财务费用大幅下降，经营水平稳定提高。2023 年公司期间费用合计53.18 亿元，同比下降7.2%。其中管理费用36.1 亿元，同比增长11.59%，主要系管理人员薪酬增加所致；销售费用1.55 亿元，同比下降15.16%，主要系运销服务费减少所致；财务费用-0.26 亿元，同比下降103.53%，主要为借款减少、利息费用减少导致。研发费用15.8 亿元，同比下降0.64%。24Q1 公司期间费用合计9.31 亿元，同比增长4.8%。其中管理费用6.54亿元，同比增长11.03%；销售费用0.31 亿元，同比下降18.74%；财务费用0.51 亿元，同比增长93.96%，系未确认融资费用增加所致。研发费用1.95 亿元，同比下降17.01%。Key points of investment:
The company released its 2023 annual report and 2024 quarterly report, and the performance is basically in line with market expectations. In 2023, the company achieved revenue of 43.137 billion yuan, a year-on-year decrease of 20.55%; net profit to mother was 7.922 billion yuan, a year-on-year decrease of 44.11%; basic earnings per share were 2.65 yuan. 2024Q1 achieved revenue of 8.659 billion yuan, a year-on-year decrease of 27.19%, and realized net profit of 1,288 million yuan, a year-on-year decrease of 61.9%, an increase of 97% over 23Q4's 652 million yuan; basic earnings per share were 0.43 yuan.
Stricter production site safety supervision led to a decline in production and sales in 24Q1, compounded by a drop in coal prices, putting pressure on the company's performance in the short term. In 2023, the company achieved coal production of 60.46 million tons, an increase of 6.3% year on year; achieved coal sales of 54.98 million tons, up 3.9% year on year, of which mixed coal sales were 29.41 million tons, down 0.9% year on year, and injection coal sales were 21.62 million tons, up 6% year on year. The price of coal was 727.6 yuan/ton, down 21.8% year on year; unit cost was 347.7 yuan/ton, down 3.3% year on year; gross profit per ton was 379.9 yuan/ton, down 33.49% year on year; gross profit margin was 52.2%, down 9.2 pct year on year. 24Q1 achieved coal production of 13.24 million tons, a year-on-year decrease of 9.9%; achieved coal sales of 11.81 million tons, a year-on-year decrease of 7.1%. Among them, mixed coal sales were 6.55 million tons, a year-on-year decrease of 10.2%, and sales of injected coal were 4.59 million tons, a year-on-year decrease of 0.2%. The price of coal was 689.4 yuan/ton, down 20.7% year on year; unit cost was 377.8 yuan/ton, up 7.6% year on year; gross profit per ton was 311.6 yuan/ton, down 39.84% year on year; gross profit margin was 45.2%, down 14.4 pct year on year.
Financial expenses have been drastically reduced, and operating standards have steadily improved. The company's total expenses for the 2023 period were 5.318 billion yuan, a year-on-year decrease of 7.2%. Among them, management expenses were 3.61 billion yuan, up 11.59% year on year, mainly due to increased management remuneration; sales expenses of 155 million yuan, down 15.16% year on year, mainly due to reduced distribution and marketing service fees; financial expenses - 0.26 million yuan, down 103.53% year on year, mainly due to reduced loans and interest expenses. R&D expenses were 1.58 billion yuan, a year-on-year decrease of 0.64%. The total expenses for the 24Q1 period were 931 million yuan, an increase of 4.8% over the previous year. Among them, management expenses were 654 million yuan, up 11.03% year on year; sales expenses were 31 million yuan, down 18.74% year on year; and financial expenses were 51 million yuan, up 93.96% year on year, due to unconfirmed increase in financing expenses. R&D expenses were 195 million yuan, a year-on-year decrease of 17.01%.
The company plans to pay a dividend of 1.589 yuan/share, and the current stock price corresponds to a dividend rate of 7.5%. The company plans to distribute a cash dividend of 1.589 yuan/share in 2023, with a dividend rate of about 60%. Based on the closing price on April 30, 2023, the corresponding dividend rate is approximately 7.5%.
Investment analysis: Due to the recent weak downstream demand, compounded by the impact of imported coal, coal prices have declined somewhat, so we lowered the company's 24-year net profit forecast from 15.125 billion yuan to 8,099 billion yuan, and added 25-26 profit forecasts of 8.241 billion yuan and 8.411 billion yuan. The current market capitalization corresponds to 24-26 PE of 7.8X, 7.7X, and 7.5X respectively. Considering the historical lack of investment in the coal industry in recent years and the tight supply, it is expected that coal prices will continue to operate at a high level in the future, and the prosperity of the industry is expected to be maintained. We selected 6 coking coal companies in the industry: Shanxi Coking Coal, Huaibei Mining, Jizhong Energy, Shanxi Coking, Pingmei Co., Ltd., and Panjiang Co., Ltd. as comparable companies. The 6 companies have an average PE valuation of 9.5 times in 24 years. Currently, the company still has a 22% discount in valuation, and the company also has high dividend attributes, so it maintains a “buy” rating.
Risk warning: Due to the macroeconomic downturn, downstream demand fell short of expectations, coal prices fell beyond expectations, and the company's sales fell beyond expectations.
