Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [4]. Core Views - The company's Q3 2024 net profit attributable to shareholders increased by 21.66% quarter-on-quarter, reaching 16.57 billion yuan, with a year-on-year growth of 10.5% [1]. - The coal segment showed stable production and sales, with a decrease in per ton coal cost, leading to an expansion in gross profit per ton [2]. - The power segment experienced a significant recovery due to seasonal factors, with a notable increase in electricity sales volume [3]. - The profit forecast for 2024-2026 remains stable, with net profit estimates of 63.1 billion yuan, 64.1 billion yuan, and 64.3 billion yuan respectively, corresponding to EPS of 3.17 yuan, 3.23 yuan, and 3.24 yuan [3]. Summary by Sections Financial Performance - In Q3 2024, the company's operating revenue was 85.821 billion yuan, a year-on-year increase of 3.4% [1]. - The coal segment's revenue for the first three quarters of 2024 was 201.319 billion yuan, with a year-on-year growth of 0.6% [2]. - The power segment's revenue for the first three quarters of 2024 was 70.367 billion yuan, also reflecting a year-on-year increase of 3.4% [3]. Cost and Profitability - The cost of self-produced coal decreased to 186.3 yuan per ton, a year-on-year decline of 2.5% [2]. - The gross profit per ton of coal in Q3 2024 was 188.48 yuan, showing a quarter-on-quarter increase of 23.09% [2]. - The average selling price of electricity was 0.43 yuan per kilowatt-hour, with a quarter-on-quarter decrease of 3.22% [3]. Future Outlook - The company maintains a positive outlook for the next three years, with stable profit growth projected [3]. - The target price and current price details are not specified in the report, but the current price is noted at 40.93 yuan [4].

Investment Rating - The investment rating for China Shenhua (601088) is "Buy" [1]. Core Views - The report indicates that the coal and power sectors have shown a quarter-on-quarter improvement in profitability, with integrated operations maintaining stable performance [1]. - The company achieved operating revenue of 253.899 billion yuan, a year-on-year increase of 0.57%, and a net profit attributable to shareholders of 46.074 billion yuan, a year-on-year decrease of 4.55% [1]. - The report highlights a significant improvement in quarterly profits, particularly in the coal segment, due to a decrease in production costs and an increase in sales volume [2][3]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company produced 244.4 million tons of coal, a year-on-year increase of 1.0%, and sold 345.3 million tons, a year-on-year increase of 3.8% [1]. - The average selling price for long-term contracts was 492 yuan/ton, down 2.6% year-on-year, while the monthly contract price decreased by 12.8% to 713 yuan/ton [1]. - The coal segment's revenue for the first three quarters was 201.319 billion yuan, a year-on-year increase of 0.6%, with total profit of 41.104 billion yuan, down 7.5% year-on-year [1]. Power Generation - The total power generation for the first three quarters was 1681.4 billion kWh, a year-on-year increase of 7.6%, with total sales of 1582.7 billion kWh, up 7.8% year-on-year [1]. - The average utilization hours for domestic coal-fired power generation were 3801 hours, a decrease of 2.6% year-on-year, with the coal-fired electricity price at 399 yuan/MWh, down 3.4% [1]. Transportation and Coal Chemical Sectors - The railway segment reported operating revenue of 32.672 billion yuan, a year-on-year decrease of 1.0%, while the port segment saw revenue of 5.133 billion yuan, an increase of 3.1% [2]. - The coal chemical segment experienced a significant decline in profitability, with revenue down 9.9% and total profit down 48.8% due to scheduled maintenance of production equipment [2]. Future Outlook - The report anticipates that economic stimulus policies will lead to a marginal improvement in demand, keeping coal prices at a mid-to-high level [3]. - The company is expected to achieve net profits of 58.411 billion yuan, 60.245 billion yuan, and 62.304 billion yuan for 2024, 2025, and 2026 respectively, with EPS projected at 2.94, 3.03, and 3.14 yuan per share [3].

Investment Rating - The investment rating for China Shenhua (601088.SH) is maintained at "Buy" [1]. Core Views - The Q3 performance exceeded expectations, with stable high dividends highlighting the investment value. The company reported a revenue of 253.9 billion yuan for Q1-Q3 2024, a year-on-year increase of 0.57%. The net profit attributable to shareholders was 46.07 billion yuan, a decrease of 4.55% year-on-year. For Q3 alone, revenue was 85.82 billion yuan, a quarter-on-quarter increase of 6.7%, and net profit was 16.57 billion yuan, a quarter-on-quarter increase of 21.66% [2][3]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 253.9 billion yuan, up 0.57% year-on-year, and a net profit of 46.07 billion yuan, down 4.55% year-on-year. The adjusted net profit was 46.03 billion yuan, down 3.7% year-on-year. In Q3 alone, revenue was 85.82 billion yuan, up 6.7% quarter-on-quarter, and net profit was 16.57 billion yuan, up 21.66% quarter-on-quarter [2][3]. Coal Business Performance - The coal business saw significant cost reductions in Q3. For Q1-Q3 2024, the company produced 244.4 million tons of coal, a year-on-year increase of 1.0%, and sold 345.5 million tons, a year-on-year increase of 3.8%. The average selling price was 564 yuan/ton, down 3.3% year-on-year. The production cost per ton was 186.3 yuan, down 2.5% year-on-year, and the sales cost per ton was 300.1 yuan, down 1.7% year-on-year [2][3]. Power Business Performance - The power business experienced an increase in volume but a decrease in price. For Q1-Q3 2024, the installed capacity increased by 305 MW to 44,939 MW, with power generation and sales increasing by 7.6% and 7.8% year-on-year, respectively. The gross profit for the power segment was 11.18 billion yuan, down 8.1% year-on-year due to a decline in average selling prices [2][3]. Future Outlook - The company is expected to expand its coal production capacity, with plans to acquire additional coal mine capacities and ongoing projects receiving approvals. The high proportion of long-term contracts in the coal business is anticipated to maintain stable profitability. The dividend payout ratio for 2023 was 75.2%, with an expected dividend yield of 5.5% for 2024, indicating significant investment value [2][3].

