ZPEC(603619) Guolian Securities·2024-07-24 02:00Investment Rating - The report maintains a "Buy" rating for the company [20][19]. Core Insights - The chairman's significant share purchase reflects confidence in the company's long-term investment value and future development prospects, aiming to protect the interests of minority shareholders [1][17]. - The company is accelerating its overseas oil and gas block expansion, with notable progress in the Wensu block, where the number of wells has exceeded 400 and production is on the rise [8][18]. - The company has completed the acquisition of the Jiange oil field, holding a 53.6% interest, and is advancing the development of the coastal block with an 87% interest [19]. Financial Forecasts and Valuation - Revenue projections for 2024-2026 are estimated at 47 billion, 55 billion, and 63 billion yuan, with corresponding growth rates of 25%, 18%, and 15% [19]. - The net profit attributable to the parent company is expected to be 13.0 billion, 15.2 billion, and 17.1 billion yuan for the same period, with growth rates of 60%, 17%, and 13% [19]. - Earnings per share (EPS) are projected to be 3.23, 3.79, and 4.28 yuan, with a three-year compound annual growth rate (CAGR) of 28% [19]. - The current price corresponds to a 2024 price-to-earnings (P/E) ratio of 6.3 times [19]. Financial Data Summary - Revenue (million yuan): 3,199 in 2022, projected to reach 6,342 by 2026, with a growth rate of 81.56% in 2022 and 16.67% in 2023 [10]. - EBITDA (million yuan): 1,187 in 2022, expected to grow to 3,238 by 2026 [10]. - Net profit (million yuan): 482 in 2022, projected to increase to 1,713 by 2026, reflecting a growth rate of 552.09% in 2022 [10]. - Price-to-earnings (P/E) ratio is expected to decrease from 16.8 in 2022 to 4.7 in 2026 [10].