中国神华 20250324 摘要 中国神华在 2024 年度实现归母净利润 586.7 亿元，同比下降 1.7%。第四季度 的归母净利润为 126 亿元，同比增长 10%，环比下降 24%。扣非后的归母净利润 为 601.3 亿元，同比下降 4.4%。第四季度扣非后的归母净利润为 140.9 亿元， 同比下降 6.4%，环比下降 14.9%。全年 ROE 为 13.7%，同比仅下降 0.9 个百分 点。公司拟分配现金股利 449 亿元，或每股 2.26 元，分红比例从 2023 年的 75.2%提升至 76.5%。 公司的各业务板块在 2024 年的表现如何？ 2024 年，中国神华煤炭、发电、运输和煤化工板块的利润总额分别为 540.37 亿元、111.5 亿元、149.4 亿元和 0.4 亿元。煤炭板块同比下降 7.1%；发电板 块同比增长 4.7%；运输板块同比增长 11.2%；煤化工板块因生产设备检修导致 产量和销量减少，利润总额同比下降 80.5%。各业务板块的利润占比分别为 67%、 14%、19%和不到 1%。 四季度业绩下滑的原因是什么？ 四季度业绩环比下滑约 40 亿元，降幅约 24%，主要 ...

证券代码：601088 证券简称：中国神华 公告编号：临 2025-019 中国神华能源股份有限公司 关于董事长辞任及授权代表变更的公告 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（"本公司"）董事会于 2025 年 3 月 24 日收到 吕志韧先生递交的书面辞呈。因退休原因，吕志韧先生向本公司董事会请辞董事 长、执行董事职务，其董事会战略与投资委员会主席、委员，提名委员会委员、 薪酬与考核委员会委员职务也同时终止。吕志韧先生辞任未导致本公司董事会低 于法定最低人数，以上辞任即日生效。 特此公告。 1 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 吕志韧先生确认其与本公司董事会之间没有不一致意见，也没有因辞任而须 告知本公司股东及债权人的其他事宜。本公司董事会及吕志韧先生确认，没有因 其辞任而可能影响本公司及其附属公司营运的任何事宜。 吕志韧先生辞任后，提名委员会、薪酬与考核委员会成员人数由三人减少至 两人，低于董事会提名委员会、薪酬与考核委员会议事规则所规定人数。 ...

·证券研究报告 公司研究 公司点评报告 中国神华(601088) 上次评级 买入 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 中国神华：⼀体化战略夯实盈利根基，⾏业⻰头彰 显久期价值 [Table_ReportDate] 2025 年 3 月 24 日 事件： 2025 年 3 月 21 日 ，中国神华发布年度报告，2024 年公司实现营业收 入 3383.75 亿元，同比下降 1.37%，实现归母净利润 586.71 亿元，同比下降 1.71%；扣非后净利润 601.25 亿元，同比下降 4.36%。经营活动现金流量净额 933.48 亿元，同比上涨 4%；基本每股收益 2.95 元/股，同比下降 1.70%。资 产负债率为 23.42%，同比下降 0.66pct。 运输板块：2024 年公司铁路分部实现铁路周转量 31 ...

证券研究报告 | 2025年03月23日 煤炭业务：产销量稳中有增，成本维稳；煤价下行拖累利润。2024 年公司商 品煤产量 3.27 亿吨，同比+0.8%；煤炭销量 4.59 亿吨，同比+2.1%，其中自 产商品煤销量 3.27 亿吨，同比+0.5%。价格方面，自产煤、外购煤销售均价 分别为 527 元/吨、653 元/吨，分别同比-21 元/吨、-26 元/吨。销售结构方 面 ， 2024 年 年 度 长 协 / 月 度 长 协 / 现 货 / 坑 口 直 销 占 比 分 别 为 53.6%/33.7%/7.9%/4.8%，分别同比-3.9pct/+9.3pct/-5.1pct/-0.3pct。自 产煤单位成本为 179 元/吨，同比持平。受煤价回落影响，2024 年煤炭板块 毛利率为 30%，同比下滑 2pct。项目进展方面，新街一井、二井获得国家发 展改革委核准批复，有序推进建设准备工作；神山露天煤矿取得国家矿山安 全监察局批复，生产能力由 60 万吨/年核增至 120 万吨/年。 电力业务：发售电量维持增长，电价、成本均有所下降，毛利率小幅下滑。 2024 年公司发/售电量为 2232.1/2102 ...

