Investment Rating - The report maintains a "Strong Buy" rating for the company [4][5]. Core Views - The acquisition of a 55% stake in Henan Yuexiu Pinglin Expressway Co., Ltd. for 758 million yuan is expected to significantly enhance the company's performance, with an internal rate of return of 9.2% [1][2][3]. - The Pinglin Expressway is strategically located as part of the G36 Ningluo Expressway, serving as a major logistics corridor connecting various regions [1]. - The company plans to sell a 60% stake in Tianjin Jinxiong Expressway for no less than 191 million yuan, which is expected to generate one-time gains and improve net profit in the year of sale [4]. Summary by Sections Acquisition Details - The acquisition price of 758 million yuan represents a 3.6% discount to the market valuation of 787 million yuan, indicating a reasonable purchase price [1][2]. - The Pinglin Expressway has a total length of 106.45 kilometers and a remaining toll collection period of approximately 9 years [1]. Financial Performance - The Pinglin Expressway generated revenue of 482 million yuan and a net profit of 119 million yuan from its establishment until the end of 2023, with a stable profit outlook [3]. - For the first seven months of 2024, the expressway achieved revenue of 304 million yuan and a net profit of 80 million yuan, suggesting a projected annual net profit contribution of approximately 76 million yuan to the company post-acquisition [3]. Profit Forecast and Recommendations - The company’s net profit is projected to be 656 million yuan, 738 million yuan, and 769 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.39, 0.44, and 0.46 yuan [4][7]. - The report anticipates that the completion of the acquisition will further enhance earnings in 2025 and beyond [4].
越秀交通基建：收购平临高速，优质资产将增厚公司业绩