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截至2023年底中国华电控股的发电企业中,已投运非上市常规能源发电资产情况
截至2023年底中国华电控股的发电企业中,已投运非上市常规能源发电资产情况
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所属报告:
华电国际-公司研究报告-规模扩张的新范式盈利稳定的新征程-250616(28页).pdf
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去除本次重组8个标的资产后,集团非上市常规能源资产仍有近50GW。截至2023年末,中国华电控股的发电企业中,已投运非上市常规能源发电资产(不包括中国华电控股的区域常规能源上市公司所在区域的相关非上市常规能源发电资产和业务)达63.67GW。根据资产收购公告,华电集团承诺“中国华电将在非上市常规能源发电资产满足资产注入条件后三年内,完成向本公司的注资工作”,且注入条件之一为“中国华电的该等资产的净资产收益率不低于华电国际同类资产的平均水平”。梳理部分中国华电控股的已投运非上市常规能源发电资产,华电云南(截至2024Q1控股装机9.35GW,其中火电2.40GW、水电6.95GW)2021-2023年ROE在6%-7%;华电福瑞截至2024年末控股装机79.38GW、其中新能源65.75GW、煤电5.92GW、识别风险,发现价值 请务必阅读末页的免责声明 气电3.91GW,本次仅注入部分气电资产。若以上述摸排计算,集团体内非上市火电及水电在运装机容量达47.61GW(排除本次重组部分后),未来有望在满足条件的情况下陆续注入,改善公司财务状况、增强持续盈利能力。
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当前图表所属:
华电国际-公司研究报告-规模扩张的新范式盈利稳定的新征程-250616(28页).pdf
对于满足注入条件的常规能源资产,集团尽快注入上市公司
2024年末公司已获核准及在建机组容量达9.3GW
测算股份增发后2024年度EPS小幅摊薄
不考虑募集配套资产下本次收购增厚2024年度EPS为0.48%
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