研报掘金丨东北证券：首予内蒙华电“增持”评级，收购集团资产、提升风电占比

Core Viewpoint - Inner Mongolia Huadian's acquisition of group assets aims to increase the proportion of wind power, with a commitment from the counterpart to contribute no less than 800 million yuan in net profit from the injected wind power assets between 2025 and 2027 [1] Group 1: Acquisition and Financial Impact - The acquisition is expected to enhance cash flow contributions and improve the company's cyclical resilience amid coal price fluctuations [1] - The stable profitability and growth potential of the company are anticipated to improve simultaneously due to the efficient operation of new wind power assets and deepening business synergies [1] Group 2: Shareholder Returns - Inner Mongolia Huadian has prioritized shareholder returns, completing 25 dividend distributions since its listing, with a total cash dividend payout of 11.6 billion yuan, ranking high among peers in terms of dividend fundraising ratio [1] - The stable dividend expectations highlight the long-term investment value of the company [1] Group 3: Coal Business Stability - The coal business provides stable thermal power costs, with coal being directly supplied to the Weijiawa power plant and surrounding controlled power plants via belt transportation, effectively mitigating fuel cost fluctuations [1] Group 4: Rating - The initial coverage of the company has been given an "overweight" rating [1]