Investment Rating - The report maintains a "Buy" rating for the company [5][8][18] Core Views - The company reported a revenue of 87.65 billion yuan for Q1 2024, a year-on-year increase of 0.7%, but a quarter-on-quarter decrease of 3.3% from Q4 2023. The net profit attributable to shareholders was 15.88 billion yuan, a decrease of 14.7% year-on-year, but an increase of 39% quarter-on-quarter [5][8][14] - The coal production volume increased by 1.5% year-on-year to 81.3 million tons, while the sales volume rose by 8.8% to 117.1 million tons. However, the average selling price of coal decreased by 6.8% year-on-year to 533 yuan per ton, leading to a decline in gross margin [5][10][12] - The power generation segment saw significant growth, with power generation increasing by 7.0% year-on-year to 55.35 billion kWh and sales revenue rising by 5.26% to 24.075 billion yuan [5][14][15] - The company has a strong cash position, with total cash and financial assets amounting to 177.24 billion yuan as of the end of Q1 2024, reflecting a 10.95% increase from the end of 2023 [16][17] Summary by Sections Market Data - Closing price: 39.55 yuan - One-year high/low: 42.57/27 yuan - Price-to-book ratio: 1.8 - Dividend yield: 6.52% [2][3] Financial Performance - Q1 2024 revenue: 87.65 billion yuan, up 0.7% year-on-year - Q1 2024 net profit: 15.88 billion yuan, down 14.7% year-on-year - Basic earnings per share: 0.8 yuan [5][8][18] Coal Business - Q1 2024 coal production: 81.3 million tons, up 1.5% year-on-year - Q1 2024 coal sales: 117.1 million tons, up 8.8% year-on-year - Average selling price: 533 yuan/ton, down 6.8% year-on-year - Coal gross margin: 28.9%, down 4.82 percentage points year-on-year [5][10][12] Power Generation - Q1 2024 power generation: 55.35 billion kWh, up 7.04% year-on-year - Q1 2024 sales revenue from power: 24.075 billion yuan, up 5.26% year-on-year - Gross profit from power generation: 4.073 billion yuan, up 10.38% year-on-year [5][14][15] Cash Position - Total cash and financial assets: 177.24 billion yuan, up 10.95% from the end of 2023 [16][17]

Investment Rating - The report maintains an "Accumulate" rating for China Shenhua (601088.SH) [1][3] Core Views - The company's revenue showed a slight increase due to growth in power generation and transportation, while coal price decline negatively impacted performance [1][4] - China Shenhua is recognized as a leading integrated energy enterprise based on coal, with strong business synergy across seven segments, stable performance, and attractive dividend returns [1][12] Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 87.65 billion yuan, a year-on-year increase of 0.7%, while net profit attributable to shareholders was 15.88 billion yuan, down 14.7% year-on-year [1][4] - The decline in profit was primarily due to falling coal prices, despite an increase in business volume in power generation and railway transportation [1][4] Coal Segment - The company produced 81.3 million tons of coal in Q1 2024, up 1.5% year-on-year, and sold 117.1 million tons, an increase of 8.8% year-on-year [1][7] - The average selling price for self-produced coal was 533.3 yuan/ton, down 39.1 yuan/ton year-on-year, while the production cost increased to 190.6 yuan/ton, up 21.2 yuan/ton year-on-year [1][7] Power Segment - Total power generation reached 55.35 billion kWh in Q1 2024, a 7.0% increase year-on-year, with total sales also increasing by 7.0% to 52.16 billion kWh [1][10] - The average selling price for electricity was 409 yuan/MWh, down 2.6% year-on-year, while the unit cost of electricity sales decreased to 364.8 yuan/MWh, down 3.0% year-on-year [1][10] Transportation Segment - Revenue from the railway, port, and shipping segments grew by 5.9%, 5.6%, and 7.4% year-on-year, respectively, with improvements in gross margins [1][10] - The company made significant progress in various projects, including the successful launch of heavy-load trains and the decision to invest in new coal loading facilities at Huanghua Port [1][10] Investment Forecast - The report maintains profit forecasts, expecting net profits attributable to shareholders to be 60.2 billion yuan, 61.1 billion yuan, and 61.5 billion yuan for 2024, 2025, and 2026, respectively [1][12]

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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on expected performance improvements and market conditions [7]. Core Views - The company is expected to benefit from economic stimulus policies leading to improved demand and stable coal prices. The integrated operations and high long-term contract ratio provide a high degree of certainty in operational performance, supported by strong cash flow and dividend attributes [7]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 87.647 billion yuan, a year-on-year increase of 0.7%. However, the net profit attributable to shareholders was 15.884 billion yuan, a decline of 14.7% year-on-year. The cash flow from operating activities was 28.553 billion yuan, down 2.2% year-on-year [1]. - The company's debt-to-asset ratio stood at 23.57%, a decrease of 0.52 percentage points from the previous quarter [1]. Coal Segment - The coal production for Q1 2024 was 81.3 million tons, a year-on-year increase of 1.5%, while coal sales reached 117 million tons, up 8.8% year-on-year. The average selling price of coal decreased by 7.7% year-on-year to 573 yuan/ton [2]. - The total revenue from the coal segment was 69.285 billion yuan, with a profit of 13.406 billion yuan, reflecting a 23% decline year-on-year [2]. Power Segment - The total power generation in Q1 2024 was 55.35 billion kWh, an increase of 7.0% year-on-year, with total sales of 52.16 billion kWh also up by 7.0%. Despite a decrease in coal power prices, the power segment's revenue reached 24.075 billion yuan, a 5.3% increase, with profits rising by 11.1% to 3.188 billion yuan [3]. Transportation and Coal Chemical Segment - The railway division's revenue grew by 5.9% year-on-year, while the port division's revenue increased by 5.6%. The shipping division saw a significant profit increase of 121.7% [4]. - The coal chemical division experienced a slight revenue decline of 1.1% and a profit decrease of 5.9% [4]. Future Earnings Forecast - The company is projected to achieve net profits of 61.779 billion yuan, 64.291 billion yuan, and 66.118 billion yuan for the years 2024, 2025, and 2026, respectively. The expected EPS for these years is 3.11 yuan, 3.24 yuan, and 3.33 yuan [7].

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]