证券代码：601088 证券简称：中国神华 公告编号：临 2024-038 中国神华能源股份有限公司 关于子公司取得内蒙古新街台格庙矿区新街一井、 新街二井项目核准批复的公告 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。 近日，本公司持有 60%股权的控股子公司神华新街能源有限责任公司（"新 街能源公司"）内蒙古新街台格庙矿区新街一井、新街二井项目获得国家发展改 革委核准批复。 一、新街一井、新街二井项目单位均为新街能源公司，建设地点位于内蒙古 自治区鄂尔多斯市伊金霍洛旗。 二、新街一井、新街二井建设规模均为 800 万吨/年，配套建设相同规模的 选煤厂，采用立井开拓方式，煤炭洗选采用重介浅槽分选工艺。 三、新街一井项目总投资 133.48 亿元（不含矿业权费用），其中资本金 40.68 亿元，占总投资的 30.5%。新街二井项目总投资 131.63 亿元（不含矿业权费用）， 其中资本金 40.25 亿元，占总投资的 30.6%。 目前，新街能源公司按照项目核准批复要求，积极推进项目初步设计 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1][4][14] Core Views - The company reported a revenue of 168.08 billion yuan for H1 2024, a decrease of 0.8% year-on-year, and a net profit of 29.5 billion yuan, down 11.3% year-on-year [1][5] - The coal production and sales increased, but the decline in coal prices and rising costs led to a decrease in gross profit [1][12] - The company is recognized as a leading integrated energy enterprise with strong stability in performance and substantial dividend returns [1][14] Summary by Sections Coal Segment - In H1 2024, the company produced 163.2 million tons of coal, an increase of 1.6% year-on-year, and sold 229.7 million tons, up 5.4% year-on-year [1][8] - The average selling price for self-produced coal was 533 yuan/ton, down 27 yuan/ton year-on-year, while the average price for purchased coal was 648 yuan/ton, down 65 yuan/ton [1][12] - The gross profit for self-produced coal was 36.47 billion yuan, a decrease of 12.3% year-on-year [1][12] Power Segment - The total power generation reached 1040.4 billion kWh, an increase of 3.8% year-on-year, and total power sales were 978.9 billion kWh, up 3.9% year-on-year [1][12] - The average selling price for electricity was 404 yuan/MWh, down 3.3% year-on-year, while the unit selling cost was 362.2 yuan/MWh, down 1.5% year-on-year [1][12] - The gross profit from electricity was 7.08 billion yuan, a decrease of 4.6% year-on-year [1][12] Transportation Segment - The transportation revenue from railways, ports, and shipping was 22.44 billion yuan, 3.44 billion yuan, and 2.49 billion yuan respectively, with year-on-year growth of 1.4%, 4.8%, and a decline of 3.5% [1][12] - The self-owned railway transportation turnover was 161.4 billion ton-km, an increase of 7.3% year-on-year [1][12] - The coal loading volume at Huanghua Port was 11 million tons, up 9.3% year-on-year, maintaining the top position among coal ports in the country [1][12] Financial Forecasts - The profit forecast for 2024-2026 has been revised down to 54.8 billion yuan, 55.7 billion yuan, and 55.8 billion yuan respectively, with corresponding P/E ratios of 14.3, 14.1, and 14.1 [1][14] - The average selling price of coal is expected to be 567 yuan/ton, 563 yuan/ton, and 563 yuan/ton for the years 2024-2026 [1][14]

