中国神华：公司信息更新报告：提高三年分红承诺彰显价值，拟收购资产开启新成长

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]