SHAANXI COAL INDUSTRY(601225):PLACING EMPHASIS ON BOTH ACQUISITION OF ASSETS AND DIVIDEND PAYOUTS
SHAANXI COAL INDUSTRY(601225):PLACING EMPHASIS ON BOTH ACQUISITION OF ASSETS AND DIVIDEND PAYOUTS
Meanwhile, we think Shaanxi Coal Industry could smooth out the impact from cyclical fluctuations in coal prices and improve the stability of its earnings by leveraging its integrated coal and power generation business model. In such a context, we think the firm's dividend payouts are likely to improve further.What's new
有什麼新消息
On December 6, Shaanxi Coal Industry announced plans to acquire a stake in Shaanxi Coal Power1 and pay a dividend for 3Q24.
在12月6日，陝西煤業宣佈計劃收購陝西煤電的股份，併爲2024年第三季度支付股息。
Comments Acquisition of assets to boost earnings and improve stability ofearnings. Shaanxi Coal Industry announced plans to acquire an 88.65% stake in Shaanxi Coal Power in cash from Shaanxi Coal and Chemical via a non-public agreement. We expect the acquisition to help Shaanxi Coal Industry reduce related-party transactions and increase revenue.
評論 收購資產以提升盈利並改善盈利穩定性。陝西煤業宣佈計劃通過非公開協議從陝西煤化工處以現金方式收購陝西煤電的88.65%股份。我們預計此次收購將有助於陝西煤業減少關聯交易並增加營業收入。
Meanwhile, we think Shaanxi Coal Industry could smooth out the impact from cyclical fluctuations in coal prices and improve the stability of its earnings by leveraging its integrated coal and power generation business model. In such a context, we think the firm's dividend payouts are likely to improve further.
與此同時，我們認爲陝西煤業可以利用其綜合煤炭和發電業務模式，平滑煤價的週期性波動帶來的影響，從而改善其盈利的穩定性。在此背景下，我們認爲公司的股息支付可能進一步改善。
Power company to be acquired mainly focuses on thermal power.
將要被收購的電力公司主要專注於火電。
Based on the asset assessment report for the acquisition, Shaanxi Coal Power mainly focuses on thermal power and controls 18,300MW of coal- fired power generation capacity, including 8,300MW of coal-fired power generation capacity in operation and 10,000MW of coal-fired power generation capacity under construction (we estimate the total construction cost for the 10,000MW of coal-fired power generation capacity under construction will be about Rmb30-40bn, based on the per-unit cost data of leading companies' coal-fired power generation facilities under construction).
根據收購的資產評估報告，陝西煤電主要專注於火電，控制18,300MW的煤炭發電能力，其中8,300MW的煤炭發電能力正在運營中，10,000MW的煤炭發電能力正在施工中（我們估計這10,000MW正在施工的煤炭發電能力的總施工成本將約爲300到400億人民幣，基於領先公司在建煤炭發電設施的單元成本數據）。
Power company to be acquired enjoys solid profitability. Based on itsfinancial data, Shaanxi Coal Power's net profit attributable to shareholders was Rmb2,067mn in 2023 (implying a net profit margin of 11.7% and ROE of 22%) and Rmb1,358mn in January-October 2024 (implying a net profit margin of 11.6% and ROE of 13.9% in 10M24). As of 3Q24, net profit margins of 29 listed companies in the CSI thermal power sector of the A- share market averaged 7.9% (maximum level at 22.8%, median level at 7.3%) and their ROE (TTM) averaged 5.9% (maximum level at 17.1%, median level at 6.5%) over 1-3Q24.
被收購的電力公司享有較強的盈利能力。根據其財務數據，2023年陝西煤電歸屬於股東的淨利潤爲20.67億人民幣（意味着淨利潤率爲11.7%，roe爲22%），2024年1月至10月的淨利潤爲13.58億人民幣（意味着淨利潤率爲11.6%，roe爲13.9%）。截至2024年第三季度，A股市場上CSI火電板塊29家上市公司的淨利潤率平均爲7.9%（最高爲22.8%，中位數爲7.3%），其roe（TTM）平均爲5.9%（最高爲17.1%，中位數爲6.5%），數據覆蓋2024年1至第三季度。
The valuation of the power company to be acquired implies a 1.5xP/B ratio, not at a high level. Based on the asset assessment report for the acquisition, the book value of Shaanxi Coal Power's assessed net assets is Rmb11.78bn with valuation at Rmb17.70bn, implying a valuation multiple of about 1.5x P/B for the acquisition. The acquisition of an 88.65% stake in Shaanxi Coal Power implies a price of Rmb15.70bn. The valuation multiple for the acquisition of a stake in Shaanxi Coal Power is lower than the average P/B (MRQ) of the 29 listed companies in the CSI thermal power sector of the A-share market (1.88x as of December 6).
被收購電力公司的估值隱含了1.5倍的市淨率，並不高。根據收購的資產評估報告，陝西煤電的評估淨資產賬面價值爲人民幣117.8億元，估值爲人民幣177.0億元，意味着收購的估值倍數約爲1.5倍市淨率。收購陝西煤電的88.65%股份意味着價格爲人民幣157.0億元。收購陝西煤電的股份的估值倍數低於截至12月6日CSI熱電板塊29家上市公司的平均市淨率（1.88倍）。
Planning to pay a dividend for 3Q24 to reward investors. Shaanxi CoalIndustry plans to pay a dividend of Rmb0.103/sh (tax included) for 3Q24, equivalent to 19% of the firm's EPS in 3Q24. Coupled with its dividend of Rmb0.103/sh (tax included) for 1H24, we estimate that the firm may pay a cumulative cash dividend of Rmb0.212/sh for 1-3Q24 (tax included), equivalent to 12.9% of the firm's EPS in 1-3Q24.
計劃爲2024年第三季度支付股息，以回報投資者。陝西煤業計劃爲2024年第三季度支付每股人民幣0.103的股息（稅費已包含），相當於該公司2024年第三季度每股收益的19%。加上其2024年上半年每股人民幣0.103的股息（稅費已包含），我們預計該公司可能在2024年1-3季度支付累計現金股息人民幣0.212（稅費已包含），相當於該公司2024年1-3季度每股收益的12.9%。
Financials and valuation
財務和估值。
We keep our earnings forecasts and target price unchanged.
我們保持我們的盈利預測和目標價不變。
Risks
風險
Demand recovery and/or progress of projects disappoint.
需求回暖和/或項目進展令人失望。
譯文內容由第三人軟體翻譯。