湖南发展15亿收购水电资产，净利或猛增

Core Viewpoint - Hunan Development Group Co., Ltd. has disclosed the details of its restructuring plan, which involves acquiring the controlling rights of four hydropower stations for 1.512 billion yuan, marking a significant step in optimizing asset structure and enhancing competitiveness in the context of national "dual carbon" goals [1][4]. Group 1: Transaction Details - The restructuring began on March 19, 2025, with Hunan Development announcing a major asset restructuring plan [4]. - The company plans to acquire 90% of the shares in Tongwan Hydropower, 90% in Qingshui Pond Hydropower, 88% in Xiaoxi Hydropower, and 85% in Gaotan Hydropower, all located in Hunan Province [4]. - The final transaction price is set at 1.512 billion yuan, with 55% paid in shares (832 million yuan) and 45% in cash (681 million yuan) [4]. - The share issuance price is locked at 7.81 yuan per share, with 107 million shares to be issued, accounting for 18.66% of the total post-issue share capital [4]. Group 2: Financial Impact - The acquisition is expected to significantly enhance the company's profitability, with the target assets projected to generate 459 million yuan in revenue and 142 million yuan in net profit in 2024, far exceeding Hunan Development's projected net profit of 62.11 million yuan for the same year [9]. - The four hydropower stations have a combined installed capacity of 500,000 kilowatts, which is more than double Hunan Development's existing capacity of 234.45 megawatts [10]. - The restructuring aligns with the national "dual carbon" goals and is seen as a key measure to optimize energy structure [6][11]. Group 3: Market Position and Industry Context - Following the acquisition, Hunan Development's controllable installed capacity will triple, reaching 778 megawatts, significantly enhancing its market position in the clean energy sector in Hunan Province [6]. - The restructuring is part of a broader trend in the industry, with state-owned enterprises engaging in mergers and acquisitions to strengthen their market competitiveness and optimize resource allocation [10]. - Hydropower is characterized by its counter-cyclical nature, making it a valuable asset in the current low-interest-rate environment [10].