XMPD(SZ:000905) Zheng Quan Shi Bao Wang·2025-08-05 14:43Core Viewpoint - Xiamen Port Authority plans to acquire 70% equity of Container Terminal Group from International Port Authority for a transaction price of 6.178 billion yuan, constituting a major asset restructuring and related party transaction [1][2]. Company Summary - Xiamen Port Authority is the only publicly listed port platform under Fujian Port Group, primarily engaged in bulk cargo terminal investment and operation, as well as comprehensive logistics services [1]. - The Container Terminal Group, established in 2013 with a registered capital of 2.437 billion yuan, is wholly owned by International Port Authority and focuses on container terminal loading and storage operations [1][2]. Business Synergy - The acquisition is expected to create synergies between the Container Terminal Group's operations and Xiamen Port Authority's existing bulk cargo terminal and logistics services, enhancing the company's overall business structure [2]. - Post-restructuring, the company aims to position itself as a comprehensive modern port logistics service provider covering multiple segments, including container terminals and supply chain services [2]. Financial Performance - Projected net profits for the Container Terminal Group are 491 million yuan, 567 million yuan, and 154 million yuan for the years 2023, 2024, and the first quarter of 2025, respectively [2]. - The transaction is anticipated to significantly enhance the asset scale and profitability of Xiamen Port Authority, while maintaining the control structure under International Port Authority and Fujian State-owned Assets Supervision and Administration Commission [2]. Industry Outlook - According to the Ministry of Transport's Water Transport Research Institute, coastal port cargo throughput is expected to grow by approximately 2% year-on-year by 2025, with a stable growth outlook for the first quarter and a rebound in growth during the second and third quarters [3].