价格走弱拖累煤炭业绩，非煤业务经营改善

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 13.98 CNY [1]. Core Insights - The company's performance in the coal sector has been negatively impacted by declining prices, while non-coal business operations have shown improvement [1][16]. - In 2023, the company reported a revenue of 10,978 million CNY, a year-on-year decrease of 13.11%, and a net profit attributable to shareholders of 969 million CNY, down 44.3% year-on-year [3][14]. - The company has adjusted its profit forecasts for 2024-2026, expecting revenues of 13,259 million CNY, 14,634 million CNY, and 16,035 million CNY respectively, with net profits of 1,435 million CNY, 1,771 million CNY, and 2,143 million CNY [4][14]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 10,978 million CNY, a decrease of 13.11% year-on-year, and a net profit of 969 million CNY, down 44.3% year-on-year [3]. - The basic earnings per share for 2023 was 1.34 CNY, reflecting a decline of 44.40% year-on-year [3]. - The weighted average return on equity (ROE) was 7.83%, a decrease of 7.54 percentage points year-on-year [3]. Production and Sales - In 2023, the company produced 8,025,500 tons of raw coal, a decrease of 1.96% year-on-year, while the sales volume of commodity coal increased by 4.50% year-on-year to 6,054,300 tons [4]. - The average selling price of commodity coal in 2023 was 1,167.15 CNY/ton, down 23.15% year-on-year [4]. Business Segments - The power generation segment saw a year-on-year increase in output of 24.47%, with sales revenue of 1,285 million CNY, up 20.82% year-on-year [4]. - The aluminum products segment reported a processing volume of 97,800 tons, a year-on-year increase of 7.12%, but faced a net loss of 39 million CNY [4]. Profit Forecast and Valuation - The company has revised its profit forecasts, expecting net profits of 1,435 million CNY in 2024, 1,771 million CNY in 2025, and 2,143 million CNY in 2026 [4]. - The current stock price of 13.98 CNY corresponds to price-to-earnings (P/E) ratios of 7.0X, 5.7X, and 4.7X for the years 2024, 2025, and 2026 respectively [4].