证券代码：601088 证券简称：中国神华 公告编号：临 2024-055 中国神华能源股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024 年第二次临时股东大会（"本次股东大会"） (四)现场会议召开的日期、时间和地点 召开的日期时间：2024 年 12 月 20 日上午 9:00 召开地点：北京市朝阳区鼓楼外大街 19 号北京歌华开元大酒店二层和厅 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 12 月 20 日 至 2024 年 12 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 1 股东大会召开日期 ...

中国神华能源股份有限公司 关于第六届董事会第四次会议决议及 高级管理人员变动的公告 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。 中国神华能源股份有限公司（"中国神华"/"本公司"）第六届董事会第 四次会议于 2024 年 11 月 26 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、议案等会议材料，并于 2024 年 11 月 29 日以书面审议方 式召开。公司全体 7 名董事审议了本次董事会议案，以书面形式发表了表决意见。 会议的召开符合《中华人民共和国公司法》及相关法律法规、上市地上市规则和 《中国神华能源股份有限公司章程》的规定。 本次会议审议并通过以下议案： （一）《关于聘任张长岩为中国神华能源股份有限公司总经理的议案》 1. 同意聘任张长岩先生为中国神华总经理，任期自董事会批准之日起三年， 连聘可以连任。 2. 授权吕志韧董事长办理聘任总经理的相关事宜。 表决情况：有权表决票 7 票，同意 7 票、反对 0 票、弃权 0 票，通过。 证券代码：601088 证券简称：中国神 ...

Investment Rating - The report initiates coverage with a "Buy" rating for China Shenhua [5][12] Core Views - China Shenhua is positioned as a comprehensive energy giant with a strong competitive advantage in the coal industry, supported by its state-owned enterprise background and integrated operations across the coal supply chain [1][42] - The company's high proportion of long-term coal contracts mitigates the impact of declining coal prices on profitability, with 79.5% of its coal sales in 2023 being long-term contracts [2][70] - The report forecasts stable profitability and dividends for the company, with expected net profits of 58.38 billion, 60.83 billion, and 63.81 billion yuan for 2024-2026, respectively [3][12] Summary by Sections 1. Integrated Energy Giant - China Shenhua, controlled by the State-owned Assets Supervision and Administration Commission, is the largest listed coal company in China, with a coal production of 325 million tons in 2023 [1][42] - The company has a diversified revenue structure, with coal, electricity, transportation, and coal chemical businesses contributing 64%, 22%, 13%, and 1% to revenue, respectively [1][50] 2. Long-term Contracts Support - The company’s long-term coal sales are primarily based on annual contracts, which account for 79.5% of total coal sales in 2023 [2][70] - The pricing mechanism for long-term contracts is designed to stabilize prices, with a limited impact from spot price fluctuations [2][78] 3. Profitability and Dividend Assurance - The report anticipates that coal supply and demand will remain balanced in 2024, with port prices expected to stay above 800 yuan per ton [3][10] - China Shenhua has maintained a high dividend payout ratio, with 75% in 2023, and is expected to continue this trend due to limited capital expenditures [3][53] 4. Financial Projections - The projected net profits for China Shenhua from 2024 to 2026 are 58.38 billion, 60.83 billion, and 63.81 billion yuan, translating to EPS of 2.94, 3.06, and 3.21 yuan, respectively [3][12] - The current price-to-earnings ratio is estimated at 14 for 2024 and 2025, and 13 for 2026, indicating a stable valuation [3][12]

