GOLDEN SUN SECURITIES·2025-01-23 01:49Investment Rating - The report maintains a "Buy" rating for China Shenhua (601088.SH) [5] Core Views - The acquisition of 100% equity in Hanjin Energy by China Shenhua is confirmed, enhancing its resource base and operational capacity [1][8] - The shareholder return plan for 2025-2027 stipulates a cash distribution of no less than 65% of net profit attributable to the parent company, an increase of 5% from the previous plan [3] - The company is expected to have stable growth and high dividend yield, making it an attractive investment option [3] Financial Summary - Revenue projections for 2024-2026 are estimated at 340.2 billion, 345.5 billion, and 353.1 billion CNY respectively, with a year-on-year growth rate of -0.8%, 1.5%, and 2.2% [4] - Net profit attributable to the parent company is forecasted to be 57.1 billion, 55.4 billion, and 54.6 billion CNY for 2024-2026, reflecting a decline of -4.3%, -3.0%, and -1.5% respectively [4] - The latest diluted EPS is projected to decrease from 3.00 CNY in 2023 to 2.75 CNY in 2026 [4] - The company’s P/E ratio is expected to be 13.3, 13.7, and 13.9 for 2024-2026 [4] Asset Acquisition Details - The acquisition involves a total consideration of 852.65 million CNY for Hanjin Energy, which includes significant coal reserves and operational assets [8] - Post-acquisition, the coal reserves will amount to 3.841 billion tons, with a recoverable reserve of 2.087 billion tons, enhancing the company's resource portfolio [8] - Hanjin Energy's financial performance shows a net profit of 61.96 million CNY in 2022, with a significant impairment provision impacting its profitability [8]