CSEC,China Shenhua(SH:601088) Shenwan Hongyuan Securities·2025-03-25 14:50Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong investment opportunity due to its integrated operations and high dividend yield [8][9][26]. Core Insights - The company reported a total revenue of 338.375 billion yuan in 2024, a decrease of 1.37% year-on-year, with a net profit attributable to shareholders of 58.671 billion yuan, down 1.71% year-on-year [8][9]. - The company plans to distribute a cash dividend of 2.26 yuan per share, totaling 44.903 billion yuan, reflecting a dividend payout ratio of approximately 76.5% [26]. - The company's coal production increased slightly to 327.1 million tons, while the average selling price decreased by 3.8% to 527 yuan per ton [8][9][12]. - The power generation segment saw a 5.2% increase in generation volume to 223.21 billion kWh, with sales volume rising by 5.3% to 210.28 billion kWh [19][20]. Financial Performance Summary - Total revenue and net profit projections for 2025-2027 are estimated at 335.2 billion yuan, 53.852 billion yuan, and 343.723 billion yuan, 55.503 billion yuan, respectively [2][29]. - The company's gross margin for coal operations was reported at 30.3%, a decrease of 2 percentage points year-on-year, while the power generation segment's gross margin was 16.3%, down 0.6 percentage points [9][10]. - The company holds a substantial cash position of 1528.42 billion yuan as of the end of 2024, indicating strong liquidity [21][26]. Business Segment Analysis - The coal segment generated revenue of 268.618 billion yuan, a decline of 1.7% year-on-year, while the power generation segment's revenue increased by 2.0% to 942.17 billion yuan [9][19]. - The transportation segment, including rail, port, and shipping, recorded a combined revenue of 549.53 billion yuan, reflecting a growth of 0.75% [10]. - The coal chemical segment contributed 5.633 billion yuan in revenue, with a gross margin of 5.8%, down 5.4 percentage points year-on-year [10].