Guohai Securities: The investment value of China Shenhua is prominent, maintaining a "buy" rating.

Guohai Securities research report pointed out that China Shenhua's business is stable and high dividend. The company's three-year cumulative dividend ratio as of 2024 is as high as 224.71%, ranking second in the industry. In the shareholder return plan for 2025-2027, the company plans to distribute cash dividends not less than 65% of the annual net profit attributable to the parent company, which is 5 percentage points higher than the lower limit of the dividend ratio planned for 2022-2024, and also increase the mid-term dividend, further strengthening the dividend attribute. The company has integrated advantages in the "coal-electricity-ports-transportation" industrial chain. The lower limit of the dividend ratio for 2025-2027 has been further increased. In 2025, the acquisition of Hangjin Energy was completed, adding coal and electricity assets. The long-term contracts for coal sales help to suppress price fluctuations. The deep integration of coal, railway, and power-related businesses ensures stable performance. Overall, the company's investment value is highlighted, and a "buy" rating is maintained.