24Q1业绩增长20%，未来成长可期

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company reported a revenue of 26.85 billion yuan in 2023, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 4.56 billion yuan, up 14.4% year-on-year [2] - The coal segment saw a revenue increase of 7.69% to 9.48 billion yuan, with a gross margin of 55.38%, up 3.93 percentage points year-on-year [2] - The electrolytic aluminum segment experienced a revenue decline of 4.3% to 14.578 billion yuan, with a gross margin of 15.9%, down 4.32 percentage points year-on-year [2] - The power segment achieved a revenue of 2.785 billion yuan, a year-on-year increase of 1.2%, with a gross margin of 34.6%, down 2.1 percentage points year-on-year [2] - The company plans to increase coal production capacity to 48 million tons and aims for significant growth in renewable energy and electrolytic aluminum production by 2025 [2] Financial Summary - For 2023, the company achieved a revenue of 26.846 billion yuan, with projected revenues of 29.176 billion yuan in 2024, 32.816 billion yuan in 2025, and 37.694 billion yuan in 2026 [2] - The net profit attributable to shareholders is expected to grow from 4.56 billion yuan in 2023 to 4.952 billion yuan in 2024, 5.311 billion yuan in 2025, and 5.640 billion yuan in 2026 [2] - The company's gross margin is projected to decline from 14.4% in 2023 to 6.2% by 2026 [2] - The return on equity (ROE) is expected to remain strong, with values of 31.8% in 2023, 32.6% in 2024, and gradually decreasing to 29.7% by 2026 [2] - Earnings per share (EPS) are projected to be 2.03 yuan in 2023, increasing to 2.52 yuan by 2026 [2]