ZPEC(SH:603619) Tianfeng Securities·2024-04-30 08:00Investment Rating - The investment rating for the company is "Accumulate (Maintain Rating)" with a target price of 25.81 CNY, indicating an expected relative return of 10%-20% over the next six months [17]. Core Insights - The company signed contracts worth 3.735 billion USD in 2023, representing a year-on-year growth of 29.46% [1]. - The company's net profit attributable to the parent company for 2023 was 8.1 billion CNY, a year-on-year increase of 67.9%, primarily due to increased crude oil production [9]. - The average crude oil price achieved by the company in 2023 was 3606 CNY per ton, equivalent to 73.1 USD per barrel [10]. - The company expects net profits of 12.8 billion CNY, 16.9 billion CNY, and 20.0 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 3.21 CNY, 4.21 CNY, and 5.01 CNY [16]. Financial Summary - The company's operating revenue for 2023 was 3,731.95 million CNY, with a growth rate of 21.75% compared to 2022 [14]. - The net profit for 2023 was 821.17 million CNY, reflecting a growth rate of 60.90% [14]. - The company's EBITDA for 2023 was 1,632.27 million CNY, with a projected increase to 2,631.27 million CNY by 2025 [14]. - The company's total assets increased from 7,154.51 million CNY in 2022 to 9,132.37 million CNY in 2023 [26]. Production and Reserves - The company's crude oil production from the Wensu oilfield reached 581,000 tons in 2023, an increase of 33.82% year-on-year [9]. - The 2P (Proven and Probable) geological reserves of the Jiange block are estimated at 64.414 million tons, with 5.953 million tons being economically recoverable [11].