Investment Rating - The investment rating for China Shenhua is "Accumulate" (maintained) [8] Core Views - China Shenhua's 2024 performance is expected to be stable, with a projected net profit attributable to shareholders ranging from 57 billion to 60 billion yuan, reflecting a year-on-year decrease of 4.5% to an increase of 0.5% [3][4] - The coal division's profit decline is the main factor affecting the overall net profit due to a decrease in average coal sales prices [4] - The company has announced a high dividend payout policy, distributing no less than 60% of the net profit attributable to shareholders in cash for the years 2022-2024, with an increase to 65% for 2025-2027, highlighting its investment value [7][9] Summary by Sections Recent Company Performance - Over the past 12 months, China Shenhua has experienced a relative return of -8.25% over one month, 0.78% over three months, and -11.40% over twelve months compared to the CSI 300 index [2] 2024 Performance Forecast - The company forecasts a net profit attributable to shareholders of 57 billion to 60 billion yuan for 2024, a decrease of 27 million to an increase of 3 million yuan year-on-year [4] - The expected net profit excluding non-recurring items is projected to be between 58.5 billion and 61.5 billion yuan, reflecting a year-on-year decline of 7.0% to an increase of 2.2% [4] Coal Production and Sales - In 2024, the company anticipates a coal production of 327 million tons, a year-on-year increase of 0.8%, and a sales volume of 459 million tons, a year-on-year increase of 2.1% [5] - The fourth quarter saw a decline in sales volume due to lower-than-expected demand from a warm winter [5] Acquisition and Resource Expansion - The acquisition of 100% equity in Hangjin Energy for 853 million yuan will increase the company's coal reserves by 3.841 billion tons and the recoverable reserves by 2.087 billion tons, enhancing its competitive edge in the energy supply [6] Dividend Policy - The company has committed to a stable and predictable profit distribution policy, which is expected to attract long-term capital and enhance investment value [7][9] Financial Projections - The projected net profits for 2024, 2025, and 2026 are 57.1 billion, 56.9 billion, and 58 billion yuan respectively, with corresponding EPS of 2.88, 2.87, and 2.92 yuan [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The fourth quarter performance is stable, and the long-term attributes of the company are still favored [5] - The company expects a net profit attributable to shareholders for 2024 to be between 57 billion to 60 billion RMB, indicating a potential decrease of 4.5% to an increase of 0.5% year-on-year [8] - The company has announced a shareholder return plan for 2025-2027, committing to distribute at least 65% of the net profit to shareholders in cash, which is an increase from the previous commitment [8] - The acquisition of Hanjin Energy will increase coal production capacity by 25.7 million tons per year [8] - The company’s ability to resist demand fluctuations in the coal industry is significantly higher than the industry average, suggesting that the market has not fully priced in its long-term attributes [8] Financial Summary - Revenue for 2024 is projected to be 355.014 billion RMB, with a year-on-year growth rate of 3.48% [7] - The net profit attributable to shareholders for 2024 is expected to be 59.663 billion RMB, with a slight decrease of 0.05% year-on-year [7] - The earnings per share (EPS) for 2024 is estimated to be 3.00 RMB [7] - The company’s return on equity (ROE) is projected to be 13.99% for 2024 [7] - The price-to-earnings (P/E) ratio is expected to be 13.01 for 2024 [7]

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 证券代码：601088 证券简称：中国神华 公告编号：临 2025-007 中国神华能源股份有限公司 关于收购国家能源集团杭锦能源有限责任公司 100%股权的关联交易进展公告 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。 经中国神华能源股份有限公司（"本公司"）第六届董事会第六次会议批准， 本公司拟以经备案的国家能源集团杭锦能源有限责任公司（"杭锦能源"）截至 评估基准日（即 2024 年 8 月 31 日）的股东全部权益评估值为基础，收购国家能 源投资集团有限责任公司（"国家能源集团公司"）持有的杭锦能源 100%股权 （"本次收购"）。 就本次收购，2025 年 1 月 24 日，本公司与国家能源集团公司于北京市签署 了《关于国家能源集团杭锦能源有限责任公司股权转让协议》，该协议的主要内 容详见本公司于 2025 年 1 月 22 日在上海证券交易所网站（www.sse.com.cn）披 露的《中国神华关于收购国家能源集团杭锦能源有 ...

