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 ...

证券代码：601088 证券简称：中国神华 公告编号：临 2024-016 中国神华能源股份有限公司 关于控股股东增持公司股份进展情况的公告 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： ● 中国神华能源股份有限公司（"本公司"）于 2023 年 10 月 20 日在上海 证券交易所网站披露了《中国神华关于控股股东增持公司股份计划的公告》（公 告编号：临 2023-041）。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"）计划自该公告披露之日起 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 （"增持计划"）。 ● 自 2023 年 10 月 20 日至 2024 年 4 月 19 日期间，资本控股通过上海证券 交易所交易系统以集中竞价方式累计增持本公 ...

2024 年 1-3 月，本公司自有铁路运输周转量同比增长的主要原因，是煤炭销 售量增加导致铁路运输需求增长；黄骅港装船量同比增长的主要原因，是到港资 源量较多，以及上年同期基数较低。 证券代码：601088 证券简称：中国神华 公告编号：临 2024-015 中国神华能源股份有限公司 2024 年 3 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。 | 运营指标 | 单位 | 2024 | 年 | 2023 | 年 | 同比变化(%) | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 月 3 | 累计 | 月 3 | 累计 | 月 3 | 累计 | | （一）煤炭 | | | | | | | | | 1. 商品煤产量 | 百万吨 | 28.2 | 81.3 | 27.3 | 80.1 | 3.3 | 1.5 | | 2. 煤炭销售量 | 百万吨 | 40.0 | 117.1 | 39.2 | 107. ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance is stable, with coal and power generation segments showing resilience despite some declines in revenue and profit [10] - The company plans to distribute a cash dividend of approximately 449.03 billion yuan, reflecting a high dividend payout ratio of 75.2%, highlighting its strong dividend attributes [18][20] Financial Data and Profit Forecast - For 2023, the company reported total revenue of 3430.74 billion yuan, a slight decrease of 0.4% year-on-year, and a net profit attributable to shareholders of 596.94 billion yuan, down 14.3% year-on-year [6][10] - The earnings per share (EPS) for 2023 is 3.00 yuan, with forecasts for 2024, 2025, and 2026 being 3.07, 3.09, and 3.20 yuan respectively [21] - The company's total assets and liabilities ratio stands at 24.08%, indicating a solid financial position [3] Segment Performance - The coal segment generated revenue of 2733.06 billion yuan in 2023, a decrease of 1.5% year-on-year, with a profit margin of 32%, down 3.9 percentage points [7][10] - Power generation saw significant growth, with electricity generation increasing by 10.97% to 2122.6 billion kWh and sales rising by 11.09% to 1997.5 billion kWh, contributing to a revenue of 924.07 billion yuan [8][17] - The company’s total installed capacity reached 4463.4 million kW by the end of 2023, an increase of 433.3 million kW from the previous year [17] Cost Management - The company successfully reduced its financial and management expenses, leading to a decrease in total expenses by 7.99% year-on-year [8][10] - The total cash and financial assets held by the company amounted to 1597.49 billion yuan, despite a decrease from 1795.52 billion yuan in 2022, indicating a strong liquidity position [18][20] Investment Analysis - The company has a high proportion of long-term contracts in its coal sales, which provides stability, although the forecast for net profit in 2024 and 2025 has been revised downwards due to external market pressures [8][10]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 37.49, indicating an 18% upside potential from the current price of HKD 31.85 [2][4]. Core Views - The company's integrated operations demonstrate stable profitability, acting as a stabilizing force amid coal price fluctuations. The high proportion of long-term contracts in coal sales helps smooth out price volatility, contributing to stable profit levels [1][2]. - The company has a strong focus on shareholder returns, maintaining a high dividend payout ratio of 69.5% [2][5]. Summary by Sections Financial Performance - In 2023, the company achieved revenues of CNY 343.1 billion, a slight decrease of 0.4% year-on-year, and a net profit of CNY 64.6 billion, down 11.4% year-on-year. The proposed cash dividend is CNY 2.26 per share, totaling CNY 44.9 billion [1][5]. - The coal production reached 321 million tons, up 3.5% year-on-year, while coal sales volume increased by 7.7% to 450 million tons. The revenue from coal business was CNY 273.3 billion, a decline of 1.5% [1][5]. Operational Insights - The company’s coal production cost per ton decreased by 2.3% to CNY 162 due to significant reductions in labor costs in the fourth quarter [1]. - The proportion of long-term contracts in coal sales increased by 4.5 percentage points year-on-year, with the average price of long-term contracts only declining by 2.9%, which is less volatile compared to spot market prices [1][2]. Power Generation - The company’s total installed power generation capacity reached 45 GW, with 43 GW from coal-fired power. The power generation volume increased by 11% year-on-year, benefiting from new installations and a 5% reduction in unit electricity costs due to falling coal prices [1]. - The integrated coal and power operations significantly alleviate profitability pressures during periods of coal price volatility, with approximately 7 GW of coal power capacity still under construction [1][2]. Future Outlook - The company’s net profit forecasts for 2024-2026 are adjusted to CNY 63.3 billion, CNY 63.5 billion, and CNY 63.7 billion respectively, reflecting stable growth expectations [2][5].

