ZPEC(603619) 信达证券·2025-04-30 01:32Investment Rating - The investment rating for Zhongman Petroleum (603619.SH) is "Buy" [1] Core Views - The report highlights that in Q1 2025, Zhongman Petroleum achieved a revenue of 943 million yuan, representing a year-on-year increase of 17% but a quarter-on-quarter decrease of 12.96%. The net profit attributable to the parent company was 230 million yuan, up 34% year-on-year and 301% quarter-on-quarter [1][3] - The report indicates that the increase in net profit is primarily driven by the engineering segment, which saw significant profit growth compared to the previous year when it faced challenges due to rig relocations [3] - The company’s oil and gas production totaled 277,200 tons in Q1 2025, reflecting a year-on-year increase of 28.51%, with crude oil production at 218,800 tons, up 10.62% year-on-year [3] - The report notes that the development of the Iraq oil and gas blocks is progressing steadily, with the first joint management meeting for the EBN and MF projects completed, which is expected to positively impact future operational performance [3] Financial Summary - For the fiscal years 2023 to 2027, the total revenue is projected to grow from 3,732 million yuan in 2023 to 6,766 million yuan in 2027, with year-on-year growth rates of 16.7%, 10.8%, 8.5%, 18.7%, and 27.1% respectively [4] - The net profit attributable to the parent company is forecasted to increase from 812 million yuan in 2023 to 1,697 million yuan in 2027, with year-on-year growth rates of 68.3%, -10.6%, 24.5%, 30.8%, and 43.6% [4] - The report projects the earnings per share (EPS) to rise from 1.76 yuan in 2023 to 3.67 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 8.94 to 4.28 [4][3]