Group 1 - The company, Inner Mongolia Electric Power Investment Co., Ltd., is planning to issue shares and pay cash to acquire assets, specifically the equity of the State Power Investment Corporation Inner Mongolia Baiyin Hwa Coal Power Co., Ltd. [1] - The transaction is still in the planning stage, and no formal agreement has been signed yet, indicating that the specific transaction plan remains uncertain [2] - The company's stock will be suspended from trading starting May 6, 2025, for a period not exceeding 10 trading days, with a planned resumption by May 20, 2025 [1][2] Group 2 - The company is actively advancing the transaction and will continue to suspend trading to ensure fair information disclosure and protect investor interests [2] - The transaction requires approval from the company's board of directors, shareholders' meeting, and relevant regulatory authorities before it can be officially implemented [2] - Investors are advised to pay attention to subsequent announcements from the company regarding the transaction [2]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 为贯彻落实国务院关于推动资本市场高质量发展和提高上市公司 质量的有关精神，内蒙古电投能源股份有限公司（以下简称"公司" 或"电投能源"）正在筹划发行股份及支付现金购买资产并募集配套 资金暨关联交易事项，拟通过发行股份及支付现金方式购买国家电投 集团内蒙古白音华煤电有限公司股权，并将视具体情况募集配套资金 （以下简称"本次交易"）。相关方案尚待进一步商讨确定。 鉴于上述事项尚存在不确定性，为维护投资者利益，避免对公司 股票交易造成重大影响，根据深圳证券交易所的相关规定，经公司申 请，公司股票（证券简称：电投能源，证券代码：002128）自2025年5 月6日（星期二）开市起开始停牌，预计停牌时间不超过10个交易日， 即不晚于2025年5月20日（星期二）开市起复牌，具体内容详见公司于 2025年5月6日披露的《内蒙古电投能源股份有限公司关于筹划发行股份 及支付现金购买资产并募集配套资金暨关联交易事项的停牌公告》（ 公告编号：2025019）。 证券代码：002128 证券简称：电投能源 公告编号：2025020 特 ...

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4]. Core Viewpoints - The current phase of coal price adjustment is nearing its end, with the market having a clear understanding of the price decline. The industry is at a critical stage of price bottoming, and confidence should be maintained [3]. - The global seaborne coal trade volume decreased by 6.7% year-on-year in Q1 2025, with significant declines in coal exports from major countries [2][6]. - Domestic coal companies are facing increasing losses, with over half (54.8%) reporting losses as of March 2025, leading to a higher probability of production cuts [6]. Summary by Sections Coal Mining Trade - In Q1 2025, the international seaborne coal trade volume was 307 million tons, down 6.7% year-on-year [2]. - Major exporting countries saw declines: Indonesia's exports fell by 10.7% to 114.5 million tons, Australia by 9.4% to 76.6 million tons, and the U.S. by 4.9% to 20.8 million tons [6]. Price Trends - As of May 9, 2025, coal prices showed slight increases: European ARA port coal at $97.1/ton (+1.9%), Newcastle port coal at $98.9/ton (+0.9%), while South African Richards Bay coal futures fell slightly to $89.0/ton (-0.1%) [1][37]. - The report indicates that coal prices are stabilizing after a prolonged decline since Q4 2021 [3]. Recommendations - The report recommends increasing positions in key coal companies such as China Shenhua, China Coal Energy, and others, highlighting their potential for recovery and performance [6][7].

