CPEC(600339) 光大证券·2024-11-14 03:12Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The equity structure has been optimized with the transfer of 463 million A-shares from China National Petroleum Corporation (CNPC) to Sinopec National Investment, enhancing strategic cooperation and long-term development prospects [2][4]. - The company has achieved significant market expansion, with new contract amounts reaching 94.263 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 17.62% [3]. - The company is expected to benefit from domestic and international market opportunities, particularly under the "Belt and Road" initiative, which will support its oil and gas engineering business [4]. Summary by Sections Equity Structure - After the share transfer, CNPC will hold approximately 45.99% of the total shares directly and 17.91% indirectly, while Sinopec National Investment will become the third-largest shareholder with 8.30% [2]. Market Performance - The new contracts signed in 2024 include 71.166 billion yuan from domestic markets (75.50%) and 23.097 billion yuan from overseas markets (24.50%) [3]. Financial Forecast - The company is projected to achieve net profits of 853 million yuan, 966 million yuan, and 1.083 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.15, 0.17, and 0.19 yuan per share [4][5]. - Revenue is expected to grow from 80.343 billion yuan in 2023 to 90.918 billion yuan by 2026, with a compound annual growth rate of approximately 4.72% [5]. Strategic Opportunities - The company is well-positioned to leverage the "Belt and Road" initiative, which aims to enhance cooperation in exploration, pipeline operation, refining, and engineering services [4]. - The expected upstream capital expenditure of 213 billion yuan in 2024 will support the company's oil and gas field engineering business [4].