NMHD(SH:600863) Xin Lang Cai Jing·2025-12-02 10:41Core Viewpoint - Inner Mongolia Mengdian Huaneng Thermal Power Co., Ltd. plans to acquire 70% of Zhenglanqi Wind Power and 75.51% of Beifang Duolun for a total price of 5.717 billion yuan, aiming to enhance clean energy proportion and optimize business structure, with an expected net profit increase of 30.72% for 2024 [1][4] Transaction Details - The acquisition will be financed through a combination of shares and cash, with a total of 2.861 billion yuan in shares at an issue price of 3.46 yuan per share and 2.855 billion yuan in cash, accounting for 49.95% of the total transaction price [2] - The company plans to raise up to 2.85 billion yuan in supporting funds to cover cash payments and related taxes, with the differentiated payment structure aimed at tax planning and optimizing shareholding structure [2] Target Assets - The target companies, Zhenglanqi Wind Power and Beifang Duolun, are key operators in the Shudu Wind Power project with a combined installed capacity of 1.6 million kilowatts, contributing a net profit of 999.4 million yuan in 2024 [3] - The projected revenue for the target companies in 2024 is 1.561 billion yuan, with a net profit margin significantly above the industry average [3] Financial Impact - The transaction is expected to increase total assets from 39.878 billion yuan to 48.750 billion yuan, a growth of 22.25%, and net profit attributable to the parent company from 2.325 billion yuan to 3.040 billion yuan, a growth of 30.72% [4] - Basic earnings per share are projected to rise from 0.34 yuan to 0.40 yuan, an increase of 17.65% [4] Synergy Effects - The transaction will create a "wind-fire complementary" structure, reducing operational costs due to geographical proximity and enhancing profitability, with the target companies contributing 21.4% to the listed company's net profit in 2024 [5] - Post-transaction, related party transactions will be eliminated as the target companies will be included in the consolidated financial statements [5] Industry Significance - The acquisition aligns with Huaneng Group's strategy for integrating renewable energy businesses, positioning Inner Mongolia Mengdian as a key platform for coal-electricity integration in northern China [6] - The target companies utilize advanced wind turbine technology, achieving annual utilization hours of 2500-3000, surpassing the national average for onshore wind power [6] Future Outlook - The company aims to further optimize and integrate wind power asset operations, enhancing the proportion of clean energy generation to support the "dual carbon" goals [7]