华福证券：煤价筑底叠加中国神华提分红 板块权益 更加乐观 华福证券发布研报称，节后煤矿复产加速，供给释放加快，供暖需求逐步退出且非电复产进度一 般，淡季库存累积下煤价持续回调，但已进入底部区域。当前核心标的股息率较为突出，中国神华 （601088）(601088.SH)2024分红比例再度提升，随着煤价企稳估值修复行情或将展开，权益更加乐 观。 动力煤 截至2025年3月21日，秦港5500K动力末煤平仓价671元/吨，周环比-10元/吨，产地价格大跌。晋陕 蒙三省煤矿开工率为82.6%，周环比+0.7pct。上周电厂日耗小涨，电厂库存小涨，动力煤库存指数小 涨，秦港库存持平。非电方面，甲醇开工率微跌、尿素开工率微跌，仍处于历史同期偏高水平，截至3 月20日，甲醇开工率为85.3%，周环比-0.8pct，年同比+3.4pct;截至3月19日，尿素开工率为87.1%，周环 比-0.7pct，年同比+3.4pct。 焦煤 截至3月21日，京唐港主焦煤库提价1380元/吨，周环比持平，山西产地价格大跌、河南及安徽产地 价格持平。铁水产量小涨，样本钢厂煤焦库存微跌。上周焦炭价格持平、螺纹钢价格小跌，截至3月21 日， ...

华福证券：煤价筑底叠加中国神华(601088.SH)提分 红 板块权益更加乐观 华福证券发布研报称，节后煤矿复产加速，供给释放加快，供暖需求逐步退出且非电复产进度一般，淡 季库存累积下煤价持续回调，但已进入底部区域。当前核心标的股息率较为突出，中国神华 (601088.SH)2024分红比例再度提升，随着煤价企稳估值修复行情或将展开，权益更加乐观。 动力煤 截至2025年3月21日，秦港5500K动力末煤平仓价671元/吨，周环比-10元/吨，产地价格大跌。晋陕蒙三 省煤矿开工率为82.6%，周环比+0.7pct。上周电厂日耗小涨，电厂库存小涨，动力煤库存指数小涨，秦 港库存持平。非电方面，甲醇开工率微跌、尿素开工率微跌，仍处于历史同期偏高水平，截至3月20 日，甲醇开工率为85.3%，周环比-0.8pct，年同比+3.4pct;截至3月19日，尿素开工率为87.1%，周环 比-0.7pct，年同比+3.4pct。 焦煤 截至3月21日，京唐港主焦煤库提价1380元/吨，周环比持平，山西产地价格大跌、河南及安徽产地价格 持平。铁水产量小涨，样本钢厂煤焦库存微跌。上周焦炭价格持平、螺纹钢价格小跌，截至3月21日 ...