Investment Rating - Buy rating maintained for China Shenhua (601088 SH) [2] Core Views - High long-term contracts support strong earnings resilience, with sustained high dividends highlighting investment value [1][4] - H1 2024 revenue reached 168 08 billion RMB, down 0 8% YoY, with net profit attributable to shareholders at 29 5 billion RMB, down 11 3% YoY [4] - Q2 2024 revenue was 80 43 billion RMB, down 8 2% QoQ, with net profit attributable to shareholders at 13 62 billion RMB, down 14 3% QoQ [4] - 2024-2026 net profit forecasts are 58 08 billion, 60 24 billion, and 61 29 billion RMB, respectively, with EPS of 2 92, 3 03, and 3 08 RMB [4] - Current PE ratios are 13 9x, 13 4x, and 13 1x for 2024-2026 [4] Business Performance Coal Business - H1 2024 coal production reached 163 2 million tons, up 1 6% YoY, with sales of 229 7 million tons, up 5 4% YoY [4] - Average coal price was 566 RMB/ton, down 5 8% YoY, with self-produced coal price at 533 RMB/ton, down 4 9% YoY [4] - Self-produced coal cost was 191 7 RMB/ton, up 2 0% YoY, with gross margin per ton at 224 RMB/ton, down 14 2% YoY [4] - Q2 2024 coal production was 81 9 million tons, up 0 7% QoQ, with sales of 112 6 million tons, down 3 8% QoQ [4] Power Business - H1 2024 installed capacity increased by 188 MW to 44,822 MW, with power generation and sales at 104 04 billion kWh and 97 89 billion kWh, up 3 8% and 3 9% YoY, respectively [4] - Power segment gross profit was 7 42 billion RMB, down 4 6% YoY, with gross margin at 16 0%, down 0 8 pct YoY [4] - Q2 2024 power generation and sales were 48 69 billion kWh and 45 73 billion kWh, down 12 0% and 12 3% QoQ, respectively [4] Growth Prospects - Coal production capacity is expected to expand further, with acquisitions and new mining licenses supporting growth [4] - High long-term contract ratios and integrated operations ensure stable profitability [4] - Dividend payout ratio was 75 2% in 2023, with a projected 2024 dividend yield of 5 4% [4] - Historical dividend payout ratios from 2020-2023 were 91 8%, 100 4%, 72 8%, and 75 2%, consistently exceeding the minimum commitment of 60% [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6][14]. Core Views - The company's H1 2024 revenue is reported at 168.08 billion yuan, a year-on-year decrease of 0.8%, while the net profit attributable to shareholders is 29.50 billion yuan, down 11.3% year-on-year [1]. - The coal segment's revenue for H1 2024 is 134.33 billion yuan, a decline of 0.7%, with total profit down 18.1% to 26.04 billion yuan due to rising costs [2]. - The electricity segment shows a slight revenue increase of 0.4% to 44.35 billion yuan, but profit decreased by 9.5% to 5.25 billion yuan, attributed to lower average selling prices [3]. - The report forecasts net profits for 2024-2026 at 63.11 billion, 64.13 billion, and 64.32 billion yuan respectively, with corresponding EPS of 3.17, 3.23, and 3.24 yuan [3]. Financial Summary - H1 2024 operating cash flow net amount is 52.67 billion yuan, reflecting a year-on-year increase of 13.6% [1]. - The average selling price of coal in H1 2024 is 566 yuan per ton, down 5.8% year-on-year, while the average selling price of electricity is 0.404 yuan per kWh, down 3.3% [2][3]. - The company's total power generation in H1 2024 is 104.04 billion kWh, an increase of 3.8% year-on-year, with total sales of 97.89 billion kWh, up 3.9% [3]. Valuation Metrics - The report provides projected revenue growth rates of 2.16%, 3.56%, and 3.03% for 2024, 2025, and 2026 respectively [4]. - The company's P/E ratio is projected to be 12.94 for 2024, decreasing slightly in subsequent years [4]. - The net profit margin is expected to stabilize around 18% for the forecast period [10].

