SPIC IFH(000958) 国信证券·2024-10-21 02:40Investment Rating - The report gives an "Outperform" rating for the company [1][4][28]. Core Views - The company, under the State Power Investment Corporation, operates in both energy and finance sectors and plans to restructure its assets to become the third nuclear power operator listed in A-shares [1][19]. - The company reported a revenue of 2.769 billion yuan in the first half of 2024, a decrease of 5.03% year-on-year, and a net profit of 530 million yuan, down 10.28% year-on-year [1][20]. - The asset restructuring involves acquiring the controlling stake in State Power Investment Nuclear Energy Co., Ltd. and divesting its financial assets [1][12][19]. Summary by Sections Company Overview - The company is known as State Power Investment Corporation Chuanrong Holdings Co., Ltd., focusing on energy and finance, with a history dating back to 1998 [5][6]. - The major shareholders include State Power Investment Corporation, Southern Power Grid Capital Holdings, and Yunnan Energy Investment [6]. Business Segments - The energy segment is managed by Dongfang Green Energy, which oversees a total installed capacity of 2.2851 million kilowatts, including thermal and renewable energy [7][8]. - The financial segment includes trust, insurance brokerage, and futures businesses, with significant growth in trust and insurance brokerage revenues [8][9]. Financial Performance - In the first half of 2024, the company achieved a revenue of 2.769 billion yuan, with the energy business contributing 1.470 billion yuan and the financial business contributing 0.368 billion yuan [1][20]. - The net profit for the same period was 530 million yuan, primarily affected by reduced investment income due to market fluctuations [11][20]. Future Projections - The company expects net profits for 2024-2026 to be 1.357 billion, 1.418 billion, and 1.463 billion yuan, respectively, with growth rates of 6.8%, 4.5%, and 3.2% [1][27]. - The estimated reasonable valuation is between 4.41 and 4.54 yuan per share, indicating a potential upside of 7.9% to 10.9% from the current price [1][28]. Asset Restructuring - The planned asset restructuring aims to focus on energy operations by divesting financial assets, which will enhance the company's position in the nuclear power sector [19][20]. - If successful, the restructuring will position the company as the third nuclear power operator in the A-share market, with significant operational capacity [1][19].