Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company's performance remains stable with coal and electricity revenue growth, and high dividend payouts highlight its investment value [4][5] - In 2023, the company achieved operating revenue of 343.07 billion yuan, a year-on-year decrease of 0.4%, and a net profit attributable to shareholders of 59.694 billion yuan, down 14.3% year-on-year [4][5] - The forecast for net profit attributable to shareholders for 2024-2026 is 61.518 billion yuan, 63.008 billion yuan, and 64.632 billion yuan respectively, reflecting year-on-year growth of 3.1%, 2.4%, and 2.6% [4][5] Summary by Sections Financial Performance - In Q4 2023, the company reported operating revenue of 90.61 billion yuan, a quarter-on-quarter increase of 9.1%, and a net profit of 11.43 billion yuan, a quarter-on-quarter decrease of 23.8% [4] - The average selling price of coal in 2023 was 584 yuan per ton, a decline of 9.3% compared to 2022, leading to a decrease in coal business gross margin from 35.9% in 2022 to 32.0% in 2023 [4][5] Business Segments - Coal production in 2023 reached 325 million tons, an increase of 3.5% year-on-year, while coal sales volume was 450 million tons, up 7.7% year-on-year [4] - The electricity segment saw significant growth, with power generation and sales increasing by 11.0% and 11.1% year-on-year, respectively [4] Future Outlook - The company is expected to maintain stable profitability due to its integrated operations and high proportion of long-term contracts [4] - The company plans to distribute a cash dividend of 2.26 yuan per share, corresponding to a dividend yield of 6.0% based on the closing price on March 22, 2024 [4][5]

Investment Rating - The report maintains a "Buy" rating for China Shenhua (601088.SH) [3] Core Views - The company demonstrated stable performance with a net profit of 59.7 billion RMB in 2023, a year-on-year decrease of 14.3%, while the fourth quarter net profit was 11.43 billion RMB, a quarter-on-quarter decrease of 23.8% but a year-on-year increase of 8.9% [1] - The coal business is progressing steadily with resource continuity and capacity expansion, achieving a production and sales volume of 325 million tons and 450 million tons respectively in 2023, representing year-on-year increases of 3.5% and 7.7% [1] - The average selling price of coal in 2023 was 584 RMB per ton, down 9.3% year-on-year, while the cost of self-produced coal was 179 RMB per ton, up 1.5% year-on-year [1] - The electricity business saw a sales volume of 212.3 billion kWh in 2023, an increase of 11% year-on-year, primarily due to new projects coming online [2] - The average selling price of electricity was 414 RMB per MWh, a decrease of 1% year-on-year, while the unit cost of electricity sales was 363 RMB per MWh, down 4.7% year-on-year [2] - The company plans to distribute a dividend of 22.6 RMB per 10 shares, which accounts for 75.2% of the net profit attributable to shareholders [2] Summary by Sections Coal Business - The company is actively working on coal resource continuity and capacity expansion, with several mining licenses obtained and capacity increases approved [1] - In 2023, the production and sales volumes were 325 million tons and 450 million tons respectively, with a year-on-year increase of 3.5% and 7.7% [1] - The average selling price of coal was 584 RMB per ton, reflecting a year-on-year decrease of 9.3% [1] Electricity Business - The total electricity sales volume reached 212.3 billion kWh in 2023, marking an 11% increase year-on-year [2] - The average selling price of electricity was 414 RMB per MWh, down 1% year-on-year, while the unit cost decreased by 4.7% to 363 RMB per MWh [2] Financial Performance - The company reported a net profit of 59.7 billion RMB in 2023, with a proposed dividend distribution reflecting a high payout ratio [2] - Future profit estimates for 2024 to 2026 are projected at 60.6 billion RMB, 60.6 billion RMB, and 62.4 billion RMB respectively, with corresponding P/E ratios of 12.4X, 12.4X, and 12.1X [2]

公司报告 | 年报点评报告 中国神华（601088） 证券研究报告 2024年03月 23日 投资评级 重视股东回报，提高分红比例 行业 煤炭/煤炭开采 6个月评级 买入（维持评级） 当前价格 37.94元 业绩小幅度调整，提高分红比例体现公司对股东回报重视程度较高 目标价格 元 根据公司披露，2023年全年归母净利润为596.94亿元，同比-14.3%；加权 平均 ROE 达到 14.88%，同比减少 3.2 个百分点；2023 年公司营业收入为 基本数据 3430.74亿元，同比-0.4%；扣非归母净利润为628.68亿元，同比-10.6%； A股总股本(百万股) 16,491.04 经营性现金流净额为896.87亿元，同比-18.3%。 流通A股股本(百万股) 16,491.04 公司此前公告2022-2024年股利支付率不低于60%，2023年全年归母净利 A股总市值(百万元) 625,669.98 润为596.94亿元，拟派发449.03亿元现金红利（含税），股利支付率达到 流通A股市值(百万元) 625,669.98 了75.2%，股利支付率同比增加2.4个百分点，并超过之前的分红规划。 每股净资 ...

