QDPI(SH:601298) Huachuang Securities·2024-07-14 08:01Investment Rating - The report upgrades the investment rating of Qingdao Port (601298) to "Strong Buy" due to the promising asset restructuring plan and high ROE long-term assets combined with an excellent governance system [1][36]. Core Insights - The updated asset restructuring plan is designed to protect the interests of minority shareholders, focusing on acquiring liquid bulk cargo assets, which are expected to significantly enhance profitability compared to previous plans [10][15]. - The acquisition is valued at 9.44 billion yuan, with a PE ratio of 11.6 and a PB ratio of 1.36, both lower than the current levels of the listed company [11][12]. - The new asset package is projected to achieve a ROE of 11.7%, which is only slightly below Qingdao Port's current ROE of 12.2% for 2023, indicating strong competitive positioning in the port industry [17][19]. - The transaction is expected to increase earnings per share (EPS) from 0.76 yuan to 0.80 yuan, representing a 5.2% increase, and ROE is anticipated to rise from 12.2% to 13.3% [20][22]. Summary by Sections Asset Restructuring Plan - The company plans to acquire 100% equity of an oil company and stakes in two pipeline companies for a total consideration of 9.44 billion yuan, with 4.81 billion yuan paid in shares and 4.63 billion yuan in cash [10][11]. - The acquisition targets focus on liquid bulk cargo, which is expected to improve profitability significantly compared to previous asset acquisition plans [15][16]. Financial Performance and Projections - For 2023, the total revenue is reported at 18.173 billion yuan, with a projected growth rate of 7.5% for 2024 [5]. - The net profit attributable to shareholders is expected to grow from 4.923 billion yuan in 2023 to 5.423 billion yuan in 2024, reflecting a growth rate of 8.8% [5]. - The report maintains profit forecasts for 2024-2026, estimating net profits of 54.2 billion yuan, 59.6 billion yuan, and 64.4 billion yuan respectively [36]. Governance and Market Position - The report emphasizes the importance of an excellent governance system, which is expected to command a premium in the market [35]. - Qingdao Port's long-term asset advantages are increasingly recognized, with the potential for stable cash flows and high dividend yields as the market focuses on sustainable growth [33][34].