Core Viewpoint - The company plans to acquire 85% equity of the Qinbin Expressway for 1.154 billion yuan, which has a total length of 60.7 kilometers and a remaining toll collection period of slightly over 20 years, with the asset already generating profits [1][3]. Group 1: Acquisition Details - The acquisition price of 1.154 billion yuan corresponds to a total valuation of 1.357 billion yuan for 100% equity of the project company [3]. - The Qinbin Expressway connects multiple ports in the Bohai Bay area, enhancing its geographical advantage as a key coastal expressway [1]. - The expressway has demonstrated strong revenue-generating capabilities, with revenues of 563 million yuan, 752 million yuan, and 546 million yuan for the first eight months of 2023, 2024, and 2025 respectively [1][2]. Group 2: Revenue and Profitability - The average daily revenue per kilometer for the Qinbin Expressway is 25,000 yuan, which is considered top-tier among dual four-lane expressways [2]. - The projected internal rate of return for the acquisition is estimated at 10.43%, which is favorable compared to the previous acquisition of Pinglin Expressway at 9.2% [2][3]. - The remaining toll collection period for the expressway is significant, with the section from the Luji boundary to Zhanhua set to expire in January 2047, ensuring a long-term revenue stream [3]. Group 3: Financial Impact - The acquisition is expected to enhance the company's performance and operational capacity, with an estimated net profit contribution of around 1 billion yuan in 2026 [4]. - The weighted average remaining toll collection period for the company's controlled expressways will increase by approximately 0.8 years post-acquisition [4]. - Without considering the acquisition, the company's projected net profits for 2025-2027 are 755 million yuan, 769 million yuan, and 822 million yuan, respectively [4].
越秀交通基建(01052.HK)：收购秦滨高速 显著利好公司业绩与持续运营能力