此乃要件 請即處理 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生或因依賴該等內容而引致的任 何損失承擔任何責任。 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、 銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下所有中國神華能源股份有限公司股份，應立即將本通函送交買主、承讓人、經手 買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 本通函僅供參考，並不構成收購、購買或認購中國神華能源股份有限公司證券的邀請或要約。 （在中華人民共和國註冊成立的股份有限公司） 本公司將於2024年9月30日（星期一）上午九時正，假座中國北京市朝陽區鼓樓外大街19號北京歌華開元 大酒店二層和廳召開2024年第一次臨時股東大會，該大會通告載於本通函第18頁至第22頁。 隨函附奉上述臨時股東大會適用的回條及代表委任表格。欲出席相關大會的股東，務請按回條上印列的指 示填妥回條並於2024年9月25日（星期三）前交回。 欲委任代表出席臨時股東大會的股 ...

一、 召开会议的基本情况 证券代码：601088 证券简称：中国神华 公告编号：临 2024-039 中国神华能源股份有限公司 关于召开 2024 年第一次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： (一)股东大会类型和届次 2024 年第一次临时股东大会（"本次股东大会"） 召开的日期时间：2024 年 9 月 30 日上午 9:00 召开地点：北京市朝阳区鼓楼外大街 19 号北京歌华开元大酒店二层和厅 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 9 月 30 日 至 2024 年 9 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 1 股东大会召开日期：2024年9月30日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二)股东大会召 ...

Investment Rating - The report maintains an investment rating of "Buy-A" for the company, indicating a positive outlook for the stock price in the next 6-12 months [6]. Core Views - The company continues to demonstrate a strong performance across its coal and electricity segments, with an integrated operational model that enhances its competitive advantage [6][2]. - Despite a decline in profits due to falling coal prices and electricity rates, the company has shown resilience through increased coal production and sales, as well as improved logistics performance [1][2]. - The anticipated recovery in coal and electricity prices in the second half of the year is expected to support the company's financial performance [6]. Summary by Sections Market Performance - The company reported a total profit of 260.39 million yuan from coal, 52.51 million yuan from electricity, and 83.57 million yuan from transportation in the first half of the year, reflecting a year-on-year decline in coal and electricity profits [1]. - The average coal price decreased by 5.8% year-on-year, while the company’s coal production increased by 1.6% to 163.2 million tons [1][2]. Financial Highlights - For the first half of 2024, the company achieved operating revenue of 1680.78 billion yuan, a decrease of 0.8% year-on-year, and a net profit of 295.04 billion yuan, down 11.3% year-on-year [2]. - The basic earnings per share (EPS) for the period was 1.485 yuan, with a return on equity (ROE) of 7.32% [2]. Operational Insights - The company’s coal sales volume increased by 5.4% to 229.7 million tons, with self-produced coal sales rising by 2.2% [1]. - The average selling price of coal was 566 yuan per ton, with a unit sales cost of 458 yuan per ton, reflecting a decrease in costs due to lower procurement prices [1][2]. Future Projections - The expected EPS for 2024-2026 is projected to be 2.92, 2.93, and 2.99 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 13.8, 13.7, and 13.4 [6]. - The report suggests that the company’s dividend yield remains attractive, and the inclusion of state-owned enterprise market value management in assessments could enhance the company’s valuation [6].

