First Shanghai released a research report stating that it maintains China's Shenhua (01088.HK) “buy” rating, and the 2023 results are in line with expectations. Taking into account the current level of coal prices and demand for thermal coal in 2024, the company's net profit forecast for 2024-2026 was adjusted to $633/63.5/63.7 billion, with a target price of HK$37.49. Looking ahead to 2024, the company's advantages in integrated industrial operation will continue to be reflected. The sales structure of Gaochang Coal stabilizes profit levels, and the addition of superimposed power generation capacity drives steady growth in power generation to hedge against fluctuations in coal prices. Profit stability is strong, and in the past, it has focused on shareholder returns to maintain a high dividend ratio for a long time. The company's high cash flow and high dividend payout characteristics have long-term investment value.
第一上海：维持中国神华(01088.HK)“买入”评级 目标价37.49港元
First Shanghai: Maintaining China's Shenhua (01088.HK) “Buy” rating target price of HK$37.49
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