研报掘金丨华源证券：维持电投能源“买入”评级，拟收购白音华煤电，定价合理盈利有望上台阶

Core Viewpoint - Electric Investment Energy plans to acquire Baiyinhua Coal Power, with a reasonable pricing that is expected to significantly enhance profitability [1] Summary by Relevant Sections Acquisition Details - The main business and profit model of Baiyinhua Coal Power is largely consistent with that of Electric Investment Energy, indicating potential synergies [1] - Successful completion of the asset purchase is anticipated to substantially increase the scale of the existing "coal-power-aluminum" integrated business [1] Financial Projections - Baiyinhua Coal Power's net profit attributable to shareholders is projected to exceed 2 billion yuan in 2025, with approximately 1.4 billion yuan net profit reported for the first three quarters of 2025 [1] - The net profit for Q3 2025 is estimated at around 640 million yuan, and with rising aluminum prices in Q4, the total for 2025 is expected to surpass 2 billion yuan, significantly boosting the company's profitability [1] Profitability and Valuation - Excluding the impact of Baiyinhua Coal Power's consolidation, the projected net profits for Electric Investment Energy from 2025 to 2027 are 5.77 billion, 6.40 billion, and 6.61 billion yuan, with year-on-year growth rates of 8.0%, 10.9%, and 3.4% respectively [1] - The current stock price corresponds to price-to-earnings ratios of 10.3, 9.3, and 9.0 for the years 2025, 2026, and 2027 [1] Strategic Assets and Future Outlook - The integration of high-quality "coal-power-aluminum" assets, along with the upcoming production of the second phase of Zalu Aluminum, is expected to enhance performance [1] - The company has underlying resources such as open-pit coal long-term contracts, pithead coal power, and quality green electricity, supporting stable and long-term performance in the "coal-power-aluminum" sector [1] - Following the end of the capital expenditure period, as a state-owned energy enterprise, the company is expected to increase its dividend levels, making the dividend yield attractive [1]