Workflow
定增调减减少普通股东权益摊薄,调整后募投项目经济效益整体较好
600755ITG(600755)2024-01-31 16:00

Investment Rating - The report maintains a "Buy" rating for the company, expecting its stock price to outperform the benchmark index by 10%-20% over the next 6-12 months [21]. Core Views - The company has adjusted its plan for a non-specific public offering of A-shares, reducing the total fundraising amount from 3.7 billion RMB to 2.173 billion RMB, a decrease of 41.3% [6][18]. - The adjusted fundraising will primarily support projects closely related to the company's core business, including integrated supply chain upgrades and the purchase of fuel supply vessels, which are expected to yield good economic returns [6][18]. - The reduction in fundraising amount alleviates the dilution of ordinary shareholders' equity, stabilizing market expectations and protecting shareholder interests [6][18]. Financial Summary - The company’s projected net profit for 2023-2025 is 2.627 billion RMB, 3.203 billion RMB, and 3.649 billion RMB, representing year-on-year growth rates of -26.8%, +21.9%, and +13.9% respectively [6][19]. - The earnings per share (EPS) for the same period is expected to be 1.19 RMB, 1.45 RMB, and 1.66 RMB, with corresponding price-to-earnings (PE) ratios of 5.7, 4.7, and 4.1 [6][19]. - The company’s total revenue is projected to grow from 586.247 billion RMB in 2023 to 774.132 billion RMB in 2025, with a compound annual growth rate of approximately 14.9% [6][19].