On November 7, Guolonghui|Huachuang Securities research reports pointed out that China Shenhua Energy (601088.SH) had a third-quarter net income attributable to the parent of 16.57 billion yuan, with year-on-year/quarter-on-quarter growth of +10.54%/+21.66% respectively, with performance increasing year-on-year and quarter-on-quarter. Q3 thermal coal production/sales volume were 81.2/115.6 million tons respectively, with a year-on-year change of -0.12%/+0.87%, maintaining stable production and sales against the trend. The company's unique coal-electricity integrated operation model compared to its peers further enhances its long-term investment value. Based on Wind's consensus forecast for the company's net income attributable to the parent in 2024 and assuming a 75% dividend payout ratio, the company's dividend yield is approximately 5.7% as of the current point in time (10.31). The bottom of the thermal coal price has been validated again, highlighting the company's profit stability. Referring to the company's historical valuation and dividend yield levels over the past three years, a target PE multiple of 15 for the company in 2025 corresponds to a target price of 47.40 yuan, maintaining a "strong recommendation" rating.