IMDTECL(SZ:002128) Chang Jiang Shang Bao·2025-11-18 00:21Core Viewpoint - State Power Investment Corporation (SPIC) is advancing the integration of coal and power assets, with a significant asset restructuring plan involving the acquisition of 100% equity in Baiyinhu Coal Power Co., Ltd. for a total consideration of 11.149 billion yuan [1][2]. Group 1: Acquisition Details - The acquisition price for Baiyinhu Coal Power is set at 11.149 billion yuan, based on an asset-based valuation as of March 31, 2025, which includes a post-valuation increase of 1.51 billion yuan [2]. - The payment structure for the acquisition consists of 1.561 billion yuan in cash and 9.588 billion yuan in shares, with the issuance of approximately 649 million shares at an adjusted price of 14.77 yuan per share [2]. - SPIC plans to raise up to 4.5 billion yuan from no more than 35 specific investors to support the acquisition and related projects [1][2]. Group 2: Financial Performance of Baiyinhu Coal Power - Baiyinhu Coal Power is projected to achieve revenues of 7.316 billion yuan, 11.399 billion yuan, and 5.552 billion yuan for the years 2023, 2024, and the first half of 2025, respectively, with net profits of 485 million yuan, 1.448 billion yuan, and 762 million yuan [1][3]. - The gross profit margin for Baiyinhu Coal Power improved to 30.49% in the first half of 2025, up from 26.79% in 2023 [3]. Group 3: Strategic Implications - The transaction is expected to enhance SPIC's industrial synergy in the coal, power, and aluminum sectors, thereby expanding asset scale and improving profitability [1][3]. - The acquisition aligns with SPIC's strategy to increase the securitization rate of state-owned assets and optimize resource integration, aiming for maximum value for shareholders [3]. - Following the completion of the transaction, SPIC's total assets are projected to increase significantly from 54.979 billion yuan to 80.079 billion yuan, and equity from 35.807 billion yuan to 42.217 billion yuan [7].