NMHD(SH:600863) 2 1 Shi Ji Jing Ji Bao Dao·2025-08-07 12:01Core Viewpoint - Inner Mongolia Huadian (600863.SH) is advancing its restructuring efforts through a significant acquisition of renewable energy assets, aiming to optimize its energy structure and enhance its market position in the power sector [2][6]. Company Summary - The company plans to acquire 70% of Zhenglanqi Wind Power and 75.51% of Northern Duolun, with a total transaction value of 57.17 billion yuan [2][3]. - The acquisition will increase the company's renewable energy installed capacity from 14.13% to over 20% [2][7]. - The payment structure includes a cash payment of 25.99 billion yuan for Northern Duolun and the issuance of 8.27 billion shares at 3.46 yuan per share for Zhenglanqi Wind Power [3][4]. - The transaction features a unique risk control mechanism, including a 60-month lock-up period and a performance commitment of 26.83 billion yuan in net profit [2][4]. Financial Impact - The acquisition is expected to structurally impact the company's financial data, with the debt-to-asset ratio projected to rise from 40.88% to 49.09%, an increase of 8.21 percentage points [5]. - The estimated net profit for 2024 is projected to increase by 30.72% to 30.4 billion yuan [5]. Industry Context - The restructuring aligns with the broader trend of market-oriented reforms in the power sector, leveraging technological advantages and enhancing profitability through renewable energy integration [2][7]. - The acquisition is part of a strategic shift for Inner Mongolia Huadian, transitioning from traditional coal power to a more balanced energy portfolio that includes significant renewable assets [6][8]. - The deal is expected to increase industry concentration and promote the integration of traditional and renewable energy sectors, reshaping the market landscape [7][8].