hbky(600985) 国投证券·2024-03-29 16:00Investment Rating - The investment rating for the company is "Buy-A" with a target price of 18.8 CNY over the next six months [2][7]. Core Views - The company reported a revenue of 73.39 billion CNY in 2023, an increase of 6.3% year-on-year, while the net profit attributable to shareholders was 6.23 billion CNY, a decrease of 11.2% year-on-year [1]. - The company has increased its dividend payout, with a proposed cash dividend of 1.00 CNY per share, totaling 2.652 billion CNY, which represents 42.6% of the net profit for 2023 [1]. - The coal production and sales slightly decreased, with a total coal output of 21.97 million tons, down 4.1% year-on-year, while the average selling price of coal remained stable at 1160 CNY per ton [1][2]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 17.85 billion CNY, a year-on-year increase of 51.9%, but the net profit decreased by 34.9% year-on-year [1]. - The company produced 3.77 million tons of coke in 2023, up 2.2% year-on-year, and 0.53 million tons of methanol, up 40.2% year-on-year, primarily due to the commissioning of a gas utilization project [2]. Production and Sales - The total coal sales volume was 17.83 million tons, down 5.3% year-on-year, with the average selling price of coke at 2330 CNY per ton, down 19.7% year-on-year [2]. - The company is expanding its production capacity, with the annual capacity of Yuaner Mine increased from 1.5 million tons to 1.8 million tons, and new projects in coal chemical and non-coal sectors are underway [2][7]. Future Outlook - The company is expected to achieve revenues of 75.56 billion CNY in 2024 and 78.36 billion CNY in 2025, with net profits projected at 6.61 billion CNY and 7.01 billion CNY respectively [7][8]. - The long-term growth potential is supported by stable coal prices and the expansion of its chemical and non-coal businesses, which are expected to contribute to profit growth [2][7].