SHCI(601225) 证券时报网·2024-12-07 23:41Core Viewpoint - Shaanxi Coal Industry announced a significant acquisition of 88.6525% stake in Shaanxi Coal Power Group for 15.695 billion yuan, aiming to enhance its "coal-electricity integration" operational model and reduce related transactions [1][3]. Group 1: Acquisition Details - The acquisition will be conducted through a private agreement, with the purchase price based on an assessed net asset value of 17.704 billion yuan as of October 31, 2024 [2]. - Shaanxi Coal Power Group reported revenues of 11.74 billion yuan and a net profit of 1.65 billion yuan for the period from January to October 2024, with a total revenue of 17.72 billion yuan and a net profit of 2.37 billion yuan for 2023 [2]. - The acquisition price corresponds to a price-to-book (PB) ratio of 1.5, which is lower than the average PB of 1.64 for 29 A-share thermal power companies [2]. Group 2: Strategic Importance - The acquisition is seen as a strategic move to align with the company's operational needs and development direction, aiming to extend the coal industry chain and promote high-quality growth [3]. - The transaction is expected to enhance revenue and reduce reliance on related transactions, thereby improving operational efficiency [3]. Group 3: Financial Position - Shaanxi Coal Industry reported a net profit of 15.943 billion yuan for the first three quarters of the year, with cash assets amounting to 38.79 billion yuan as of the third quarter of 2024 [4]. - The company announced a cash dividend plan of 1.03 yuan per 10 shares, totaling 1 billion yuan, which represents 6.27% of the net profit for the period [4]. - The acquisition is projected to increase the company's profit by approximately 6.77% based on the anticipated net profit for 2024 [4]. Group 4: Industry Outlook - The coal sector remains generally optimistic, with expectations of stable coal prices and demand growth in 2025, despite recent adjustments in stock performance [5][6]. - Analysts predict that the coal price will stabilize around 800-830 yuan per ton in 2025, supported by demand growth outpacing supply growth [6][7]. - The coal sector is viewed as having strong investment value due to its resilient demand and tight supply conditions, making it a solid option for investors seeking stable returns [7].