ZMNY(600163) Changjiang Securities·2025-05-19 13:12Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The recent share reduction by a major shareholder due to operational issues is not a cause for concern, and any short-term emotional impact on the stock price may present a good investment opportunity. Historical analysis shows that the emotional impact from previous reductions has diminished over time, and the current safety margin is sufficient with a price-to-earnings ratio (PE) of 12.88x after considering asset injections [2][6] - The company is expected to benefit from favorable policies regarding offshore wind resources in Fujian Province, with potential asset injections from the parent group that could enhance earnings per share (EPS) significantly. The projected EPS for 2025-2027 is 0.46, 0.49, and 0.73 respectively, corresponding to PE ratios of 11.76, 11.02, and 7.36 [2][6] Summary by Sections Event Description - The company announced that a major shareholder, "Huaxing New Ventures," plans to reduce its holdings by up to 5,325,381 shares through trading methods. This reduction is attributed to the expiration of operational terms and is not related to the company's performance [6] Event Commentary - The reduction is seen as non-fundamental, and the long-term value of the company remains intact. The previous reduction in August 2024 did not lead to significant long-term impacts, and the current market conditions suggest that any emotional market reactions will be short-lived. The company’s valuation remains attractive with a PE ratio of 12.88x, and upcoming asset injections are expected to contribute positively to earnings [2][6] Financial Projections - The company’s total revenue is projected to grow significantly from 1,741 million in 2025 to 6,218 million by 2027. The net profit is expected to increase from 692 million in 2024 to 1,916 million in 2027, indicating strong growth potential [17]