Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 39.55 CNY [1]. Core Views - The report highlights that the company achieved a revenue of 87.65 billion CNY in Q1 2024, representing a year-on-year growth of 0.70% and a quarter-on-quarter decrease of 3.27%. The net profit attributable to shareholders was 15.88 billion CNY, a year-on-year decrease of 14.66% but a quarter-on-quarter increase of 39.03% [5][6]. - The company forecasts revenues of 344.08 billion CNY, 353.30 billion CNY, and 358.87 billion CNY for 2024, 2025, and 2026 respectively, with net profits of 63.52 billion CNY, 65.09 billion CNY, and 67.03 billion CNY for the same years [7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022A: Revenue of 344.53 billion CNY, Net Profit of 69.63 billion CNY - 2023A: Revenue of 343.07 billion CNY, Net Profit of 59.69 billion CNY - 2024E: Revenue of 344.08 billion CNY, Net Profit of 63.52 billion CNY - 2025E: Revenue of 353.30 billion CNY, Net Profit of 65.09 billion CNY - 2026E: Revenue of 358.87 billion CNY, Net Profit of 67.03 billion CNY [2][3]. - **Earnings Per Share (EPS)**: - 2024E: 3.20 CNY - 2025E: 3.28 CNY - 2026E: 3.37 CNY [7]. - **Price-to-Earnings (P/E) Ratio**: - 2024E: 11.9X - 2025E: 11.6X - 2026E: 11.2X [7]. Operational Highlights - **Coal Production and Sales**: - Q1 2024 coal production reached 81 million tons, a year-on-year increase of 1.50%, while sales reached 117 million tons, a year-on-year increase of 8.83% [6]. - The average selling price for coal in Q1 2024 was 573 CNY/ton, a year-on-year decrease of 7.73% [6]. - **Electricity Generation**: - Total electricity generation in Q1 2024 was 55.35 billion kWh, a year-on-year increase of 7.04% [7]. - The selling price for electricity was 409 CNY/MWh, with a selling cost of 365 CNY/MWh, resulting in a gross profit of 44 CNY/MWh [7]. Market Capitalization - The company's market capitalization is approximately 785.80 billion CNY, with a circulating market value of about 652.22 billion CNY [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights stable coal production and sales, with increased profitability in electricity and railway sectors [1][3] - The company reported a total revenue of 87.65 billion yuan in Q1 2024, a decrease of 3.3% quarter-on-quarter but an increase of 0.7% year-on-year [2] - The net profit attributable to shareholders was 15.88 billion yuan, up 39.0% quarter-on-quarter but down 14.7% year-on-year [2] Summary by Sections Electricity Sector - Total electricity generation reached 55.35 billion kWh in Q1 2024, a year-on-year increase of 7% [3] - Total electricity sales were 52.16 billion kWh, also up 7% year-on-year [3] - Average selling price for electricity was 409 yuan/MWh, down 2.6% year-on-year [3] - The electricity segment's revenue and