Ge Long Hui A P P·2026-01-27 07:58Core Viewpoint - China Energy Engineering Corporation (CEEC) is a global leader in energy construction, focusing on hydrogen energy and IDC as its second growth curve [1] Group 1: Company Overview - CEEC has a complete industrial chain service capability, including planning consultation, investment and construction, and industrial manufacturing [1] - The company is expected to achieve a revenue and net profit CAGR of +12.7% and +15.8% respectively from 2020 to 2024 [1] Group 2: Strategic Initiatives - The company is strengthening its position in the "four new" fields and expanding its overseas business [1] - CEEC's leadership in energy construction is becoming more prominent as it accelerates its overseas operations and develops emerging businesses in hydrogen energy and data centers [1] Group 3: Financial Projections - The projected net profits for the company from 2025 to 2027 are 8.71 billion, 9.39 billion, and 10.15 billion yuan respectively [1] - Based on comparable companies, a 15x PE ratio for 2026 suggests a reasonable value of 3.38 yuan per share, with a corresponding reasonable value of 1.56 HKD per share for its H-shares [1] - The initial coverage rating for the company is "Buy" [1]