业绩符合预期分红有提升 期待业绩弹性与估值修复

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and valuation recovery [12][16]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with total revenue reaching 27.867 billion yuan, a year-on-year growth of 8.26%, and net profit attributable to shareholders of 1.43 billion yuan, up 186% [5]. - The first quarter of 2024 also showed strong performance, with revenue of 6.985 billion yuan, a 12.45% increase year-on-year, and net profit of 453 million yuan, reflecting a 188% growth [5]. - The company benefits from a decline in coal prices and the commissioning of new coal power units, which contributed to the substantial profit growth in 2023 and Q1 2024 [5]. - The company plans to distribute a cash dividend of 2.21 yuan per 10 shares, which represents 38.22% of the distributable profit for 2023, indicating a high dividend payout ratio compared to previous years [5]. Summary by Sections Market Performance - The closing price of the company's stock is 8.33 yuan, with a market capitalization of 18.883 billion yuan and a price-to-book ratio of 1.33 [3]. Financial Performance - The company achieved total revenue of 27.867 billion yuan in 2023, with a net profit of 1.43 billion yuan, and forecasts for 2024 and 2025 are 18.9 billion yuan and 23.5 billion yuan in net profit, respectively [13][14]. - The projected earnings per share for 2024, 2025, and 2026 are 0.63, 0.83, and 1.04 yuan, respectively [13]. Operational Highlights - The company has a total installed capacity of 11.38 million kilowatts, with 3.56 million kilowatts under construction, and plans to commission additional gas and coal power units in 2024 [5]. - The company is strategically positioned in Anhui province, where electricity supply is tight, allowing it to maintain resilient coal power pricing [5]. Future Outlook - The company is expected to benefit from ongoing coal power growth and the development of renewable energy projects, with a target of achieving 4 million kilowatts of renewable energy capacity by the end of the 14th Five-Year Plan [5].