Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the stable development of the company's coking business despite a decline in prices, with significant expansion in the chemical sector [3][4] - The company achieved a total revenue of 46.066 billion, a year-on-year increase of 6.8%, but net profit decreased by 53.6% to 861 million [2][3] - The chemical business revenue surpassed the coking business for the first time, indicating a core growth area for future development [3] Financial Performance Summary - The company reported a revenue of 180.77 billion from its coking business, a year-on-year increase of 10.4%, while the gross profit decreased by 33.7% due to the downturn in the real estate market [3] - The average coking price for the year was 2201.4 yuan/ton, down 27.6% year-on-year [3] - The chemical business generated revenue of 186.81 billion, up 21.1% year-on-year, with a gross profit increase of 26.8% [3] - The company expects total revenues of 528 billion, 590 billion, and 676 billion for 2024, 2025, and 2026 respectively, with net profits projected at 11 billion, 12 billion, and 15 billion [4][6] Business Segment Analysis - Coking Business: Revenue for H2 2023 was 104.82 billion, a year-on-year increase of 47.5%, with a significant increase in production capacity from ongoing projects [3] - Chemical Business: The company is expanding its production capacity and has achieved cost optimization, which is expected to continue benefiting margins [3] - Hydrogen Energy: The company has become the largest hydrogen energy producer in the Beijing-Tianjin-Hebei region and is positioned to benefit from industry growth [3] Market Performance - The company's stock price has fluctuated between 3.010 and 3.740 HKD over the past 52 weeks, with a total market capitalization of 13.49358 billion HKD [5]
焦炭稳健发展，化工扩张显著