Investment Rating - The investment rating for China Shenhua (601088) is "Buy" with a target price not specified [5]. Core Views - The report indicates that despite the pressure on performance due to falling coal prices, the company has shown stable growth in production and sales across all business segments. The forecast for the full-year net profit attributable to shareholders for 2024 is between 57-60 billion yuan, reflecting a year-on-year decline of 4.5% to an increase of 0.5% [1][3]. - The company has increased its minimum dividend payout ratio from 60% to 65%, demonstrating a strong commitment to shareholder returns and market value management [2]. - The report highlights that the company maintains a significant capital expenditure plan of 30-40 billion yuan for 2024, focusing on coal, power generation, and transportation sectors, which suggests a potential for growth in the medium to long term [3]. Summary by Sections Financial Performance - The total revenue for 2024 is projected at 350.48 billion yuan, with a growth rate of 2.16%. The EBITDA is expected to be 110.90 billion yuan, while the net profit attributable to shareholders is forecasted at 58.45 billion yuan, reflecting a decrease of 2.08% [4][10]. - The earnings per share (EPS) for 2024 is estimated at 2.94 yuan, with a price-to-earnings (P/E) ratio of 13.06 [4][10]. Production and Sales - The company anticipates a total coal production of 327.1 million tons for 2024, representing a year-on-year increase of 0.8%. The total coal sales are expected to reach 459.3 million tons, up by 2.1% [1][3]. - The total electricity generation is projected at 22.32 billion kWh, with a growth of 5.2%, and total electricity sales are expected to be 21.03 billion kWh, also reflecting a growth of 5.3% [1]. Capital Expenditure and Growth Potential - The company plans to invest significantly in new coal mines and power generation projects, including the construction of new coal mines with a combined capacity of 16 million tons and additional power generation capacity of 1.2 million kilowatts [2][3]. - The report emphasizes that ongoing investments in the transportation sector, including railway and port expansions, will contribute to future revenue growth [3].

Investment Rating - The investment rating for China Shenhua is "Buy" (maintained) [6] Core Views - The company is expected to achieve a net profit attributable to shareholders of between 57 billion to 60 billion yuan for 2024, reflecting a year-on-year decrease of 4.5% to an increase of 0.5% [6] - The company plans to distribute at least 65% of its net profit as cash dividends from 2025 to 2027, indicating strong long-term investment value [6] - The acquisition of 100% equity in Hanjin Energy will increase coal production capacity, adding 25.7 million tons per year [6] Financial Summary - Total revenue for 2024 is estimated at 347.025 billion yuan, with a year-on-year growth rate of 1.2% [2] - The net profit for 2024 is projected at 58.005 billion yuan, a decrease of 2.8% compared to 2023 [2] - The earnings per share (EPS) for 2024 is expected to be 2.92 yuan [2] - The gross profit margin is forecasted to be 33.9% for 2024 [2] - The return on equity (ROE) is projected at 14.4% for 2024 [2] Market Data - As of January 23, 2025, the closing price is 38.41 yuan, with a market capitalization of 633.421 billion yuan [3] - The dividend yield is estimated at 5.88% based on the most recent dividend distribution [3] - The price-to-earnings (PE) ratio is projected at 13 for 2024 [2][3]

Investment Rating - The report maintains an investment rating of "Buy-A" for the company [1] Core Views - The acquisition of 100% equity in Hanjin Energy from the National Energy Group is expected to enhance the company's coal reserves and production capacity, solidifying its leading position in the coal industry [2][4] - The company plans to distribute at least 65% of its net profit to shareholders in cash annually from 2025 to 2027, reflecting a commitment to shareholder returns [6] Summary by Sections Market Data - Closing price: 38.41 CNY - Yearly high/low: 47.50/32.65 CNY - Circulating A-shares/Total shares: 164.91/198.69 billion - Market capitalization: 7,631.50 billion CNY [1] Financial Performance - Basic and diluted earnings per share (EPS): 2.32 CNY - Net asset return rate (ROE): 10.91% [1] Recent Events - The company announced the acquisition of Hanjin Energy for 852.6495 million CNY, to be paid with its own funds [3] - The company aims to increase its coal reserves by 3.841 billion tons and its recoverable reserves by 2.087 billion tons post-acquisition [4] Performance Outlook - Expected EPS for 2024-2026: 2.92, 2.93, 2.99 CNY, with corresponding P/E ratios of 13.0, 13.0, and 12.7 [9] - The company’s revenue is projected to grow slightly from 342.071 billion CNY in 2024 to 353.171 billion CNY in 2026 [11][14] Shareholder Returns - The new dividend policy increases the minimum payout ratio from 60% to 65%, indicating a strong commitment to returning value to shareholders [6]

