SMHC(600131) 浙商证券·2024-12-08 05:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Views - The company plans to acquire equity in Yili Technology, a wholly-owned subsidiary of its controlling shareholder, to enhance operational quality and eliminate business overlap [3][4] - Yili Technology has total assets of 3.558 billion and net assets of 1.143 billion as of December 31, 2023, representing 26.2% and 18.1% of the company's total assets and net assets, respectively [3] - The acquisition is expected to initiate a series of asset integrations, promoting resource consolidation and strengthening the company's market position [4] - The company is positioned as a key platform for the State Grid's digital transformation, benefiting from the high investment climate in the power information sector [5] Summary by Sections Acquisition Details - The company received a letter from its controlling shareholder regarding the planned acquisition of Yili Technology's equity to address business overlap and improve operational quality [3] - Yili Technology specializes in energy data infrastructure and had a revenue of 2.636 billion and a net profit of 188 million in 2023, contributing significantly to the company's overall performance [3] Financial Performance - The company forecasts revenues of 85.28 billion, 94.59 billion, and 104.78 billion for 2024-2026, with year-on-year growth rates of 11.14%, 10.92%, and 10.77% respectively [10] - The projected net profits for the same period are 9.08 billion, 10.37 billion, and 11.86 billion, with growth rates of 9.58%, 14.21%, and 14.39% respectively [10] Market Position - The company is the only listed platform of the State Grid and plays a crucial role in the digital transformation of the energy sector, expected to benefit from the planned investment exceeding 600 billion in 2024 [5][10]