QDPI(601298) ZHONGTAI SECURITIES·2024-10-31 07:00Investment Rating - The report maintains a "Buy" rating for Qingdao Port, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [2][5]. Core Insights - Qingdao Port's main business shows steady growth, with asset integration expected to accelerate, enhancing operational efficiency and market share [2]. - The company reported a revenue of 13.978 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.34%, and a net profit of 3.931 billion yuan, up 3.78% year-on-year [2]. - The cargo throughput for the first nine months of 2024 reached 533 million tons, reflecting a growth of 5.7% year-on-year, with container throughput increasing by 8.0% to 24.13 million TEUs [2]. - The company is pursuing significant asset restructuring, aiming to acquire stakes in various oil and pipeline companies, which is expected to enhance operational synergies and reduce internal competition within the Shandong Port Group [2]. - A mid-term dividend plan has been established, committing to a cash dividend of no less than 40% of distributable profits annually, with a proposed cash dividend of 0.1134 yuan per share for the first half of 2024 [2]. Financial Forecast and Valuation - The company is projected to achieve net profits of 5.185 billion yuan, 5.527 billion yuan, and 5.904 billion yuan for 2024, 2025, and 2026 respectively, with corresponding earnings per share of 0.80 yuan, 0.85 yuan, and 0.91 yuan [2][4]. - The current stock price of 8.27 yuan corresponds to a price-to-earnings ratio (P/E) of 10.4X for 2024, 9.7X for 2025, and 9.1X for 2026 [2][4].