证券代码：601088 证券简称：中国神华 公告编号：临 2024-038 中国神华能源股份有限公司 关于子公司取得内蒙古新街台格庙矿区新街一井、 新街二井项目核准批复的公告 中国神华能源股份有限公司（"本公司"）董事会及全体董事保证本公告内 容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确 性和完整性承担法律责任。 近日，本公司持有 60%股权的控股子公司神华新街能源有限责任公司（"新 街能源公司"）内蒙古新街台格庙矿区新街一井、新街二井项目获得国家发展改 革委核准批复。 一、新街一井、新街二井项目单位均为新街能源公司，建设地点位于内蒙古 自治区鄂尔多斯市伊金霍洛旗。 二、新街一井、新街二井建设规模均为 800 万吨/年，配套建设相同规模的 选煤厂，采用立井开拓方式，煤炭洗选采用重介浅槽分选工艺。 三、新街一井项目总投资 133.48 亿元（不含矿业权费用），其中资本金 40.68 亿元，占总投资的 30.5%。新街二井项目总投资 131.63 亿元（不含矿业权费用）， 其中资本金 40.25 亿元，占总投资的 30.6%。 目前，新街能源公司按照项目核准批复要求，积极推进项目初步设计 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1][4][14] Core Views - The company reported a revenue of 168.08 billion yuan for H1 2024, a decrease of 0.8% year-on-year, and a net profit of 29.5 billion yuan, down 11.3% year-on-year [1][5] - The coal production and sales increased, but the decline in coal prices and rising costs led to a decrease in gross profit [1][12] - The company is recognized as a leading integrated energy enterprise with strong stability in performance and substantial dividend returns [1][14] Summary by Sections Coal Segment - In H1 2024, the company produced 163.2 million tons of coal, an increase of 1.6% year-on-year, and sold 229.7 million tons, up 5.4% year-on-year [1][8] - The average selling price for self-produced coal was 533 yuan/ton, down 27 yuan/ton year-on-year, while the average price for purchased coal was 648 yuan/ton, down 65 yuan/ton [1][12] - The gross profit for self-produced coal was 36.47 billion yuan, a decrease of 12.3% year-on-year [1][12] Power Segment - The total power generation reached 1040.4 billion kWh, an increase of 3.8% year-on-year, and total power sales were 978.9 billion kWh, up 3.9% year-on-year [1][12] - The average selling price for electricity was 404 yuan/MWh, down 3.3% year-on-year, while the unit selling cost was 362.2 yuan/MWh, down 1.5% year-on-year [1][12] - The gross profit from electricity was 7.08 billion yuan, a decrease of 4.6% year-on-year [1][12] Transportation Segment - The transportation revenue from railways, ports, and shipping was 22.44 billion yuan, 3.44 billion yuan, and 2.49 billion yuan respectively, with year-on-year growth of 1.4%, 4.8%, and a decline of 3.5% [1][12] - The self-owned railway transportation turnover was 161.4 billion ton-km, an increase of 7.3% year-on-year [1][12] - The coal loading volume at Huanghua Port was 11 million tons, up 9.3% year-on-year, maintaining the top position among coal ports in the country [1][12] Financial Forecasts - The profit forecast for 2024-2026 has been revised down to 54.8 billion yuan, 55.7 billion yuan, and 55.8 billion yuan respectively, with corresponding P/E ratios of 14.3, 14.1, and 14.1 [1][14] - The average selling price of coal is expected to be 567 yuan/ton, 563 yuan/ton, and 563 yuan/ton for the years 2024-2026 [1][14]

