中金发布研报称，维持中石化炼化工程(02386)2025-26年的盈利预测不变。当前股价交易于2025/26年 8x/7x市盈率。该行认为，近期公司股价回撤主要系国际油价波动所致，考虑到：1)公司全年新签订单 同比有望实现较大幅度增长;2)公司毛利率有望修复;3)公司在手订单与现金流的稳定性较好，股息收益 率达7%以上，该行维持跑赢行业评级和6.10港元目标价，对应2025/26年9x/8x市盈率。 中金主要观点如下： 公司1Q25新签阿尔及利亚国家石油项目，该行认为或有助于公司把握新兴市场炼化建设机遇。公司 FY24海外收入占比由10%升至17%，FY25目标海外新签订单占比超40%，毛利率有望回升。 在手现金超200亿元 公司财务状况较好，FY24财务收入达12亿元，同比增长接近10%，主要得益于外币汇率上行和汇兑收 益。考虑到公司在手订单充足，该行认为公司FY25在手现金依然有望稳定增加。 风险提示：订单转化速度不及预期;海外项目进度不及预期。 公司指引2025年整体新签订单1000亿元，与2024年持平，其中国内630亿元，国际50亿美元。向前看， 该行认为公司订单量仍有增长空间，主要系： 1)原料多 ...

2025 年 3 月 18 日 公司研究 24 年归母净利润同比增长 5.5%，新签合同额再创新高 ——中石化炼化工程（2386.HK）2024 年报点评 买入（维持） 当前价：5.63 港元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 分析师：王礼沫 执业证书编号：S0930524040002 010-56513142 wanglimo@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 43.98 | | 总市值(亿港元)： | 247.60 | | 一年最低/最高(港元)： | 4.28/6.87 | | 近 3 月换手率： | 46.1 | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -14.7 | -35.3 | -3.7 | | 绝对 | -8. ...

2025 年 3 月 18 日 公司研究 24 年归母净利润同比增长 5.5%，新签合同额再创新高 ——中石化炼化工程（2386.HK）2024 年报点评 买入（维持） 当前价：5.63 港元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 分析师：王礼沫 执业证书编号：S0930524040002 010-56513142 wanglimo@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 43.98 | | 总市值(亿港元)： | 247.60 | | 一年最低/最高(港元)： | 4.28/6.87 | | 近 3 月换手率： | 46.1 | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -14.7 | -35.3 | -3.7 | | 绝对 | -8. ...

Investment Rating - The report maintains a "Buy" rating for Sinopec Engineering (02386) with a target price yet to be specified [4]. Core Insights - The company achieved a revenue of 64.198 billion RMB in 2024, representing a year-on-year increase of 13.9%, and a net profit of 2.466 billion RMB, up 5.5% year-on-year. The gross margin stands at 8.3%, net margin at 3.9%, and return on assets at 3% [1]. - The total new contracts signed in 2024 reached 100.613 billion RMB, marking a 25.4% increase year-on-year, with domestic contracts at approximately 62.102 billion RMB (up 5.6%) and international contracts at about 5.349 billion USD (up 79.6%) [2]. - The company has made significant strides in overseas markets, securing contracts in Saudi Arabia, Kazakhstan, Morocco, and South Africa, indicating a strong international presence and growth potential [2][3]. Summary by Sections Financial Performance - In 2024, Sinopec Engineering reported a revenue of 64.198 billion RMB and a net profit of 2.466 billion RMB, with a dividend of 0.358 RMB per share, marking the highest dividend payout since its listing [1]. Order Growth - The company has seen a continuous double-digit growth in new contracts for three consecutive years, with a total of 100.613 billion RMB in new orders for 2024. The overseas contracts significantly exceeded expectations, showcasing the company's expanding international footprint [2]. Order Structure - The order structure has improved, with a notable increase in coal chemical orders. The new contracts in the coal chemical sector reached 12.478 billion RMB, a staggering 93.7% increase year-on-year, driven by projects in new materials and technologies [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been slightly adjusted downwards to 2.626 billion RMB and 2.789 billion RMB, respectively, with a new forecast for 2027 set at 2.946 billion RMB. The earnings per share (EPS) are projected at 0.6, 0.63, and 0.67 RMB for the years 2025, 2026, and 2027 [4].

港股公司报告 | 公司点评 中石化炼化工程（02386） 证券研究报告 年报点评：业绩符合预期，新签合同表现亮眼 公司发布 2024 年业绩 2024 年公司实现营业收入 641.98 亿元，同比+13.9%；归母净利润 24.66 亿 元，同比+5.5%。毛利率 8.3%、净利率 3.9%、资产回报率 3%。2024 全年 派息每股 0.358 元，派息率 65%，全年派息金额为公司上市以来新高。资 本开支 10.21 亿，同比-4.4%。 市场开发再获历史突破，境外订单大超预期 2024 全年新签订单总量连续三年保持两位数增长，达到 1,006.13 亿元，同 比增长 25.4%。其中，境内新签订合同额约人民币 621.02 亿元，同比增长 5.6%；境外新签订合同量约 53.49 亿美元，同比+79.6%，大超预期（2023 年报中展望为 30 亿美金）。2025 年公司新签合同展望为境内 630 亿人民币， 境外 50 亿美元。 海外新签订单在新市场、新品种、新领域屡获突破。在境外市场，公司加 大与国际同业伙伴强强联合，加强与战略客户的高层互访和推介交流，海 外市场开发持续做强做大做优。2024 年签 ...