证券代码：601088 证券简称：中国神华 公告编号：临 2024-052 中国神华能源股份有限公司 关于第六届董事会第三次会议决议的公告 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。 详见与本公告同时披露的《中国神华能源股份有限公司信息披露及重大事项 内部报告管理办法》。 （五）《关于修订〈中国神华能源股份有限公司对外捐赠管理办法〉的议 案》 中国神华能源股份有限公司（"中国神华"）第六届董事会第三次会议于 2024 年 10 月 10 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 10 月 15 日发送了议程、议案等会议材料，并于 2024 年 10 月 25 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讯方式召开。会 议应出席董事 7 人，亲自出席董事 6 人，委托出席董事 1 人。袁国强董事以视频 接入方式参会。非执行董事李新华因公请假，委托非执行董事康凤伟代为出席会 议并投票。董事长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 ...

Financial Performance - Operating revenue for Q3 2024 reached RMB 85,821 million, an increase of 3.4% compared to the same period last year[2]. - Net profit attributable to shareholders was RMB 16,570 million, reflecting a growth of 10.5% year-on-year[2]. - The net profit excluding non-recurring gains and losses was RMB 16,553 million, up 11.5% from the previous year[2]. - The total profit for the first nine months of 2024 was RMB 41,104 million, down 7.5% from RMB 44,422 million in the same period of 2023[20]. - The total profit for the first three quarters was RMB 66,250 million, down from RMB 69,833 million in the same period of 2023, a decrease of 5.7%[35]. - Basic earnings per share for the first three quarters were RMB 2.319, down from RMB 2.429 in the previous year, reflecting a decrease of 4.5%[36]. Assets and Liabilities - Total assets at the end of Q3 2024 amounted to RMB 649,351 million, representing a 3.1% increase from the end of the previous year[3]. - The total liabilities increased to RMB 156,498 million as of September 30, 2024, compared to RMB 151,761 million at the end of 2023[34]. - The total equity attributable to shareholders was RMB 414,984 million, a 1.5% increase from the end of the previous year[3]. - The company's retained earnings rose to RMB 289,700 million as of September 30, 2024, compared to RMB 288,491 million at the end of 2023[34]. Cash Flow - The company reported a net cash flow from operating activities of RMB 83,504 million, up 11.8% year-to-date[2]. - The net cash flow generated from operating activities was RMB 83,504 million, an increase from RMB 74,720 million in the previous year, showing a growth of 11.9%[37]. - The company reported a net cash outflow from investing activities of RMB (51,935) million, an increase of 82.3% compared to RMB (28,481) million in the previous year, due to enhanced capital management[11]. - The company's cash flow from financing activities showed a net outflow of RMB (50,047) million, a decrease of 31.7% from RMB (73,309) million, due to reduced external borrowings and lower dividend payments[11]. Research and Development - Research and development expenses for the first nine months of 2024 were RMB 1,740 million, a significant increase of 24.4%[8]. - Research and development expenses increased to RMB 1,740 million, compared to RMB 1,399 million in the same period last year, marking a rise of 24.4%[35]. Production and Sales - The total coal production for the first nine months of 2024 was 244.4 million tons, a slight decrease of 0.1% from 242.0 million tons in the same period of 2023[17]. - The total coal sales volume reached 345.3 million tons in the first nine months of 2024, an increase of 3.8% compared to 332.5 million tons in the same period of 2023[17]. - The company's total sales revenue for self-produced coal in the first nine months of 2024 reached RMB 130,061 million, with a gross profit of RMB 56,556 million and a gross margin of 43.5%[21]. - The total sales revenue for purchased coal was RMB 64,622 million, with a gross profit of RMB 1,282 million and a gross margin of 2.0%[21]. Pricing and Margins - The average selling price of coal decreased to RMB 564 per ton in the first nine months of 2024, down from RMB 583 per ton in the same period of 2023[19]. - The gross profit margin decreased to 29.3% in the first nine months of 2024, down 1.1 percentage points from 30.4% in the same period of 2023[20]. - The company reported a decrease in gross profit margin from 17.9% in the first nine months of 2023 to 15.9% in the same period of 2024[26]. - The average production cost of self-produced coal decreased to RMB 186.3 per ton in the first nine months of 2024, down from RMB 191.0 per ton in the same period of 2023, representing a 2.5% decrease[22]. Investments and Projects - The company confirmed long-term payables of RMB 18,955 million, a 29.3% increase, related to mining rights payments[10]. - The company has received approval for the new mining projects in Inner Mongolia, which are currently in the pre-construction preparation stage[30]. - The preliminary design for the Huanghua Port coal terminal Phase V project was approved in September 2024, with construction planned to start by the end of 2024[31]. - The company plans to increase its A-share holdings through its wholly-owned subsidiary, with a maximum investment of RMB 600 million[15].