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 57.473 billion to 60 billion yuan in 2024, reflecting a year-on-year change of -4.5% to +0.5% [1]. - The company plans to increase its minimum dividend payout ratio to 65% for the years 2025-2027, up from 60% for 2022-2024, indicating a commitment to shareholder returns [4]. - The company benefits from a high proportion of long-term contracts, which enhances its earnings stability and dividend value [4]. Summary by Sections Financial Performance - In 2024, the company anticipates a net profit of 570 to 600 billion yuan, with a decrease in special reserve provisions by 25% to 37 billion yuan [1][2]. - The company’s coal production is projected to be 327.1 million tons, a 0.8% increase year-on-year, while total power generation is expected to reach 223.21 billion kWh, a 5.2% increase [3]. Dividend Policy - The company has consistently exceeded its dividend commitments, with actual payout ratios of 72.8% and 75.2% for 2022 and 2023, respectively [4]. - The commitment to a higher dividend payout ratio reflects the company's focus on maintaining a stable and predictable profit distribution policy [4]. Earnings Forecast - The projected net profits for 2024-2026 are 57.473 billion, 54.971 billion, and 57.742 billion yuan, respectively, with corresponding EPS of 2.89, 2.77, and 2.91 yuan per share [4][6]. - The company’s PE ratios for the same period are expected to be 13, 14, and 13 times, indicating a stable valuation outlook [4][6].

证券代码：601088 证券简称：中国神华 公告编号：临 2025-006 中国神华能源股份有限公司 2024 年度业绩预告 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： 1. 按中国企业会计准则，本公司预计 2024 年度实现归属于本公司股东的净 利润为 570 亿元至 600 亿元，同比减少 27 亿元至增加 3 亿元，下降 4.5%至增长 0.5%。 2. 按中国企业会计准则，本公司预计 2024 年度实现归属于本公司股东的扣 除非经常性损益的净利润为 585 亿元至 615 亿元，同比减少 44 亿元至 14 亿元， 下降 7.0%至 2.2%。 一、A 股业绩预告情况 （一）业绩预告期间 2024 年 1 月 1 日至 2024 年 12 月 31 日 二、上年同期经营业绩和财务状况 1. 归属于本公司股东的净利润：596.94 亿元 1 2. 归属于本公司股东的扣除非经常性损益的净利润：628.68 亿元 3. 基本每股收益：3.004 元/股 三、2024 年业绩变动的主要原因 2024 年，本 ...

证券研究报告 公司研究 公司点评报告 | 中国神华(601088) | | --- | 投资评级 买入 上次评级 买入 左前明 能源行业首席分析师 高升 能源、钢铁行业联席首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 收购资产&加码分红，双轨驱动价值增⻓ [Table_ReportDate] 2025 年 1 月 23 日 事件：2025 年 1 月 21 日，中国神华发布《中国神华关于收购国家能源集团杭 锦能源有限责任公司 100%股权的关联交易公告》及《中国神华关于 2025-2027 年度股东回报规划的公告》，对此我们点评如下: | 序 | | | 原煤发热 | 资源量 | 可采储 | 核定产 | 剩余服务 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 煤矿名称 | 煤类 | 量（千卡/ | （亿吨） | 量（亿 | 能（万 | 年限 | | | | | 千克） | | 吨） | 吨/年） | （年） | | 1 | 雁南矿 | 褐煤 | 2,920 | 4.24 | 2.47 ...

Investment Rating - The investment rating for China Shenhua (601088.SH) is "Buy" (maintained) [1][3] Core Views - The company has announced a shareholder return plan for 2025-2027, committing to a minimum cash dividend of 65% of the annual net profit attributable to shareholders, which is an increase from the previous minimum of 60% [3][4] - The company plans to acquire 100% equity of Hanjin Energy from the State Energy Group for a transaction price of RMB 853 million, which is expected to enhance coal production capacity and strengthen the company's market position [3][4] - The report anticipates a decline in coal prices and operating expenses, leading to a downward adjustment in profit forecasts for 2024-2026, with expected net profits of RMB 57.52 billion, RMB 57.07 billion, and RMB 58.05 billion respectively [3][5] Summary by Sections Dividend Policy - From 2020 to 2023, the company has consistently led the coal industry in total dividend payouts, with annual dividends of RMB 359.6 billion, RMB 504.7 billion, RMB 506.6 billion, and RMB 449.0 billion [3][4] - The new three-year commitment to dividends reflects the company's focus on shareholder returns and confidence in its operational performance [3][4] Acquisition and Growth Potential - The acquisition of Hanjin Energy is expected to increase the company's coal reserves and production capacity by 11.40% and 13.59% respectively, adding 10 million tons of coal mines under construction and 15.7 million tons of coal mines in production [3][4] - This acquisition marks the first attempt to inject coal assets into the listed company since 2014, potentially paving the way for further asset injections from the parent group [3][4] Financial Performance and Projections - The company’s revenue for 2024 is projected to be RMB 339.5 billion, with a slight decline from 2023, while net profit is expected to decrease by 3.6% year-on-year [5][8] - The report highlights stable profitability due to high long-term contract ratios, with a projected dividend yield of 5.7% for 2024 [4][5]