YANKUANG ENERGY(600188) 民生证券·2024-03-28 16:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Views - The company reported a revenue of 1500.25 billion yuan in 2023, a decrease of 33.31% year-on-year, and a net profit attributable to shareholders of 201.4 billion yuan, down 39.62% year-on-year [1] - The company plans to increase coal production to 140 million tons in 2024, a growth of 5.97% compared to 2023, driven by new projects and increased output from Australian operations [1][3] - The company aims to implement a strategy of "two increases, three reductions, and four improvements" in 2024, focusing on production efficiency and cost management [3] Financial Performance Summary - In Q4 2023, the net profit attributable to shareholders was 45.23 billion yuan, a year-on-year increase of 24.06% [1] - The company plans to distribute a cash dividend of 1.49 yuan per share, totaling 110.84 billion yuan, which represents 55.04% of the net profit attributable to shareholders [1] - The average selling price of coal decreased by 25.49% to 803.15 yuan per ton, while the comprehensive cost of coal was 388.36 yuan per ton, down 10.88% year-on-year [1] Future Projections - The company expects revenues to slightly increase to 151.55 billion yuan in 2024, with a projected net profit of 20.44 billion yuan, reflecting a growth of 1.5% [4] - Earnings per share (EPS) are forecasted to be 2.75 yuan in 2024, with a price-to-earnings (PE) ratio of 8 times [4][5] - The company aims to improve its gross profit margin in the coal business, which was 51.65% in 2023, down 7.93 percentage points year-on-year [1][3]