CSEC,China Shenhua(601088)2024-02-20 09:43Financial Performance - In 2023, China Shenhua achieved a coal production of 324.5 million tons, a year-on-year increase of 7.7% [2] - The total power generation reached 2,122.6 million kWh, up by 11.0% [2] - The expected net profit attributable to shareholders for 2023 is between RMB 578 billion and RMB 657 billion, a decrease of 9.9% year-on-year [3] - According to Chinese accounting standards, the estimated net profit is between RMB 608 billion and RMB 627 billion, reflecting a decline of 12.6% to 16.9% [3] Dividend Policy - The company plans to distribute at least 60% of the annual net profit to shareholders in cash from 2022 to 2024 [3] - The 2023 dividend plan will consider company performance, market commitments, and sustainable development factors [3] Growth and Capacity Expansion - The company is focusing on enhancing coal mining efficiency and resource utilization [4] - New projects, including the acquisition of two coal mine assets, are underway to increase coal resources and production capacity [4] - The company has initiated the construction of 4 million kW of thermal power generation capacity, with over 7 million kW under construction [4] ESG Initiatives - China Shenhua has established an ESG management system and received recognition for its ESG practices, including being rated AA in the top 100 best practices for listed companies [5] - Future plans include enhancing ESG governance, improving information disclosure, and strengthening green transformation efforts [5] Capital Expenditure - The capital expenditure plan for 2023 is approximately RMB 36.1 billion, with future annual investments expected to remain between RMB 30 billion and RMB 50 billion [4]