IMDTECL(SZ:002128) Xin Lang Cai Jing·2025-11-18 04:36Core Viewpoint - The company announced plans to acquire 100% equity of Baiyinhu Coal Power from State Power Investment Corporation for a total price of 11.149 billion yuan, while also issuing shares to raise matching funds from up to 35 qualified investors [1][2]. Group 1: Acquisition Details - The acquisition will involve a combination of cash and share payments, with approximately 1.561 billion yuan in cash and 9.588 billion yuan in shares, at a share price of 14.77 yuan per share, resulting in the issuance of about 649 million shares, which will account for 22.46% of the total share capital post-transaction [2]. - The transaction is expected to increase the company's net profit attributable to shareholders from 2.787 billion yuan to 3.549 billion yuan by mid-2025, although it may slightly dilute EPS in the short term and raise the debt-to-equity ratio above 40% [2]. Group 2: Strategic Importance - This acquisition is a key move in the company's vertical integration strategy, enhancing the "coal-electricity-aluminum" industrial chain and resource self-sufficiency, with total coal production capacity increasing from 48 million tons per year to 63 million tons per year, a 31.3% increase [3]. - The integration of Baiyinhu Coal Power's resources, including a coal mine with geological reserves of 999 million tons and associated power and aluminum production facilities, will significantly strengthen the company's competitive edge in the industry [3]. Group 3: Shareholder Returns and Future Outlook - The company has introduced a shareholder dividend plan for 2025-2027, committing to distribute at least 30% of the average distributable profit in cash annually, indicating strong cash flow and a commitment to shareholder returns [4]. - The potential future injection of aluminum assets from the parent group, which currently holds about 80% of the electrolytic aluminum capacity, could significantly enhance the company's profitability and valuation [4]. - Profit forecasts for 2025-2027 estimate net profits of 5.606 billion yuan, 5.940 billion yuan, and 6.308 billion yuan, reflecting year-on-year growth rates of 4.95%, 5.96%, and 6.18% respectively, with corresponding PE ratios of 11.45, 10.80, and 10.17 [4].