Investment Rating - The report maintains a "Strong Buy" rating for China Shenhua [2][9] Core Views - The company is expected to continue high cash dividends, with a proposed cash dividend of 2.26 CNY per share, totaling 44.903 billion CNY, which represents 75.2% of the net profit attributable to shareholders, a 2.4 percentage point increase year-on-year [9] - The coal and power joint operation model is deepening, with significant growth in coal production and sales, and an expected increase in capacity from new projects [9] - The company’s net profit for 2023 was 59.694 billion CNY, a decrease of 14.3% year-on-year, while the average coal sales price fell by 9.3% to 584 CNY per ton [2][3] Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 343.074 billion CNY, a slight decrease of 0.4% year-on-year, and a net profit attributable to shareholders of 59.694 billion CNY, down 14.3% [2][10] - The average net asset return rate was 14.6%, a decline of 3.2 percentage points year-on-year [10] Coal Division - The average coal sales price (excluding tax) was 584 CNY per ton, down 9.3% year-on-year, while coal sales volume increased by 7.7% to 450 million tons [3] - The coal division's revenue was 273.306 billion CNY, a decrease of 1.5% year-on-year, primarily due to falling sales prices and rising production costs [3] Power Generation Division - Total power generation increased by 11.0% to 212.26 billion kWh, with sales volume rising by 11.1% to 199.75 billion kWh [3] - The revenue from the power generation division was 92.407 billion CNY, up 9.3% year-on-year, with a gross margin of 16.9%, an increase of 2.6 percentage points [3] Transportation and Coal Chemical Divisions - The transportation division saw a revenue increase of 1.8% to 42.961 billion CNY, while the coal chemical division's revenue decreased by 4.4% to 6.098 billion CNY [4] - The transportation division's operating costs rose by 9.5%, impacting the gross margin across all business segments [4] Future Outlook - The company plans to invest 11 billion CNY in new coal mining projects, with an expected production capacity of 16 million tons per year [9] - The projected net profit for 2024-2026 is expected to reach 60.316 billion CNY, 60.659 billion CNY, and 64.075 billion CNY respectively, with corresponding EPS of 3.04 CNY, 3.05 CNY, and 3.22 CNY [9][10]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5]. Core Views - The company reported a revenue of 343.07 billion yuan in 2023, a slight decrease of 0.4% year-on-year, and a net profit attributable to shareholders of 59.694 billion yuan, down 14.3% year-on-year [2][4]. - The company continues its high dividend policy, proposing a dividend of 2.26 yuan per share, with a total dividend payout of 44.9 billion yuan, resulting in a dividend rate of 75.2% [4][5]. - The coal production and sales volume increased, with production reaching 324.5 million tons, up 3.5% year-on-year, and sales reaching 450 million tons, up 7.7% year-on-year [4][5]. Summary by Sections Market Data - Closing price as of March 22, 2024, was 37.94 yuan, with a total share capital of 19,868.52 million shares and a net asset value of 408.692 billion yuan [2]. Financial Performance - In Q4 2023, the company achieved a revenue of 90.61 billion yuan, a decrease of 3.7% year-on-year, but an increase of 9.1% quarter-on-quarter [4]. - The company's coal business generated revenue of 273.31 billion yuan in 2023, with a gross margin of 32% [4][5]. Production and Sales - The company produced 324.5 million tons of coal in 2023, with a unit selling price of 584 yuan, reflecting a year-on-year decrease of 9.3% [4][5]. - The sales of self-produced coal were 325.4 million tons, with a unit price of 548 yuan, down 8.2% year-on-year [4][5]. Cost and Profitability - The unit production cost of self-produced coal was 179 yuan, an increase of 1.5% year-on-year, while the gross margin for self-produced coal was 46.6%, down 4.1 percentage points [3][5]. - The electricity segment reported a revenue of 92.407 billion yuan in 2023, with a gross margin of 16.9%, an increase of 2.6 percentage points year-on-year [4][5]. Future Outlook - The company expects a steady increase in coal production capacity, with significant reserves and ongoing projects to enhance production [4][5]. - Forecasted net profits for 2024-2026 are 61.264 billion yuan, 63.002 billion yuan, and 63.776 billion yuan, respectively, indicating a gradual recovery [6][7].

[Table_Title] 一体化经营业绩稳健，看好长期投资价值 [Table_ReportDate] 中国神华(601088)公司简评报告 | 2024.04.03 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [Tabl e_Summary] 张飞 ⚫ 事件：公司发布2023年业绩报告，实现营业收入3430.74亿元，同比减 行业分析师 少0.4%（经调整，下同）；实现归属于上市公司股东的净利润596.94亿 SAC执证编号：S0110523080001 元，同比减少14.3%；归属于公司股东的扣除非经常性损益的净利润为 zhangfei@sczq.com.cn 电话：010-81152685 628.68亿元，同比减少10.6%。实现基本每股收益为3.00元，同比减少 14.3%，经营性净现金流为896.87亿元，同比减少18.3%。 [市Ta场bl指e数_Ch走a势rt]（ 最近1年） ⚫ 售价同比下降业绩小幅回落，长协占比降低继续保持高毛利。公司煤炭 1 中国神华 沪深300 分部 2023 年实现营业收入 2733.06 亿元，同比下降 1.5%，营业成本 18 ...