煤炭天然气发展空间广阔，高股息高分红成长可期

Investment Rating - The report maintains a "Buy" rating for Guanghui Energy, expecting the stock price to outperform the industry index by over 15% in the next six months [12]. Core Views - Guanghui Energy has significant growth potential in coal and natural gas sectors, with high dividends and growth prospects [1][5]. - The company is actively developing green energy initiatives and diversifying its business [5]. - Despite challenges in profitability due to falling prices in coal and gas, the company is expected to recover as demand improves [3][5]. Financial Summary - Revenue Growth: The company reported revenues of 61,475 million yuan in 2023, with an expected increase to 72,898 million yuan in 2024, reflecting a year-on-year growth rate of 18.6% [1][6]. - Net Profit: The net profit for 2023 was 5,173 million yuan, with projections of 6,674 million yuan for 2024, indicating a growth rate of 29.0% [1][6]. - Earnings Per Share (EPS): The diluted EPS is expected to rise from 0.79 yuan in 2023 to 1.02 yuan in 2024 [1][8]. - Return on Equity (ROE): The ROE is projected to improve from 17.4% in 2023 to 20.7% in 2024 [1][8]. Business Segments - Natural Gas: In 2023, the natural gas business generated revenues of 38,365 million yuan, with a gross profit margin of 8.11%, down from the previous year [1][3]. - Coal Business: The coal segment reported revenues of 14,725 million yuan in 2023, with a gross profit margin of 34.68%, impacted by falling prices [2][3]. - Coal Chemical: The coal chemical business faced challenges with revenues of 7,662 million yuan in 2023, reflecting a decline of 12.67% [3]. Dividend Policy - The company plans to distribute a cash dividend of 0.7 yuan per share for 2023, resulting in a dividend payout ratio of 87.90% and a dividend yield of 8.79% based on the stock price of 7.96 yuan [4][5]. Future Projections - Revenue forecasts for 2024-2026 are 72,898 million yuan, 78,711 million yuan, and 84,517 million yuan respectively, with net profits projected at 6,674 million yuan, 7,079 million yuan, and 8,000 million yuan [5][6].