costs increased by 5.3% and 4.3% year-on-year, respectively, with a total profit of 3.188 billion yuan, up 11.1% year-on-year [3] Railway and Other Businesses - Railway transportation turnover increased by 10.1% year-on-year to 82 billion ton-km [3] - Port loading volume was 6.5 million tons, up 8.2% year-on-year [3] - Shipping volume decreased by 1.2% year-on-year, while shipping turnover increased by 3.1% year-on-year [3] Coal Sector - Coal production was 81.3 million tons, a slight decrease of 1.5% quarter-on-quarter but an increase of 1.5% year-on-year [5] - Coal sales reached 117 million tons, a decrease of 0.3% quarter-on-quarter but an increase of 8.8% year-on-year [5] - The average selling price of coal was 573 yuan/ton, down 7.7% year-on-year [5] - The coal segment's total profit was 13.41 billion yuan, down 23.0% year-on-year [5] Financial Projections - Revenue projections for 2024-2026 are 363.5 billion, 376.5 billion, and 390.8 billion yuan, respectively, with net profits of 60.84 billion, 63.26 billion, and 65.28 billion yuan [6][8] - The estimated EPS for 2024-2026 is 3.06, 3.18, and 3.29 yuan, respectively [8] - The current P/E ratio is projected to be 12.92 for 2024, decreasing to 12.04 by 2026 [8]

证券研究报告 非煤业务盈利提升，一体化优势稳健经营 公司研究 [Table_ReportDate] 2024年 4月 28日 公司点评报告 事件：2024年4月26日，中国神华发布2024年一季报。2024年第一季度公 中国神华(601088) 司实现营业收入876.47亿元，同比增长0.7%，实现归母净利润158.84亿元， 投资评级 买入 同比下降14.7%；扣非后净利润164.60亿元，同比下降11.2%。经营活动现金 流量净额285.53亿元，同比下降2.2%；基本每股收益0.799元/股，同比下降 上次评级 买入 14.7%。资产负债率为23.57%，环比下降0.52pct。 点评：  煤炭板块：销量微增价格下降，成本端有所增长，导致盈利回落 2024年第一季度公司实现煤炭产量0.813亿吨，同比增长1.5%，煤炭销 左前明 能源行业首席分析师 量1.17亿吨，同比提升8.8%。从销售结构来看，2024年Q1年度长协、 月度长协、现货销售占比为50.0%、31.3%、13.8%，其中，年度长协占比 执业编号：S1500518070001 同比下降 7.5 个 pct。从销售价格来看，公司年度长协价 ...

证券研究报告 | 季报点评 2024年04月27日 中国神华（601088.SH） 行稳致远，高股息的硬核心资产价值凸显 事件：公司发布2024年一季度业绩公告。公司2024Q1实现归母净利润 买入（维持） 158.8亿，同比-14.66%，环比+39%；营业收入876.47亿元，同比增长 股票信息 0.7%，环比-3.3%。 行业 煤炭开采 煤炭业务韧性凸显。 前次评级 买入 4月26日收盘价(元) 39.55 ➢ 2024Q1煤炭产销8130万吨/11710万吨，同比+1.5%/+8.8%，环 总市值(百万元) 785,799.96 比-1.5%/-0.3%； 总股本(百万股) 19,868.52 ➢ 2024Q1吨煤售价573元/吨，同比-7.7%，环比-2.4%； 其中自由流通股(%) 83.00 30日日均成交量(百万股) 30.74 ➢ 2024Q1自产煤成本190.6元/吨，同比+12.5%，环比+14.5%。 股价走势 煤炭业务产能增量可期。有序推进煤炭资源接续、证照办理和产能核增工 作。截至2023年底，内蒙古新街台格庙矿区新街一井、二井已取得采矿 中国神华 沪深300 许可证。补连塔煤矿、 ...

中国神华（601088.SH）2024年一季报点评 业绩表现稳健，发电运输业务盈利提升 2024年04月27日 [T able_Author] 分析师：周泰 分析师：李航 研究助理：王姗姗 执业证号：S0100521110009 执业证号：S0100521110011 执业证号：S0100122070013 邮箱：zhoutai@mszq.com 邮箱：lihang@mszq.com 邮箱：wangshanshan_yj@mszq.com ➢ 事件。2024年4月26日，公司发布2024年一季度报告。24Q1公司实现 推荐 维持评级 营业收入876.47亿元，同比增长0.7%；归母净利润158.84元，同比下降14.7%； 当前价格： 39.55元 扣非归母净利润 164.60 亿元，同比下降 11.2%。国际企业会计准则下，24Q1 公司实现归母净利润177.60亿元，同比下降14.1%。 相关研究 ➢ 捐赠支出致非经常性损失同比增加。24Q1 公司非经常损失 5.76 亿元，其 1.中国神华（601088.SH）2023年年报点评： 中主因捐赠支出导致的营业外支出 6.81 亿元，拖累公司盈利，上年同期则 ...

