CSEC,China Shenhua(601088) 申万宏源·2025-01-24 05:55Investment 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]