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研報掘金丨國海證券:中國神華投資價值凸顯,維持“買入”評級
格隆匯 06-06 14:38

國海證券研報指出,中國神華(601088.SH)經營穩+高分紅(國資央企背景,煤炭產運銷一體化運營,低負債、高現金、高分紅)。公司截至2024年三年累計分紅佔比高達224.71%、位於行業第二位,且2025-2027年度股東回報規劃中計劃現金分紅分配利潤不低於當年歸母淨利潤的65%,相比2022-2024計劃分紅比例下限提升5pct,且增加中期分紅,紅利屬性進一步強化。公司具備“煤電路港航”產業鏈一體化優勢,2025-2027年分紅比例下限進一步提升,2025年完成收購杭錦能源新增煤電資產,煤炭銷售長協佔比高平抑價格波動,煤炭鐵路電力相關業務深度融合,業績穩健,綜合看公司投資價值凸顯,維持“買入”評級。

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