证券代码：601088 证券简称：中国神华 公告编号：临 2024-051 中国神华能源股份有限公司 关于举办 2024 年第三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 年第三季度报告将于 2024 年 10 月 26 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 11 月 1 日召开"中国神华 2024 年第三季度业绩说明会"（"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 1. 会议召开时间：2024 年 11 月 1 日（星期五）16:00-17:00 本次业绩说明会以网络互动方式召开，本公司将针对 2024 年第三季度业绩与 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：202 ...

www.shengdalaw.com 北京市西城区阜外大街２号万通金融中心Ｂ座17层(100037) 17F, Tower B, Vantone Financial Center, No.2, Fuwai Street, Xicheng District, Beijing, China 100037 Tel: +8610 6801 6608 Fax: +8610 6801 6608 转 8889 北京市圣大律师事务所关于中国神华控股股东增持股份的 专项核查法律意见 致:国家能源集团资本控股有限公司 北京市圣大律师事务所(以下简称"本所")接受国家能源集团资本控股有 限公司(以下简称"国能资本"或"增持人")委托,就国家能源投资集团有限 责任公司(以下简称"国家能源集团公司")计划通过国能资本增持中国神华能源 股份有限公司(以下简称"中国神华")A股股份事宜进行专项核查,并出具法 律意见书。 3、为出具本法律意见书,本所律师事先对本次增持事宜进行了尽职调查, 并获得相关方如下声明和保证:相关方已向本所提供了出具本法律意见书所必需 的、真实的且力所能及的原始书面材料、副本材料以及其他口头材料,并保证上 述文件真实 ...

证券代码：601088 证券简称：中国神华 公告编号：临 2024-050 中国神华能源股份有限公司 关于控股股东增持公司股份计划实施结果的公告 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： ● 增持计划基本情况：基于对中国神华能源股份有限公司（"中国神华"或 "本公司"）未来发展的信心及长期投资价值的认可，本公司控股股东国家能源 投资集团有限责任公司（"国家能源集团公司"）计划自 2023 年 10 月 20 日起 未来 12 个月内，通过其全资子公司国家能源集团资本控股有限公司（"资本控 股"），以上海证券交易所（"上交所"）允许的方式（包括但不限于集中竞价 交易、大宗交易等）增持本公司 A 股股份，增持金额不低于人民币 5 亿元、不超 过人民币 6 亿元，增持价格不超过人民币 33.10 元/股，资金来源为自有资金（"本 次增持计划"）。 ● 增持计划实施结果：截至 2024 年 10 月 18 日（2024 年 10 月 19 日为非交 易日），资本控股通过上交所以集中竞价交易方式 ...

证券代码：601088 证券简称：中国神华 公告编号：临 2024-049 中国神华能源股份有限公司 关于惠州二期第四套机组通过 168 小时试运行的公告 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。 近日，中国神华能源股份有限公司全资子公司国能（惠州）热电有限责任公 司二期 2×400MW 级燃气热电联产机组工程项目（"惠州二期"）第四套机组 （包括 1 台燃气轮机发电机和 1 台汽轮机发电机，装机容量共计 500MW）顺利 通过 168 小时连续满负荷试运行，正式投入商业运营。至此，惠州二期项目两套 机组（装机容量合计 1,000MW）全部建成投运。 惠州二期两套机组全部投运，将有效缓解所在区域电、热供应压力，为粤港 澳大湾区能源安全提供保障，并拉动珠三角地区社会经济发展。 特此公告。 承中国神华能源股份有限公司董事会命 总会计师、董事会秘书 宋静刚 2024 年 10 月 19 日 ...

证券代码：601088 证券简称：中国神华 公告编号：临 2024-048 中国神华能源股份有限公司 2024 年 9 月份主要运营数据公告 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。 1 承中国神华能源股份有限公司董事会命 总会计师、董事会秘书 宋静刚 2024 年 10 月 15 日 2 | 运营指标 | 单位 | 2024 | 年 | 2023 | 年 | 同比变化(%) | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 月 9 | 累计 | 月 9 | 累计 | 月 9 | 累计 | | （一）煤炭 | | | | | | | | | 1. 商品煤产量 | 百万吨 | 26.6 | 244.4 | 27.2 | 242.0 | (2.2) | 1.0 | | 2. 煤炭销售量 | 百万吨 | 36.9 | 345.3 | 37.9 | 332.5 | (2.6) | 3.8 | | （二）运输 | | | | | ...