SHCI(SH:601225)2024-04-29 11:32Investment Rating - The report maintains a "Buy" rating for Shaanxi Coal Industry [5][6] Core Views - The company's performance in 2023 met expectations, with a revenue of 170.87 billion yuan, a year-on-year increase of 2.4%, while net profit attributable to shareholders decreased by 39.7% to 21.24 billion yuan [5][6] - The company continues to demonstrate stability in its earnings and high dividend yield, with a proposed cash dividend of 13.15 yuan per 10 shares, resulting in a dividend yield of 5.25% [5][6] - Coal production increased steadily in 2023, reaching 163.72 million tons, a growth of 4.1% year-on-year, despite sales prices being under pressure [5][6] Summary by Sections Financial Performance - In 2023, the total revenue was 170.87 billion yuan, with a net profit of 21.24 billion yuan, reflecting a significant decline in profitability [5][7] - For Q1 2024, the company reported a revenue of 40.45 billion yuan, down 9.7% year-on-year, and a net profit of 4.65 billion yuan, down 32.7% year-on-year [6][7] Production and Sales - The coal production for 2023 was 163.72 million tons, with a breakdown showing growth in various mining areas [5][6] - The average selling price of self-produced coal decreased by 14.12% to 574.52 yuan per ton, while trade coal sales increased significantly [5][6] Profit Forecast - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 21.60 billion yuan for 2024, 24.94 billion yuan for 2025, and 25.09 billion yuan for 2026 [6][7] - The current market capitalization corresponds to a PE ratio of 11X for 2024, indicating a favorable valuation compared to peers [6][7]