ZPEC(SH:603619) Minsheng Securities·2024-10-31 09:30Investment Rating - The report maintains a "Recommended" rating for Zhongman Petroleum (603619.SH) [4][6]. Core Views - The company achieved a revenue of 3.051 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 6.87%, and a net profit attributable to shareholders of 668 million yuan, up 12.65% year-on-year [1]. - In Q3 2024, the company reported a revenue of 1.133 billion yuan, a year-on-year increase of 13.23%, and a net profit of 241 million yuan, which is a 41.62% increase year-on-year [1][2]. - The company has signed new oil and gas blocks in Iraq, which are expected to significantly contribute to long-term production growth [3]. Financial Performance - For the first three quarters of 2024, the company’s crude oil production reached 628,000 tons, a year-on-year increase of 28.08% [2]. - The Q3 2024 crude oil production was 223,000 tons, reflecting a year-on-year growth of 24.23% [2]. - The company forecasts net profits of 917 million yuan, 1.218 billion yuan, and 1.516 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.98 yuan, 2.63 yuan, and 3.28 yuan [4][7]. Future Outlook - The report anticipates that global capital expenditure in oil will remain insufficient, leading to a tight supply-demand situation and stable high oil prices, which will benefit the company’s growth [4]. - The company’s production capacity is expected to grow significantly, supported by its integrated cost advantages [4].