中国神华：四季度业绩平稳落地 继续看好长久期属性

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The fourth quarter performance is stable, and the long-term attributes of the company are still favored [5] - The company expects a net profit attributable to shareholders for 2024 to be between 57 billion to 60 billion RMB, indicating a potential decrease of 4.5% to an increase of 0.5% year-on-year [8] - The company has announced a shareholder return plan for 2025-2027, committing to distribute at least 65% of the net profit to shareholders in cash, which is an increase from the previous commitment [8] - The acquisition of Hanjin Energy will increase coal production capacity by 25.7 million tons per year [8] - The company’s ability to resist demand fluctuations in the coal industry is significantly higher than the industry average, suggesting that the market has not fully priced in its long-term attributes [8] Financial Summary - Revenue for 2024 is projected to be 355.014 billion RMB, with a year-on-year growth rate of 3.48% [7] - The net profit attributable to shareholders for 2024 is expected to be 59.663 billion RMB, with a slight decrease of 0.05% year-on-year [7] - The earnings per share (EPS) for 2024 is estimated to be 3.00 RMB [7] - The company’s return on equity (ROE) is projected to be 13.99% for 2024 [7] - The price-to-earnings (P/E) ratio is expected to be 13.01 for 2024 [7]