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 [8][12]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with total revenue reaching 27.87 billion RMB, a year-on-year growth of 8.26%, and net profit attributable to shareholders of 1.43 billion RMB, up 186% [8]. - The company benefits from a favorable coal price environment and growth in installed capacity, with a total installed capacity of 11.38 million kW and an additional 3.56 million kW under construction [8]. - The company plans to distribute a cash dividend of 2.21 RMB per share, which corresponds to a dividend yield of 2.6%, reflecting a strong commitment to returning value to shareholders [8]. - The electricity supply in Anhui province is expected to remain tight, with a projected power gap exceeding 20 million kW by 2025, which supports the company's pricing power [8]. Financial Forecast and Valuation - The company’s revenue is projected to grow from 28.67 billion RMB in 2023 to 31.49 billion RMB in 2026, with corresponding net profits expected to rise from 1.43 billion RMB to 2.52 billion RMB during the same period [2][8]. - The report estimates the company's price-to-earnings (PE) ratios for 2024, 2025, and 2026 to be 10, 8, and 7, respectively, indicating a favorable valuation compared to its earnings growth [8]. - The company is expected to maintain a gross margin improvement, with projections of 11.37% in 2024 and 15.93% in 2026 [2]. Market Performance - The company's stock closed at 8.33 RMB, with a market capitalization of 18.88 billion RMB and a price-to-book (PB) ratio of 1.33 [6][8]. - The stock has shown a yearly price range of 9.16 RMB (high) to 5.34 RMB (low), indicating volatility but also potential for growth [6].