Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance in Q1 2024 met expectations, with significant improvement in core profitability [3]. - The decline in coal prices has led to a recovery in core business profitability [3]. - The balance sheet continues to improve, enhancing the company's dividend capacity [3]. Financial Summary - Revenue for 2023 is projected at 116.376 billion RMB, with a year-on-year growth of 9.83% [2]. - The net profit attributable to shareholders for 2023 is expected to be 4.601 billion RMB, reflecting a significant recovery from previous losses [2]. - The company's PE ratio is projected to decrease from 8.5 in 2023 to 5.5 by 2026, indicating potential undervaluation [2]. Performance Metrics - In Q1 2024, the company reported a revenue of 30.95 billion RMB, a decrease of 3.2% year-on-year, while the net profit attributable to shareholders increased by 64.2% to 1.86 billion RMB [3]. - The average electricity price in Q1 2024 was 0.509 RMB per kWh, down 4.1% year-on-year [3]. - The gross margin improved to 8.4%, an increase of 4.2 percentage points year-on-year [3]. Market Data - The current stock price is 4.13 HKD, with a market capitalization of 42.24 billion HKD [4][5]. - The stock has traded within a range of 2.81 to 4.74 HKD over the past 52 weeks [4].
业绩符合预期，盈利趋势向上