Zhongmin Energy (600163): Take 25.

The 400 million acquisition of Zhongmin Haidian’s 深圳桑拿网 gambling agreement promised a net profit of not less than 8 in 19-21.

300 million

Zhongmin Energy (600163): Take 25.

The 400 million acquisition of Zhongmin Haidian’s gambling agreement promised a net profit of not less than 8 in 19-21.

300 million

Event: The company issued a reorganization report, which disclosed the acquisition plan for acquiring 100% equity of Zhongmin Haidian.

Zhongmin Haidian’s transaction consideration is about 25.

40,000 yuan, about 2.

08 times PB.

According to the acquisition plan, the company will (1) issue shares and convertible bonds to acquire 100% equity of Zhongmin Haidian.

The trading price of Zhongmin Haidian’s 100% equity is about 25.

4 trillion, 12 than the book value on the benchmark date.

3 trillion added value 13.

1 ‰, value-added rate of 106.

81%, which is 2.

08x PB acquired Zhongmin Haidian.

The company will purchase the target through additional issuance and convertible bonds, of which the consideration will be paid by additional issuance.

4 ‰, the consideration paid by convertible bonds is about 2 ‰; the additional issue price is 3.

39 yuan / share, about 6 will be issued.

900 million shares; convertible bonds initially turned to 3.

39 yuan / share, the number of shares after the initial conversion price of approximately 59 million shares; after considering the conversion of convertible bonds, the company’s total share capital will increase from about 1 billion shares to about 17.

500 million shares.

(2) At the same time, the amount of matching funds raised through non-public issuance of convertible bonds shall not exceed 5.

600 million.

The bet agreement promises that the incremental net profit of Minhai Power in the year 19-21 will not be less than 8.

300 million.

According to the gambling agreement, Fujian Investment Group promises that if the transaction is completed within 2019, Zhongmin Haidian will gradually have a net profit of not less than about 8 in 19-21.

3 trillion; if the transaction is completed in 2020, Zhongmin Haidian will gradually increase its profit by no less than about 12 in 20-22.


Avoid peer competition, and then continue to inject relevant power generation assets.

The company promises that after the completion of this major asset reorganization, any of the entities in Mintou Hydropower, Mintou Power, Mintou Pumped Storage, Ningde Mintou, and Xiapu Mindong will be put into listed companies gradually after meeting the injection conditions.
The profitability of Haidian Wind Power is good, and the net profit of Haidian’s first and second phases is expected to stabilize at 4.

About 500 million.

According to the Asset Evaluation Report, the average annual on-grid electricity generation of Haidian Phase I (with an installed capacity of 50MW) over a 20-year operating period is 20,266.

750,000 kWh, with an annual utilization hour of approximately 4053 hours; the second-generation Haidian Power Plant (with an installed capacity of 246MW) has an average annual electricity generation capacity of 111.409 million kilowatt-hours within an operating period of 20 years, and an annual utilization hour of approximately 4,529 hours.

85 yuan / kWh.

Zhongmin Haidian’s forecast net profit for the years 19-22 is 5,456.

05, 27,829.

84, 49,708.75, 46,249.

720,000 yuan, its net profit will remain at 4 after 2022.

About 500 million.

The total investment of Haidian Phase I and Phase II projects is approximately 8.

500 million, 44.

800 million, a total of about 53.

3 trillion; capital is approximately 1.

700 million, 9.

9 trillion, a total of about 11.

600 million; we take 4.

The 5 trillion-level profit margin is calculated on the rate of return of the Haidian Phase I and II projects, and the total rate of return on the project’s total investment is about 8.

44%, the return on project capital is about 38.

79%, Zhongmin Haidian’s offshore wind power has good profitability and the project yield is high.

The company’s existing onshore wind power under construction is initially put into operation. After the onshore and offshore wind power projects are fully put into operation, the net profit attributable to the mother is expected to reach 7.

600 million.

At present, the company’s projects under construction include four large-scale wind power projects in Damaoshan, Fuqing Matoushan, Fuqing Wangmushan, and Pingtan Qingfeng Phase II. According to feasibility studies, the net profit of these four projects after full production is aboutIs 1.

800 million; Zhongmin Haidian’s net profit is expected to stabilize at about 4 after full production.

About 500 million.

Based on the above feasibility study data, based on the company’s 2018 net profit attributable to mothers1.

Considering the completion of the acquisition of Zhongmin Haidian, the company is currently under construction of all onshore wind power and the offshore wind power is in full production, and the company’s net profit attributable to its parent is expected to reach 7.

600 million.

Profit forecast: Regardless of the acquisition, we expect the company’s net profit attributable to its parent to be 1 in 2019-2021.

7, 2.

97, 3.

07 trillion, the corresponding EPS is 0.

17, 0.

3, 0.

31 yuan / share.

Risk warning: transaction failure or adjustment, on-grid electricity price decline, project construction risk