Investment Rating - The investment rating for China Shenhua (601088) is "Buy" [3][7][12] Core Views - The coal sector's market share continues to increase, with expected capacity growth in the future. The company has a strong cash flow and stable profits, with an anticipated annual dividend payout ratio of around 75% [6][7]. Summary by Sections Financial Performance - In H1, the company achieved operating revenue of 168.08 billion yuan, a year-on-year decrease of 0.8%. Net profit was 29.50 billion yuan, down 11.3% year-on-year. Q2 revenue was 80.43 billion yuan, a decline of 2.39% year-on-year, while net profit for the same period was 13.62 billion yuan, down 7.14% year-on-year, aligning with market expectations [7]. - The company maintains EPS forecasts for 2024-2026 at 3.08, 3.09, and 3.19 yuan, respectively, and has raised the target price to 47.77 yuan, an increase of 3.89 yuan [7]. Coal Production and Sales - In H1, the company produced 163 million tons of coal, a year-on-year increase of 1.6%, outperforming the national decline of 1.7%. Sales volume reached 229 million tons, up 5.4% year-on-year, with a continued increase in market share [7]. - The average selling price of self-produced coal (excluding tax) was 566 yuan per ton, a decrease of 35 yuan per ton, or 5.8% year-on-year. The unit production cost was 191.7 yuan per ton, a slight increase of 2% year-on-year [7]. Power Generation and Renewable Energy - The company generated 104.04 billion kWh of electricity in H1, a year-on-year increase of 3.8%. Total electricity sales reached 97.89 billion kWh, up 3.9% year-on-year, with market-based transactions accounting for approximately 97.8% of total sales [7]. - The average selling price of electricity was 404 yuan per MWh, down 3.3% year-on-year [7]. Financial Health - As of the end of the reporting period, the company had cash on hand of 186.9 billion yuan, with a debt-to-asset ratio of only 29.79%. The operating cash flow for H1 was 52.6 billion yuan, significantly exceeding net profit [7]. - The company plans capital expenditures of 36.8 billion yuan for the year, with 12.4 billion yuan invested in H1 [7].

业绩表现稳健，持续看好龙头优势 2024 年 09 月 01 日 | --- | |--------------| | | | | | 分析师：李航 | | | | 执业证号： | | 邮箱： | 研究助理：卢佳琪 执业证号：S0100123070003 邮箱：lujiaqi@mszq.com ➢ 事件：2024 年 8 月 30 日，公司发布 2024 年半年报。2024 年上半年，公 司实现营业收入 1680.78 亿元，同比下降 0.80%；归母净利润 295.04 元，同比 下降 11.34%；扣非归母净利润 294.81 亿元，同比下降 10.58%。国际企业会计 准则下，2024 年上半年公司实现归母净利润 327.71 亿元，同比下降 11.10%。 ➢ 24H1 捐赠支出影响业绩释放，税、费影响相抵。24H1 公司捐赠内蒙古生 态综合治理资金共计 7.18 亿元，四费同比增加 6.1 亿元、费率同比+0.39pct 至 3.55%，税金及附加主因煤炭销售收入下降从而资源税减少同比下降 6.1 亿元。 ➢ 24Q2 盈利同环比下滑，四费环比增加。2024 年二季度，公司实现营业收 入 804.3 ...

Investment Rating - The report maintains a "Buy" rating for China Shenhua (601088.SH) [3] Core Views - The company demonstrates stable performance and showcases its leading position in the industry despite a slight decline in revenue and net profit [1][2] - The coal production and sales remain stable, with long-term contracts providing a buffer against price fluctuations [1] - The company is progressing in increasing coal production capacity, indicating potential for future growth [2] Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of CNY 168.08 billion, a year-on-year decrease of 0.81%, and a net profit attributable to shareholders of CNY 29.50 billion, down 11.34% [1] - For Q2 2024, the operating revenue was CNY 80.43 billion, a decrease of 2.39% year-on-year, and net profit was CNY 13.62 billion, down 7.14% year-on-year and 14.25% quarter-on-quarter [1] Coal Business - The company produced 163 million tons of commodity coal in H1 2024, an increase of 1.6% year-on-year, and sold 230 million tons, up 5.4% year-on-year [1] - The sales price for annual long-term contracts was CNY 490 per ton, down 2% year-on-year, while the monthly long-term contract price was CNY 725 per ton, down 12% year-on-year [1] - The cost of self-produced coal was CNY 191.7 per ton, an increase of 2.0% year-on-year, primarily due to rising labor costs [1] Power Generation - The company generated 104.04 billion kWh of electricity in H1 2024, an increase of 3.8% year-on-year, with sales volume reaching 97.89 billion kWh, up 3.9% year-on-year [2] - The revenue from power generation was CNY 44.35 billion, a slight increase of 0.4% year-on-year, while the cost was CNY 37.27 billion, up 1.4% year-on-year [2] Transportation and Chemical Business - The transportation segment reported a slight increase in profit, with a gross profit of CNY 10.17 billion, up 0.8% year-on-year [2] - The