煤炭/煤炭开采 公 司 研 中国神华（601088.SH） 高长协致 Q1 业绩韧性强，稳定高分红彰显投资价值 究 2024年04月27日 ——公司 2024 年一季报点评报告 投资评级：买入（维持） 张绪成（分析师） 汤悦（联系人） zhangxucheng@kysec.cn tangyue@kysec.cn 日期 2024/4/26 证 书编号：S0790520020003 证书编号：S0790123030035  高长协致Q1业绩韧性强，稳定高分红彰显投资价值。维持“买入”评级 当前股价(元) 39.55 公司发布2024年一季报，2024年一季度公司年实现营业收入876.5亿元，同比+0.7%； 公 一年最高最低(元) 42.57/27.00 实现归母净利润 158.8 亿元，同比-14.7%，实现扣非归母净利润 164.6 亿元，同比 司 -11.2%。我们维持盈利预测不变，预计 2024-2026 年归母净利润分别为 信 总市值(亿元) 7,858.00 615.2/630.1/646.3 亿元，同比+3.1%/+2.4%/+2.6%；EPS 为 3.10/3.17/3.25 元，对 息 流通市 ...

证券代码：601088 证券简称：中国神华 公告编号：临 2024-018 中国神华能源股份有限公司 关于第五届董事会第二十九次会议决议公告 中国神华能源股份有限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。 中国神华能源股份有限公司（"中国神华"或"公司"）第五届董事会第二 十九次会议于 2024 年 4 月 12 日以电子邮件及无纸化办公系统方式向全体董事和 监事发送了会议通知，于 4 月 16 日发送了议程、议案等会议材料，并于 2024 年 4 月 26 日在北京市东城区安定门西滨河路 22 号神华大厦以现场结合通信方式召 开。会议应出席董事 8 人，亲自出席董事 6 人，委托出席董事 2 人。贾晋中、袁 国强、陈汉文 3 名董事以视频接入方式参会。执行董事许明军因公请假，委托执 行董事吕志韧代为出席会议并投票；独立非执行董事白重恩因公请假，委托独立 非执行董事陈汉文代为出席会议并投票。执行董事吕志韧召集并主持会议。董事 会秘书宋静刚参加会议，监事和高级管理人员列席会议。会议的召开符合《中华 人民共和国公司法》及相关法 ...

Financial Performance - The total operating revenue for Q1 2024 was RMB 87,647 million, representing a year-on-year increase of 0.7%[4] - The net profit attributable to shareholders was RMB 15,884 million, reflecting a decrease of 14.7% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 16,460 million, down 11.2% year-on-year[4] - The total profit for Q1 2024 was 13,406 million RMB, reflecting a decrease of 23.0% from 17,416 million RMB in Q1 2023[21] - Gross profit for Q1 2024 was RMB 22,177 million, down from RMB 24,454 million in Q1 2023, reflecting a decrease of 9.3%[33] - The total comprehensive income for Q1 2024 was CNY 18,605 million, a decrease from CNY 21,293 million in Q1 2023, representing a decline of approximately 12.9%[34] Cash Flow - The net cash flow from operating activities was RMB 28,553 million, a decrease of 2.2% compared to the previous year[4] - The net cash flow from investing activities was RMB (25,005) million, an increase of 124.5% from RMB (11,140) million in the previous year, attributed to an increase in fixed deposits during the reporting period[10] - The net cash flow from financing activities was RMB (1,068) million, a decrease of 56.3% compared to RMB (2,443) million in the same period last year, due to higher loan repayments in the previous year[10] - The total cash inflow from operating activities in Q1 2024 was CNY 97,672 million, an increase from CNY 94,881 million in Q1 2023, representing an increase of approximately 2.9%[36] - The cash outflow for purchasing goods and services in Q1 2024 was CNY (40,969) million, compared to CNY (37,951) million in Q1 2023, indicating an increase of about 5.3%[36] Assets and Liabilities - The total assets at the end of Q1 2024 amounted to RMB 653,409 million, an increase of 3.7% from the end of the previous year[4] - The total liabilities as of March 31, 2024, were RMB 153,996 million, compared to RMB 151,761 million at the end of 2023, showing an increase of 1.5%[32] - The equity attributable to shareholders increased to RMB 426,379 million, up 4.3% from the end of the previous year[4] Production and Sales - In Q1 2024, the company achieved a coal production of 81.3 million tons, a 1.5% increase from 80.1 million tons in Q1 2023[17] - Coal sales volume reached 117.1 million tons, up 8.8% from 107.6 million tons in the same period last year[17] - The sales volume of self-produced coal was 80.3 million tons, a 1.1% increase from 79.4 million tons in the same period last year[17] - The company experienced a 30.5% increase in purchased coal volume, reaching 36.8 million tons compared to 28.2 million tons in Q1 2023[17] - The total sales volume of polyethylene was 89.5 thousand tons, down 1.8% from 91.1 thousand tons in Q1 2023[17] Costs and Expenses - The operating costs for Q1 2024 were RMB 65,470 million, up from RMB 62,588 million in Q1 2023, marking