华源证券：给予韶能股份增持评级

Group 1 - The company has announced a plan to issue A-shares to a specific investor, Jin Cai Investment, with a maximum of 101 million shares at a price of 3.96 yuan per share, raising up to 400 million yuan for working capital [1][2] - The company has introduced a restricted stock incentive plan, granting 16.208 million shares to 243 individuals, including senior management, with a grant price of 2.52 yuan per share, and performance targets for net profit growth from 2025 to 2027 set at no less than 30%, 64%, and 97% respectively [1][2] - The company has outlined a shareholder return plan for the next three years (2025-2027), committing to distribute at least 30% of the average annual distributable profit if certain conditions are met [1][2] Group 2 - Following the completion of the private placement, the actual controller of the company will become the Shaoguan State-owned Assets Supervision and Administration Commission, which will control 21.75% of the shares through Jin Cai Investment and Industrial Assets [2] - The company is positioned to benefit from the "computing power city" initiative in Shaoguan, which is expected to drive significant growth in electricity demand and renewable energy projects [3] - The company has set ambitious profit targets for 2025-2027, forecasting net profits of 1.16 billion, 1.36 billion, and 1.7 billion yuan, with year-on-year growth rates of 51.1%, 17.5%, and 25.1% respectively [3]