CSEC,China Shenhua(SH:601088) 光大证券研究·2025-08-04 23:03Core Viewpoint - The company plans to issue shares and pay cash to acquire assets from the National Energy Group, including coal, coal power, and coal chemical assets, while raising matching funds, marking the beginning of a significant asset injection process [3][4]. Group 1: Transaction Details - The transaction is a fulfillment of previous agreements to avoid competition with the National Energy Group, with multiple agreements signed from 2005 to 2023 [4]. - The assets involved include 14 priority acquisition targets from the Shenhua Group and its subsidiaries, indicating a potential for substantial business growth beyond market expectations [4]. Group 2: Coal Production Capacity - In 2024, the National Energy Group's coal production is projected at 620 million tons, with sales of 850 million tons, while China Shenhua's production is expected to be 330 million tons and sales at 460 million tons, indicating significant untapped capacity of around 300 million tons outside the listed company [5]. - The previously unacquired coal production capacity within the scope of the avoidance agreement exceeds 180 million tons, suggesting ample room for future growth [5]. Group 3: Precedent for Asset Acquisition - The company previously acquired 100% of the equity of Hanjin Energy from the National Energy Group for 850 million yuan, which included significant coal mining and power generation assets [6]. - The resource price per ton for Hanjin Energy was estimated at only 1.3 yuan, indicating a favorable valuation compared to recent auction prices for similar resources [6].