coal chemical segment contributed revenue of CNY 2.54 billion, with a gross profit of CNY 0.176 billion, reflecting a decline in profitability due to scheduled maintenance [2] Capacity Expansion - The company is actively working on coal resource succession and capacity increase, with several mining licenses being updated and new projects progressing [2] Profit Forecast - The report adjusts the profit forecast for 2024-2026, predicting net profits of CNY 57.8 billion, CNY 59.9 billion, and CNY 62.0 billion respectively, with corresponding P/E ratios of 13.9, 13.5, and 13.0 [2]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The coal and power sectors have shown stable production growth, but profitability has been impacted by price fluctuations and rising costs [2][3] - The company is expected to benefit from economic stimulus policies leading to improved demand and stable coal prices, supporting profitability [7] Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 168.08 billion yuan, a year-on-year decrease of 0.80%, and a net profit attributable to shareholders of 29.50 billion yuan, down 11.34% year-on-year [1] - The second quarter of 2024 saw a single-quarter operating revenue of 80.43 billion yuan, a decrease of 2.39% year-on-year and 8.23% quarter-on-quarter [1] Coal Sector - The company produced 163.2 million tons of coal in the first half of 2024, a year-on-year increase of 1.6%, with sales volume reaching 229.7 million tons, up 5.4% year-on-year [2] - Average coal selling price decreased by 5.8% year-on-year to 566 yuan/ton, while the total profit for the coal sector fell by 18.1% to 26.04 billion yuan [2] Power Sector - Total power generation reached 104.04 billion kWh in the first half of 2024, an increase of 3.8% year-on-year, with total sales of 97.89 billion kWh, up 3.9% year-on-year [3] - The total profit for the power sector decreased by 9.5% to 8.25 billion yuan, with a slight decline in gross margin [3] Transportation and Coal Chemical Sectors - The railway division's revenue reached 22.44 billion yuan, a year-on-year increase of 1.4%, with total profit rising by 1.9% [4] - The coal chemical sector experienced a significant profit decline of 96.9% due to reduced production and sales [6] Future Outlook - The company is expected to achieve net profits of 59.84 billion yuan, 62.84 billion yuan, and 65.55 billion yuan for 2024, 2025, and 2026 respectively, with EPS projected at 3.01, 3.16, and 3.30 yuan per share [7][8]

Financial Reporting - The company reported a mid-year financial statement for 2024, which has not been audited yet[5]. - The board of directors confirmed the accuracy and completeness of the mid-year report, with 6 out of 8 directors present at the meeting[5]. - The report period covers January to June 2024[10]. - The financial report includes key financial indicators, although specific figures are not detailed in the provided content[12]. - The company is committed to ensuring the accuracy of the financial report, with declarations from the chairman and chief accountant[5]. - The company has not proposed any profit distribution or capital reserve conversion plans for the reporting period[5]. - The report includes a risk statement regarding forward-looking statements that may differ significantly from actual results due to various uncertainties[5]. Financial Performance - Revenue for the first half of 2024 was 168,078 million, a decrease of 0.8% compared to 169,442 million in the same period of 2023[20]. - Profit attributable to the owners of the company for the first half of 2024 was 32,771 million, down 11.1% from 36,861 million in the first half of 2023[20]. - Basic earnings per share for the first half of 2024 were 1.649 yuan, a decrease of 11.1% compared to 1.855 yuan in the same period of 2023[20]. - Operating cash flow for the first half of 2024 increased by 13.6% to 52,668 million from 46,349 million in the first half of 2023[20]. - Total assets as of June 30, 2024, were 675,843 million, reflecting a 6.7% increase from 633,412 million at the end of 2023[20]. - Total liabilities increased by 32.0% to 200,388 million from 151,761 million at the end of 2023[20]. - The company's stock price increased by 41% for A-shares and 34% for H-shares since the beginning of the year, surpassing industry and market indices[26]. Operational Highlights - Coal sales volume increased by 5.4% year-on-year, demonstrating effective operational strategies[28]. - Non-coal transportation volume grew by 22% year-on-year, indicating successful market