an increase of 3.0%[33] - The company reported a significant increase in management expenses by 13.9% to RMB 2,429 million, primarily due to higher labor costs[8] - The unit production cost of self-produced coal increased by 12.5% to RMB 190.6 per ton in Q1 2024, primarily due to a significant rise in labor costs, which surged by 106.3%[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 142,062, with the largest shareholder, State Energy Investment Group, holding 69.52% of shares[11] - The total shares held by the controlling shareholder, State Energy Group, reached 13,824,302,724 shares, accounting for 69.58% of the total share capital[14] - As of March 31, 2024, the controlling shareholder has cumulatively increased its A-share holdings by 11,593,528 shares, amounting to approximately RMB 365.28 million, which is 73.1% of the planned minimum increase of RMB 500 million[13] Future Plans and Investments - The company plans to invest approximately RMB 5 billion in the fifth phase of the Huanghua Port project, which aims to enhance coal loading capacity by about 50 million tons per year[28] - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[30] - The company plans to increase its A-share holdings through its wholly-owned subsidiary, with a maximum purchase price of RMB 33.10 per share[13] Electricity Generation - The company reported a total electricity generation of 55.35 billion kWh, representing a 7.0% increase from 51.71 billion kWh in Q1 2023[17] - The company achieved a 7.1% increase in domestic electricity sales volume, reaching 55.02 billion kWh in Q1 2024[24] - The company's total installed capacity of power generation units reached 44,801 MW, with coal-fired generation capacity at 43,244 MW as of the end of the reporting period[25] - In Q1 2024, the average selling price of electricity was RMB 409 per MWh, a decrease of 2.4% compared to RMB 419 per MWh in Q1 2023[27]

Financial Performance - Total revenue for Q1 2024 was RMB 87,647 million, a slight increase of 0.7% compared to RMB 87,042 million in the same period last year[3]. - Net profit attributable to shareholders for Q1 2024 decreased by 14.1% to RMB 17,760 million from RMB 20,677 million in Q1 2023[3]. - Basic earnings per share for Q1 2024 were RMB 0.894, down 14.1% from RMB 1.041 in the previous year[3]. - The gross profit decreased to RMB 17,711 million in Q1 2024, down 14.8% from RMB 20,794 million in Q1 2023[17]. - The gross margin fell to 25.6% in Q1 2024, a decline of 4.6 percentage points compared to 30.2% in Q1 2023[17]. - The pre-tax profit was RMB 15,173 million in Q1 2024, a decrease of 21.9% from RMB 19,422 million in Q1 2023[17]. - The total comprehensive income for the period was RMB 20,773 million, down from RMB 23,616 million in the same period last year[30]. - The pre-tax profit for Q1 2024 was RMB 3,903 million, an increase of 16.8% from RMB 3,342 million in Q1 2023[27]. Cash Flow and Assets - Operating cash inflow for Q1 2024 was RMB 28,553 million, a decrease of 2.2% from RMB 29,203 million in Q1 2023[3]. - Cash and cash equivalents as of March 31, 2024, were RMB 110,661 million, reflecting a 2.3% increase from RMB 108,174 million at the end of the previous year[6]. - The net cash inflow from operating activities for the three months ended March 31, 2024, was RMB 28,553 million, down from RMB 29,203 million in the same period of 2023, representing a decrease of 2.2%[33]. - The net cash outflow from investing activities for the first quarter of 2024 was RMB 25,005 million, significantly higher than RMB 11,140 million in the same period of 2023, marking an increase of 124.8%[33]. - The total assets as of March 31, 2024, increased by 3.7% to RMB 656,569 million from RMB 633,412 million at the end of the previous year[3]. - The company's total non-current assets increased to RMB 438,205 million as of March 31, 2024, from RMB 434,461 million at