证券研究报告 煤炭 | 煤炭开采 非金融|公司点评报告 hyzqdatemark 2025 年 11 月 27 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 雷轶 SAC：S1350524110001 leiyi@huayuanstock.com 邱达治 SAC：S1350525050001 qiudazhi@huayuanstock.com 电投能源(002128.SZ) 投资评级： 买入（维持） ——拟收购白音华煤电，定价合理盈利有望上台阶 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 事件：2025 年 11 月 15 日，公司公告《发行股份及支付现金购买资产并募集配套资 金暨关联交易报告书（草案）》。购买资产：拟以 111.5 亿元交易价格购买集团大 股东旗下白音华煤电 100%股权，其中现金对价 15.6 亿元，股份对价 95.9 ...

Core Viewpoint - The restructuring of Inner Mongolia Electric Power Investment Co., Ltd. (Electric Power Investment) has been successfully completed, increasing its market capitalization from 40 billion to 60 billion yuan, marking a significant step in resource integration within the State Power Investment Corporation (SPIC) [1] Group 1: Restructuring Details - Electric Power Investment announced its restructuring plan on April 30, 2023, and officially disclosed the draft on May 19, 2023, with the final report released on November 14, 2023 [2] - The company plans to acquire 100% equity of Baiyinhu Coal Power Co., Ltd. for 11.149 billion yuan and raise up to 4.5 billion yuan from no more than 35 specific investors [2] - Post-restructuring, the largest shareholder's stake will decrease from 55.77% to 43.24%, while SPIC's Inner Mongolia Energy Co., Ltd. will become the second-largest shareholder with a 22.46% stake [2] Group 2: Financial Impact - Baiyinhu Coal Power's net asset value is assessed at 7.533 billion yuan, with an appraisal value of 10.998 billion yuan, reflecting a 46% increase [3] - Following the transaction, Electric Power Investment's total assets will rise from 54.979 billion yuan to 80.079 billion yuan, while total liabilities will increase from 14.989 billion yuan to 33.318 billion yuan, resulting in a rise in the debt-to-asset ratio from 27.26% to 41.61% [3] - For the first three quarters of 2023, Electric Power Investment reported revenue of 22.403 billion yuan, a year-on-year increase of 2.72%, but a net profit decline of 6.40% [3] Group 3: Performance Commitments - The restructuring includes performance commitments, ensuring that Baiyinhu Coal Power achieves a cumulative net profit of no less than 1.663 billion yuan during the commitment period [4] - If the transaction is completed in 2026, the profit commitments for the aluminum assets are set at 678 million yuan, 528 million yuan, and 526 million yuan for the respective years [4] Group 4: Strategic Advantages - The acquisition is expected to enhance Electric Power Investment's coal production capacity from 48 million tons to 63 million tons, a 31.3% increase [6] - Baiyinhu Coal Power's integration will strengthen the "coal-electricity-aluminum" synergy, enhancing the company's competitive edge in the industry [5][6] - Analysts predict that the acquisition could increase Electric Power Investment's annual net profit by approximately 1.867 billion yuan, representing a potential profit increase of over 30% [7] Group 5: Market Reaction and Valuation - Following the announcement of the asset restructuring, Electric Power Investment's stock price has risen over 62%, adding more than 20 billion yuan to its market capitalization [7] - Current estimates suggest that Electric Power Investment's intrinsic value could reach 94.375 billion yuan, indicating that the market's recognition of the company's value has room for improvement [8]

