JEI(SZ:000600) Zheng Quan Zhi Xing·2025-08-15 12:16Core Viewpoint - Hebei Construction Investment Energy Co., Ltd. is issuing shares to specific investors, which will dilute immediate returns but includes measures to compensate for this dilution [1][2][3] Financial Impact Analysis - The maximum number of shares to be issued is 231,141,279, with total fundraising not exceeding RMB 2 billion [2] - The company's net profit for 2025 is estimated at RMB 879.84 million, with projections for 2026 showing potential growth scenarios of 20%, flat, or a decrease of 20% [2][3] - The total share capital before the issuance is 180,929.94 million shares, which will increase to 204,044.07 million shares post-issuance [3][4] Earnings Per Share (EPS) Projections - Under different scenarios for 2026, the diluted EPS is projected to be affected as follows: - Scenario 1 (20% growth): Basic EPS increases from 0.9915 to 1.1898 [4] - Scenario 2 (flat): Basic EPS remains at 0.9915 [4] - Scenario 3 (20% decrease): Basic EPS drops to 0.7932 [4] Business Operations and Strategy - The company focuses on efficient and clean coal-fired power generation and centralized heating, primarily operating in Hebei, Inner Mongolia, and Shanxi [5] - The fundraising projects are closely related to the company's existing business and align with national industrial policies [5] - The company has a strong management team with capabilities in market development and operational management [5][6] Technological and Market Readiness - The company has over 90% of its units as high-capacity, low-energy consumption cogeneration units, ensuring clean energy production [6] - The company has a robust technological foundation and has achieved significant innovation, with 19 subsidiaries certified as high-tech enterprises and 80 patents obtained in 2024 [6] Measures to Compensate for Dilution - The company plans to enhance profitability and improve capital structure post-fundraising, aiming to minimize the impact on shareholder returns [7][8] - Measures include effective management of raised funds, timely project completion, and adherence to profit distribution policies [7][9][10] Commitments from Management - The controlling shareholder and management have committed to ensuring the execution of measures to mitigate the dilution of immediate returns [10][11] - The board has approved the measures and will present them for shareholder voting [11][12]