ZPEC(SH:603637) Sou Hu Cai Jing·2026-01-17 20:55Core Viewpoint - Zhenhai Co., Ltd. (603637) has experienced a decline in stock price, closing at 11.35 yuan, down 3.98% from the previous week, with a current market capitalization of 2.709 billion yuan, ranking 36th in the professional engineering sector and 4808th in the A-share market [1]. Shareholder Changes - As of January 9, 2026, the number of shareholders for Zhenhai Co. has increased to 12,200, up by 74, or 0.61% from December 19, with an average shareholding of 19,600 shares per account, translating to an average market value of 231,700 yuan per account [3]. Institutional Research Highlights - Zhenhai Co. was established in January 2005 and has over 50 years of experience in the petrochemical engineering sector, focusing on environmental protection, oil quality upgrades, and technological innovation [4]. - The company has a robust cash reserve and plans to prioritize core business operations, seek acquisition opportunities in high-value sectors like new energy and new materials, and enhance the efficiency of fund usage through low-risk financial products [4]. - Zhenhai Co. is actively exploring opportunities in the coal chemical market in regions like Xinjiang and Inner Mongolia, having successfully won bids for projects related to the Tar River Refining Company [5]. - The company maintains a sustainable revenue scale of approximately 500 million yuan, which is expected to remain stable due to its operational model and team size [5]. - The competitive landscape is characterized by three tiers, with Zhenhai Co. positioned in the second tier, relying on specialized technology for differentiation [6]. - The company aims to enhance shareholder returns, with cash dividends projected to increase from 30.11% of net profit in 2022 to 49.09% in 2024 [7]. - Zhenhai Co. is committed to developing a scientific and effective incentive mechanism, including exploring stock option plans to attract and retain key talent [7].