CSEC,China Shenhua(SH:601088) Zheng Quan Ri Bao Zhi Sheng·2025-12-20 02:19Core Viewpoint - China Shenhua Energy Co., Ltd. plans to acquire assets from its controlling shareholder, China Energy Group, and its wholly-owned subsidiary, West Energy, through a combination of A-share issuance and cash payment, with a total transaction value of 133.598 billion yuan [1] Group 1: Transaction Details - The acquisition involves 12 companies across various sectors including coal, coal power, and coal chemical industries [1] - The payment structure for the acquisition consists of 30% in shares and 70% in cash, with cash payment amounting to 93.519 billion yuan [1] - The overall transaction price after adjustments is set at 1335.98 billion yuan [1] Group 2: Asset Evaluation - The estimated value of the acquired assets totals 143.67473 million yuan, with an average premium rate of 59.52% [2] - Specific asset evaluations include: - Guoyuan Power: 44.582 billion yuan with a 61.71% premium [2] - Xinjiang Energy: 12.121 billion yuan with a 27.71% premium [2] - Huabei Coal: 24.950 billion yuan with a 45.78% premium [2] - Other assets also show significant premium rates, indicating strong valuation [2] Group 3: Impact on Company Metrics - Post-transaction, China Shenhua's coal reserves will increase to 6.849 billion tons, a growth rate of 64.72% [4] - The recoverable coal reserves will rise to 3.45 billion tons, with a growth rate of 97.71% [4] - Coal production is expected to reach 512 million tons, reflecting a growth rate of 56.57% [4] - Earnings per share for 2024 is projected to increase to 3.15 yuan, enhancing by 6.10% [4] - For the first half of 2025, earnings per share is expected to rise to 1.54 yuan, an increase of 4.40% [4] Group 4: Strategic Implications - The transaction aims to enhance the integration of coal mining, coal power, coal chemical, and logistics services, optimizing the company's core business capacity and resource reserves [4] - This strategic move is anticipated to lower operational costs and improve sustainable profitability, aligning with the company's long-term growth strategy [4] - Market analysts view this acquisition as a significant step in strengthening the company's operational moat and enhancing its investment value [4]