智通财经APP获悉，大和发布研究报告称，维持中国神华(01088)“跑赢大市”评级。公司昨日公布将年度派息承诺提高至不低于应占纯利的65%等2025-2027年股东回报计划。
大和认为，尽管中国神华在2019-2023年间的派息率维持在60-100%，令当前公布的65%相形见绌，但该行认为中期股息是一个正面的惊喜，并未被投资者广泛预期。报告表示，中国神华在煤价下跌趋势下，于2025年同比下跌8.8%，大和预期股价会就此事件作出正面反应。
同时，集团下一个催化因素是将于2025年3月底揭露的2024年度股息，该行预测派2.2元人民币。尽管如此，大和认为，煤价暴跌有可能在上述三月催化因素计价后影响神华的股价。
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