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【招商证券】漳泽电力:重组改变命运,打造煤电一体化公司

招商證券 ·  Oct 27, 2011 00:00  · Researches

According to our estimates, regardless of this asset acquisition, the company's net profit for 2011 is expected to be -630 million yuan. Through this acquisition, the company expects net profit to increase by 3.1 million yuan and 394 million yuan in 2011 and 2012, respectively. The financial situation has been greatly improved, and profitability has been greatly improved. Despite this, the company's original power generation business, from making huge losses to profit, is yet to meet Linfen Thermal Power's coal demand and the new majority shareholders' support for other power plants after Huokou Coal and Jincheng Coal are put into operation. Since the benefits of the company's current restructuring have already been reflected in stock prices, further benefits need to be injected later, so we gave an investment rating of “prudent recommendation.” It is recommended to wait for the company's profit forecast for exam preparation after the restructuring is completed.

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