点评：利润分红下降，未来有望恢复

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's profits and dividends have decreased but are expected to recover in the future [1] - The company achieved a total revenue of 37.371 billion, a year-on-year increase of 19.45%, while the net profit attributable to shareholders was 4.26 billion, a year-on-year decrease of 38.53% [2][3] - The report anticipates that the company's revenue will gradually increase due to the release of new production capacity and changes in product prices [4] Financial Performance - In 2023, the company reported a comprehensive coal price of 699.15 yuan/ton, a decrease of 14.46% year-on-year, while the comprehensive cost was 421.74 yuan/ton, a decrease of 9.61% year-on-year [3] - The company plans to distribute dividends of 1.289 billion, with a dividend payout ratio of 30.25%, corresponding to a dividend yield of 3.79% [4] - The forecast for total revenue from 2024 to 2026 is 38.3 billion, 40 billion, and 40.8 billion respectively, with net profits of 4.5 billion, 4.7 billion, and 4.8 billion respectively [4][5] Production and Sales - The company's coal production and sales slightly declined in 2023, with production and sales volumes of 38.9837 million tons and 52.5053 million tons, down 3.92% and 2.55% year-on-year respectively [3] - The company plans to produce no less than 33 million tons of raw coal in 2024, supported by new mines coming online [3][4] Valuation Metrics - The report maintains that the earnings per share (EPS) for 2024, 2025, and 2026 are expected to be 2.25, 2.36, and 2.44 yuan respectively, with corresponding price-to-earnings (PE) ratios of 7.61, 7.26, and 7.02 [4][5] - The projected dividend yield for 2024 is 7.9%, increasing to 8.3% in 2025 and 8.5% in 2026 [6]