控成本业绩稳健，高分红优势延续

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company reported a revenue of 170.87 billion yuan in 2023, a year-on-year increase of 2.4%, while the net profit attributable to shareholders was 21.24 billion yuan, a decrease of 39.7% [3][4]. - The company plans to reduce capital expenditures to 2.333 billion yuan in 2024, down by 21.91 billion yuan, which is expected to strengthen its cash flow and support its dividend policy [4][5]. - The company has committed to distributing at least 60% of its distributable profits in cash from 2022 to 2024, with a proposed dividend of 1.315 yuan per share for 2023, resulting in a total dividend of 12.749 billion yuan and a dividend yield of 5.2% based on the closing price on April 26 [4][5]. Financial Summary - In 2023, the coal business generated revenue of 165.02 billion yuan, a year-on-year increase of 1.5%, with a gross margin of 37.85%, down by 7.06 percentage points [4]. - The company produced 164 million tons of coal in 2023, an increase of 4.1%, and sold 253 million tons, an increase of 12.6% [4]. - The average selling price of coal decreased by 14% to 574.5 yuan per ton, while the cost per ton increased by 8% to 256 yuan, resulting in a gross margin of 55.4% for self-produced coal [4]. - The company expects net profits for 2024, 2025, and 2026 to be 21.6 billion yuan, 22.8 billion yuan, and 24.2 billion yuan, respectively, with corresponding EPS of 2.23 yuan, 2.35 yuan, and 2.49 yuan [5].