青岛港：低估值+高ROE，投资价值凸显

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [5][14]. Core Insights - Qingdao Port, as the largest foreign trade port in Northern China, has shown steady revenue growth and consistent dividend payouts, driven by increasing cargo throughput [1][3]. - The company's return on equity (ROE) and return on assets (ROA) are leading in the A-share listed ports, with 2023 figures at 13% and 9.4% respectively [1][3]. - The ongoing asset restructuring aims to enhance earnings per share (EPS) by focusing on liquid bulk cargo operations, with a notable 59.4% year-on-year profit increase from the newly included asset [2][3]. - The company has a strong cash flow and has maintained a high dividend payout ratio averaging 44% from 2018 to 2023, indicating robust investment value [3][4]. Financial Data and Valuation - Revenue for 2023 is projected at 18,173.13 million yuan, reflecting a decrease of 5.66% from 2022, with a forecasted growth of 6.49% in 2024 [4][9]. - The net profit attributable to the parent company for 2023 is estimated at 4,923.32 million yuan, an 8.80% increase from 2022 [4][9]. - The price-to-earnings (P/E) ratio for Qingdao Port is currently at 10.80, which is relatively low compared to industry peers [4][9]. - The company’s total assets are expected to grow from 60,245.86 million yuan in 2023 to 72,808.94 million yuan by 2026 [8][9]. Growth Potential - The restructuring plan aims to acquire four liquid bulk cargo companies, which are expected to improve the company's core profitability metrics and protect shareholder interests [2][3]. - The company is positioned to benefit from a potential increase in ROE through appropriate leverage adjustments in the future [3][4].