QDPI(601298) Changjiang Securities·2024-09-29 08:37Investment Rating - The investment rating for Qingdao Port (601298.SH) is "Buy" and is maintained [4]. Core Viewpoints - The asset restructuring process is accelerating, focusing on liquid bulk cargo assets, which is expected to stabilize the performance of the liquid bulk segment and enhance EPS [5][6]. - The restructuring is the first project accepted by the Shanghai Stock Exchange following the release of the "Six Guidelines for Mergers and Acquisitions" by the China Securities Regulatory Commission [5]. - The integration of Shandong Province's ports is ongoing, and this announcement indicates a faster pace in the asset restructuring process, benefiting the liquid bulk segment [5][6]. Summary by Relevant Sections Event Description - On September 26, 2024, Qingdao Port announced that it received a notice from the Shanghai Stock Exchange regarding the acceptance of its application for issuing shares to purchase assets and raise supporting funds, marking it as the first merger and acquisition project after the new guidelines [5]. Event Commentary - The ongoing integration of Shandong Province's ports, initiated in 2019, aims to resolve competition issues among listed companies and their subsidiaries. The current restructuring focuses on acquiring oil terminal assets from Rizhao Port Group and Yantai Port Group [5]. - The performance of the liquid bulk segment faced pressure in the first half of the year due to weak downstream demand and the commissioning of nearby oil terminals. The restructuring is expected to mitigate potential cargo volume losses and support stability in the liquid bulk segment [5][6]. - The quality of the assets involved in the restructuring has improved, with the ROE of the acquired assets reaching 11.68%, which is close to and higher than that of other ports. This transaction is projected to enhance the company's EPS, with an expected increase from 0.76 CNY/share to 0.80 CNY/share, a growth of 5.20% [5][6]. Investment Recommendations - The report emphasizes that the growth of the container segment and the stability of the liquid bulk segment are the two main drivers of Qingdao Port's performance. The company is expected to benefit from the ongoing integration of ports in Shandong Province, with projected net profits for 2024-2026 being 5.13 billion, 5.23 billion, and 5.59 billion CNY, respectively [6].