证券研究报告 中国神华 (1088 HK/601088 CH) 港股通 一体化协同驱动盈利稳健，高股息彰 显龙头担当 华泰研究 年报点评 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 (人民币百万) | 343,074 | 338,375 | 328,566 | 331,479 | 332,236 | | +/-% | (0.42) | (1.37) | (2.90) | 0.89 | 0.23 | | 归属母公司净利润 (人民币百万) | 59,694 | 58,671 | 55,908 | 56,315 | 56,589 | | +/-% | (14.26) | (1.71) | (4.71) | 0.73 | 0.49 | | EPS (人民币，最新摊薄) | 3.00 | 2.95 | 2.81 | 2.83 | 2.85 | | ROE (%) | 14.88 | 14.04 | 12.93 | 12.70 | 12.44 | | PE (倍) | 12.19 | ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company demonstrated stable profitability and an increased dividend payout ratio, highlighting its value as a dividend leader [1] - The company reported a slight decline in revenue and net profit for 2024, with total revenue of CNY 338.375 billion, down 1.4% year-on-year, and net profit attributable to shareholders of CNY 58.671 billion, down 1.7% year-on-year [1][4] - The company plans to maintain a dividend payout ratio of no less than 65% for the years 2025-2027, with a 2024 dividend payout of CNY 2.26 per share, resulting in a dividend yield of 6.17% [3][4] Summary by Sections Financial Performance - In 2024, the company achieved a coal production of 327 million tons, up 0.8% year-on-year, and coal sales of 459 million tons, up 2.1% year-on-year [2] - The company's coal business revenue was CNY 268.618 billion, down 1.7% year-on-year, with a total profit of CNY 54.365 billion, down 7.1% year-on-year [2] - The electricity business saw an increase in sales volume, leading to a gross profit growth, with total electricity sales of 210.28 billion kWh, up 5.3% year-on-year [3] Profit Forecast and Valuation - The report adjusts the net profit forecasts for 2025 and 2026 downwards by 10.7% and 12.3% to CNY 54.293 billion and CNY 55.975 billion, respectively [4] - The estimated earnings per share (EPS) for 2025 and 2026 are projected to be CNY 2.73 and CNY 2.82, respectively [4][5] Dividend Policy - The company has a high dividend payout ratio of 76.5% for 2024, with a corresponding annual dividend yield of 6.2% [3][4] - The board has proposed a shareholder return plan for 2025-2027, ensuring a dividend payout ratio of no less than 65% [3]

➢ 事件：2025 年 3 月 21 日，公司发布 2024 年年报。2024 年，公司实现营 业收入3383.75亿元，同比下降1.37%；归母净利润 586.71元，同比下降 1.71%； 扣非归母净利润 601.25 亿元，同比下降 4.36%。国际企业会计准则下，2024 年 公司实现归母净利润 624.21 亿元，同比下降 3.41%。 ➢ 非经项目捐赠支出影响业绩，24Q4 盈利同比增长、环比下降。2024 年公 司非经常性损益中对外捐赠支出 25.07 亿元，影响业绩释放。2024 年四季度， 公司实现营业收入 844.76 亿元，同环比-6.77%/-1.57%；归母净利润 125.97 亿 元，同环比+10.26%/-23.98%；扣非归母净利润 140.91 亿元，同环比-6.42%/- 14.87%。国际企业会计准则下，24Q4 公司实现归母净利润 118.52 亿元，同环 比-2.24%/-33.41%。 ➢ 2024 年分红比例 76.5%，A 股股息率 6.2%，H 股股息率 7.8%，2025- 2027 年承诺分红比例下限提升 5pct 至 65%。公司拟派发 2024 年度股 ...