同时公司一次性将其具备的电力装机与40.53 万吨电解铝产能纳入，这不仅意味着业务规模的扩张，更 实现了产业链的深度整合。白音华煤电所拥有的白音华二号露天煤矿（地质储量9.97 亿吨）及配套的电 厂与电解铝生产线，与上市公司现有业务布局高度互补，共同构筑起从坑口煤炭到终端铝产品的一体化 核心竞争力。 首发分红规划强化股东回报，集团资产有望注入并打开估值空间。公司首度明确2025-2027 年股东分红 回报规划，承诺每年现金分红比例不低于年均可分配利润的30%，我们认为此举在公司资本开支高峰期 中有望彰显其现金流充裕与回报股东的坚定意愿，从而为估值构筑坚实底部。与此同时，作为国家电投 集团的核心上市公司之一，公司承载着旗下庞大铝业资产的注入预期。目前集团旗下约80%电解铝产 能，以及所有铝土矿与氧化铝产能尚未注入上市公司，若后续逐步整合，将显著提升公司产业链完整性 与盈利规模，驱动公司长期估值重塑。 盈利预测与估值： 我们预计2025-2027 年公司分别实现归母净利润56.06/59.40/63.08 亿元，同比分别变 化+4.95%/+5.96%/+6.18%， 2025 年11 月14 日股价对应PE 分 ...

Core Viewpoint - The restructuring of Inner Mongolia Electric Power Investment Co., Ltd. (Electric Power Investment) has been successfully completed, increasing its market value from 40 billion to 60 billion yuan, and reinforcing its strategic position within the State Power Investment Corporation [1][2]. Group 1: Restructuring Details - The restructuring plan was announced on April 30, with the formal disclosure of the draft on November 14, involving the acquisition of 100% equity of Baiyin Hwa Coal Power Co., Ltd. for 11.149 billion yuan [2][3]. - The transaction will reduce the largest shareholder's stake from 55.77% to 43.24%, while the Inner Mongolia Energy Company will become the second-largest shareholder with a 22.46% stake [2][3]. - The share issuance price is set at 14.77 yuan per share, with 649 million shares to be issued, representing 22.46% of the total share capital post-transaction [2][3]. Group 2: Financial Impact - The net asset value of Baiyin Hwa Coal Power is assessed at 10.998 billion yuan, with a 46% appreciation over its book value [3]. - Post-transaction, Electric Power Investment's total assets will increase from 54.979 billion yuan to 80.079 billion yuan, while total liabilities will rise from 14.989 billion yuan to 33.318 billion yuan, leading to an increase in the debt-to-asset ratio from 27.26% to 41.61% [3][4]. - The company reported a revenue of 22.403 billion yuan for the first three quarters, a year-on-year increase of 2.72%, but a net profit decline of 6.40% [3][4]. Group 3: Performance Commitments - The restructuring includes performance commitments, ensuring that Baiyin Hwa Coal Power achieves a cumulative net profit of no less than 1.663 billion yuan during the commitment period [4]. - If the transaction is completed by 2026, the profit commitments for the subsequent years are specified, with adjustments if the transaction is delayed [4]. Group 4: Strategic Advantages - The acquisition will enhance Electric Power Investment's coal production capacity from 48 million tons to 63 million tons, a 31.3% increase, and strengthen its "coal-electricity-aluminum" synergy [6][7]. - Baiyin Hwa Coal Power's operations align with Electric Power Investment's business focus, contributing significantly to its revenue and profit margins [7]. - Analysts predict that the acquisition will increase Electric Power Investment's annual net profit by approximately 1.867 billion yuan, enhancing its competitive edge in the industry [6][7]. Group 5: Market Reaction and Valuation - Following the announcement of the asset restructuring, Electric Power Investment's stock price has risen over 62%, adding more than 20 billion yuan to its market capitalization [7][8]. - Current estimates suggest that the intrinsic value of Electric Power Investment could reach 94.375 billion yuan, indicating potential for further market recognition and valuation increase [8].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has announced the acquisition of 100% equity in Baiyinhu Coal Power, furthering its integrated "coal-electricity-aluminum" strategy [1]. - Post-transaction, the company's net profit attributable to shareholders is projected to increase from 2.787 billion yuan to 3.549 billion yuan by June 30, 2025, with the debt-to-asset ratio rising from 27.26% to 41.61% [2]. - The target asset's net profit attributable to shareholders for the first three quarters of 2022-2025 is expected to be 150 million yuan, 490 million yuan, 1.45 billion yuan, and 1.4 billion yuan respectively [3]. Financial Projections - The company is expected to achieve net profits attributable to shareholders of 5.9 billion yuan, 6.0 billion yuan, and 6.4 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 11.0X, 10.6X, and 10.0X [4]. - The financial indicators for 2023A to 2027E show a steady increase in revenue and net profit, with revenue projected to grow from 26.846 billion yuan in 2023 to 32.480 billion yuan in 2027 [11]. - The net profit margin is expected to improve from 17.0% in 2023 to 19.7% in 2027, indicating enhanced profitability [12]. Transaction Details - The acquisition involves a total transaction price of 11.149 billion yuan, with cash consideration of 1.56 billion yuan and share consideration of 9.588 billion yuan [10]. - The transaction is expected to add approximately 1.867 billion yuan to the annualized net profit of the listed company, with a transaction P/E of about 6.0X [10]. - The acquisition will increase the company's total coal production capacity to 63 million tons per year [10].

