First Shanghai: Maintain "buy" rating on China Shenhua, target price of 47.7 Hong Kong dollars.

First Shanghai's research report maintains a "Buy" rating on China Shenhua, predicting that the company's net profit attributable to its parent company will be 58.8 / 58.7 / 58.9 billion yuan from 2025 to 2027, with a target price of 47.7 Hong Kong dollars. The company's third-quarter performance significantly outperformed the industry average, highlighting its leading position and competitive advantage. Once the group's asset injection is completed, it will significantly increase the company's business scale, further strengthen its "coal-electricity integration" model, enhance overall synergies and risk resistance, and open up a new channel for long-term valuation improvement. The company has always been seen by the market as a "cash cow", and its continuous and generous dividend policy is favored by value investors. Under a high dividend strategy, investors can still receive stable cash returns even during stock price fluctuations, providing their stock price with a solid safety margin and defensive value.