Summary of Conference Call Notes Industry Overview - The report focuses on the coal industry, specifically analyzing the performance of China Shenhua Energy Company and the coal sector as a whole [1][2]. Key Points and Arguments - **Market Influence on Coal Sector**: The coal sector has experienced significant price fluctuations influenced by capital market conditions, funding environments, and market styles over the past two decades. Notable periods of price increases occurred in 2014-2015 and since the second half of 2023 [1]. - **China Shenhua's Performance**: Despite the downward pressure on coal prices and company earnings, China Shenhua's stock has shown notable resilience, particularly in the context of market style changes [1][3]. - **Valuation Metrics**: - **Price-to-Earnings (PE) Ratio**: China Shenhua's PE ratio has fluctuated between 0.8 to 1.2 times compared to the coal sector, with a recent high of 1.46 [5][7]. - **Price-to-Book (PB) Ratio**: The PB ratio has shown a recovery, reaching a recent high of 1.36, indicating a strong valuation compared to historical levels [5][6]. - **Total Debt (TD) Ratio**: The TD ratio has remained stable, averaging around 1.7 times since 2009, with current levels at approximately 1.9 times [2]. Additional Insights - **Market Cycles**: The coal sector has experienced two complete market cycles from 2011 to 2021, with each cycle lasting approximately four to six years. The current cycle has seen a recovery phase lasting over three years [4][5]. - **Investment Sentiment**: There is a divergence in market sentiment, with the stock market showing optimism while commodity and bond markets remain cautious. This could lead to further recovery in high-dividend stocks like China Shenhua if macroeconomic conditions improve [8]. - **Risks**: Potential risks include slower-than-expected demand growth, delays in macro policy impacts on actual demand, high import levels, and ample inventory in the supply chain, which could lead to weaker performance in the short term [9]. Conclusion - The analysis indicates that while the coal industry faces challenges, China Shenhua's relative performance and valuation metrics suggest potential for recovery and growth, particularly if macroeconomic conditions improve in the coming quarters [8][9].

Group 1: Investor Relations Activities - The investor relations activities included specific object research, media interviews, press conferences, and major event announcements [1] - The meeting was held on November 1, 2024, from 16:00 to 17:00 at the Shanghai Roadshow Center [1] - Key company representatives included the Chairman, Executive Director, and Vice General Manager [1] Group 2: Project Updates - The New Street project is progressing smoothly, with total investments of 26.511 billion yuan for two mines, each with a construction scale of 8 million tons per year [1] - The company plans to start construction in early 2025 after obtaining necessary approvals [1] Group 3: Production and Sales Performance - In the first three quarters of 2024, the company achieved a coal production of 244.4 million tons, a year-on-year increase of 1.0%, completing 77.3% of the annual plan [1] - The company’s self-owned railway transportation turnover reached 234.8 billion ton-kilometers, a 3.4% increase year-on-year, driven by increased coal sales [2] - Port loading volume increased to 193.1 million tons, a 2.8% year-on-year growth, primarily due to higher coal sales [2] Group 4: Financial Performance - The company reported a profit of 8.435 billion yuan in the power generation segment for the first nine months of 2024, a decrease of 12.7% year-on-year due to lower average selling prices [6] - The company’s A-share price increased by 39% and H-share price by 31% compared to the end of the previous year [6] Group 5: Capacity and Investment - The company increased coal production capacity by 4 million tons per year in 2022 and 2023, with further increases planned for 2024 [2] - The company’s investment income for the first nine months of 2024 was 3.426 billion yuan, with significant contributions from power generation and financial investments [6] Group 6: Market and Pricing - The average selling price of self-produced coal decreased by 3.3% year-on-year, impacting the gross profit margin [6] - The company’s direct sales price for coal at the pit decreased by approximately 10% due to lower transportation costs and lower calorific value compared to sales through unified channels [6] Group 7: Future Plans - The company plans to complete the construction of the Huanghua Port Phase V project by 2027, with an annual throughput capacity of 53.1 million tons [6] - The company aims to achieve full automation in coal mining by 2025, with significant advancements in intelligent mining technologies already in place [6]