the end of 2023[31]. - The total liabilities of the company as of March 31, 2024, were RMB 153,996 million, compared to RMB 151,761 million as of December 31, 2023, indicating a slight increase of 1.5%[32]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 142,062, with 140,226 being A-share shareholders[8]. - The largest shareholder, China Energy Investment Corporation, holds 13,812,709,196 shares, representing 69.52% of the total shares[9]. - HKSCC Nominees Limited, the second-largest shareholder, holds 3,370,204,910 shares, accounting for 16.96% of the total shares[9]. - The top ten shareholders collectively hold a significant portion of the company's shares, with the top three shareholders alone accounting for over 86% of the total shares[10]. - The company has not disclosed any known relationships or concerted actions among the top ten shareholders[10]. - The increase in shareholding is part of a broader strategy to enhance shareholder value and market confidence[12]. - The company plans to increase its A-share holdings by no less than RMB 500 million and no more than RMB 600 million at a price not exceeding RMB 33.10 per share[12]. Production and Sales - The company reported a coal production of 81.3 million tons for Q1 2024, an increase of 1.5% from 80.1 million tons in Q1 2023[14]. - Coal sales volume reached 117.1 million tons in Q1 2024, up 8.8% from 107.6 million tons in Q1 2023[14]. - The sales volume of self-produced coal was 80.3 million tons in Q1 2024, a slight increase of 1.1% from 79.4 million tons in Q1 2023[14]. - The average selling price of coal decreased to RMB 573 per ton in Q1 2024, down 7.7% from RMB 621 per ton in Q1 2023[16]. - The company’s coal sales in the domestic market accounted for 98.6% of total sales volume in Q1 2024, with a sales volume of 115.5 million tons[16]. - The company reported a significant increase in investment income from joint ventures, rising by 97.5% to RMB 1,086 million compared to RMB 550 million in the previous year[5]. Operating Costs and Expenses - Operating costs increased by 4.7% to RMB 60,463 million due to higher coal procurement costs driven by increased sales volume[5]. - General and administrative expenses rose by 13.9% to RMB 2,429 million, primarily due to increased labor costs[5]. - Operating costs increased by 7.2% to RMB (51,574) million in Q1 2024 from RMB (48,131) million in Q1 2023, attributed to higher coal sales volume and related production costs[18]. - The unit production cost of self-produced coal increased to RMB 168.7 per ton in Q1 2024, up from RMB 144.4 per ton in Q1 2023, reflecting a 16.8% increase[20]. - The average selling cost of electricity for the power generation business in Q1 2024 was RMB 360.2 per MWh, a decrease of 3.3% compared to RMB 372.4 per MWh in the same period of 2023[25]. Future Plans and Investments - The company plans to continue expanding its coal and renewable energy production capabilities to meet growing demand[22]. - The company plans to invest approximately RMB 5 billion in the fifth phase of the Huanghua Port coal terminal project, which will add a coal loading capacity of about 50 million tons per year[26]. - As of March 31, 2024, the controlling shareholder has increased its A-share holdings by 11,593,528 shares, amounting to approximately RMB 36.53 million, which is 73.1% of the planned minimum increase of RMB 500 million[12].

证券代码：601088 证券简称：中国神华 公告编号：临 2024-017 中国神华能源股份有限公司 关于举办 2024 年第一季度业绩说明会的公告 中国神华能源股份有限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： （网址：http://roadshow.sseinfo.com） 中国神华能源股份有限公司（"本公司"）2024 年第一季度报告将于 2024 年 4 月 27 日披露。为便于广大投资者更全面深入地了解公司经营成果与财务状况， 本公司将于 2024 年 4 月 30 日召开"中国神华 2024 年第一季度业绩说明会"（"本 次业绩说明会"），就投资者普遍关心的问题进行交流。具体安排如下： 一、业绩说明会类型 本次业绩说明会以网络互动方式召开，本公司将针对 2024 年第一季度业绩与 经营情况与投资者进行交流，在信息披露允许的范围内就投资者普遍关注的问题 进行解答，听取投资者的意见和建议。 1 会议召开时间：2024 年 4 月 30 日（星期二）16:00-17:00 会议召开地点：上海证券交易所 ...