In the same period with a high base and a downward trend in coal pricesWwwbingoplusnetUnder the influence, the performance declined in 2023; the decline in 2024Q1 performance was mainly due to the decline in coal prices. The company achieved a total revenue of 1708 in 2023.Wwwbingoplusnet.7 billion yuan (+ 2.4%), net profit 21.24 billion yuan (- 39.7%), deducting non-net profit 24.68 billion yuan (- 16.9%), of which 2023Q4 achieved total operating income of 43.44 billion yuan (+ 19.8%) and net profit of 5.06 billion yuan (- 15.9%). The decline in performance in 2023 is mainly due to the investment income from the sale of some shares in Longji Green Energy in the same period last year, as well as the change in the accounting method of investing in Longji Green Energy, which made a great contribution to the performance in the same period last year; second, the coal price fell. 2024Q1 achieved a total operating income of 40.45 billion yuan (- 9.7%), a net profit of 4.65 billion yuan (- 32.7%) and a non-net profit of 5.35 billion yuan (- 26.3%). Coal production and sales increased in 2023, and the decline in coal prices affected gross profit; 2024Q1 self-produced coal production and sales continued to increase steadily. In 2023, the company's coal output was 164 million tons, + 4.1% compared with the same period last year; coal sales volume was 253 million tons, + 12.6% over the same period last year; the price of self-produced coal was 574.5 yuan / ton, down 94.5 yuan / ton from the same period last year. The total cost of the original coal preparation unit was 296.6 yuan / ton, down 22.8 yuan / ton compared with the same period last year, mainly due to the reduction of material fee, maintenance and repair fee, external operation fee and related taxes and fees. Overall, the gross profit margin of self-produced coal is 59.5%, year-on-year-6.5pct. 2024Q1 produced 41.45 million tons of coal, + 1.5% year-on-year, and self-produced coal sales of 40.91 million tons, + 1.2% year-on-year. The dividend rate remains high and the dividend yield is over 5%. In 2023, the company distributed a cash dividend of 12.75 billion yuan,-39.7% compared with the same period last year, and a dividend rate of 60.03%, year-on-year-0.14pct. Based on the stock price on April 29, the dividend yield of the company is 5.43%. Issue the "2024-year Plan" Action Plan to improve quality, increase efficiency and return, and attach importance to high-quality development. In terms of improving business quality, the company proposes to continue to promote the preliminary work of Xiaohaotu No.1 and Xiaohaotu western exploration area project in 2024, speed up the landing "four-in-one" large cost hierarchical management system, and achieve safe and efficient scientific cost reduction. Investment advice: maintain the 2024-2025 profit forecast and maintain the "overweight" rating. It is estimated that the company's income from 2024 to 2026 will be 1571 million RMB 1587,1603 billion respectively, the net profit returned to the parent will be 233,6240 billion yuan, and the earnings per share will be 2.40 pound 2.44 trillion RMB respectively. Considering that the company has good coal mining conditions, good coal quality, advantages in the scale of coal production capacity and still room for growth, while the company's performance is sound, the dividend return is generous, and the "overweight" rating is maintained. Risk hints: the economic slowdown leads to a decline in coal demand, the rapid development of new energy to replace coal power demand, the impact of production safety accidents, the company's nuclear production can release less than expected. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.