Investment Rating - Buy rating maintained for China Shenhua (601088 SH) [2] Core Views - High long-term contracts support strong earnings resilience, with sustained high dividends highlighting investment value [1][4] - H1 2024 revenue reached 168 08 billion RMB, down 0 8% YoY, with net profit attributable to shareholders at 29 5 billion RMB, down 11 3% YoY [4] - Q2 2024 revenue was 80 43 billion RMB, down 8 2% QoQ, with net profit attributable to shareholders at 13 62 billion RMB, down 14 3% QoQ [4] - 2024-2026 net profit forecasts are 58 08 billion, 60 24 billion, and 61 29 billion RMB, respectively, with EPS of 2 92, 3 03, and 3 08 RMB [4] - Current PE ratios are 13 9x, 13 4x, and 13 1x for 2024-2026 [4] Business Performance Coal Business - H1 2024 coal production reached 163 2 million tons, up 1 6% YoY, with sales of 229 7 million tons, up 5 4% YoY [4] - Average coal price was 566 RMB/ton, down 5 8% YoY, with self-produced coal price at 533 RMB/ton, down 4 9% YoY [4] - Self-produced coal cost was 191 7 RMB/ton, up 2 0% YoY, with gross margin per ton at 224 RMB/ton, down 14 2% YoY [4] - Q2 2024 coal production was 81 9 million tons, up 0 7% QoQ, with sales of 112 6 million tons, down 3 8% QoQ [4] Power Business - H1 2024 installed capacity increased by 188 MW to 44,822 MW, with power generation and sales at 104 04 billion kWh and 97 89 billion kWh, up 3 8% and 3 9% YoY, respectively [4] - Power segment gross profit was 7 42 billion RMB, down 4 6% YoY, with gross margin at 16 0%, down 0 8 pct YoY [4] - Q2 2024 power generation and sales were 48 69 billion kWh and 45 73 billion kWh, down 12 0% and 12 3% QoQ, respectively [4] Growth Prospects - Coal production capacity is expected to expand further, with acquisitions and new mining licenses supporting growth [4] - High long-term contract ratios and integrated operations ensure stable profitability [4] - Dividend payout ratio was 75 2% in 2023, with a projected 2024 dividend yield of 5 4% [4] - Historical dividend payout ratios from 2020-2023 were 91 8%, 100 4%, 72 8%, and 75 2%, consistently exceeding the minimum commitment of 60% [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6][14]. Core Views - The company's H1 2024 revenue is reported at 168.08 billion yuan, a year-on-year decrease of 0.8%, while the net profit attributable to shareholders is 29.50 billion yuan, down 11.3% year-on-year [1]. - The coal segment's revenue for H1 2024 is 134.33 billion yuan, a decline of 0.7%, with total profit down 18.1% to 26.04 billion yuan due to rising costs [2]. - The electricity segment shows a slight revenue increase of 0.4% to 44.35 billion yuan, but profit decreased by 9.5% to 5.25 billion yuan, attributed to lower average selling prices [3]. - The report forecasts net profits for 2024-2026 at 63.11 billion, 64.13 billion, and 64.32 billion yuan respectively, with corresponding EPS of 3.17, 3.23, and 3.24 yuan [3]. Financial Summary - H1 2024 operating cash flow net amount is 52.67 billion yuan, reflecting a year-on-year increase of 13.6% [1]. - The average selling price of coal in H1 2024 is 566 yuan per ton, down 5.8% year-on-year, while the average selling price of electricity is 0.404 yuan per kWh, down 3.3% [2][3]. - The company's total power generation in H1 2024 is 104.04 billion kWh, an increase of 3.8% year-on-year, with total sales of 97.89 billion kWh, up 3.9% [3]. Valuation Metrics - The report provides projected revenue growth rates of 2.16%, 3.56%, and 3.03% for 2024, 2025, and 2026 respectively [4]. - The company's P/E ratio is projected to be 12.94 for 2024, decreasing slightly in subsequent years [4]. - The net profit margin is expected to stabilize around 18% for the forecast period [10].

Investment Rating - The investment rating for China Shenhua (601088) is "Buy" [3][7][12] Core Views - The coal sector's market share continues to increase, with expected capacity growth in the future. The company has a strong cash flow and stable profits, with an anticipated annual dividend payout ratio of around 75% [6][7]. Summary by Sections Financial Performance - In H1, the company achieved operating revenue of 168.08 billion yuan, a year-on-year decrease of 0.8%. Net profit was 29.50 billion yuan, down 11.3% year-on-year. Q2 revenue was 80.43 billion yuan, a decline of 2.39% year-on-year, while net profit for the same period was 13.62 billion yuan, down 7.14% year-on-year, aligning with market expectations [7]. - The company maintains EPS forecasts for 2024-2026 at 3.08, 3.09, and 3.19 yuan, respectively, and has raised the target price to 47.77 yuan, an increase of 3.89 yuan [7]. Coal Production and Sales - In H1, the company produced 163 million tons of coal, a year-on-year increase of 1.6%, outperforming the national decline of 1.7%. Sales volume reached 229 million tons, up 5.4% year-on-year, with a continued increase in market share [7]. - The average selling price of self-produced coal (excluding tax) was 566 yuan per ton, a decrease of 35 yuan per ton, or 5.8% year-on-year. The unit production cost was 191.7 yuan per ton, a slight increase of 2% year-on-year [7]. Power Generation and Renewable Energy - The company generated 104.04 billion kWh of electricity in H1, a year-on-year increase of 3.8%. Total electricity sales reached 97.89 billion kWh, up 3.9% year-on-year, with market-based transactions accounting for approximately 97.8% of total sales [7]. - The average selling price of electricity was 404 yuan per MWh, down 3.3% year-on-year [7]. Financial Health - As of the end of the reporting period, the company had cash on hand of 186.9 billion yuan, with a debt-to-asset ratio of only 29.79%. The operating cash flow for H1 was 52.6 billion yuan, significantly exceeding net profit [7]. - The company plans capital expenditures of 36.8 billion yuan for the year, with 12.4 billion yuan invested in H1 [7].