2024 年 03 月 24 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 煤、电业务持续扩张，高比例分红凸显价值 证券分析师： 陈晨 S0350522110007 chenc09@ghzq.com.cn 证券分析师： 王璇 S0350523080001 ——中国神华（ ） 年报点评 601088 2023 wangx15@ghzq.com.cn 最近一年走势 事件 : 2024年3月22日，中国神华发布2023年年度报告：2023年公司实现 营业收入3430.7亿元，同比-0.4%；归母净利润596.9亿元，同比-14.3%； 扣非后归母净利润628.7亿元，同比-10.6%。基本每股收益为3.0元/股， 同比-14.3%。加权平均ROE为14.88%，同比下降3.2个百分点。 分季度看，2023年第四季度，公司实现营业收入906.1亿元，环比+9.1%， 同比-3.7%；归母净利润114.3亿元，环比-23.8%，同比+8.9%；扣非后 归母净利润150.6亿元，环比+1.5%，同比+26.2%。 相对沪深300表现 2024/03/22 投资要点 : 表现 1M 3M 12 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5][6]. Core Views - The company reported a slight decline in revenue and net profit for 2023, with total revenue at 343.07 billion yuan, down 0.4% year-on-year, and net profit attributable to shareholders at 59.69 billion yuan, down 14.3% year-on-year [2][4]. - The company plans to distribute a cash dividend of 2.26 yuan per share, with a payout ratio of 75.2%, indicating strong cash flow and a high dividend yield of 6.0% for A-shares and 8.3% for H-shares [2][4]. - The coal production and sales showed steady growth, with coal production reaching 324.5 million tons, up 3.5% year-on-year, and sales volume at 450 million tons, up 7.7% year-on-year [4][5]. - The company expects to benefit from an upward shift in coal prices due to tightening supply and stable demand from thermal power and coal chemical sectors [4][5]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a net profit of 11.43 billion yuan, a year-on-year increase of 9.1%, while the non-recurring net profit rose by 26.4% year-on-year [2][4]. - The company recorded a significant increase in special reserve provisions, totaling 4.93 billion yuan, up 50.5% year-on-year, impacting current profits but not cash flow [2][4]. Dividend Policy - The proposed cash dividend distribution amounts to approximately 44.90 billion yuan, representing 75.2% of the net profit, which is higher than the previous year's 72.8% [2][4]. Coal Business - The company’s coal business generated an operating profit of 62.29 billion yuan, down 12.96% year-on-year, with a profit margin of 22.79% [4][5]. - The average selling price of coal decreased by 9.3% year-on-year, while the unit cost of self-produced coal increased by 1.5% [4][5]. Power Generation - The total power generation increased by 11.0% year-on-year, reaching 212.26 billion kWh, with a corresponding increase in sales volume [4][5]. - The power business achieved an operating profit of 12.28 billion yuan, up 37.5% year-on-year, with a profit margin of 13.3% [4][5]. Transportation and Chemical Business - The transportation segment saw a 4.0% increase in self-owned railway transport turnover, while the overall profitability of the transportation business declined [4][5]. - The chemical segment reported a significant drop in operating profit, down 75.9% year-on-year, due to falling prices of olefins [5].