Core Viewpoint - The State Power Investment Corporation's subsidiary, Datang Energy, plans to acquire 100% equity of Baiyinhu Coal Power for 11.149 billion yuan through a combination of share issuance and cash payment, marking a significant asset restructuring move aimed at enhancing operational efficiency and financial performance [1][7]. Group 1: Transaction Details - Datang Energy intends to purchase Baiyinhu Coal Power's 100% equity for a total transaction price of 11.149 billion yuan [1][2]. - The company will issue shares to raise up to 4.5 billion yuan from no more than 35 qualified investors to support the acquisition and related expenses [1]. - The share issuance price is set at 14.77 yuan per share, with approximately 649.17 million shares to be issued, representing 22.46% of the total share capital post-transaction [1][3]. Group 2: Financial Performance of Baiyinhu Coal Power - Baiyinhu Coal Power, established in 2003, has a coal production capacity of 15 million tons per year and generates 192 MW of electricity, alongside producing 40,000 tons of electrolytic aluminum annually [4]. - The company's revenue increased from 7.316 billion yuan in 2023 to 11.399 billion yuan in 2024, with net profit rising from 485 million yuan to 1.448 billion yuan in the same period [4]. - In the first half of 2025, Baiyinhu Coal Power reported a revenue of 5.552 billion yuan and a net profit of 762 million yuan [4]. Group 3: Strategic Implications - The acquisition aligns with the State Power Investment Corporation's strategy to integrate coal, electricity, and aluminum assets, enhancing operational synergy and promoting high-quality development [7]. - This restructuring addresses previous regulatory concerns regarding industry competition and aims to strengthen the company's financial resilience and operational capabilities [7].

11月14日晚，电投能源公告，公司拟通过发行股份及支付现金的方式购买国家电投集团内蒙古能源有限公司 （简称"内蒙古公司"）持有的白音华煤电100%股权，交易价格为111.49亿元。同时，电投能源拟向不超过35 名符合条件的特定投资者发行股份募集配套资金。 | 交易形式 | 发行股份购买资产并募集配套资金暨关联交易 | | | --- | --- | --- | | | 上市公司拟通过发行股份及支付现金的方式购买内蒙古公司持有的 | | | 交易方案简介 | 白音华煤电 100%股权。同时,上市公司拟向不超过 35名符合条件 | | | | 的特定投资者发行股份募集配套资金 | | | 交易价格(不含募集 | 1,114,919.19 万元 | | | 配套资金金额) | | | | 名称 | 白音华煤电 100%股权 | | | 主营业务 | 煤炭业务、电解铝业务和发电业务 | | | | 公司主要产品为煤炭、电解铝和电力,根据《国民经济行业分类 | | | 所属行业 交易 | GB/T4754-2017》,白音华煤电所属行业为"B06煤炭开采和洗选 | | | 标的 | 业"和"C32有色金属冶炼和压延加工 ...

