DTCIC(SH:601001) Great Wall Securities·2024-05-05 02:02Investment Rating - The report assigns an "Accumulate" rating to Jinkong Coal Industry, indicating a positive outlook for the stock [1]. Core Views - Jinkong Coal Industry has demonstrated operational improvements and profitability growth despite industry challenges, with a net profit increase of 8.27% year-on-year in 2023 [1][2]. - The company benefits from strong resource reserves and efficient coal sales logistics, supported by the Daqin Railway [6]. - The report forecasts revenue growth for the years 2024 to 2026, with expected revenues of 16.088 billion, 16.900 billion, and 17.766 billion yuan respectively [6]. Financial Performance Summary - 2023 Financial Results: The company reported a revenue of 15.342 billion yuan, a decrease of 4.6% year-on-year, while net profit reached 3.301 billion yuan, an increase of 8.27% [1]. - 2024 Forecast: Projected revenue for 2024 is 16.088 billion yuan, with a net profit forecast of 3.510 billion yuan, reflecting a growth rate of 6.3% [1][6]. - Earnings Per Share (EPS): The EPS for 2023 was 1.97 yuan, with projections of 2.10 yuan for 2024 and 2.32 yuan for 2025 [1][6]. Operational Metrics - Coal Production and Sales: In 2023, the company produced 34.6876 million tons of coal, a year-on-year increase of 5.75%, with sales volume reaching 30.0957 million tons, up 10.21% [3]. - Cost and Pricing: The average selling price of coal in 2023 was 495.69 yuan per ton, down 13.68% year-on-year, while the cost was 243.81 yuan per ton, a decrease of 13.01% [3]. - Profitability: The gross profit margin for coal sales was 50.81% in 2023, slightly down from the previous year [3]. Dividend Policy - The company announced a cash dividend of 7.90 yuan per ten shares, totaling 1.322 billion yuan, which represents 40.06% of the net profit for the year [6]. The dividend yield is calculated at 5.29% based on the closing price of 14.94 yuan per share [6].