每經記者｜孔澤思(si)    每經編(bian)輯(ji)｜梁梟    

8月1日晚間，華電國際（600027.SH，股價5.93元，市值606.49億元）公告，公司擬通過發(fa)行A股(gu)(gu)及(ji)支付(fu)現金方(fang)式(shi)，向(xiang)控(kong)股(gu)(gu)股(gu)(gu)東中國華(hua)電集團有限公司（以下(xia)簡(jian)稱中國華(hua)電）收(shou)購多家公司股(gu)(gu)權，并向(xiang)不超(chao)過35名特定投(tou)資(zi)者發(fa)行股(gu)(gu)份募(mu)集配套資(zi)金。本(ben)次發(fa)行股(gu)(gu)份的(de)價(jia)格為5.13元/股(gu)(gu)。

7月18日，華(hua)電國際就已發布(bu)相關公告，并宣布(bu)公司股票自7月19日起(qi)停(ting)牌不超10個工作日。預案(an)出爐后，公司股票將于8月2日復牌。

同(tong)日，華電國(guo)際還宣(xuan)布公司副董事長趙冰(bing)擬因個人工作調整辭職。

公司發電裝機量將提升近三成

具(ju)體來看，華(hua)(hua)(hua)(hua)電(dian)(dian)(dian)(dian)國(guo)際擬通過發行普通股(gu)及支付現金的(de)方式，購買中國(guo)華(hua)(hua)(hua)(hua)電(dian)(dian)(dian)(dian)持有(you)(you)(you)的(de)華(hua)(hua)(hua)(hua)電(dian)(dian)(dian)(dian)江(jiang)蘇能(neng)源(yuan)(yuan)有(you)(you)(you)限(xian)公(gong)(gong)(gong)(gong)司(si)80%股(gu)權(quan)；福(fu)(fu)建華(hua)(hua)(hua)(hua)電(dian)(dian)(dian)(dian)福(fu)(fu)瑞(rui)能(neng)源(yuan)(yuan)發展有(you)(you)(you)限(xian)公(gong)(gong)(gong)(gong)司(si)持有(you)(you)(you)的(de)上(shang)(shang)海華(hua)(hua)(hua)(hua)電(dian)(dian)(dian)(dian)福(fu)(fu)新(xin)能(neng)源(yuan)(yuan)有(you)(you)(you)限(xian)公(gong)(gong)(gong)(gong)司(si)51%股(gu)權(quan)、上(shang)(shang)海華(hua)(hua)(hua)(hua)電(dian)(dian)(dian)(dian)閔(min)行能(neng)源(yuan)(yuan)有(you)(you)(you)限(xian)公(gong)(gong)(gong)(gong)司(si)100%股(gu)權(quan)、廣州大學城(cheng)華(hua)(hua)(hua)(hua)電(dian)(dian)(dian)(dian)新(xin)能(neng)源(yuan)(yuan)有(you)(you)(you)限(xian)公(gong)(gong)(gong)(gong)司(si)55%股(gu)權(quan)、華(hua)(hua)(hua)(hua)電(dian)(dian)(dian)(dian)福(fu)(fu)新(xin)廣州能(neng)源(yuan)(yuan)有(you)(you)(you)限(xian)公(gong)(gong)(gong)(gong)司(si)55%股(gu)權(quan)、華(hua)(hua)(hua)(hua)電(dian)(dian)(dian)(dian)福(fu)(fu)新(xin)江(jiang)門能(neng)源(yuan)(yuan)有(you)(you)(you)限(xian)公(gong)(gong)(gong)(gong)司(si)70%股(gu)權(quan)、華(hua)(hua)(hua)(hua)電(dian)(dian)(dian)(dian)福(fu)(fu)新(xin)清遠能(neng)源(yuan)(yuan)有(you)(you)(you)限(xian)公(gong)(gong)(gong)(gong)司(si)100%股(gu)權(quan)；中國(guo)華(hua)(hua)(hua)(hua)電(dian)(dian)(dian)(dian)集(ji)團發電(dian)(dian)(dian)(dian)運營有(you)(you)(you)限(xian)公(gong)(gong)(gong)(gong)司(si)持有(you)(you)(you)的(de)中國(guo)華(hua)(hua)(hua)(hua)電(dian)(dian)(dian)(dian)集(ji)團貴港發電(dian)(dian)(dian)(dian)有(you)(you)(you)限(xian)公(gong)(gong)(gong)(gong)司(si)100%股(gu)權(quan)，并募集(ji)配(pei)套資金。