Financial Performance - In 2023, the company's operating revenue was CNY 343,074 million, a decrease of 0.4% compared to CNY 344,533 million in 2022[17]. - The total profit for 2023 was CNY 87,176 million, reflecting a decline of 9.4% from CNY 96,247 million in 2022[17]. - The net profit attributable to shareholders was CNY 59,694 million, down 14.3% from CNY 69,648 million in 2022[17]. - The net cash flow from operating activities decreased by 18.3% to CNY 89,687 million from CNY 109,734 million in 2022[17]. - The total assets at the end of 2023 were CNY 630,131 million, an increase of 1.3% from CNY 621,843 million at the end of 2022[17]. - The total liabilities decreased by 6.6% to CNY 151,761 million from CNY 162,524 million in 2022[17]. - The basic earnings per share for 2023 were CNY 3.004, a decrease of 14.3% from CNY 3.505 in 2022[18]. - The weighted average return on equity for 2023 was 14.88%, down 3.20 percentage points from 18.08% in 2022[18]. - The company's net assets attributable to shareholders increased by 3.8% to CNY 408,692 million at the end of 2023 from CNY 393,900 million at the end of 2022[17]. - The asset-liability ratio decreased to 24.1% in 2023 from 26.1% in 2022, a decline of 2.0 percentage points[18]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 2.26 per share for the fiscal year 2023, totaling RMB 44,903 million based on the total share capital of 19,868,519,955 shares as of December 31, 2023[2]. - The company's available reserves for distribution to shareholders amounted to 201,416 million RMB as of December 31, 2023[81]. Operational Highlights - The company produced 324.5 million tons of coal, exceeding the target by 4.9%[42]. - The coal sales volume reached 450 million tons, an increase of 7.7% year-on-year[42]. - The total power generation increased by 11.0% to 212.26 billion kWh, while total electricity sales rose by 11.1% to 199.75 billion kWh[58]. - The average utilization hours for coal-fired power generation increased to 5,221 hours in 2023, up by 270 hours year-on-year[104]. - The company achieved a sales volume of 370.5 million tons to external customers, representing 82.3% of total sales, with an average price of 598 RMB/ton[90]. Investment and Capital Expenditure - The company plans to allocate 368.04 billion RMB in capital expenditures for 2024, down from 419.59 billion RMB in 2023[153]. - The capital expenditure for coal business in 2024 is planned at 9.816 billion RMB, significantly lower than the 18.872 billion RMB spent in 2023[152]. - The company invested 9,028 million RMB in subsidiaries and associates in 2023, a 66.7% decrease from 27,124 million RMB in 2022, focusing on coal, power, and leasing projects[129]. Risk Management and Compliance - The company emphasizes the importance of safety production, environmental protection, market competition, and compliance as key risks in its operations[3]. - The company is actively monitoring compliance risks associated with its extensive asset scale and international operations[164]. - The company is enhancing its risk assessment and management mechanisms to effectively reduce the impact of environmental, social, and governance-related risks, with no significant changes in risk severity compared to the previous reporting period[168]. Strategic Initiatives and Future Outlook - The company is committed to achieving carbon peak and carbon neutrality goals, focusing on clean and efficient coal utilization[37]. - The company plans to invest in renewable energy projects, including wind and solar, to ensure sustainable growth in the future[148]. - The company is focusing on green transformation and aims to strengthen environmental monitoring and pollution prevention measures[159]. - The company anticipates increased competition in the coal market due to the release of domestic coal production capacity and changes in the international energy market[160]. Corporate Governance - The company has established a comprehensive corporate governance structure that complies with relevant regulations and guidelines, ensuring effective decision-making processes[170]. - The company has a well-defined corporate governance policy that includes clear responsibilities for the chairman and the general manager, ensuring independence from its controlling shareholder[173]. - The company has implemented a shareholder communication policy that has been reviewed for effectiveness[180]. Research and Development - R&D investment totaled 4,453 million yuan in 2023, a decrease of 17.6% from 5,404 million yuan in 2022, accounting for 1.3% of operating revenue[71]. - The number of R&D personnel was 3,030, accounting for 3.6% of the total workforce, with 241 invention patents granted in 2023[73].

