业绩符合预期，成长、弹性皆可期

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company's 2023 performance met expectations, with a revenue of 150 billion, down 33.31% year-on-year, and a net profit attributable to shareholders of 20.1 billion, down 39.6% year-on-year. The fourth quarter of 2023 saw a net profit of 4.61 billion, up 10.5% year-on-year but down 13.2% quarter-on-quarter, aligning with expectations [1] - The coal segment showed significant production growth, with total coal production and sales reaching 132.11 million tons and 127.02 million tons, respectively, representing a year-on-year increase of 32.7% and a decrease of 6.2%. The coal segment generated revenue of 102 billion with a gross profit of 52.7 billion, achieving a gross margin of 51.6% [1] - The chemical segment also experienced growth, with revenue of 26.4 billion, up 0.2% year-on-year, and a gross profit of 5.27 billion, up 1.8% year-on-year, resulting in a gross margin of 20% [1] - The company has growth potential with two coal mines under construction, expected to commence production in 2024 and 2025, and a proposed cash dividend of 11.08 billion, representing 55.04% of net profit attributable to shareholders, leading to a dividend yield of 6.5% as of March 28 [1] Financial Summary - For 2023, the company reported a revenue of 150 billion and a net profit of 20.14 billion, with projected net profits of 20.3 billion, 20.93 billion, and 21.84 billion for 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 8.5X, 8.2X, and 7.9X [2] - The company's earnings per share (EPS) for 2023 was 2.71, with projections of 2.73, 2.81, and 2.94 for the following years [2] - The return on equity (ROE) for 2023 was 22.9%, with a projected decline to 20.2%, 19.3%, and 18.8% over the next three years [2]