Investment Rating - The report maintains a "Buy" rating for the company [13]. Core Views - As a leading private oil service company in China, the company is expected to continue demonstrating its competitive advantages with the deepening of domestic exploration and development, as well as the upcoming replacement demand for equipment in North America. The company has established a comprehensive technology matrix covering all aspects of the natural gas industry, and with the rapid development of the natural gas industry chain in regions like the Middle East, it is anticipated that the company will open a second growth curve through international expansion. The projected EPS for 2025, 2026, and 2027 are 2.99 CNY, 3.52 CNY, and 4.09 CNY, respectively, corresponding to PE ratios of 13.48X, 11.42X, and 9.84X based on the closing price on August 5, 2025 [3][11]. Summary by Sections New Opportunities in Natural Gas - The Middle East is experiencing a strong supply and demand for natural gas, creating new opportunities for oil service companies to expand internationally. The region has significant potential for production increases, with a robust development trend in LNG projects driven by natural gas production policies. The energy investment in the Middle East is expected to continue rising, with a projected compound annual growth rate of 7.8% in the oil service market until 2029 [6][51][55]. Domestic Natural Gas Market Demand - Under the dual carbon goals and urbanization, domestic demand for natural gas is on the rise. The government is emphasizing the construction of gas storage facilities, which is accelerating. The company has successfully signed large orders for domestic natural gas compressors, deepening its application in the gas storage sector [7][59]. Full Industry Chain and Technological Advantages - The company has a comprehensive business support system that spans upstream, midstream, and downstream operations in the natural gas sector. It is the first oil service company in China to obtain API Spec Q2 certification, which enhances its ability to expand into the Middle East and other overseas markets. With the rapid development of the oil and gas market in the Middle East, the company is expected to achieve breakthroughs in multiple regions and full-cycle projects [8][11]. Domestic Industry Resilience - The increasing reliance on foreign oil and gas necessitates a comprehensive energy security guarantee system. Since 2017, major state-owned oil companies have significantly increased capital expenditures, particularly in exploration and development. The "increase reserves and production" policy is a top priority, ensuring robust domestic business growth for the company [9]. New Equipment and Market Opportunities in the U.S. - The U.S. market is facing a peak period for the replacement of existing fracturing equipment, with a significant portion currently being diesel-driven. The company has established a leading technological advantage in high-end fracturing equipment and is expected to gradually expand into the substantial replacement market in the U.S. through new products like electric-driven fracturing equipment [10][11].