QDPI(601298) Changjiang Securities·2025-02-28 02:51Investment Rating - The investment rating for Qingdao Port (601298.SH) is "Buy" and is maintained [7]. Core Views - On February 21, Qingdao Port announced adjustments to its original restructuring plan due to delays in resolving bankruptcy issues of key clients of the targeted companies, leading to the withdrawal of the original acquisition proposal. The revised plan will not involve acquiring 53.88% of United Pipeline and 51% of Port Source Pipeline, but will retain the cash purchase of 100% of the oil company and 50% of Rizhao Shihua [6][10]. - The adjusted plan is expected to enhance the company's earnings per share (EPS) more than the original plan, with an increase of 6.07% compared to 5.20% previously. The assets to be acquired are valued at a price-to-book (PB) ratio of 1.2, which is lower than the PB of 1.35 for Qingdao Port's A-share listed companies, indicating reasonable valuation [10][11]. - The integration of port resources in Shandong Province is expected to benefit the company, as it positions Qingdao Port as a leader in a collaborative development framework. Projected net profits for 2024-2026 are estimated at 5.14 billion, 5.43 billion, and 5.82 billion, respectively, with corresponding price-to-earnings (PE) ratios of 10.8, 10.2, and 9.5 [10][11]. Summary by Sections Event Description - Qingdao Port announced adjustments to its restructuring plan on February 21, 2025, due to delays in resolving bankruptcy issues of key clients. The revised plan excludes the acquisition of certain pipeline companies but retains cash purchases of specific assets [6][10]. Financial Data - Current stock price: 8.55 CNY - Total shares: 649.11 million - Circulating A shares: 539.21 million - Net asset per share: 6.52 CNY - 12-month high/low price: 10.12/6.85 CNY [7]. Earnings Forecast - Projected net profits for 2024-2026 are 5.14 billion, 5.43 billion, and 5.82 billion, with PE ratios of 10.8, 10.2, and 9.5 respectively. Assuming a 40% dividend payout ratio, the expected dividend yields for 2024-2026 are 3.7%, 3.9%, and 4.2% [10][11].