“火力全开”，业绩高增

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 9.48 CNY per share based on a PE of 12.0 for 2024 [3][7]. Core Insights - The company reported a revenue of 29.142 billion CNY for 2023, a year-on-year increase of 3.36%, and a net profit attributable to shareholders of 3.459 billion CNY, up 219.52% [1]. - The company plans to distribute a cash dividend of 0.40 CNY per share, totaling 1.958 billion CNY, with a cash dividend ratio of approximately 56.34% [1]. - The first quarter of 2024 showed a revenue of 8.071 billion CNY, a 10.87% increase year-on-year, and a net profit of 1.159 billion CNY, up 57.96% [1]. Financial Performance Summary - In 2023, the coal-fired power generation segment achieved a gross profit of 1.398 billion CNY, a significant increase from the previous year, despite a slight decrease in generation volume [1]. - The gas-fired power generation segment saw a generation increase of 28.9%, contributing a gross profit of 759 million CNY [1]. - The company achieved a net investment income of 1.567 billion CNY in 2023, a year-on-year increase of 12.95 million CNY, primarily due to improved performance from joint ventures [1][5]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 31.292 billion CNY, 32.868 billion CNY, and 34.157 billion CNY, respectively, with growth rates of 7.4%, 5.0%, and 3.9% [2][5]. - The net profit attributable to shareholders is expected to be 3.889 billion CNY in 2024, with a growth rate of 12.5%, and projected to reach 4.371 billion CNY in 2025 [2][5]. - The earnings per share (EPS) forecast for 2024, 2025, and 2026 is 0.79 CNY, 0.89 CNY, and 0.95 CNY, respectively [2][5].