中国神华（601088）：黄骅港扩建点评：中国最大煤炭运输港再扩建，中国神华煤炭行业龙头效应持续增强

Investment Rating - The report maintains a "Buy" rating for China Shenhua [1] Core Views - The expansion of Huanghua Port, China's largest coal transportation port, enhances China Shenhua's leading position in the coal industry [8] - The expansion project aims to increase annual coal transportation capacity from 210 million tons to 260 million tons, with a total investment of approximately 5 billion RMB [8] - China Shenhua's business model is unique and rare, characterized by stable growth and high dividend yields, making it an attractive investment option [8] Financial Summary - Total revenue forecast for 2023 is 343,074 million RMB, with a slight decrease of 0.42% compared to 2022, and expected to grow to 389,709 million RMB by 2026 [1][9] - The net profit attributable to shareholders is projected to be 59,662 million RMB in 2024, with a slight decrease of 0.05%, and expected to reach 61,228 million RMB by 2026 [1][9] - The earnings per share (EPS) is forecasted to remain stable at 3.00 RMB in 2024, increasing to 3.08 RMB by 2026 [1][9] - The price-to-earnings (P/E) ratio is projected to be 12.63 for 2024, decreasing slightly to 12.31 by 2026 [1][9]