Core Viewpoint - The National Power Investment Corporation (State Power Investment) is planning an asset restructuring involving the acquisition of 100% equity of Baiyinhua Coal Power Company by Inner Mongolia Power Investment Energy Co., Ltd. (Power Investment Energy), aiming to enhance market share and operational efficiency in coal, electricity, and aluminum sectors [2][5]. Group 1: Transaction Details - Power Investment Energy announced the acquisition of Baiyinhua Coal Power Company, which is fully controlled by State Power Investment [5]. - The transaction will involve issuing shares and cash payments, with potential fundraising for supporting funds [2][3]. - The deal is still in the planning stage, requiring internal decision-making and regulatory approvals, which introduces uncertainty [5][6]. Group 2: Company Performance - As of April 30, Power Investment Energy's stock price was 17.85 yuan per share, with a total market capitalization of approximately 40.01 billion yuan, reflecting an 8.84% decline year-to-date [4]. - In 2024, Power Investment Energy reported revenues of 29.86 billion yuan, a year-on-year increase of 11.23%, and a net profit of 5.34 billion yuan, up 17.15% [8]. - However, in Q1 2025, the company experienced a decline in net profit by 19.82%, totaling 1.56 billion yuan, despite a revenue increase of 2.63% to 7.54 billion yuan [9]. Group 3: Market Position and Future Outlook - Power Investment Energy is the largest coal producer in the eastern Mongolia and northeastern regions, with a coal supply capacity exceeding 10% of the total regional output [7]. - The acquisition of Baiyinhua Coal Power is expected to enhance Power Investment Energy's market position and profitability in the coal, electricity, and aluminum sectors [9]. - The Baiyinhua Coal Power Company has significant coal reserves of 2.362 billion tons, which positions it as a key player in the national energy strategy [6].

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [3]. Core Viewpoints - The coal industry is experiencing a paradigm shift from performance-driven growth to valuation-driven growth, influenced by supply constraints and stable coal prices [10][16]. - The long-term contracts in the coal sector are enhancing the stability of earnings, providing a buffer against market volatility [24][28]. - The report highlights that despite recent price declines, the coal sector's defensive attributes may offer unique advantages in uncertain market conditions [60][66]. Summary by Sections 1. What to Invest in the Coal Industry? - The focus is on long-term contracts and stable coal prices as key investment areas [8]. 2. Why Shift from Performance to Valuation? - Supply elasticity is decreasing, leading to enhanced stability in return on equity (ROE) [18][21]. - The increase in capital expenditures since 2021 has been significant, with new coal mine approvals becoming more complex and costly [19][20]. - The long-term contract mechanism is crucial for stabilizing earnings expectations in the coal sector [24][27]. 3. Why Has the Coal Sector Seen Significant Corrections Since H2 2024? - The fundamental issue stems from strong supply and weak demand, leading to a surplus in coal supply [39][41]. - The decline in electricity prices has pressured profit margins across the coal-electricity supply chain [39][41]. 4. Can the Sector Still Rise Despite Weak Demand? - Concerns about demand are driven by a slowdown in electricity consumption growth and the increasing substitution of coal by renewable energy sources [48][53]. - The report suggests that even with demand concerns, coal's defensive characteristics may still provide stability in performance [60][66]. 5. Long-term Outlook for Thermal Coal - The report anticipates a marginal improvement in coal supply-demand dynamics by late May 2025, with potential support for coal prices [66][67].

Core Viewpoint - Inner Mongolia Power Investment Energy Co., Ltd. (referred to as "Power Investment Energy") is undergoing a significant asset restructuring process, planning to acquire 100% equity of Baiyinhua Coal Power Co., Ltd. from its controlling shareholder, State Power Investment Corporation [1][11]. Group 1: Company Overview - Power Investment Energy was established in 2001 and listed on the Shenzhen Stock Exchange in April 2007. Its business includes coal, aluminum, thermal power, and new energy, creating a "coal-new energy-electricity-aluminum" circular economy model [4]. - As of April 30, Power Investment Energy's stock price was 17.85 yuan, with a market capitalization of approximately 40 billion yuan [5]. Group 2: Financial Performance - Power Investment Energy has achieved continuous revenue and net profit growth for four consecutive years from 2021 to 2024. In 2024, the company reported a net profit of 5.341 billion yuan, a year-on-year increase of 17.15% [7][8]. - The main drivers for profit growth include increased sales prices and volumes of coal and aluminum products, as well as significant growth in photovoltaic and wind power sales, with increases of 94.70% and 94.96% respectively [7]. Group 3: Asset Restructuring Details - The planned acquisition of Baiyinhua Coal Power, which has a registered capital of 3.86 billion yuan, aligns closely with Power Investment Energy's existing business operations [12][13]. - Baiyinhua Coal Power has unique resource advantages, including a coal supply that can reduce transportation costs by approximately 30%, and a 300MW photovoltaic project that generates an average of 450 million kWh annually, supporting Power Investment Energy's transition to "green electricity aluminum" [13]. - The restructuring is expected to enhance Power Investment Energy's competitiveness by integrating the entire supply chain from coal mining to thermal power and green electricity production, thereby improving cost efficiency and market position [14]. Group 4: Industry Context - The energy sector is undergoing significant transformation, with increasing demand for clean energy and pressure on traditional thermal power companies to transition to greener practices. This context makes the asset restructuring of Power Investment Energy particularly significant [11].

