Core Viewpoint - The report from JPMorgan indicates that the Chinese oil service and oil engineering sector is outperforming both the industry average and Brent crude oil prices, driven by record new order volumes, stable backlog, strong delivery capabilities, and positive prospects for new orders in overseas markets [1] Industry Summary - The Chinese oil service and oil engineering sector has seen a significant increase in new signed orders, reaching a record high [1] - The sector benefits from a robust backlog of orders and strong delivery capabilities [1] - Capital expenditure from Chinese oil companies remains stable, contributing to the sector's positive outlook [1] Company Summary - Sinopec Engineering has been identified as the top pick in the industry, with expectations for steady revenue and profit growth [1] - The dividend yield for Sinopec Engineering is projected to be between 6% and 7% [1] - The target price for Sinopec Engineering has been raised to HKD 8.4, with a maintained "overweight" rating [1]
摩根大通：上调中石化炼化工程目标价至8.4港元