内蒙华电重组草案落地：以历史高位增发股份，估值优势留足价值成长空间

Group 1 - Inner Mongolia Huadian has completed a significant transformation in under five months, focusing on its core business and value release strategy [1] - The company plans to acquire 70% of Zhenglanqi Wind Power and 75.51% of Northern Duolun, raising funds through a combination of share issuance and cash payment [1][2] - The share issuance price is set at 3.46 CNY per share, reflecting confidence in future development, as it is 80% of the average trading price over the last 60 days [1] Group 2 - Zhenglanqi Wind Power and Northern Duolun have a combined wind power installed capacity of 1.6 million kilowatts, directly supplying electricity to the Beijing-Tianjin-Hebei load center [2] - Post-acquisition, Inner Mongolia Huadian's net profit is projected to increase from 2.325 billion CNY to 3.04 billion CNY in 2024, with earnings per share rising from 0.34 CNY to 0.40 CNY [2] - The company's estimated price-to-earnings ratio of approximately 10 is below the market average and significantly lower than the median of 17.30 for A-share power companies, indicating a growth potential [2] Group 3 - Inner Mongolia Huadian has established a balanced industrial structure with coal, electricity, and renewable energy, leveraging its management advantages and local policy interactions [3] - The acquisition will add 1.6 million kilowatts of new energy capacity, bringing the total renewable energy capacity close to 50% of its thermal power capacity, enhancing its competitive edge [3]