Core Viewpoint - The recent announcement by Inner Mongolia Power Investment Energy Co., Ltd. regarding a significant asset restructuring process with its controlling shareholder, State Power Investment Corporation, highlights the company's strategic move to enhance its operational efficiency and market competitiveness through the acquisition of Baiyin Hwa Coal Power Co., Ltd. [1][3][10] Company Overview - Inner Mongolia Power Investment Energy Co., Ltd. was established in 2001 and listed on the Shenzhen Stock Exchange in April 2007. The company operates in coal, aluminum, thermal power, and new energy sectors, creating a "coal-new energy-electricity-aluminum" circular economy model [5]. - As of April 30, the company's stock price was 17.85 yuan, with a market capitalization of approximately 40 billion yuan [6]. Financial Performance - The company has experienced continuous growth in revenue and net profit for four consecutive years from 2021 to 2024. In 2024, the company achieved a net profit attributable to shareholders of 5.34 billion yuan, a 17.15% increase year-on-year, driven by higher sales prices and volumes of coal and aluminum products, as well as significant growth in solar and wind energy sales [8][9]. - Key financial metrics for 2024 include: - Revenue: 29.86 billion yuan, up 11.23% from 2023 - Net profit: 5.34 billion yuan, up 17.15% from 2023 - Basic earnings per share: 2.38 yuan, up 12.80% from 2023 [9]. Strategic Asset Restructuring - The proposed acquisition of 100% equity in Baiyin Hwa Coal Power is currently in the planning stage, with discussions ongoing and no formal agreements signed yet. The transaction is expected to enhance the company's operational capabilities and align with its strategic goals [3][10]. - Baiyin Hwa Coal Power, established in 2003, has a registered capital of 3.86 billion yuan and operates in coal production, coal chemical processing, and comprehensive utilization of coal ash, which complements the existing business of Inner Mongolia Power Investment Energy [10]. Industry Context - The energy sector is undergoing significant transformation, with increasing demand for clean energy and pressure on traditional thermal power companies to transition to greener, low-carbon operations. The asset restructuring is seen as a critical step for Inner Mongolia Power Investment Energy to adapt to these industry changes [10]. - The integration of Baiyin Hwa Coal Power is expected to create a full supply chain from coal mining to thermal power and green aluminum production, enhancing the company's cost competitiveness and operational efficiency [10]. Future Outlook - The completion of the restructuring is anticipated to optimize the company's industrial structure, improve profitability, and strengthen market competitiveness. The company aims to leverage this opportunity to achieve sustainable growth amid industry changes [11].

