Gelonghui, April 11 | According to Dongxing Securities Research Report, the net profit of China Shenhua (601088.SH) in 23 reached 59.694 billion yuan, a year-on-year decrease of 14.3%. The main reason is the decline in coal sales prices, rising production costs for self-produced coal units, and rising sales costs for self-produced coal and outsourced coal, leading to a decline in profits. The company is deepening coal-power joint ventures and expanding new projects, and production capacity growth is expected to continue in the future. The company continues to have high cash dividends and continues to lead the industry. The total dividends in 2023 will be 44.903 billion yuan (tax included), and high dividends are expected to continue to be maintained. The company's electricity sales business is developing at an accelerated pace, and the business situation of the power generation business continues to improve. At the same time, along with the injection of assets and the gradual commissioning of mines under construction, the company's coal business is expected to usher in an epitaxial increase in production and contribute to stable performance. Maintain a “Highly Recommended” rating.