Group 1 - The core viewpoint of the article is that the acquisition of Qinbin Expressway by Yuexiu Transportation Infrastructure is a strategic move to enhance the company's asset portfolio and improve its sustainable development [1] - The company announced the acquisition of 85% equity in Qinbin Expressway for a transaction price of 1.15 billion yuan, which results in a static price-to-earnings ratio of 5 times for the target company [1] - The projected price-to-earnings ratios for the target company are 12.6 times and 11.4 times for 2025 and 2026, respectively, indicating potential growth in profitability [1] Group 2 - The internal rate of return for the acquisition is reported at 10.43%, which is higher than the 9.2% return for the Pinglin Expressway, reflecting a strong project return [1] - Following the acquisition, the weighted average remaining lifespan of the company's controlled expressways will extend by 0.8 years, enhancing the overall asset quality [1] - The company maintains its net profit forecasts at 739 million yuan and 770 million yuan for 2025 and 2026, respectively, while keeping a "outperforming the industry" rating [1] Group 3 - The article suggests that the valuation of the acquired expressway segment is reasonable and that the acquisition of high-profitability assets will benefit the company's long-term growth [1] - The target price for the company's stock is adjusted to 5.13 HKD, reflecting an 18.2% increase, with a corresponding dividend yield of 5.5% for 2025 [1] - The market is expected to provide a certain valuation premium due to the recent increase in market risk appetite [1]
研报掘金丨中金：上调越秀交通基建目标价至5.13港元 收购秦滨高速沾化至鲁冀界补充资产组合