QDPI(601298) Xinda Securities·2024-09-30 08:30Investment Rating - The investment rating for Qingdao Port (601298.SH) is "Buy" [1]. Core Views - The report highlights that the major restructuring plan of Qingdao Port has been accepted by the Shanghai Stock Exchange, and the progress is orderly [1]. - The acquisition of assets from Rizhao Port Group and Yantai Port Group is expected to enhance the company's earnings per share (EPS) significantly [2]. - The report anticipates steady revenue growth for Qingdao Port, projecting revenues of 190.11 billion, 198.94 billion, and 206.90 billion yuan for 2024 to 2026, with corresponding net profits of 51.84 billion, 55.91 billion, and 60.21 billion yuan [2]. Summary by Sections Restructuring and Acquisition - The total consideration for the assets to be acquired is 9.44 billion yuan, with a projected net profit of 8.12 billion yuan for 2023, resulting in a price-to-earnings (PE) ratio of 11.62 times and a price-to-book (PB) ratio of 1.36 times [1]. - The assets from Rizhao Port Group include a 100% stake in Rizhao Port Oil Products Terminal Co., with a purchase price of 28.38 billion yuan and a 2023 return on equity (ROE) of 5.72% [1]. - The assets from Yantai Port Group include a 53.88% stake in Shandong United Energy Pipeline Transportation Co., with a purchase price of 32.64 billion yuan and a 2023 ROE of 19.17% [1]. Financial Projections - The report forecasts that the EPS will increase from 0.76 yuan to 0.80 yuan per share, representing a 5.20% increase, and from 0.20 yuan to 0.21 yuan in the first quarter of 2024, a 3.78% increase [2]. - Revenue growth rates are projected at 4.61%, 4.64%, and 4.01% for the years 2024 to 2026, with net profit growth rates of 5.30%, 7.83%, and 7.69% respectively [2]. Market Position and Strategy - The restructuring plan is expected to enhance the integration of liquid bulk cargo terminals in Shandong Province, promoting scale, efficiency, and competitiveness [2]. - The report indicates that there are no immediate plans for further acquisitions following the current restructuring, as other assets in the province are still undergoing rectification [2].