Investment Rating - The investment rating for China Shenhua is "Buy" [1] Core Views - The report highlights that China Shenhua's integrated operations have shown stable performance, with an emphasis on increasing dividend levels to enhance shareholder returns [1][7] - The company reported a slight decline in revenue and net profit for 2023, but maintains a strong cash flow and low debt ratio, indicating financial stability [1][3][4] Financial Performance Summary - In 2023, China Shenhua achieved operating revenue of CNY 343.074 billion, a decrease of 0.4% year-on-year, and a net profit attributable to shareholders of CNY 59.694 billion, down 14.3% year-on-year [1][8] - The company's operating cash flow was CNY 89.687 billion, a decline of 18.27% year-on-year, with basic earnings per share at CNY 3.00, down 14.27% year-on-year [1][8] Coal Segment Summary - The coal production volume reached 324.5 million tons, an increase of 2.9% year-on-year, while coal sales rose by 7.7% to 450 million tons [3] - The average selling price of coal decreased by 9.3% to CNY 584 per ton, but the company managed to maintain stable profitability through a high proportion of long-term contracts [3] Power Segment Summary - The total power generation increased by 5.5% to 2,122.6 billion kWh, with total electricity sales rising by 11.1% to 1,997.5 billion kWh [4] - The average utilization hours for coal-fired power generation improved by 4.5%, and the segment's revenue grew by 9.3% to CNY 92.407 billion, with profit increasing by 34.1% [4] Transportation and Chemical Segment Summary - The railway segment saw a revenue increase of 1.8%, but profits declined by 11.9% due to rising costs [5] - The port segment's revenue grew by 4.8%, while the shipping segment faced a significant revenue drop of 20.1% due to falling average shipping prices [5] Resource Development and Integration - The company is actively advancing coal resource succession projects, with several mining licenses obtained and production capacity increases approved [6] - China Shenhua is enhancing its coal-electricity integration strategy, with ongoing investments in renewable energy projects [6] Dividend Policy and Future Outlook - The company announced a cash dividend of CNY 2.26 per share, representing 75.2% of the net profit attributable to shareholders for 2023, with a dividend yield of 6% based on the closing price [7] - The report forecasts net profits for 2024-2026 to be CNY 62.585 billion, CNY 64.293 billion, and CNY 66.121 billion respectively, with a maintained "Buy" rating [7][8]

Financial Performance - The company's revenue for the year ended December 31, 2023, was RMB 343.074 billion, a decrease of RMB 1.459 billion (0.4%) compared to 2022[1]. - The profit attributable to the owners of the company for 2023 was RMB 64.625 billion, down RMB 8.300 billion (11.4%) from the restated figure for 2022[1]. - Basic earnings per share for the year were RMB 3.253[4]. - Total comprehensive income for the year was RMB 75.651 billion, compared to RMB 86.838 billion in 2022[4]. - The company's profit for the year ended December 31, 2023, was RMB 64,625 million, compared to RMB 72,925 million for the previous year, reflecting a decrease of approximately 11.4%[7]. - Total comprehensive income for the year was RMB 65,037 million, down from RMB 74,184 million in 2022, indicating a decline of about 12.5%[8]. - Operating cash flow for the year was RMB 89,687 million, a decrease from RMB 109,734 million in 2022, representing a decline of approximately 18.3%[10]. - The company reported a pre-tax profit of RMB 92,776 million for 2023, down from RMB 99,654 million in 2022, which is a