Group 1 - The core viewpoint of the report is that due to the pending acquisition of Qinbin Expressway, the company maintains its net profit forecasts for 2025 and 2026 at 739 million and 770 million yuan respectively, with current stock prices corresponding to P/E ratios of 9.5 and 9.0 for those years [1] - 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, indicating a potential upside of 12.2% from current stock prices [1] Group 2 - The company announced the acquisition of 85% equity in Qinbin Expressway for a transaction price of 1.15 billion yuan [2] - The valuation of the acquired segment is considered reasonable, with a static P/E of 5.0x, and projected P/E ratios of 12.6x and 11.4x for 2025 and 2026 respectively, indicating strong internal return rates [3] - The acquisition is expected to alleviate pressure on existing assets, with the acquired segment projected to generate 750 million yuan in revenue for 2024, accounting for 19.5% of total revenue [4] - In 2026, the revenue from the acquired segment is expected to decline by 33.2% due to construction activities, but net profit is projected to increase by 10.5%, with significant growth expected in revenue and profits from 2026 to 2028 [5]
中金：维持越秀交通基建跑赢行业评级 上调目标价至5.13港元