Huachuang Securities research reports pointed out that china shenhua energy (601088.SH) Q3 net income attributable to the parent company was 16.57 billion yuan, with year-on-year/quarter-on-quarter increases of +10.54%/+21.66% respectively, with performance increasing both year-on-year and quarter-on-quarter. Q3 commodity coal production/sales were 81.2/115.6 million tons, with year-on-year changes of -0.12%/+0.87%, maintaining stable production and sales against the trend. The company's unique coal-electricity transportation integrated model further enhances long-term investment value. Based on the consensus expectations of the company's 2024 net income attributable to the parent company by Wind and an assumed 75% dividend payout ratio, the company's dividend yield is approximately 5.7% as of the current date (10.31). The bottom of the thermal coal price is being reconfirmed, highlighting the company's profitability and stability. Referring to the company's historical valuation and dividend yield levels over the past three years, a 2025 target PE ratio of 15 times is given, corresponding to a target price of 47.40 yuan, maintaining a "strong recommendation" rating.