CSEC,China Shenhua(SH:601088) 光大证券研究·2025-12-23 23:04Group 1 - The company plans to acquire coal mining, pit coal power, coal chemical, and logistics service businesses from the State Energy Group through the issuance of A-shares and cash payment, with a total transaction price of 133.6 billion yuan [4][5] - The acquisition involves 12 target companies, with an overall equity valuation of 143.7 billion yuan, and the payment structure consists of 30% in shares and 70% in cash [5] - The estimated price-to-earnings (PE) ratio for the acquired assets is 17.0 times, and the price-to-book (PB) ratio is 1.5 times, based on the net profit and net asset values of the target companies [5] Group 2 - Post-acquisition, the company's coal production is expected to increase by 57%, with recoverable coal reserves rising by 98%, and total coal resources increasing by 65% to 68.5 billion tons [6] - The company's power generation capacity will grow by 28% to 60,811 MW, and polyethylene production capacity will increase by 213% to 1.88 million tons [6] - The company commits to a dividend payout ratio of no less than 65% from 2025 to 2027, with projected earnings per share of 3.15 yuan and 1.54 yuan for 2024 and the first half of 2025, respectively, reflecting increases of 6.06% and 4.76% compared to pre-acquisition levels [7][8]