DTCIC(SH:601001) KAIYUAN SECURITIES·2024-04-28 11:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance has increased against the trend, primarily due to volume growth and cost control. The revenue for 2023 was 15.34 billion yuan, a year-on-year decrease of 4.6%, while the net profit attributable to shareholders was 3.30 billion yuan, an increase of 8.3% year-on-year. The first quarter of 2024 saw a revenue of 3.66 billion yuan, down 1.5% year-on-year, but net profit increased by 9.8% year-on-year to 780 million yuan [2][3] - The company has significant potential for capacity expansion and asset injection, supported by the backing of the Jin Energy Holding Group. The expectation of high-quality asset injection under the Shanxi state-owned enterprise reform policy enhances the company's growth prospects [2][3] Summary by Relevant Sections Financial Performance - In 2023, the company produced 34.69 million tons of coal, a year-on-year increase of 5.8%, with sales of 30.10 million tons, up 10.2%. The average selling price of coal was 496 yuan per ton, down 13.7% year-on-year, while the cost per ton was 244 yuan, also down 13.0% year-on-year. The gross profit margin for coal business was 50.8%, a slight decrease of 0.4 percentage points year-on-year [2][3] - For the first quarter of 2024, coal production and sales were 8.45 million tons and 6.95 million tons, respectively, both showing slight declines of 0.8% and 0.6% year-on-year. The average selling price was 510 yuan per ton, down 2.3% year-on-year [2][3] Future Outlook - The company has raised its profit forecast for 2024-2025 and introduced a new forecast for 2026, expecting net profits of 3.39 billion yuan, 3.58 billion yuan, and 3.75 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 2.8%, 5.6%, and 4.7% [2][3] - The company plans to distribute a cash dividend of 7.90 yuan per 10 shares for 2023, with a total distribution of 1.322 billion yuan, resulting in a dividend payout ratio of 40% and a dividend yield of 5.3% based on the closing price on April 26, 2024 [2][3]