DTCIC(SH:601001) ZHONGTAI SECURITIES·2024-05-06 02:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 15.34 billion yuan in 2023, a decrease of 4.60% year-on-year, while the net profit was 3.30 billion yuan, an increase of 8.27% year-on-year [5] - The company expects revenue growth in the coming years, with projected revenues of 16.20 billion yuan in 2024, 16.62 billion yuan in 2025, and 16.88 billion yuan in 2026 [6] - The company has a cash dividend payout ratio of 40.06%, resulting in a dividend yield of 4.97% based on the closing price of 15.89 yuan [6] Financial Performance Summary - Revenue and Profit Forecasts: - 2022A: Revenue 16,082 million yuan, Net Profit 3,044 million yuan - 2023A: Revenue 15,342 million yuan, Net Profit 3,301 million yuan - 2024E: Revenue 16,201 million yuan, Net Profit 3,431 million yuan - 2025E: Revenue 16,619 million yuan, Net Profit 3,625 million yuan - 2026E: Revenue 16,881 million yuan, Net Profit 3,767 million yuan [2][8] - Earnings Per Share (EPS): - 2022A: 1.82 yuan - 2023A: 1.97 yuan - 2024E: 2.05 yuan - 2025E: 2.17 yuan - 2026E: 2.25 yuan [2] - Valuation Ratios: - P/E ratios for 2024-2026 are projected at 7.8X, 7.3X, and 7.1X respectively [6] - P/B ratios for 2024-2026 are projected at 1.3, 1.2, and 1.0 respectively [6] - Cash Flow: - The net cash flow from operating activities for 2023 was 6.17 billion yuan, with a projected increase in subsequent years [8] Coal Business Performance - The company achieved a raw coal production of 34.69 million tons in 2023, a year-on-year increase of 5.75%, and a sales volume of 30.10 million tons, an increase of 10.21% [6] - The average selling price of coal was 495.69 yuan per ton, a decrease of 13.73% year-on-year [6] - The company expects improvements in coal product structure to enhance overall profitability [6]