ZPEC(SH:603619) Xinda Securities·2025-10-31 13:07Investment Rating - The investment rating for Zhongman Petroleum (603619.SH) is "Buy" [1] Core Views - The report highlights that in Q3 2025, Zhongman Petroleum's revenue decreased by 2.18% year-on-year to 2.985 billion yuan, while the net profit attributable to shareholders fell by 32.18% to 453 million yuan. The basic earnings per share (EPS) was 0.98 yuan, down 41.32% year-on-year [1][2] - The report notes that Q3 profits improved sequentially compared to Q2, primarily due to a slight increase in oil prices and an increase in production from domestic and overseas projects [4] - The overseas projects are progressing steadily, with significant production increases expected to positively impact future operating performance [4] Financial Summary - For Q3 2025, the company reported a single-quarter revenue of 1.003 billion yuan, a year-on-year decrease of 11.44% and a sequential decrease of 3.31%. The net profit attributable to shareholders for the quarter was 153 million yuan, down 36.38% year-on-year but up 117% sequentially [2] - The report provides financial forecasts for 2025-2027, predicting net profits of 596 million yuan, 733 million yuan, and 987 million yuan, with year-on-year growth rates of -17.9%, +23.0%, and +34.6% respectively. The EPS for these years is projected to be 1.29 yuan, 1.59 yuan, and 2.13 yuan [4][5] - The report also includes key financial metrics such as a projected P/E ratio of 16.26 for 2025 and a P/B ratio of 2.17 [5][7]