expansion efforts[28]. - The company achieved a 100% fulfillment rate for long-term coal supply contracts, ensuring stable energy supply[27]. - The company has approved major projects, including the expansion of the Fujian Shishi Hongshan Phase III with a capacity of 1 million kilowatts and the completion of investment decision approvals for Hebei Cangdong Phase III (2×660 MW) and Dingzhou Phase III (2×660 MW) projects[31]. - As of the first half of the year, the company has planned, under construction, and in operation new energy installed capacity exceeding 4.06 million kilowatts[31]. - The company obtained 302 authorized patents in the first half of the year, including 147 invention patents, enhancing its core competitiveness through technological innovation[32]. Strategic Initiatives - The company emphasizes a commitment to safety, stability, and clean operations, focusing on high-end, diversified, and low-carbon development[2]. - The company aims to strengthen energy security by enhancing coal production organization and ensuring efficient energy transportation channels[35]. - The company is accelerating green and low-carbon development, focusing on strategic emerging industries and low-carbon transformation actions, including biomass co-firing and CCUS[36]. - The company is enhancing value creation capabilities by deepening actions for value creation and ensuring the completion of annual operational goals[36]. - The company is committed to improving its financial management system and enhancing capital and financial service capabilities[36]. - The company has established a leadership group for value management to respond to state-owned asset management requirements[33]. - The company is actively participating in the formulation of national and industry standards to support technological advancements and innovation[36]. Market and Economic Context - In the first half of 2024, China's GDP grew by 5.0% year-on-year, indicating a stable economic environment[47]. - The average price of long-term contract thermal coal (5,500 kcal) was approximately 704 RMB/ton, a decrease of about 18 RMB/ton compared to the same period last year[48]. - National industrial raw coal production reached 2.27 billion tons, a year-on-year decrease of 1.7%[49]. - Coal imports amounted to 250 million tons, reflecting a year-on-year increase of 12.5%[49]. - The average cost of imported coal decreased by approximately 19.1%[51]. - The coal consumption in the power generation sector decreased by 1.1%, accounting for about 59.4% of total coal consumption[51]. - The total coal stock at major ports was 73.2 million tons, a year-on-year decrease of 2.4%[51]. Risk Management - The company faces various risks including safety production, environmental protection, market and sales, investment, compliance, project management, international operations, and policy risks[5]. - The company has established a comprehensive risk management system to address various risks, including safety production, market competition, and compliance risks[200]. - The company has not reported any new risk factors during the reporting period[200].

Financial Performance - The group's revenue for the first half of 2024 was RMB 168.078 billion, a decrease of RMB 1.364 billion (0.8%) compared to the same period in 2023[1]. - Profit attributable to the owners of the company for the period was RMB 32.771 billion, down RMB 4.090 billion (11.1%) from the same period in 2023[1]. - The basic earnings per share for the period was RMB 1.649[4]. - EBITDA for the first half of 2024 was RMB 55.822 billion, a decrease of RMB 5.871 billion (9.5%) compared to the same period in 2023[1]. - The gross profit for the period was RMB 50.232 billion, down from RMB 55.298 billion in the same period last year[3]. - Total comprehensive income for the period was RMB 38.601 billion, compared to RMB 43.315 billion in the same period last year[4]. - The company reported a net profit of RMB 32,771 million for the six months ended June 30, 2024, compared to RMB 36,861 million for the same period in 2023, reflecting a decrease of approximately 11.3%[7]. - Total comprehensive income for the period was RMB 32,956 million, down from RMB 37,362 million in the previous year, indicating a decline of about 11.5%[8]. Assets and Liabilities - The total assets less current liabilities amounted to RMB 534.386 billion, a decrease from RMB 541.827 billion as of December 31, 2023[6]. - Non-current assets totaled RMB 439.365 billion, slightly up from RMB 434.461 billion at the