Jereh Group(002353) 东吴证券·2024-11-06 01:38Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has received a project award from ADNOC for a digital transformation EPC project in the UAE, with an estimated value of 6.655 billion RMB (920 million USD), marking a significant milestone in China-UAE cooperation [1][2] - The project involves the digital upgrade of over 2,000 oil and gas production well facilities, showcasing the company's leading position in the global oil and gas market's digitalization wave [1][2] - The company is expected to benefit from a series of large EPC contracts in the Middle East, enhancing its brand recognition and operational capabilities [3][4] Financial Forecast and Valuation - The company is projected to achieve a net profit of 2.725 billion RMB in 2024, with a corresponding P/E ratio of 13.68, indicating a low valuation relative to its growth potential [4] - Revenue is expected to grow from 13.912 billion RMB in 2023 to 19.682 billion RMB by 2026, reflecting a compound annual growth rate [4] - The report highlights the company's strong financial metrics, including a projected net profit margin of 18.90% in 2024 and a return on equity (ROE) of 12.38% [10]