CICC: Initiates Coverage on Sinopec Oilfield Service Corporation Limited (03677.HK) with "Buy" Rating, Unit Profit Center Expected to Gradually Move Up

According to the Wisdom Financial APP, China Securities Construction Investment released a research report stating that Zhengli New Energy (03677.HK) is expected to achieve positive net profit for shareholders and operating profit in the first half of 2024 and 2025 respectively, with profits entering an upward turning point. It is estimated that the revenue in 2025, 2026, and 2027 will be 8.028 billion, 12.805 billion, and 18.215 billion respectively, with net profits attributable to shareholders of 0.544 billion, 1.237 billion, and 1.73 billion respectively. The corresponding PEs are 38, 17, and 12 times. In 2026 and 2027, the valuation is lower than the industry average level. Considering the strong profit growth of the company, the shipment and profit growth rate far exceed the industry average, the first coverage gives a "buy" rating.