山西证券03月27日发布研报称,给予中国神华(601088.SH)买入评级。评级理由主要包括:1)非煤产业部分弥补煤炭价格下降影响,业绩符合预期;2)煤炭产、销同增,售价小幅下行;3)电力量增价减,装机规模继续增长;4)运输分部业绩整体增长,煤化工分部因检修业绩下滑;5)高比例分红延续,持续优化分红政策。风险提示:宏观经济增速不及预期风险;煤炭价格超预期下行风险;安生产生风险;电力需求不足、铁路、...
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