SHAANXI COAL INDUSTRY(601225):PLANS TO ACQUIRE POWER ASSETS FROM THE CONTROLLING SHAREHOLDER; INTEGRATED COALPOWER BUSINESS MODEL IS PROMISING
SHAANXI COAL INDUSTRY(601225):PLANS TO ACQUIRE POWER ASSETS FROM THE CONTROLLING SHAREHOLDER; INTEGRATED COALPOWER BUSINESS MODEL IS PROMISING
What's new
新增內容
Shaanxi Coal Industry announced on September 5 that it has signed an Asset Transfer Agreement with its controlling shareholder Shaanxi Coal and Chemical Industry Group Co., Ltd. ("Shaanxi Coal Group"), in which Shaanxi Coal Group intends to transfer its entire stake in Shaanxi Coal Power Group Co., Ltd. to Shaanxi Coal Industry.
陝西煤業9月5日宣佈，它已與其控股股東陝西煤業化工集團有限公司（「陝煤集團」）簽署了資產轉讓協議，其中陝煤集團擬將其在陝西煤電集團有限公司的全部股份轉讓給陝煤業。
Comments
評論意見
Shaanxi Coal Power Group's installed power capacity in operation is 9.42mn kW, mainly thermal power. As of end-1Q24, Shaanxi Coal Group held an 88.65% stake in Shaanxi Coal Power Group, which had 9.42mn kW of controlled installed power capacity (including 9.02mn kW of thermal power) and 6.23mn kW of attributable installed power capacity. These power generation facilities are mainly located in Hunan, Henan, Shaanxi and Shanxi.
陝西煤電集團的運營裝機容量爲942萬千瓦，主要是火電。截至24年第一季度末，陝煤集團持有陝煤集團88.65％的股份，該集團擁有942萬千瓦的受控裝機容量（包括902萬千瓦的火電）和623萬千瓦的應占裝機容量。這些發電設施主要位於湖南、河南、陝西和山西。
Business operation of Shaanxi Coal Power Group: In 2023, its installed power generation capacity reached 34.94bn kWh and electricity sales volume was 32.66bn kWh, with an average electricity price of Rmb0.437/kWh. In 1Q24, installed power generation capacity was 9.86bn kWh and electricity sales volume was 9.24bn kWh, with an average electricity price of Rmb0.424/kWh.
陝西煤電集團業務運營：2023年，其發電裝機容量達到349.4億千瓦時，售電量爲326.6億千瓦時，平均電價爲0.437元人民幣/千瓦時。在24年第一季度，裝機發電量爲98.6億千瓦時，電力銷售量爲92.4億千瓦時，平均電價爲0.424元人民幣/千瓦時。
Shaanxi Coal Power Group registered revenue of Rmb15.25bn and net profit of Rmb1.53bn in 2023. As of 1Q24, Shaanxi Coal Power Group had total assets of Rmb34.56bn and net assets of Rmb12.50bn.
2023年，陝西煤電集團的收入爲152.5億元人民幣，淨利潤爲15.3億元人民幣。截至24年第一季度，陝西煤電集團的總資產爲345.6億元人民幣，淨資產爲125.0億元人民幣。
Upbeat on power generation growth: According to Shaanxi Coal Group and public information disclosed by the government, Shaanxi Coal Power Group's power projects under construction and planned include a 2mn kW coal-fired power project in Miluo, a 2mn kW coal-fired power project in Shanggao, a 2mn kW coal-fired power project in Yiyang, a 2mn kW coal- fired power project in Xinyang, a 1.32mn kW coal-fired power project in Shimen, and a 200,000kW wind power project in Pingqiao. We expect Shaanxi Coal Power Group's power business to grow further as more power units start operation.
對發電量增長持樂觀態度：根據陝煤集團和政府披露的公開信息，陝西煤電集團在建和計劃中的電力項目包括位於彌羅的200萬千瓦的燃煤發電項目，位於上高的200萬千瓦的燃煤發電項目，益陽的200萬千瓦的燃煤發電項目，信陽的132萬千瓦的燃煤發電項目石門，以及位於平橋的20萬千瓦風力發電項目。我們預計，隨着更多發電機組開始運營，陝西煤電集團的電力業務將進一步增長。
If Shaanxi Coal Power Group is to be injected into Shaanxi Coal Industry, it will help enhance the company's earnings and enhance stability in the long term. If Shaanxi Coal Power Group is to be injected, we think it may help enhance the company's earnings in the long term. In addition, this deal may also reduce related-party transactions between the company and its controlling shareholder.
如果要將陝西煤電集團注入陝西煤炭工業，這將有助於提高該公司的收益並增強長期的穩定性。如果要注入陝西煤電集團，我們認爲這可能有助於提高該公司的長期收益。此外，該交易還可能減少公司與其控股股東之間的關聯方交易。
We think the injection of power assets will help the company connect upstream and downstream segments of the coal value chain through its integrated coal-electricity model, which can help gradually smooth out cyclical fluctuations in coal prices and enhance earnings stability.
我們認爲，電力資產的注入將有助於該公司通過其綜合煤電模型連接煤炭價值鏈的上下游部分，這將有助於逐步平滑煤炭價格的週期性波動，增強收益穩定性。
We suggest keeping an eye on the progress of asset transfer and asset price. The Asset Transfer Agreement is an agreement of intent, and the specific time and process of the transfer as well as the price of the target assets have not been mentioned. Given the large assets of Shaanxi Coal Power Group, we suggest keeping an eye on the progress of the asset transfer and valuation.
我們建議密切關注資產轉移和資產價格的進展。資產轉讓協議是一份意向協議，沒有提及轉讓的具體時間和過程以及目標資產的價格。鑑於陝煤集團擁有龐大的資產，我們建議密切關注資產轉讓和估值的進展。
Financials and valuation
財務和估值
We keep our 2024 and 2025 earnings forecasts unchanged. The company's shares are trading at 10.3x 2024e and 9.8x 2025e P/E. We maintain our OUTPERFORM rating and target price at Rmb27.00. Our TP implies 12.2x 2024e and 11.6x 2025e P/E, offering 18% upside.
我們將2024年和2025年的收益預測保持不變。該公司的股票交易價格爲2024年的10.3倍和2025年的9.8倍。我們將跑贏大盤的評級和目標價格維持在27.00元人民幣。我們的目標是指2024年的12.2倍市盈率和11.6倍的2025年市盈率，提供18％的上漲空間。
Risks
風險
Disappointing demand recovery and/or project progress; higher-than- expected prices for acquired assets.
需求復甦和/或項目進展令人失望；收購資產的價格高於預期。
譯文內容由第三人軟體翻譯。