decrease of about 6.9%[9]. - The company experienced a net profit of RMB 70,192 million for the year, down from RMB 75,398 million in 2022, a decline of approximately 6.9%[36]. - The company achieved a profit attributable to shareholders of RMB 64,625 million for the year 2023, with basic earnings per share of RMB 3.253[45]. Dividends and Shareholder Returns - The board proposed a final cash dividend of RMB 2.26 per share (tax included), totaling RMB 44.903 billion (tax included)[1]. - The company declared dividends amounting to RMB 50,665 million for the year, consistent with the previous year's distribution[8]. - The proposed final cash dividend for the year ending December 31, 2023, is RMB 44,903 million, or RMB 2.26 per share, compared to RMB 50,665 million, or RMB 2.55 per share for the previous year[10]. - The proposed cash dividend for the 2023 fiscal year is CNY 2.26 per share, totaling CNY 44,903 million, which represents 75.2% of the net profit attributable to shareholders under Chinese accounting standards[155]. - The cash dividend policy is designed to ensure continuity and stability, prioritizing cash dividends to enhance investor returns[152]. Revenue Breakdown - Revenue for 2023 was RMB 221,448 million, compared to RMB 230,050 million in 2022, indicating a decrease of approximately 3%[18]. - The company’s coal sales revenue for 2023 was RMB 221,448 million, while power generation sales revenue was RMB 85,418 million, reflecting a significant contribution to total revenue[18]. - The group's revenue from contracts with customers for the year ended December 31, 2023, was RMB 342,935 million, a slight decrease from RMB 344,456 million in 2022[19]. - Total revenue for 2023 was RMB 343,074 million, compared to RMB 344,533 million in 2022, reflecting a decrease of approximately 0.4%[20]. - The coal segment generated revenue of RMB 236,305 million in 2022, while in 2023, it decreased to RMB 222,404 million, representing a decline of about 5.9%[20]. - The power generation segment's revenue increased from RMB 84,341 million in 2022 to RMB 92,202 million in 2023, marking an increase of approximately 9.9%[20]. - The shipping segment's revenue fell from RMB 2,126 million in 2022 to RMB 1,596 million in 2023, a decline of approximately 25%[20]. - The port segment's revenue increased from RMB 1,959 million in 2022 to RMB 2,017 million in 2023, reflecting a growth of about 2.9%[20]. - The coal chemical segment's revenue decreased from RMB 6,379 million in 2022 to RMB 6,098 million in 2023, a decline of approximately 4.4%[20]. Assets and Liabilities - The company's total assets less current liabilities amounted to RMB 541.827 billion, an increase from RMB 526.916 billion in 2022[6]. - Net assets as of December 31, 2023, were RMB 481.651 billion, up from RMB 462.796 billion in 2022[6]. - The company's total equity as of December 31, 2023, was RMB 481,651 million, an increase from RMB 462,796 million at the end of 2022, reflecting a growth of approximately 4.1%[7]. - The company's total liabilities increased to RMB 386,333 million in 2023 from RMB 363,163 million in 2022, reflecting an increase of about 6.4%[29]. - The total assets as of December 31, 2023, were RMB 633,412 million, compared to RMB 625,320 million in 2022, showing a growth of approximately 1.7%[29]. Cash Flow and Investments - The company's cash and cash equivalents decreased to RMB 108.174 billion from RMB 131.458 billion in 2022[6]. - The net cash outflow from investing activities was RMB 36,974 million, a decrease of 34.8% compared to RMB 56,585 million in 2022[11]. - The net cash outflow from financing activities was RMB 76,131 million, slightly