Investment Rating - The report assigns an "Accumulate" rating for China Shenhua (601088.SH) as part of its initial coverage [1] Core Views - The third quarter performance of China Shenhua was impressive, showcasing significant competitive advantages as a leading player in the industry [1] - The company reported a revenue of CNY 253.90 billion for the first three quarters of 2024, reflecting a year-on-year growth of 0.6%, while the net profit attributable to shareholders was CNY 46.07 billion, down 4.5% year-on-year [4] - In Q3 2024, the company achieved a revenue of CNY 85.82 billion, with a quarter-on-quarter increase of 6.7% and a year-on-year increase of 3.4%, while the net profit attributable to shareholders reached CNY 16.57 billion, up 21.66% quarter-on-quarter and 10.5% year-on-year [4] Summary by Sections Coal Business - The company experienced stable coal production with an increase in sales. For the first three quarters of 2024, coal production was 244 million tons, up 1.0% year-on-year, and sales volume was 345 million tons, up 3.8% year-on-year, with purchased coal contributing significantly to the increase at 11.8% [5] - The average selling price of coal (excluding tax) for the first three quarters was CNY 564 per ton, down 3.3% year-on-year, but in Q3 2024, the selling price was CNY 560 per ton, showing a year-on-year increase of 2.1% [5] - The unit production cost of self-produced coal for the first three quarters was CNY 186.3 per ton, down 2.5% year-on-year, attributed to declines in raw material costs and repair expenses [5] Power Generation Business - The company saw a significant increase in electricity generation and sales due to peak summer demand. Total electricity generation for the first three quarters was 168.14 billion kWh, up 7.6% year-on-year, and total sales were 158.27 billion kWh, up 7.8% year-on-year [6] - The average selling price for electricity was CNY 401 per MWh, down 0.7% year-on-year, while the average cost was CNY 356.2 per MWh, down 3.6% year-on-year [6] Investment Recommendations - The company has a high proportion of long-term coal contracts, indicating stable profitability. New key projects in Inner Mongolia have received approval, which is expected to further expand coal production capacity [7] - The integrated business model allows the company to expand into multiple sectors, including power generation, which is anticipated to continue contributing to growth [8] - The projected net profits for 2024-2026 are CNY 57.1 billion, CNY 56.9 billion, and CNY 58.0 billion, with corresponding EPS of CNY 2.88, CNY 2.87, and CNY 2.92, leading to a PE ratio of 13.69x, 13.72x, and 13.0x respectively [8]

证券代码：601088 证券简称：中国神华 公告编号：临 2024-053 中国神华能源股份有限公司 2024 年 10 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(%) | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 10 月 | 累计 | 10 月 | 累计 | 10 月 | 累计 | | （一）煤炭 | | | | | | | | | 1. 商品煤产量 | 百万吨 | 27.6 | 272.0 | 27.5 | 269.5 | 0.4 | 0.9 | | 2. 煤炭销售量 | 百万吨 | 38.2 | 383.5 | 37.5 | 370.0 | 1.9 | 3.6 | | （二）运输 | | | | | | | | | 1. 自有铁路运输周转量 | 十亿吨公里 | 26.0 | 260.8 | 28.1 | ...

Investment Rating - The report maintains a "Strong Buy" rating for China Shenhua (601088) with a target price of 47.40 CNY, compared to the current price of 40.33 CNY [1][2]. Core Views - The company reported a revenue of 253.9 billion CNY for Q3 2024, showing a year-on-year increase of 0.57%. However, the net profit attributable to shareholders decreased by 4.55% year-on-year to 46.07 billion CNY [1][2]. - The coal production and sales remained stable, while electricity generation saw significant growth, with a 14.40% increase in power generation and a 14.86% increase in electricity sales year-on-year [2]. - The company’s long-term contract sales slightly decreased, but the main business capacity continues to improve, with new power generation capacity coming online [2]. - The bottom support for thermal coal prices has been validated, contributing to the company's stable profitability. The report highlights a dividend yield of approximately 5.7% based on a 75% payout ratio [2]. Financial Summary - For 2024, the forecasted net profit attributable to shareholders is adjusted to 61.01 billion CNY, with corresponding PE ratios of 13x for 2024-2026 [3][7]. - The total revenue for 2023 is projected at 343.07 billion CNY, with a slight decline of 0.4% year-on-year, while the net profit is expected to decrease by 14.3% to 59.69 billion CNY [3][7]. - The company’s total assets are estimated to be 630.13 billion CNY in 2023, with a debt-to-asset ratio of 24.10% [4][7].