据悉，白音华煤电主营业务为煤炭、铝及电力产品的生产和销售。公司煤炭产品主要销售给内蒙古、吉 林、辽宁等地区燃煤企业，用于火力发电、地方供热等方面；电力产品主要销售给国家电网及电力用户 等；铝产品主要包括铝液和铝锭，其中铝液主要销售给周边铝加工企业，铝锭主要销往东北等地区。 信达证券认为，公司地处蒙东核心煤炭产区，主要客户集中于东北地区。随着东北区域持续淘汰落后产 能，本地煤炭市场供需结构持续优化，相较于全国市场展现出更强的抗波动能力。截至2025年10月24 日，蒙东地区3200卡褐煤的全年均价为282元/吨，与2024年相比仅小幅回落3.6%，显示出较强的价格韧 性。同时，公司煤炭销售结构中长协占比较高，在高比例长协支撑及区域基本面的共同推动下，公司煤 炭板块的业绩有望延续稳健表现。 11月14日晚间，电投能源(002128.SZ)公告称，公司拟通过发行股份及支付现金的方式购买国家电投集 团内蒙古公司持有的白音华煤电100%股权。同时，上市公司拟向不超过35名符合条件的特定投资者发 行股份募集配套资金，交易价格111.49亿元。 公司称，本次交易构成重大资产重组及关联交易。本次交易前公司主营业务为生产销售煤 ...

Core Viewpoint - The company, Electric Power Investment Energy, plans to acquire 100% equity of Baiyinhu Coal Power from the State Power Investment Corporation's Inner Mongolia branch through a combination of share issuance and cash payment, with a transaction value of 11.149 billion yuan [1] Group 1: Company Overview - Electric Power Investment Energy was established in 2001 and serves as an important investment and development platform for the State Power Investment Corporation in Inner Mongolia [3] - The company has evolved from coal production and sales to a comprehensive clean energy enterprise focusing on coal, coal-electricity-aluminum integration, and clean energy [3] Group 2: Financial Performance - For the third quarter of 2025, the company reported revenue of 22.4 billion yuan, a year-on-year increase of 2.7%, while net profit attributable to shareholders decreased by 6.4% to 4.1 billion yuan [3] - Baiyinhu Coal Power is projected to achieve revenue of 11.402 billion yuan and a net profit of 1.396 billion yuan in 2024 [5] Group 3: Market Position and Strategy - The company is located in a core coal production area in eastern Inner Mongolia, with a strong customer base in Northeast China, benefiting from the ongoing elimination of outdated production capacity in the region [4] - The acquisition of Baiyinhu Coal Power, which has an annual lignite production capacity of 15 million tons and an electrolytic aluminum capacity of 405,000 tons, is expected to enhance the company's capacity in these core business areas and strengthen its market position [4][5] - The company is also advancing the construction of the Zaha Noer 350,000-ton green electricity aluminum project, expected to be operational by the end of 2025, further enhancing its integrated operations in coal, electricity, and aluminum [5]

Core Viewpoint - Electric Power Investment Energy (002128.SZ) plans to acquire 100% equity of Baiyinhu Coal Power from State Power Investment Corporation Inner Mongolia through a combination of share issuance and cash payment, with a transaction value of 11.149 billion yuan [1] Group 1: Company Overview - Electric Power Investment Energy was established in 2001 and serves as an important investment and development platform for State Power Investment Corporation in Inner Mongolia [3] - The company has evolved from coal production and sales to a comprehensive clean energy enterprise focusing on coal, coal-electricity-aluminum integration, and clean energy [3] Group 2: Financial Performance - For the third quarter of 2025, the company reported revenue of 22.4 billion yuan, a year-on-year increase of 2.7%, while net profit attributable to shareholders decreased by 6.4% to 4.1 billion yuan [3] - Baiyinhu Coal Power is expected to achieve revenue of 11.402 billion yuan and a net profit of 1.396 billion yuan in 2024 [5] Group 3: Market Position and Strategy - The company is located in a core coal production area in eastern Inner Mongolia, with a strong customer base in Northeast China, benefiting from the ongoing elimination of outdated production capacity in the region [4] - The acquisition of Baiyinhu Coal Power, which has a coal production capacity of 15 million tons per year and an electrolytic aluminum capacity of 405,000 tons per year, is expected to enhance the company's capacity in these core businesses and strengthen its market position [4][5] - The company is also advancing the construction of the Zaha Noer 350,000-ton green electricity aluminum project, expected to be operational by the end of 2025, further enhancing its integrated operations in coal, electricity, and aluminum [5]