NMHD(SH:600863)2024-04-30 05:32Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's 2023 annual report and 2024 Q1 report indicate a decline in revenue but an increase in net profit, primarily due to asset disposals and carbon emission rights purchases [2] - The company plans to distribute a cash dividend of 0.185 yuan per share, resulting in a dividend yield of 4.12% based on the closing price on April 26 [2] - The report highlights a significant drop in electricity and heat prices, which has negatively impacted short-term performance but emphasizes the long-term value due to high dividends [2] Financial Summary - In 2023, the company achieved total revenue of 22.525 billion yuan, a decrease of 2.34% year-on-year, while net profit attributable to shareholders was 2.005 billion yuan, an increase of 13.44% [4] - For Q1 2024, the company reported revenue of 5.572 billion yuan, down 7.43% year-on-year, and a net profit of 888 million yuan, up 2.96% [4] - The average selling price of electricity decreased by 7.42% in Q1 2024, while the average coal price fell by 6.84% [2] Segment Performance - The company's revenue from electricity, heat, and coal in 2023 was 19.354 billion yuan, 489 million yuan, and 2.501 billion yuan, reflecting year-on-year changes of -6.8%, -0.97%, and +43.02% respectively [2] - The total power generation in 2023 was 607.13 billion kWh, a slight decrease of 0.59% year-on-year, while heat supply increased by 5.51% [2] Future Outlook - The company is expected to increase coal production capacity to 15 million tons per year, which will enhance profitability in the coal segment [2] - The report anticipates that the company's renewable energy projects will contribute to revenue growth, with installed capacity reaching 1.8262 million kW, accounting for 13.81% of total capacity [2] - Profit forecasts for 2024 and 2025 have been adjusted to 2.619 billion yuan and 2.815 billion yuan respectively, with a projected dividend yield of 5.97% for 2024 [2]