研報掘金丨招商證券:青島港重組方案有序推進,資產收購助力增厚遠期業績
招商證券研報指出,青島港(601298.SH)重組方案有序推進,資產收購助力增厚遠期業績。青島港區域優勢較強,其利潤構成中盈利能力較強的集裝箱板塊、液體散貨板塊佔比高,當前ROE處於行業領先水平,在東盟航線持續增長下,集裝箱吞吐量仍有提升空間,收購油品碼頭資產有望增厚液散板塊遠期利潤表現,且A股中永續經營的優質資產較為稀缺,有估值重塑空間。預計公司24-26年歸母淨利潤分別為51.2 億元、53.4億元、55.4億元,對應PE分別為10.7x、10.3x、9.9x,較最新收盤價,對應24年A股股息率為3.7%,H股股息率為6.3%。
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