QDPI(SH:601298) Xinda Securities·2024-07-14 10:30Investment Rating - The investment rating for Qingdao Port (601298.SH) is "Buy," consistent with the previous rating [1]. Core Views - The report highlights that the acquisition of assets from Rizhao Port Group and Yantai Port Group is expected to enhance the company's earnings per share (EPS) by approximately 5.20% for 2023 and 3.78% for the first quarter of 2024 [2][3]. - The overall return on equity (ROE) for Qingdao Port is projected to be 12.22%, which is close to the combined ROE of the acquired assets at 11.68% [2]. - The report anticipates steady revenue growth for Qingdao Port, with projected revenues of 187.11 billion, 195.57 billion, and 202.87 billion yuan for 2024 to 2026, representing year-on-year growth rates of 3.0%, 4.5%, and 3.7% respectively [3][4]. Summary by Sections Financial Performance - The total revenue for 2023 is reported at 18.173 billion yuan, with a year-on-year decrease of 5.7%. However, the net profit attributable to the parent company is expected to increase by 8.7% to 4.923 billion yuan [4]. - The projected EPS for 2024 is 0.82 yuan, with corresponding price-to-earnings (P/E) ratios of 12.05, 11.07, and 10.17 for the years 2024 to 2026 [3][4]. Acquisition Details - The total consideration for the acquisition of assets is 94.40 billion yuan, with an expected net profit of 8.12 billion yuan for 2023, resulting in a P/E ratio of 11.62, which is lower than the company's current valuation [2][3]. - The acquisition is expected to consolidate the operations of the Shandong Port Group, increasing its shareholding in Qingdao Port to 60.06% [2]. Future Outlook - The report maintains a positive outlook on the company's performance, with expectations of continued growth in net profit and EPS over the next few years [3][4].