end of 2023[5]. - The net current assets were RMB 95.021 billion, down from RMB 107.366 billion at the end of 2023[6]. - The company's equity attributable to owners was RMB 399.658 billion, down from RMB 411.478 billion at the end of 2023[6]. - The company's total equity attributable to shareholders as of June 30, 2024, was RMB 399,658 million, a decrease from RMB 396,937 million at the end of 2023[7]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2024, was RMB 52,668 million, an increase from RMB 46,349 million in the same period of 2023, representing a growth of approximately 13.9%[9]. - The company recorded a net cash inflow from operating activities after tax payments of RMB 63,195 million for the first half of 2024, compared to RMB 57,948 million in the same period of 2023, reflecting an increase of approximately 9.7%[9]. - Cash outflow from investing activities was RMB (43,857) million for the six months ended June 30, 2024, compared to RMB (18,234) million in the same period of 2023, indicating a significant increase in investment expenditure[10]. - The company raised RMB 4,996 million from borrowings during the six months ended June 30, 2024, compared to RMB 6,639 million in the same period of 2023, indicating a reduction in reliance on debt financing[11]. - The company repaid borrowings amounting to RMB 5,474 million in the first half of 2024, significantly lower than RMB 12,724 million in the same period of 2023, reflecting a strategic focus on debt reduction[11]. Revenue and Sales - Coal sales revenue for 2024 reached RMB 111,165 million, slightly up from RMB 110,984 million in 2023, indicating a growth of 0.2%[16]. - Power generation sales revenue increased to RMB 41,158 million in 2024 from RMB 40,770 million in 2023, reflecting a growth of 1.0%[16]. - The total revenue for the first half of 2024 was RMB 168,078 million, slightly down from RMB 169,442 million in 2023, a decrease of 0.8%[16]. - The company achieved a coal sales volume of 229.7 million tons in the first half of 2024, an increase of 5.4% compared to 217.9 million tons in the same period of 2023[46]. - The average selling price of coal decreased to 566 RMB/ton in the first half of 2024, down 5.8% from 601 RMB/ton in the same period of 2023[63]. Costs and Expenses - Total operating costs for the six months ended June 30, 2024, amounted to RMB 117,846 million, compared to RMB 114,144 million in the same period of 2023, representing an increase of 3.0%[17]. - Labor costs rose to RMB 16,986 million in 2024 from RMB 14,574 million in 2023, marking an increase of 15.5%[17]. - The company reported a total income tax expense of RMB 7,988 million for the first half of 2024, down from RMB 9,576 million in 2023, a decrease of 16.6%[17]. - The effective tax rate for the company's domestic entities remains at 25% for both 2024 and 2023[18]. Operational Performance - The company achieved a 7.3% increase in railway transportation turnover and a 7.1% increase in port loading volume year-on-year, indicating strong operational performance[28]. - The company maintained a 100% fulfillment rate for long-term coal supply contracts, ensuring stable energy supply[28]. - The company’s total power generation in the first half of 2024 was 104.04 billion kWh, an increase of 3.8% compared to 100.20 billion kWh in the first half of 2023[46]. - The average utilization hours of coal-fired power plants decreased by 43 hours year-on-year to 2,099 hours, while hydropower utilization hours increased by 238 hours to 1,477 hours[37]. Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[16]. - The company is advancing green and low-carbon development initiatives, focusing on biomass co-firing and carbon capture technologies[31]. - The company aims to enhance energy security and ensure stable supply during critical periods, including national holidays and peak seasons[30]. - The company is actively pursuing investment management optimization and project risk management to enhance investment efficiency[106]. Corporate Governance - The company has established a corporate governance system in compliance with the Hong Kong Listing Rules, ensuring that the board of directors operates within regulatory requirements[109]. - The company has adopted the Standard Code for Securities Transactions by Directors, ensuring compliance by all directors and senior management[110]. - The Audit and Risk Committee has reviewed the interim financial report for the six months ending June 30, 2024, and agreed to submit it to the board for discussion[112].