Investment Rating - The report maintains a "Strong Buy" rating for Yuexiu Transportation Infrastructure [6] Core Views - The acquisition of Qinbin Expressway is expected to significantly benefit the company's performance and operational sustainability [2][5] - The project is projected to enhance the company's revenue and extend the average remaining toll collection period of its controlled highways by approximately 0.8 years [5] Summary by Sections Acquisition Details - The company plans to acquire 85% of the Qinbin Expressway for CNY 1.154 billion, covering a total length of 60.7 kilometers with a remaining toll collection period of slightly over 20 years [2] - The expressway has already achieved profitability, with revenues for the years 2023, 2024, and 2025 (up to August) reported at CNY 563 million, CNY 752 million, and CNY 546 million respectively [3] Revenue Potential - The average daily revenue per kilometer for Qinbin Expressway is notably high, at CNY 25,000, CNY 34,000, and CNY 37,000 for the years 2023, 2024, and 2025 respectively [3] - The report anticipates a revenue drop in 2026 to CNY 599 million, which is still above the 2023 level, due to increased traffic on the expressway from the parallel expansion of the Rongwu Expressway [4] Financial Metrics - The internal rate of return (IRR) for the acquisition is estimated at 10.43%, which is favorable compared to the previous acquisition of Pinglin Expressway with an IRR of 9.2% [4] - The total enterprise value (EV) of the project is calculated at CNY 6.225 billion, translating to a unit cost of just over CNY 100 million per kilometer [4] Profit Forecast - The projected net profits for the company for 2025, 2026, and 2027 are CNY 755 million, CNY 769 million, and CNY 822 million respectively, with a significant increase expected from the acquisition [11] - The report suggests that the acquisition will add approximately CNY 1 billion to the company's earnings in 2026 [11]
越秀交通基建（01052）：收购秦滨高速，显著利好公司业绩与持续运营能力