中国神华：拟完善业务布局，获平安“推荐”评级

Core Viewpoint - Ping An is optimistic about China Shenhua, initiating coverage with a "Buy" rating, highlighting its leading position in the domestic thermal coal market and strong profitability under current coal prices [1] Company Overview - China Shenhua is recognized as the leader in the domestic thermal coal sector, with superior resource quality and significant coal mine scale [1] - The company employs a vertical integration strategy through its "coal-electricity-chemicals-transport-trade" model, which provides resilience in performance amid coal price fluctuations [1] Financial Performance - The company has a high cash dividend payout ratio exceeding 70% in recent years, indicating strong shareholder returns [1] - Future projections suggest an increase in coal prices and sales volume due to recovering demand and rising thermal power generation [1] Strategic Initiatives - China Shenhua plans to acquire assets from the State Energy Group to enhance its integrated business model, aiming to establish itself as a comprehensive energy leader [1] - The company is expected to benefit from resource integration, leading to valuation enhancement in the new cycle [1] Market Conditions - Regulatory constraints on coal supply growth due to safety inspections and production limits are anticipated to support coal price stability [1] - The company’s production capacity and integrated supply chain advantages position it well to navigate market challenges [1]