Gelonghui, March 25 | Changjiang Securities Research Report pointed out that China Shenhua (601088.SH)'s profit and dividend rate increased steadily in 2023, focusing on the scarcity of “cash cow” assets. Maintain the company's “buy” rating. In 2023, the company achieved net profit of 59.694 billion yuan, a year-on-year decrease of 14.3%. The fourth quarter results of the single quarter were 11.425 billion yuan, up 8.85% year on year. It is proposed to distribute cash dividends of 2.26 yuan/share (tax included), totaling 44.903 billion yuan, with a dividend ratio of 75.2%. Considering that the company's new street one and two well construction projects totaling 16 million tons/year are expected to be put into operation in 25-26 years, and the gradual implementation of the 11.75 million kilowatt thermal power project planned in the 14th Five-Year Plan, the 300 million ton capacity expansion project of the Shenshuo Railway and the 450 million ton capacity expansion project of the Shuhuang Railway are progressing steadily. Under the integrated business model of coal and electricity transportation, the company can be expected to grow in the medium to long term.