SHCI(601225) 民生证券·2024-12-08 01:42Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Views - The company plans to acquire 88.6525% of Shaanxi Coal Power Group for a cash consideration of 15.695 billion yuan, which is expected to enhance the company's profit by 6.77% and potentially double in the long term [2]. - The acquisition price corresponds to a relatively low valuation of 1.5 times PB, below the average PB of 1.64 times for 29 A-share thermal power companies, and a PE of approximately 11 times, also lower than the average PE of 20 times for the same group [2]. - The company has a strong dividend policy, proposing a cash dividend of 1.03 yuan per 10 shares, totaling 1 billion yuan, which represents 6.27% of the net profit attributable to shareholders [2]. - The company is expected to have a high long-term investment value due to its leading resource endowment, significant cost advantages, and strong cash cow attributes, with projected net profits of 21.352 billion yuan, 22.963 billion yuan, and 23.919 billion yuan for 2024-2026 [2]. Financial Forecasts and Indicators - The company’s total revenue for 2024 is projected to be 164.641 billion yuan, with a slight decline of 3.65% compared to 2023 [3][7]. - The net profit attributable to shareholders is expected to be 21.352 billion yuan in 2024, reflecting a growth rate of 0.53% [3][7]. - The earnings per share (EPS) for 2024 is estimated at 2.20 yuan, with a PE ratio of 11 times based on the closing price on December 6, 2024 [3][7]. - The company’s dividend yield is projected to be 5.3%, indicating a strong return for investors [2][7].