研报掘金丨国盛证券：电投能源资产收购落地，维持“买入”评级

Core Viewpoint - The acquisition of assets by Electric Power Investment Energy has further advanced the integration of the "coal, electricity, and aluminum" industry chain, with significant financial implications for the listed company [1] Financial Summary - The combined net profit attributable to the parent company of Baiyinhua Coal Power for the period from January to September 2025 is approximately 1.4 billion yuan [1] - Post-transaction, the annualized net profit attributable to the parent company is expected to increase by 1.867 billion yuan, resulting in a price-to-earnings (PE) ratio of approximately 6.0X [1] - The transaction is projected not to dilute the earnings per share (EPS) of the listed company for the same period, with long-term benefits anticipated as the performance of the acquired company is realized [1] Asset Valuation - The net asset book value of the target company, after deducting perpetual bonds, is 7.53 billion yuan, while the assessed value is 11 billion yuan, indicating a value increase rate of 46% [1] - The assessment method used for the asset valuation is based on the asset foundation approach [1] Investment Rating - The company maintains a "buy" rating following the completion of the transaction [1]