收购盈利煤电资产，主营“煤电一体化”加深。拟收购资产的盈利能力较好，2023 年及2024 年1 月至10 月，陕煤电力集团分别实现营业收入177.17亿元、117.37 亿元；分别实现利润总额26.60 亿元、17.91 亿元，收购完成后有助于进一步增厚公司业绩，平抑受煤价波动带来的公司业绩的震荡，有助于提升公司估值水平。收购电力资产是公司打造“煤电一体化”运营模式的重要举措，也符合公司的实际经营需要和战略发展方向，能够进一步减少关联交易、增加营业收入、延伸煤炭主业产业链，促进公司高质量发展。Incident description
On December 7, the company issued the “Notice on the Acquisition of Shaanmei Electric Power Group Co., Ltd. Shaanmei Electric Power Group Co., Ltd.”, which intends to acquire 88.6525% of Shaanmei Electric Power Group's shares in cash through a private agreement, with a share price of 15.695 billion yuan; on the same day, it issued the “Notice on the Interim Profit Distribution Plan for the Third Quarter of 2024”, proposing that the net profit attributable to shareholders of the parent company realized by the Company's consolidated accounting statements for January to September 2024 (unaudited) is 15.943 billion yuan to meet the interim dividends The conditions are to be based on the company's share capital of 9.695 billion shares. It is proposed to distribute cash dividends of 1.03 yuan (tax included) to the company's shareholders for every 10 shares, for a total cash dividend amount of 1 billion yuan.
Event reviews
Profitable coal and electricity assets were acquired, and the “integration of coal and electricity” of the main business was deepened. The profitability of the assets to be acquired is relatively good. From January to October 2023 and 2024, Shaanxi Coal Electric Power Group achieved operating income of 17.717 billion yuan and 11.737 billion yuan respectively; total profit of 2.66 billion yuan and 1.791 billion yuan respectively. After completion of the acquisition, it will help further enhance the company's performance, calm the company's performance fluctuation caused by fluctuations in coal prices, and help raise the company's valuation level. The acquisition of power assets is an important step for the company to establish an “integrated coal and electricity” operating model. It also conforms to the company's actual operating needs and strategic development direction. It can further reduce related transactions, increase operating income, extend the main coal industry chain, and promote the company's high-quality development.
The implementation of multi-frequency dividends highlights shareholders' confidence in returns. The company launched an interim dividend for the third quarter. It plans to distribute cash dividends of 1.03 yuan (tax included) to the company's shareholders for every 10 shares, totaling 1 billion yuan in cash dividends. The current interim profit distribution amount accounts for 6.27% of the net profit attributable to shareholders of the parent company achieved in the current consolidated statement (unaudited). This interim dividend is the company's second interim dividend since 2024. Combined with the previous interim profit distribution amount, the total cash dividend amount is 2.056 billion yuan, accounting for 12.90% of the net profit attributable to shareholders of the parent company achieved in the current consolidated statement (unaudited). The company promises that the cash dividend for 2022 to 2024 will not be less than 60% of the profit that can be distributed in that year, that is, there is still room for annual dividends, and multi-frequency dividends show shareholders' confidence in return.
Investment advice
The company's 2024-2026 EPS is expected to be 2.23\ 2.28\ 2.39 yuan respectively, corresponding to the company's closing price of 25.25 yuan on December 11, and the 2024-2026 PE was 11.3\ 11.1\ 10.6 times, respectively. The company's acquisition of coal and power assets raised the level of “coal and electricity integration”. The performance is stable and can be expected, and it will continue to be given an “increase holdings -A” investment rating.
Risk Alerts
Risk of macroeconomic growth falling short of expectations; risk of coal prices falling beyond expectations; risk of security generation; risk of production capacity falling short of expectations, etc.
