Guoxin Securities·2024-04-29 07:02Investment Rating - The report maintains an "Accumulate" rating for China Shenhua (601088.SH) [1][3] Core Views - The company's revenue showed a slight increase due to growth in power generation and transportation, while coal price decline negatively impacted performance [1][4] - China Shenhua is recognized as a leading integrated energy enterprise based on coal, with strong business synergy across seven segments, stable performance, and attractive dividend returns [1][12] Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 87.65 billion yuan, a year-on-year increase of 0.7%, while net profit attributable to shareholders was 15.88 billion yuan, down 14.7% year-on-year [1][4] - The decline in profit was primarily due to falling coal prices, despite an increase in business volume in power generation and railway transportation [1][4] Coal Segment - The company produced 81.3 million tons of coal in Q1 2024, up 1.5% year-on-year, and sold 117.1 million tons, an increase of 8.8% year-on-year [1][7] - The average selling price for self-produced coal was 533.3 yuan/ton, down 39.1 yuan/ton year-on-year, while the production cost increased to 190.6 yuan/ton, up 21.2 yuan/ton year-on-year [1][7] Power Segment - Total power generation reached 55.35 billion kWh in Q1 2024, a 7.0% increase year-on-year, with total sales also increasing by 7.0% to 52.16 billion kWh [1][10] - The average selling price for electricity was 409 yuan/MWh, down 2.6% year-on-year, while the unit cost of electricity sales decreased to 364.8 yuan/MWh, down 3.0% year-on-year [1][10] Transportation Segment - Revenue from the railway, port, and shipping segments grew by 5.9%, 5.6%, and 7.4% year-on-year, respectively, with improvements in gross margins [1][10] - The company made significant progress in various projects, including the successful launch of heavy-load trains and the decision to invest in new coal loading facilities at Huanghua Port [1][10] Investment Forecast - The report maintains profit forecasts, expecting net profits attributable to shareholders to be 60.2 billion yuan, 61.1 billion yuan, and 61.5 billion yuan for 2024, 2025, and 2026, respectively [1][12]