Financial Performance - The total operating revenue for 2024 was 338,375 million, a decrease of 1.4% compared to 343,074 million in 2023[16]. - The total profit for 2024 was 85,793 million, down 1.6% from 87,176 million in 2023[16]. - The net profit attributable to shareholders for 2024 was 58,671 million, reflecting a decline of 1.7% from 59,694 million in 2023[16]. - The net cash flow from operating activities increased by 4.1% to 93,348 million in 2024, compared to 89,687 million in 2023[16]. - The total assets as of the end of 2024 reached 658,068 million, up 4.4% from 630,131 million at the end of 2023[16]. - The total liabilities at the end of 2024 were 154,116 million, a slight increase of 1.6% from 151,761 million in 2023[16]. - The basic earnings per share for 2024 was 2.953 yuan, down 1.7% from 3.004 yuan in 2023[17]. - The weighted average return on equity for 2024 was 14.04%, a decrease of 0.84 percentage points from 14.88% in 2023[17]. - The total debt-to-capital ratio improved to 6.7% in 2024, down from 7.3% in 2023[17]. - The total revenue for 2024 was 268,618 million RMB, a decrease of 1.7% from 273,306 million RMB in 2023, primarily due to a decline in average coal sales prices[29]. - The gross profit margin decreased to 30.0% in 2024 from 32.0% in 2023, a decline of 2.0 percentage points[29]. - Total profit for 2024 was 54,365 million RMB, down 7.1% from 58,530 million RMB in 2023[29]. Dividend and Shareholder Engagement - The company plans to distribute a cash dividend of RMB 2.26 per share for the fiscal year 2024, totaling RMB 44,903 million based on the total share capital of 19,868,519,955 shares as of December 31, 2024[2]. - All proposals at the shareholder meetings were approved, indicating strong shareholder engagement and participation[188]. - The total compensation for executives in 2024 amounted to 750.58 million yuan, including 616.11 million yuan in salary and 134.47 million yuan in social insurance and housing fund contributions[191]. - The company’s total compensation for the 2024 fiscal year is subject to approval at the annual shareholders' meeting[196]. Operational Risks and Challenges - The company faces uncertainties in achieving its 2025 operational targets due to factors such as coal and power supply-demand dynamics and industry policy adjustments[3]. - The company emphasizes the importance of risk factors including safety, environmental compliance, market competition, and international operations in its management discussion[3]. - The company’s operational performance is subject to risks from market competition and investment strategies[3]. - The company anticipates increased competition in the energy market due to reforms and will adapt its coal purchasing and pricing strategies accordingly[166]. Environmental and Sustainability Initiatives - The company has been recognized for its ESG practices, being listed among the top 100 ESG companies in China for 2024[34]. - The company plans to enhance its green and low-carbon development initiatives, focusing on clean and efficient coal utilization and the integration of coal, thermal power, and new energy[40]. - The company is committed to advancing technological innovation and digital transformation, including the development of smart coal mines and intelligent power stations[38]. - The company aims to accelerate the layout of renewable energy industries and promote green low-carbon transformation[170]. Production and Sales Performance - The company produced 3.271 billion tons of commodity coal, exceeding the target by 3.5%, and the coal sales volume reached 4.593 billion tons, up 2.1% year-on-year[42]. - The average price of long-term contracts for thermal coal was approximately 701 yuan per ton, a decrease of 13 yuan per ton compared to the previous year[44]. - The company’s coal resources as of December 31, 2024, amounted to 34.36 billion tons, an increase of 1.78 billion tons from the end of 2023[94]. - The company’s coal sales to external customers were 381.2 million tons, with an average price of 573 RMB/ton, reflecting a 2.9% increase in sales volume but a 4.2% decrease in price compared to 2023[94]. Future Outlook and Strategic Plans - The company plans to focus on energy supply security and transition development, aiming to meet all annual targets for 2025[36]. - The company aims for a coal production target of 334.8 million tons and a coal sales volume of 465.9 million tons for 2025, reflecting an increase of 2.4% and 1.4% respectively compared to 2024[153]. - The projected operating revenue for 2025 is 320 billion CNY, which represents a decrease of 5.4% from the 2024 actual revenue of 338.375 billion CNY[153]. - The company plans to invest 96.81 billion CNY in coal business capital expenditures for 2025, compared to 125.87 billion CNY in 2024[156]. Corporate Governance and Compliance - The company has established a comprehensive corporate governance structure in compliance with relevant regulations[174]. - The company has implemented measures to ensure independence from its controlling shareholder, the State Energy Group[178]. - The company has a commitment to avoid competition with its controlling shareholder, with agreements in place since 2005[179]. Research and Development - Research and development investment for 2024 was 4,148 million RMB, a decrease of 6.8% from 2023, accounting for 1.2% of operating revenue[68]. - The group received 637 new patent authorizations in 2024, including 237 invention patents, reflecting ongoing innovation efforts[68].