23年业绩稳健，电力远期增量可期

Investment Rating - The report maintains a "Buy" rating for Xinji Energy (601918 SH) [4][10] Core Views - Xinji Energy achieved steady growth in 2023 with a 7 01% YoY increase in revenue and 1 57% YoY growth in net profit attributable to shareholders [13] - The company's power business showed stable profitability with a 22 8% gross margin in 2023, up 0 12 percentage points YoY [1] - Coal business faced cost pressures but achieved a 90 5% coal washing rate, the highest in six years [3] - Future growth is expected from the company's power projects under construction, with a total installed capacity of 5960MW and equity capacity of 3874MW [14] Financial Performance Power Business - In 2023, Xinji Energy generated 103 93 billion kWh of electricity, a 2 67% YoY decrease, with 98 72 billion kWh sold to the grid, down 2 78% YoY [1] - The average selling price of electricity was 0 4109 yuan/kWh, up 0 65% YoY, while the cost per kWh decreased by 0 41% to 0 3172 yuan/kWh [1] - The gross profit per kWh increased by 4 42% to 0 0937 yuan/kWh [1] Coal Business - In 2023, the company produced 21 40 million tons of raw coal, down 3 76% YoY, and sold 19 69 million tons of commercial coal, up 8 70% YoY [3] - The average selling price of commercial coal was 446 4 yuan/ton, up 3 39% YoY, while the cost per ton increased by 15 50% to 234 6 yuan/ton [3] - The gross profit per ton of commercial coal decreased by 7 36% to 211 8 yuan/ton [3] Future Outlook - The company's coal-power synergy is expected to deepen, with self-produced coal covering 52%, 85%, and 100% of power plant coal consumption in 2025, 2026, and 2027, respectively [14] - Net profit attributable to shareholders is forecasted to grow to 2 44 billion yuan in 2024, 2 63 billion yuan in 2025, and 3 15 billion yuan in 2026 [4] - The PE ratio is projected to be 8 5x, 7 9x, and 6 6x for 2024, 2025, and 2026, respectively [4] Financial Metrics - The company's gross margin was 39 7% in 2023, with a net profit margin of 18 7% and ROE of 15 6% [6] - EPS is expected to increase from 0 81 yuan in 2023 to 1 22 yuan in 2026 [6] - Operating cash flow per share is projected to grow from 1 47 yuan in 2023 to 3 14 yuan in 2026 [6]