Company Situation - The company announced on January 20 its plan to distribute all its shares in Skyworth Solar to shareholders, with Skyworth Solar set to list on the main board of the Hong Kong Stock Exchange without a public offering of new shares, while also conducting a share buyback for privatization [1] - Skyworth Group holds a 70% stake in Skyworth Solar, and the distribution ratio is set at 0.37 shares of Skyworth Solar for every share of Skyworth Group held [1] Comments - The spin-off listing of the solar segment is expected to highlight the intrinsic value of the renewable energy sector. The transaction consists of two parts: the distribution and the listing of Skyworth Solar, and the share buyback plan [1] - The cash option for the share buyback is set at HKD 4.03 per share, while the share option allows for the exchange of one share of the newly listed Skyworth Group for each share held [1] - The theoretical total value per share of the plan is approximately HKD 10.16, calculated by combining the cash option and the distributed shares of Skyworth Solar [1] - The spin-off is anticipated to fully reflect the asset value of Skyworth Solar's renewable energy business and establish an independent financing platform to support the expansion of its solar storage business [1] Industry Outlook - As a leading distributed solar developer, Skyworth Solar is expected to transform into a global energy service provider. By the first half of 2025, the company has constructed 800,000 power stations with an operational capacity exceeding 27 GW [2] - Looking ahead to 2026, with the gradual clarification of the mechanism electricity price, both distributed residential and commercial installations in China are expected to reach 50 GW, while energy storage is anticipated to grow rapidly, positioning the company to seize opportunities in the solar storage market [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain largely unchanged, with the introduction of a profit forecast for 2027 at HKD 918 million. The target price has been raised by 100% to HKD 8, corresponding to 17x and 15x P/E for 2026 and 2027, respectively, indicating a 12% upside potential from the current stock price [2] - The current stock price corresponds to 15x and 13x P/E for 2026 and 2027, respectively [2]
创维集团(00751.HK)：光伏板块拟分拆上市 新能源内在价值有望凸显