuan for 2024, with a net asset return rate of 20.2% [2][6].