SPIC IFH(000958) 华源证券·2024-12-01 07:28Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [5][10][13]. Core Insights - The company is positioned to become a nuclear power asset integration platform for the State Power Investment Corporation (SPIC) following its planned asset restructuring, which involves divesting its financial business and acquiring nuclear assets [5][10][14]. - As of the end of June 2024, the company has a dual business model comprising energy and financial sectors, with energy contributing approximately 70% of revenue and profits [5][46][47]. - The planned asset injection includes 100% equity of Electric Power Investment Nuclear Energy, which has over 20 GW of operational, under-construction, and reserved nuclear capacity [6][61][66]. Summary by Sections 1. Background and Asset Restructuring - The company was established in 1998 and has undergone multiple restructurings, with the latest plan announced in September 2024 to divest its financial business and integrate nuclear assets from SPIC [5][41][61]. - The restructuring aims to clarify the company's positioning as the third-largest publicly listed nuclear power company in China, after China National Nuclear Corporation and China General Nuclear Power Group [5][14][41]. 2. Existing Assets - The company has a total installed capacity of 2.2851 million kW, with 660,000 kW from cogeneration and 1.6251 million kW from renewable energy as of June 2024 [5][46][47]. - The financial segment includes significant asset management, with trust and brokerage operations managing over 1.6 trillion yuan in assets [46][47]. 3. Injected Assets - The planned asset injection involves acquiring 100% equity of Electric Power Investment Nuclear Energy, which has over 20 GW of nuclear capacity, including 7.4 GW operational and 2 GW under construction [6][61][66]. - The restructuring will involve issuing shares to acquire the difference in value between the injected and divested assets [61][66]. 4. Profit Forecast and Valuation - The company forecasts revenues of 6.02 billion yuan in 2024, with a slight decline, followed by growth in subsequent years, projecting net profits of 1.36 billion yuan in 2024 [10][13][91]. - The projected price-to-earnings ratios are 28, 27, and 26 for 2024, 2025, and 2026, respectively, reflecting the potential for growth following the asset injection [10][13][91].