公(gong)告顯(xian)示，華(hua)電國際(ji)(ji)擬收購(gou)的(de)(de)8家標的(de)(de)公(gong)司主(zhu)營業務(wu)均為“火(huo)力發電項目的(de)(de)投資開發和(he)經營管(guan)理(li)”，主(zhu)要產品均為電力。擬注入(ru)資產的(de)(de)合計在(zai)運裝機規模(mo)約為1597.28萬(wan)千瓦(wa)，占華(hua)電國際(ji)(ji)現(xian)有(you)控(kong)股(gu)裝機規模(mo)5844.98萬(wan)千瓦(wa)的(de)(de)27.33%，注入(ru)后將(jiang)提高華(hua)電國際(ji)(ji)控(kong)股(gu)裝機規模(mo)至7442.26萬(wan)千瓦(wa)。

華電(dian)國際表示，火(huo)(huo)電(dian)一直(zhi)以(yi)來(lai)都(dou)是我國主力電(dian)源類型。截至2023年底，全(quan)(quan)(quan)國電(dian)力總裝(zhuang)機(ji)規模(mo)達29.2億(yi)千瓦，火(huo)(huo)電(dian)裝(zhuang)機(ji)規模(mo)約(yue)13.9億(yi)千瓦（占比(bi)(bi)(bi)47.6%）；2023年全(quan)(quan)(quan)國總發電(dian)量達9.46億(yi)千瓦時(shi)，火(huo)(huo)電(dian)發電(dian)量約(yue)6.27億(yi)千瓦時(shi)（占比(bi)(bi)(bi)66.3%）。雖(sui)然當前火(huo)(huo)電(dian)裝(zhuang)機(ji)占比(bi)(bi)(bi)已(yi)不足50%，但火(huo)(huo)電(dian)發電(dian)量占比(bi)(bi)(bi)仍(reng)超60%并承擔(dan)了最為(wei)主要的(de)頂峰(feng)發電(dian)任務。為(wei)保障(zhang)電(dian)力供應安(an)全(quan)(quan)(quan)，火(huo)(huo)電(dian)仍(reng)將在提供電(dian)量和頂峰(feng)發電(dian)方面(mian)占據主導(dao)地位。

華電(dian)(dian)國際(ji)還認為，2023年以來，隨(sui)著(zhu)煤炭、天然氣增(zeng)產(chan)及進口量增(zeng)加(jia)，其價格相對回落并(bing)仍(reng)有下降空間，火電(dian)(dian)實現盈利修復(fu)已有良好基礎。因此(ci)，注入火電(dian)(dian)資(zi)產(chan)，提升上市公司持(chi)續盈利能力正是時候。

控股股東推動解決同業競爭

華(hua)電國際(ji)(ji)控(kong)股(gu)股(gu)東(dong)中國華(hua)電曾在(zai)2014年8月作出承諾，將按照(zhao)有利于解決同業競(jing)爭(zheng)、避免(mian)發生(sheng)實質性同業競(jing)爭(zheng)的原則，原則上以(yi)省(sheng)(sheng)（或區域）為單位，將同一省(sheng)(sheng)內(nei)（或區域內(nei)）的相(xiang)關(guan)資產注入華(hua)電國際(ji)(ji)；具體操作方案將根據中國華(hua)電相(xiang)關(guan)資產狀況(kuang)、資本(ben)市場認可(ke)程度，積極穩步推進。

中國華(hua)電(dian)將在每(mei)年(nian)財務決算后(hou)，對非上市常(chang)規能源發電(dian)資產(chan)是否(fou)符合注(zhu)入(ru)條件進行核查，并(bing)進行披露(lu)；中國華(hua)電(dian)將在非上市常(chang)規能源發電(dian)資產(chan)滿足資產(chan)注(zhu)入(ru)條件后(hou)三年(nian)內，完(wan)成向華(hua)電(dian)國際注(zhu)入(ru)資產(chan)的工作。

據(ju)了(le)解，本次擬注(zhu)入合計(ji)裝(zhuang)機規(gui)(gui)模(mo)(mo)約1597.28萬(wan)千(qian)瓦的常規(gui)(gui)能源資產，約占中國(guo)華(hua)電控制(zhi)的非上市(shi)常規(gui)(gui)能源資產合計(ji)裝(zhuang)機規(gui)(gui)模(mo)(mo)約6235.04萬(wan)千(qian)瓦的25.62%。

華電(dian)國(guo)際(ji)在公告中(zhong)表示，這將有利(li)(li)于進(jin)一步減少同業競爭，并提(ti)升華電(dian)國(guo)際(ji)的(de)資產規模、營業收入和凈(jing)利(li)(li)潤水平，有助于華電(dian)國(guo)際(ji)進(jin)一步完善境內常規能(neng)源資產布局范圍(wei)、拓寬(kuan)收入來(lai)源，分散整體經營風險(xian)。

封面圖片來源：每日經濟新聞 劉(liu)國梅 攝（資料圖）