物产环能(603071)：第七家热电联产项目落地股息率有望提升

Core Viewpoint - The company plans to acquire 100% equity of Nan Taihu Power Technology Co., Ltd. for 1.457 billion yuan, enhancing its thermal power generation capacity and profitability in the cogeneration sector [1][2]. Group 1: Acquisition Details - The company intends to self-finance 1.457 billion yuan to acquire the entire stake in Nan Taihu Power Technology, a mature enterprise in the cogeneration field in Zhejiang Province [1][2]. - After the acquisition, Nan Taihu Power Technology will be the seventh cogeneration company included in the company's consolidated financial statements, adding 480 tons/hour of heat generation capacity and 48 MW of installed capacity [1][2]. Group 2: Financial Performance - Nan Taihu Power Technology is projected to achieve 562 million yuan in revenue and 131 million yuan in net profit for the year 2024 [2]. - The company has a total annual heat supply capacity of 19.629 million tons, with stable downstream customers primarily located in industrial parks in Zhejiang Province [2]. Group 3: Dividend Policy - The company commits to a minimum dividend payout ratio of 40% for the years 2024-2026, with a historical average dividend payment of 1.172 billion yuan over the past three years [3]. - Assuming the acquisition is consolidated in Q4 of this year, the estimated net profit for the company will exceed 900 million yuan in 2025, leading to an increase in the dividend yield from 4.92% to 5.01% [3]. Group 4: Profit Forecast and Investment Rating - The company expects to enhance its profit forecasts for 2025-2027 to 940 million, 1.058 billion, and 1.113 billion yuan, respectively, following the acquisition [4]. - The current price-to-earnings ratio (PE) for 2025 is projected at 8 times, compared to an industry average of 12 times, leading to an upgrade in the investment rating from "hold" to "buy" [4].