Company Overview - The company announced the acquisition of 85% equity in the Qinbin Expressway segment from Zhanhua to the Hebei border, with a transaction price of 1.15 billion yuan [1] - The valuation of the target segment is considered reasonable, potentially extending the average operational lifespan of the company's road assets [1] Financial Metrics - The static P/E ratio of the target company based on the acquisition price is 5.0x, with projected P/E ratios for 2025 and 2026 at 12.6x and 11.4x respectively [1] - The internal rate of return for the project is reported at 10.43%, compared to 9.2% for the Pinglin Expressway, indicating a higher project return [1] Revenue and Profitability - The target segment is expected to generate revenue of 750 million yuan in 2024, accounting for 19.5% of the company's total revenue for that year [1] - For the first eight months of 2025, the target segment is projected to achieve revenue of 550 million yuan and a net profit of 270 million yuan, representing 72.5% and 94.9% of the total annual figures for 2024 respectively [1] Future Projections - In 2026, revenue from the target segment is expected to decline by 33.2% due to maintenance and completion of other segments, but net profit is projected to increase by 10.5% [2] - From 2026 to 2028, the compound annual growth rate (CAGR) for revenue, EBIT, and net profit of the target company is estimated at 7.3%, 11.9%, and 25.5% respectively [2] Valuation and Target Price - The company maintains net profit estimates of 739 million yuan and 770 million yuan for 2025 and 2026 respectively, with current stock prices corresponding to P/E ratios of 9.5x and 9.0x for those years [2] - The target price for 2025 is set at 5.13 HKD, reflecting a dividend yield of 5.5%, with an 18.2% increase in target price and P/E ratios of 10.6x and 10.1x for 2025 and 2026 respectively, indicating a potential upside of 12.2% from current stock prices [2]
越秀交通基建(01052.HK)：收购秦滨高速沾化至鲁冀界 补充资产组合