Investment Rating - The report maintains a "Buy" rating for China Shenhua [5][9] Core Views - The company reported strong performance in Q3 2024, with revenue of 253.9 billion yuan, a year-on-year increase of 0.57%, and a net profit of 46.07 billion yuan, a decrease of 4.55% year-on-year [1] - The coal production cost has significantly decreased, and the power generation growth is impressive, indicating a robust operational performance [2][3] - The company is expected to maintain stable revenue growth and high dividend levels, reinforcing its position as a leading player in the coal industry [4] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 85.8 billion yuan, with a quarter-on-quarter increase of 3.37% and a year-on-year increase of 6.7%. The net profit for the same quarter was 16.57 billion yuan, reflecting a quarter-on-quarter increase of 10.5% and a year-on-year increase of 21.7% [1] - The total coal production for Q1-Q3 2024 was 244.4 million tons, a year-on-year increase of 1%, with Q3 production at 81.2 million tons, showing a slight decrease [2] Cost and Profitability - The average selling price of coal in Q3 2024 was 580 yuan per ton, with a cost of 399 yuan per ton, resulting in a gross profit of 181 yuan per ton, which is a 16% increase quarter-on-quarter [2] - The cost of self-produced coal for Q1-Q3 2024 was 186.3 yuan per ton, down by 5.4 yuan compared to the first half of the year [2] Power Generation - The power generation volume for Q1-Q3 2024 was 168 billion kWh, a year-on-year increase of 7.6%, with Q3 generation at 64 billion kWh, showing a significant year-on-year increase of 14.4% [3] - The average on-grid electricity price in Q3 2024 was 431 yuan per MWh, reflecting a year-on-year decrease of 5.1% [3] Future Outlook - Revenue projections for 2024-2026 are estimated at 344.3 billion, 356.4 billion, and 360.1 billion yuan respectively, with net profits expected to be 59.7 billion, 61.5 billion, and 62.6 billion yuan [4] - The current stock price corresponds to a PE ratio of 13.6 for 2024, indicating a favorable valuation for investors [4]

Summary of Conference Call Company and Industry - The conference call pertains to China Shenhua Energy Company, a leading coal and power integrated operation enterprise in China, focusing on coal production, electricity generation, and related services. Key Points and Arguments Financial Performance - In Q3 2024, total power generation reached 1,681 billion kWh, a year-on-year increase of 7.6% [1] - Railway transportation turnover was 2,348 billion ton-km, up 3.4% year-on-year [1] - For the first three quarters, the company achieved a revenue of 460.74 billion yuan, a decline of 10.5% year-on-year [1] Cost Management - The company reported a 2.5% decrease in unit production costs for self-produced coal in the first three quarters [2] - The unit cost of electricity generation also decreased, positively impacting overall performance [2] - Key factors for cost reduction included enhanced cost control, optimization of sales strategies, and improved cash management [3][4] - The company aims to maintain cost control measures to meet annual budget targets [4] Electricity Sector Challenges - Despite an increase in power generation, profits in the electricity sector declined due to a drop in electricity prices by approximately 1.5 cents and a reduction in utilization hours by about 200 hours [5] - The electricity sector faces pressure from the transition to new energy systems and market dynamics [5] Cash Flow and Dividend Policy - The company maintains a strong cash flow and has committed to a dividend payout ratio of no less than 60% over the next three years, with previous years exceeding this commitment (72.8% in 2022 and 75.2% in 2023) [9][10] - Future dividend plans are under consideration, with a focus on balancing shareholder returns and long-term growth [10] Asset Injection and Development Plans - The company is actively pursuing asset injection projects to enhance resource reserves and operational capabilities, with ongoing projects progressing as planned [12][13] - New mining projects, including the Xinjie mining area, are expected to significantly increase production capacity by 16 million tons annually by 2028 [14] Coal Price Dynamics - The average coal price has decreased by approximately 100 yuan, impacting overall profitability, but the company has managed to maintain stable earnings [23][25] - The company’s coal sales structure, with a significant portion being long-term contracts, mitigates the impact of price fluctuations [26] Taxation and Regulatory Environment - The effective tax rate for the first three quarters was 17.4%, down from 18.2% year-on-year, with expectations of seasonal fluctuations in Q4 [16][18] - The company is prepared for potential increases in resource taxes and environmental fees as part of regulatory compliance [20][21] Future Outlook - The company anticipates a stable demand for coal in the upcoming winter season, with expectations of increased coal consumption due to colder weather [31] - The overall market outlook remains cautious, with potential price declines expected in the coming year due to various economic factors [32] Other Important Content - The company emphasizes the importance of maintaining a balance between operational efficiency and environmental responsibilities, with a commitment to sustainable practices [22] - Recent investor engagement activities have been positively received, fostering a culture of rational and long-term investment [35]