研报掘金丨国信证券：维持电投能源“优于大市”评级，重大资产重组落地

Core Viewpoint - The major restructuring of Electric Power Investment (电投能源) is expected to resolve industry competition issues and enhance the company's capacity and performance [1] Group 1: Restructuring Impact - The restructuring is projected to increase the company's revenue by approximately 38%, net profit attributable to shareholders by about 27%, and total assets by around 46% based on the performance in the first half of 2025 [1] - The acquisition price for the target company is approximately 11.15 billion yuan, with the target company's net profit for the first nine months of 2025 estimated at around 1.4 billion yuan, resulting in a price-to-earnings (PE) ratio of 5.5 to 6 [1] Group 2: Financial Performance and Projections - The company's PE ratio is approximately 11, indicating a favorable valuation compared to the acquisition [1] - The company maintains profit forecasts, expecting net profits attributable to shareholders to be 5.6 billion yuan, 5.8 billion yuan, and 6 billion yuan for the years 2025, 2026, and 2027 respectively [1] Group 3: Business Segments and Growth Potential - The company has strong growth potential in its new energy generation and aluminum businesses, with a high proportion of long-term coal contracts contributing to stable coal operations [1] - The successful completion of the major asset restructuring is expected to strengthen the advantages of the coal-electricity-aluminum industry chain and enhance overall performance [1]