improved from RMB 78,734 million in the previous year[12]. - The company received RMB 12,926 million from borrowings in 2023, a significant decrease of 53.2% compared to RMB 27,653 million in 2022[12]. - The company reported an increase in capital expenditures for property, plant, and equipment, intangible assets, and other non-current assets to RMB 36,103 million in 2023, up from RMB 26,865 million in 2022[11]. Research and Development - Research and development expenses for the year were RMB 3.007 billion, down from RMB 3.722 billion in 2022[3]. - The company had a total of 3,030 R&D personnel, accounting for 3.6% of the total workforce, with 82 holding doctoral degrees and 440 holding master's degrees[73]. - The company received 763 authorized patents in 2023, including 241 invention patents, and won various awards, including one China Patent Award[72]. Operational Efficiency and Future Plans - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and profitability in the coming years[25]. - The company is focusing on enhancing the resilience of its industrial chain and ensuring stable energy supply amid policy and market changes[48]. - The company aims to strengthen its ESG governance framework and improve the quality of ESG report disclosures[49]. - The company plans to enhance macroeconomic research to improve coal market forecasting accuracy and optimize coal purchasing and pricing policies[143]. - The company will focus on compliance risk management, enhancing legal compliance systems and monitoring international project compliance risks[148]. Corporate Governance - The company has established a comprehensive corporate governance structure that complies with relevant laws and regulations, with no significant discrepancies noted[162]. - The board of directors has set up five specialized committees to oversee various aspects of corporate governance and strategy[164]. - The Audit and Risk Committee held 10 meetings in 2023, reviewing 41 proposals and receiving 5 reports, all proposals were approved[170]. - KPMG was reappointed as the auditor for 2023 after a thorough evaluation of their qualifications and independence[172]. Market and Economic Outlook - The company expects a coal production target of 316.1 million tons for 2024, a decrease of 2.6% from 2023's actual production of 324.5 million tons[136]. - The coal market is expected to remain balanced with stable prices in 2024, driven by economic recovery and energy demand growth[134]. - The company will enhance its risk assessment and control mechanisms to effectively reduce the impact of environmental, social, and governance-related risks[151].

中国神华能源股份有限公司独立董事 2023 年度述职报告 尊敬的股东: 作为中国神华能源股份有限公司（以下简称公司或中国神 华)独立非执行董事,本人严格按照《中华人民共和国公司法》 《中华人民共和国证券法》《中国证券监督管理委员会上市公司 独立董事管理办法》《香港联合交易所有限公司证券上市规则》 等法律、规章和《公司章程》《公司独立董事工作规则》等规定, 认真履行职责,在董事会中发挥参与决策、监督制衡、专业咨询 作用,维护了公司整体利益,保护了中小股东合法权益。 一、独立董事的基本情况 本人的简历详见公司 2023年度报告。 本人不存在可能影响独立性的情况,独立性情况自查报告已 提交董事会。董事会对独立董事独立性情况进行了评估并出具专 项意见，并与 2023年度报告同时披露。 二、独立董事年度履职概况 （一）出席会议情况 2023年度,公司召开股东周年大会 1 次,A 股类别股东会 1 次,H 股类别股东会 1 次，董事会会议 7 次，提名委员会 2 次, 新酬与考核委员会 2次,战略与投资委员会 2次,安全、健康、 1 环保及 ESG 工作委员会 5 次,审计与风险委员会 10 次,独立董 事委员会3次。 ...

中国神华能源股份有限公司独立董事 2023 年度述职报告 尊敬的股东: 作为中国神华能源股份有限公司(以下简称公司或中国神 华)独立非执行董事,本人严格按照《中华人民共和国公司法》 《中华人民共和国证券法》《中国证券监督管理委员会上市公司 独立董事管理办法》《香港联合交易所有限公司证券上市规则》 等法律、规章和《公司章程》《公司独立董事工作规则》等规定, 认真履行职责,在董事会中发挥参与决策、监督制衡、专业咨询 作用,维护了公司整体利益,保护了中小股东合法权益。 一、独立董事的基本情况 本人的简历详见公司 2023年度报告。 本人不存在可能影响独立性的情况,独立性情况自查报告已 提交董事会。董事会对独立董事独立性情况进行了评估并出具专 项意见,并与 2023年度报告同时披露。 二、独立董事年度履职概况 （一）出席会议情况 2023 年度,公司召开股东周年大会 1 次,A 股类别股东会 1 次,H 股类别股东会1次,董事会会议 7次，提名委员会 2次, 新酬与考核委员会2次,战略与投资委员会2次,安全、健康、 1 环保及 ESG 工作委员会 5 次,审计与风险委员会 10 次,独立董 事委员会3次。 2.参与专 ...