Investment Rating - Maintains an "Overweight" rating for the stock [2][3] Core Views - The company achieved a revenue of RMB 46.065 billion in 2023, a year-on-year increase of 6.78%, while net profit attributable to shareholders decreased by 53.6% to RMB 861 million, in line with market expectations [2] - The company's "dual-drive" strategy has shown results, with chemical business revenue surpassing coke for the first time [2] - The coke business is under pressure, but the company's leading position is expected to strengthen in 2024 [2] - Overseas expansion, particularly in Indonesia, is accelerating, with three coke ovens already operational and a total planned capacity of 13.4 million tons, of which 4.36 million tons are equity capacity [2] Financial Performance - Revenue for 2023 was RMB 46.066 billion, up 6.8% year-on-year, with gross profit of RMB 3.325 billion and net profit of RMB 861 million [5] - Revenue for 2024E, 2025E, and 2026E is projected to be RMB 52.087 billion, RMB 58.591 billion, and RMB 64.817 billion, respectively [5] - Net profit for 2024E, 2025E, and 2026E is forecasted to be RMB 914 million, RMB 1.067 billion, and RMB 1.512 billion, respectively [5] Coke Business - The coke and coking products segment generated revenue of RMB 18.077 billion in 2023, up 10% year-on-year, with an average selling price of RMB 2,201 per ton, down 27.6% year-on-year [2] - Gross profit for the coke segment decreased by 33% to RMB 1.64 billion, with a gross margin decline of 6 percentage points to 9.1% [2] - The company's capacity utilization rate is close to full capacity, demonstrating resilience in a challenging market [2] Chemical Business - Chemical business revenue reached RMB 18.68 billion in 2023, up 21.1% year-on-year, surpassing coke revenue for the first time [2] - Gross margin for the chemical business increased slightly by 0.3 percentage points to 7.3% [2] Overseas Expansion - The company has accelerated its overseas expansion in Indonesia, with three coke ovens already operational and a total planned capacity of 13.4 million tons, of which 4.36 million tons are equity capacity [2] - Indonesia is expected to become a key development hub for the company, targeting markets in Southeast Asia and India [2]
2023年年报点评：“双轮驱动”显成效，焦炭行业底部承压