SHCI(601225) 德邦证券·2024-12-09 03:23Investment Rating - The report maintains a "Buy" rating for Shaanxi Coal and Chemical Industry Co., Ltd. (601225.SH) [2] Core Views - The company is acquiring an 88.6525% stake in Shaanxi Coal Power Group for approximately 15.695 billion yuan, which is expected to enhance its core competitiveness and align with national policy directions [4] - The acquisition is anticipated to significantly boost the company's performance, with an estimated profit increase of about 1.445 billion yuan post-integration [4] - The company plans to distribute a cash dividend of 1.03 yuan per 10 shares, totaling 1 billion yuan, which reflects a commitment to shareholder returns [5] Financial Summary - Revenue projections for 2024-2026 are 172.3 billion yuan, 174.4 billion yuan, and 178.5 billion yuan respectively, with net profits expected to be 21.364 billion yuan, 22.230 billion yuan, and 23.194 billion yuan [5][14] - The company has a strong cash position with 38.79 billion yuan in cash as of Q3 2024, supporting the acquisition [4] - The projected P/E ratios for 2024-2026 are 11.25, 10.81, and 10.36 respectively, indicating a favorable valuation [5][13] Operational Insights - The total installed capacity of Shaanxi Coal Power Group is 18,300 MW, with 8,300 MW operational and 10,000 MW under construction, which will enhance the company's coal power integration [4] - The company has committed to a minimum cash dividend of 60% of distributable profits for the years 2022-2024, reinforcing its focus on shareholder value [5]