业绩表现稳健，持续看好龙头优势 2024 年 09 月 01 日 | --- | |--------------| | | | | | 分析师：李航 | | | | 执业证号： | | 邮箱： | 研究助理：卢佳琪 执业证号：S0100123070003 邮箱：lujiaqi@mszq.com ➢ 事件：2024 年 8 月 30 日，公司发布 2024 年半年报。2024 年上半年，公 司实现营业收入 1680.78 亿元，同比下降 0.80%；归母净利润 295.04 元，同比 下降 11.34%；扣非归母净利润 294.81 亿元，同比下降 10.58%。国际企业会计 准则下，2024 年上半年公司实现归母净利润 327.71 亿元，同比下降 11.10%。 ➢ 24H1 捐赠支出影响业绩释放，税、费影响相抵。24H1 公司捐赠内蒙古生 态综合治理资金共计 7.18 亿元，四费同比增加 6.1 亿元、费率同比+0.39pct 至 3.55%，税金及附加主因煤炭销售收入下降从而资源税减少同比下降 6.1 亿元。 ➢ 24Q2 盈利同环比下滑，四费环比增加。2024 年二季度，公司实现营业收 入 804.3 ...

Investment Rating - The report maintains a "Buy" rating for China Shenhua (601088.SH) [3] Core Views - The company demonstrates stable performance and showcases its leading position in the industry despite a slight decline in revenue and net profit [1][2] - The coal production and sales remain stable, with long-term contracts providing a buffer against price fluctuations [1] - The company is progressing in increasing coal production capacity, indicating potential for future growth [2] Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of CNY 168.08 billion, a year-on-year decrease of 0.81%, and a net profit attributable to shareholders of CNY 29.50 billion, down 11.34% [1] - For Q2 2024, the operating revenue was CNY 80.43 billion, a decrease of 2.39% year-on-year, and net profit was CNY 13.62 billion, down 7.14% year-on-year and 14.25% quarter-on-quarter [1] Coal Business - The company produced 163 million tons of commodity coal in H1 2024, an increase of 1.6% year-on-year, and sold 230 million tons, up 5.4% year-on-year [1] - The sales price for annual long-term contracts was CNY 490 per ton, down 2% year-on-year, while the monthly long-term contract price was CNY 725 per ton, down 12% year-on-year [1] - The cost of self-produced coal was CNY 191.7 per ton, an increase of 2.0% year-on-year, primarily due to rising labor costs [1] Power Generation - The company generated 104.04 billion kWh of electricity in H1 2024, an increase of 3.8% year-on-year, with sales volume reaching 97.89 billion kWh, up 3.9% year-on-year [2] - The revenue from power generation was CNY 44.35 billion, a slight increase of 0.4% year-on-year, while the cost was CNY 37.27 billion, up 1.4% year-on-year [2] Transportation and Chemical Business - The transportation segment reported a slight increase in profit, with a gross profit of CNY 10.17 billion, up 0.8% year-on-year [2] - The coal chemical segment contributed revenue of CNY 2.54 billion, with a gross profit of CNY 0.176 billion, reflecting a decline in profitability due to scheduled maintenance [2] Capacity Expansion - The company is actively working on coal resource succession and capacity increase, with several mining licenses being updated and new projects progressing [2] Profit Forecast - The report adjusts the profit forecast for 2024-2026, predicting net profits of CNY 57.8 billion, CNY 59.9 billion, and CNY 62.0 billion respectively, with corresponding P/E ratios of 13.9, 13.5, and 13.0 [2]