2024-04-30 05:32Investment Rating - The report maintains a "Buy" rating for the company [5][8][18] Core Views - The company reported a revenue of 87.65 billion yuan for Q1 2024, a year-on-year increase of 0.7%, but a quarter-on-quarter decrease of 3.3% from Q4 2023. The net profit attributable to shareholders was 15.88 billion yuan, a decrease of 14.7% year-on-year, but an increase of 39% quarter-on-quarter [5][8][14] - The coal production volume increased by 1.5% year-on-year to 81.3 million tons, while the sales volume rose by 8.8% to 117.1 million tons. However, the average selling price of coal decreased by 6.8% year-on-year to 533 yuan per ton, leading to a decline in gross margin [5][10][12] - The power generation segment saw significant growth, with power generation increasing by 7.0% year-on-year to 55.35 billion kWh and sales revenue rising by 5.26% to 24.075 billion yuan [5][14][15] - The company has a strong cash position, with total cash and financial assets amounting to 177.24 billion yuan as of the end of Q1 2024, reflecting a 10.95% increase from the end of 2023 [16][17] Summary by Sections Market Data - Closing price: 39.55 yuan - One-year high/low: 42.57/27 yuan - Price-to-book ratio: 1.8 - Dividend yield: 6.52% [2][3] Financial Performance - Q1 2024 revenue: 87.65 billion yuan, up 0.7% year-on-year - Q1 2024 net profit: 15.88 billion yuan, down 14.7% year-on-year - Basic earnings per share: 0.8 yuan [5][8][18] Coal Business - Q1 2024 coal production: 81.3 million tons, up 1.5% year-on-year - Q1 2024 coal sales: 117.1 million tons, up 8.8% year-on-year - Average selling price: 533 yuan/ton, down 6.8% year-on-year - Coal gross margin: 28.9%, down 4.82 percentage points year-on-year [5][10][12] Power Generation - Q1 2024 power generation: 55.35 billion kWh, up 7.04% year-on-year - Q1 2024 sales revenue from power: 24.075 billion yuan, up 5.26% year-on-year - Gross profit from power generation: 4.073 billion yuan, up 10.38% year-on-year [5][14][15] Cash Position - Total cash and financial assets: 177.24 billion yuan, up 10.95% from the end of 2023 [16][17]