China Fund News reporter Wenyan
After 10 trading days were suspended, Yongtai Energy released a series of favorable measures on the evening of August 7 and plans to resume trading from the opening of the market on August 8.
Yongtai Energy announced that the company intends to acquire 51.0095% of the equity of Shanxi Lingshi Xinyi Tianyue Coal Industry Co., Ltd. (hereinafter referred to as Tianyue Coal Industry), and is expected to improve its operating performance in the next three years, and its Haizetan coal mine project 5 billion yuan syndicated loan credit approval was approved.
The reporter noticed that on the eve of the suspension of Yongtai Energy, the pressure of "face value delisting" increased sharply. As of the close of trading on July 24, Yongtai Energy's share price was 1.1 yuan per share, with a total market value of 24.44 billion yuan.
Increase high-quality coking coal reserves and production capacity
Yongtai Energy announced that the company intends to purchase 51.0095% of the equity of Tianyue Coal Industry held by Shanxi Xinyi Energy Group Co., Ltd. by issuing shares. The transaction price is tentatively set at no more than 350 million yuan, and the final transaction consideration will be determined by the parties to the transaction through negotiation with reference to the appraisal value stated in the asset appraisal report.
Previously, Yongtai Energy's wholly-owned subsidiary had held a 12.2476% stake in Tianyue Coal. After the completion of the above transaction, Yongtai Energy will hold a total of 63.2571% of the equity of Tianyue Coal Industry, and the latter will be included in the scope of consolidation of financial statements.
Yongtai Energy previously announced the above-mentioned transaction, saying that the company intends to purchase the controlling stake in assets such as energy storage companies and high-quality coal resources, and is expected to be suspended for no more than 10 trading days from the opening of the market on July 25.
It is reported that Tianyue Coal Industry is a mining enterprise with coal mining as its main business, while Yongtai Energy is mainly engaged in coal and power business. Yongtai Energy announced that after the completion of the above transaction, the company will strengthen its layout in the coal mining and washing industry.
Among them, Yongtai Energy will use the above transactions to increase high-quality coking coal reserves and production capacity, and increase the main business income and profits of the listed company.
According to Yongtai Energy, after the completion of the above transaction, the company's high-quality coking coal resource reserves can increase by 28.3696 million tons, and the coking coal production capacity can be increased by 600,000 tons/year, which is conducive to the implementation of the "refined coal strategy" and further consolidates the development foundation of the main coal power industry.
At the same time, in the unaudited main financial data of Tianyue Coal Industry, the operating income in 2022 and 2023 will be 239 million yuan and 296 million yuan respectively.
Yongtai Energy assumes that after the completion of the acquisition, Tianyue Coal will be effectively integrated, and it is expected that the annual net profit of Tianyue Coal is expected to exceed 160 million yuan. (The above estimates do not constitute profit forecasts or performance commitments)
The pressure of "delisting at face value" has increased
Before the release of a series of favorable measures, the pressure of Yongtai Energy's "face value delisting" continued to increase.
Taking July 24 as an example, Yongtai Energy's intraday share price hit the limit of 1.01 yuan per share. After that, the company's stock price rebounded, and the stock price as of the closing of the day was 1.1 yuan per share.
To this end, Yongtai Energy has taken measures such as suspending trading to plan major events and adjusting the share repurchase plan.
Among them, Yongtai Energy plans to adjust the total amount of funds for repurchasing shares, from 150 million yuan to 300 million yuan to 500 million yuan to 1 billion yuan, and change the purpose of repurchased shares from "for employee stock ownership plans or equity incentives" to "for cancellation to reduce registered capital".
On July 25, Yongtai Energy issued an announcement on maintaining the company's stock price to all shareholders, saying that the company's adjustment of the total amount and use of funds for repurchased shares is based on a high degree of recognition of its confidence and value in its future development, and the follow-up will increase the repurchase amount according to market conditions to promote the company's stock price to return to a reasonable level.
According to public information, Yongtai Energy is one of the private enterprises with strong coal integration capabilities in China, and has entered the Fortune China 500 list for many years since 2013. At present, the company's coal mining capacity is 17.1 million tons/year, and the coal resource reserves are 3.829 billion tons, forming a large coal resource reserve advantage.
From the perspective of operating performance, Yongtai Energy's operating income from 2009 to 2023 increased from 2.188 billion yuan to 30.120 billion yuan, with an average annual compound growth rate of 20.60%; Net profit increased from 22 million yuan to 2.505 billion yuan, with an average annual compound growth rate of 40.24%.
At the same time, Yongtai Energy released its operating performance forecast for the next three years. Among them, the company expects that the net profit attributable to the parent company in 2025 will be 2.8 billion yuan, an increase of 23.58% compared with 2023.
Yongtai Energy's latest announcement said that with the substantial growth of the company's operating performance from 2025 to 2027, the company's total market value will be greatly increased according to the average rolling price-earnings ratio of 18.31 times in the company's industry, and the future investment value in the secondary market will be fully reflected and doubled.
Capital market sources suggest that the stock price trend of listed companies is determined by comprehensive market factors, and investors should make independent judgments based on their own circumstances for a series of favorable releases of listed companies.
Editor: Captain
Review: Muyu