CSEC,China Shenhua(SH:601088) EBSCN·2025-03-24 01:35Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company demonstrated stable profitability and an increased dividend payout ratio, highlighting its value as a dividend leader [1] - The company reported a slight decline in revenue and net profit for 2024, with total revenue of CNY 338.375 billion, down 1.4% year-on-year, and net profit attributable to shareholders of CNY 58.671 billion, down 1.7% year-on-year [1][4] - The company plans to maintain a dividend payout ratio of no less than 65% for the years 2025-2027, with a 2024 dividend payout of CNY 2.26 per share, resulting in a dividend yield of 6.17% [3][4] Summary by Sections Financial Performance - In 2024, the company achieved a coal production of 327 million tons, up 0.8% year-on-year, and coal sales of 459 million tons, up 2.1% year-on-year [2] - The company's coal business revenue was CNY 268.618 billion, down 1.7% year-on-year, with a total profit of CNY 54.365 billion, down 7.1% year-on-year [2] - The electricity business saw an increase in sales volume, leading to a gross profit growth, with total electricity sales of 210.28 billion kWh, up 5.3% year-on-year [3] Profit Forecast and Valuation - The report adjusts the net profit forecasts for 2025 and 2026 downwards by 10.7% and 12.3% to CNY 54.293 billion and CNY 55.975 billion, respectively [4] - The estimated earnings per share (EPS) for 2025 and 2026 are projected to be CNY 2.73 and CNY 2.82, respectively [4][5] Dividend Policy - The company has a high dividend payout ratio of 76.5% for 2024, with a corresponding annual dividend yield of 6.2% [3][4] - The board has proposed a shareholder return plan for 2025-2027, ensuring a dividend payout ratio of no less than 65% [3]