智通财经APP获悉，兖矿能源(01171)再跌超5%，截至发稿，跌5.5%，报14.95港元，成交额6.09亿港元。
消息面上，兖矿能源公告，拟以164.15亿元收购控股股东两公司股权，一举囊括火电、风电、光伏、储能、售电全链条电力资产。值得注意的是，两项标的收购价格均有所溢价。其中，山能售电溢价仅1.83%。核心标的新能源集团净资产溢价109.81%，溢价金额高达81.49亿元；较合并归母净资产增值59%，溢价约60亿元。
国联民生证券指出，2025年新能源集团实现归母净利润9.59亿元，山能售电实现归母净利润-80.96万元，合计实现归母净利润9.58亿元，以164.15亿元的收购对价测算，对应17倍PE；以2026年1月年化数据测算，新能源集团以及山能售电合计实现归母净利润30.2亿元，则测算收购对价仅对应5倍PE。且山能集团、兖矿香港对新能源集团做出业绩承诺。
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