川能动力（000155.SZ）公告，公司于2024年11月29日收到公司控股股东四川省能源投资集团有限责任公司（以下简称“能投集团”）发来的通知，获悉四川省人民政府拟启动 能投集团与四川省投资集团有限责任公司战略重组。① Sichuan plans to initiate a strategic restructuring of two major state-owned enterprises, Sichuan Chuantou Energy and Energy Investment Group; ② Both groups have substantial strengths, and the strategic restructuring is expected to give rise to a stronger and larger energy giant.
Financial Associated Press, November 29 (Reporter Liu Jian, Liu Yue) This evening, the two major energy giants simultaneously announced that the Sichuan provincial government plans to initiate a strategic restructuring of its controlling shareholders, potentially giving birth to a new 'energy giant.'
Specifically, Sichuan Chuantou Energy (600674.SH) announced that on November 29, 2024, it received a notice from its controlling shareholder, Sichuan Provincial Investment Group Co., Ltd. (hereinafter referred to as 'Sichuan Chuantou Group'), informing that the Sichuan provincial government plans to initiate the strategic restructuring of Sichuan Chuantou Group and Sichuan Energy Investment Group Co., Ltd.
Sichuan New Energy Power (000155.SZ) announced that on November 29, 2024, it received a notice from its controlling shareholder, Sichuan Energy Investment Group Co., Ltd. (hereinafter referred to as 'Energy Investment Group'), informing that the Sichuan provincial government plans to initiate the strategic restructuring of Energy Investment Group and Sichuan Provincial Investment Group Co., Ltd.
(Screenshot of Sichuan Chuantou Energy announcement)
Financial Associated Press reporters noted that Sichuan Chuantou Group and Energy Investment Group have considerable strength and are both large group companies under the Sichuan State-owned Assets Supervision and Administration Commission. The strategic restructuring of these two giants may give rise to a new, stronger, and larger energy giant.
The official website of Sichuan Energy Investment Group shows that Energy Investment Group is a large state-owned capital investment company approved by the Sichuan provincial government, established in February 2011 with a registered capital of 17.506 billion yuan. It is a leading enterprise in Sichuan's energy and chemical industry. The company has total assets exceeding 260 billion yuan and annual revenue approaching 100 billion yuan.
Sichuan Chuantou Group was established in October 1988 with a registered capital of 10 billion yuan. In 2023, the company achieved consolidated revenue exceeding 15 billion yuan and total assets exceeding 110 billion yuan, with total profits exceeding 4.5 billion yuan. Currently, in terms of the energy industry, Sichuan Chuantou Group has controlling and participating holdings in electrical utilities with a total installed capacity of 44.03 million kilowatts, accounting for approximately 35% of the province's total installed capacity, with additional controlling projects under construction or planning to reach a total installed capacity of 11.49 million kilowatts.
In 2022, the Sichuan Provincial People's Government proposed in the "14th Five-Year Energy Development Plan" that energy construction faces the situation of deepening market-oriented reforms in the "deep water zone". The reform of the electrical utilities system is advancing, with breakthroughs needed in areas such as market-oriented electricity pricing reform, the liberalization of power generation and consumption plans, incremental distribution reform, and the construction of an electricity spot market. The efforts for strategic restructuring, integration and mergers, share exchanges, and cross-shareholding of state-owned enterprises in the energy sector have increased, while the separation of oil & gas pipelines has entered a substantive operational phase, and regional market connectivity and policy mechanism coordination need further optimization.
Both China Energy Investment Corporation and Sichuan Chuantou Energy Group expect that by the end of the "14th Five-Year Plan", the asset scale of the company will exceed 400 billion yuan and 150 billion yuan respectively, with revenue exceeding 150 billion yuan and 20 billion yuan, and total profit exceeding 10 billion yuan and 5 billion yuan.
It is worth mentioning that the aforementioned announcements did not disclose details about the restructuring, only stating that the matters mentioned currently do not involve significant asset restructuring of the company and will not have a major impact on the normal production and operation activities of the company.
The financial report shows that in the first three quarters of this year, the listed companies Sichuan New Energy Power and Sichuan Chuantou Energy achieved net income of 0.63 billion yuan and 4.422 billion yuan respectively, with year-on-year growth of 11.69% and 15.1%. As of today's closing, their market caps were 20.1 billion yuan and 80.33 billion yuan respectively.