Financial Performance - In 2024, the company achieved operating revenue of 29.86 billion yuan, an increase of 11.2% year-on-year [2][3] - The net profit attributable to shareholders reached 5.34 billion yuan, reflecting a growth of 17.1% compared to the previous year [2][3] - The net profit after deducting non-recurring gains and losses was 5.10 billion yuan, with a year-on-year increase of 17.5% [2][3] - The net cash flow from operating activities was 7.95 billion yuan, up 15.7% year-on-year [2][3] - Total assets at the end of Q4 2024 amounted to 516.34 billion yuan, a 6.5% increase year-on-year [2] - The net assets attributable to shareholders were 346.03 billion yuan, showing a growth of 12.0% [2] Business Segments - The company has a diversified business layout, including coal, thermal power, aluminum, and renewable energy sectors [3] - In the coal sector, national self-owned coal supply is expected to reach 4.82 billion tons by 2025, an increase of approximately 6 million tons year-on-year [3] - The thermal power business faces pressure on market position and profitability due to the continuous growth of renewable energy generation capacity [3] - In the aluminum sector, the direct alloying ratio of aluminum water is projected to increase to over 90% by 2025, amid ongoing cost pressures [3] - The company plans to enhance competitiveness through optimized procurement, transportation strategies, and refined production management [3] Renewable Energy Growth - The renewable energy sector has emerged as a significant highlight for the company, with revenue from this segment increasing by 71.02% year-on-year in 2024 [4] - Despite uncertainties in electricity demand growth, the overall market outlook for renewable energy remains broad [4] Research and Development - The company significantly increased its R&D investment in 2024, with an amount of 130 million yuan, representing a growth of 301.42% compared to 2023 [5] - The proportion of R&D investment to operating revenue rose from 0.12% to 0.44% [5] - Capitalized R&D investment accounted for 39.70% of total R&D expenditure, a substantial increase from 2.16% in 2023 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is under pressure year-on-year due to rising alumina prices, but growth potential is expected from group asset injections [1] - The company reported Q1 2025 revenue of 7.54 billion yuan, a year-on-year increase of 2.6%, but a quarter-on-quarter decrease of 6.4%. The net profit attributable to shareholders was 1.56 billion yuan, down 19.8% year-on-year but up 65.5% quarter-on-quarter [1] - The company is expected to maintain its profit forecast for 2025-2027, with net profits projected at 5.79 billion yuan, 6.17 billion yuan, and 6.50 billion yuan respectively, representing year-on-year growth of 8.4%, 6.5%, and 5.4% [1] Summary by Sections Financial Performance - In Q1 2025, the average price of alumina in Inner Mongolia was 3,794 yuan/ton, up 13.4% year-on-year but down 28.9% quarter-on-quarter, which may pressure the profitability of the electrolytic aluminum segment [5] - The average market price of aluminum ingots in Q1 2025 was 20,433 yuan/ton, reflecting a year-on-year increase of 7.2% [5] Business Growth Potential - The company has a coal production capacity of 48 million tons and is expected to see growth from the injection of assets from the group, including 15 million tons of coal capacity and a large electrolytic aluminum production line [6] - The company plans to increase its renewable energy capacity, with a target of 700,000 kilowatts to be put into operation in 2024, contributing to its growth potential [6] Dividend Policy - The company announced a total cash dividend of 1.905 billion yuan for 2024, with a dividend payout ratio of 35.67%, which is expected to continue increasing under state-owned enterprise market management requirements [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is under pressure year-on-year due to rising alumina prices, but the potential for growth through group asset injection is promising [1] - The company reported Q1 2025 revenue of 7.54 billion yuan, a year-on-year increase of 2.6%, but a quarter-on-quarter decrease of 6.4%. The net profit attributable to shareholders was 1.56 billion yuan, down 19.8% year-on-year but up 65.5% quarter-on-quarter [1][4] - The company is expected to maintain its profit forecast for 2025-2027, with net profits projected at 5.79 billion yuan, 6.17 billion yuan, and 6.50 billion yuan respectively, reflecting year-on-year growth of 8.4%, 6.5%, and 5.4% [1][4] Summary by Sections Financial Performance - In Q1 2025, the average market price of aluminum ingots in China was 20,433 yuan/ton, up 7.2% year-on-year but down 0.5% quarter-on-quarter. The average price of alumina in Inner Mongolia was 3,794 yuan/ton, up 13.4% year-on-year but down 28.9% quarter-on-quarter [5] - The company has a coal production capacity of 48 million tons and is expected to see an increase in coal production capacity due to the planned asset injection from the group [6] Growth Potential - The company is actively advancing its new energy business, with a planned installed capacity of approximately 700,000 kilowatts in 2024, aiming for a total installed capacity of 5,007,600 kilowatts by the end of 2024 [6] - The planned acquisition of 100% equity in Inner Mongolia Baiyinhu Coal Power Co., which has a coal production capacity of 15 million tons per year and a large-scale aluminum production line, is expected to open up growth opportunities for the company [6] Dividend Policy - The company announced a total cash dividend of 1.905 billion yuan for 2024, with a dividend payout ratio of 35.67%, an increase of 2.24 percentage points year-on-year. The current dividend yield is 4.8% [6]