Jereh Group(SZ:002353) Soochow Securities·2024-09-27 05:32Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has secured a significant EPC project with Bahrain Petroleum Company (BAPCO), marking the first large-scale oil and gas EPCC project since the establishment of diplomatic relations between China and Bahrain [3] - The project includes the construction of six gas booster stations and one central compression station, showcasing the company's capabilities in design, manufacturing, and project management [4] - The Middle East market is identified as a key area for the company's overseas operations, with ongoing collaborations and projects enhancing its international presence [5] Financial Forecast and Valuation - The company is projected to achieve total revenue of 14,419 million yuan in 2024, with a year-on-year growth of 3.64% [2] - The net profit attributable to the parent company is expected to reach 2,725 million yuan in 2024, reflecting an 11.02% increase year-on-year [2] - The current market valuation corresponds to P/E ratios of 11, 9, and 8 times for the years 2024, 2025, and 2026 respectively, indicating a low valuation relative to growth potential [5]