QDPI(SH:601298) ZHONGTAI SECURITIES·2024-09-29 01:00Investment Rating - The report maintains a "Buy" rating for Qingdao Port, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [5]. Core Views - Qingdao Port has received approval from the Shanghai Stock Exchange for its asset acquisition plan, which focuses on liquid bulk cargo, enhancing the company's competitive strength [2][4]. - The acquisition is expected to improve the company's asset quality and earnings per share by excluding less profitable assets and integrating more profitable liquid bulk cargo operations [2][4]. - The report anticipates steady growth in revenue and net profit, with projected net profits of 4,923 million CNY in 2023, increasing to 6,593 million CNY by 2026 [2][4]. Financial Summary - Revenue Forecast: - 2023: 18,173 million CNY - 2024E: 19,769 million CNY - 2025E: 21,513 million CNY - 2026E: 23,195 million CNY - Growth Rate: Expected to recover to 9% in 2024 and maintain similar growth rates thereafter [2][4]. - Net Profit Forecast: - 2023: 4,923 million CNY - 2024E: 5,419 million CNY - 2025E: 6,014 million CNY - 2026E: 6,593 million CNY - Growth Rate: Expected to grow by 9% in 2024 and 10% in subsequent years [2][4]. - Earnings Per Share (EPS): - 2023: 0.76 CNY - 2024E: 0.83 CNY - 2025E: 0.93 CNY - 2026E: 1.02 CNY [2][4]. - Return on Equity (ROE): Expected to remain stable at around 11% from 2023 to 2026 [2][4]. - Price-to-Earnings (P/E) Ratio: Projected to decrease from 10.4 in 2024 to 8.5 in 2026, indicating potential undervaluation [2][4]. - Price-to-Book (P/B) Ratio: Expected to decline from 1.4 in 2024 to 1.0 in 2026 [2][4].