Financial Performance - The company achieved a total revenue of 64.198 billion CNY and a net profit of 2.474 billion CNY for the year, successfully completing all production and operational tasks and QHSE goals[14]. - Revenue for 2024 reached RMB 64,198,210, an increase of 13.9% compared to RMB 56,353,293 in 2023[27]. - The profit attributable to shareholders was RMB 2.466 billion, an increase of 5.5% compared to the previous year[46]. - The total revenue for the reporting period was RMB 64.198 billion, representing a year-on-year growth of 13.9%[46]. - The net profit for the year was RMB 2.474 billion, reflecting a year-on-year growth of 5.5%[92]. - The gross profit decreased to RMB 5,336,500, down 5.4% from RMB 5,640,699 in 2023, resulting in a gross margin of 8.3%[27][28]. - Operating profit for 2024 was RMB 1,715,213, a slight decrease of 1.6% from RMB 1,742,527 in 2023[27]. - Basic earnings per share rose to RMB 0.56, up 5.7% from RMB 0.53 in 2023[27]. - The net profit margin decreased to 3.9% in 2024 from 4.2% in 2023[159]. Dividends and Shareholder Returns - The board proposed a final dividend of 0.208 CNY per share, resulting in a total annual dividend of 0.358 CNY per share, with a payout ratio of 65%, marking the highest dividend amount since the company's listing[14]. - The company maintained a dividend payout ratio of 65% for four consecutive years, with continuous growth in dividend amounts[15]. - The proposed final cash dividend for the year ending December 31, 2024, is RMB 0.208 per share[167]. Business Expansion and Strategy - The company aims to enhance its service levels across the entire energy and chemical engineering industry chain, focusing on safety, efficiency, green, and low-carbon services[6]. - The company is committed to expanding its business areas and extending its value chain to create a world-leading technology-driven engineering company[6]. - The company aims to enhance its international operations and technological capabilities to drive future growth[20]. - The company aims to enhance its international operations by integrating "international rules + Chinese efficiency" in its overseas operational model[16]. - The company is focusing on high-end carbon materials, low-cost oil conversion, and green low-carbon development in its R&D investments[18]. Contracts and Orders - The total new signed orders reached 100.613 billion yuan, marking a continuous double-digit growth for three consecutive years[15]. - The company has successfully entered the "thousand billion club" with new signed orders exceeding 100 billion yuan[15]. - The new contract volume signed during the reporting period was RMB 100.613 billion, reflecting a year-on-year growth of 25.4%[51]. - In the domestic market, new contracts signed amounted to approximately RMB 621.02 billion, up 5.6% year-on-year, while overseas contracts reached about USD 5.35 billion, a significant increase of 79.6%[56]. Research and Development - The company is actively promoting the integration of artificial intelligence in engineering design and construction, aiming to optimize the entire lifecycle of projects[18]. - The company has established a joint research center with Guangdong University of Technology focused on biomass utilization, accelerating the industrial application of related technologies[18]. - The company filed 762 new patent applications, with 76.6% being invention patents, and granted 384 new patents, with 52.3% being invention patents[66]. - Research and development expenses rose to RMB 25.151 billion, reflecting a 13.7% increase as the company intensified investment in key technology projects[85]. Financial Stability and Assets - The debt-to-asset ratio improved to 61.3% from 61.9% in 2023, indicating better financial stability[28]. - Total assets as of December 31, 2024, are RMB 81.51 billion, a slight increase of RMB 0.42 billion from RMB 81.09 billion in 2023[147]. - Total liabilities decreased to RMB 49.93 billion from RMB 50.17 billion, a reduction of RMB 0.24 billion[149]. - The net assets attributable to shareholders increased to RMB 31.51 billion, up RMB 0.65 billion from RMB 30.86 billion in 2023[150]. Operational Efficiency - The company executed 1,596 projects with an average daily workforce exceeding 100,000, achieving a cumulative safety record of 380 million hours without reported safety incidents[54]. - The company has enhanced project execution capabilities, completing 148 design optimization tasks and improving efficiency in design and construction integration[60]. - The company has integrated a unified information application framework 2.0 to maximize the value of the entire lifecycle of engineering projects[67]. Related Party Transactions - The total related party transactions amounted to RMB 27.763 billion, with purchases of RMB 2.827 billion and sales of RMB 24.936 billion[176]. - The company confirmed compliance with the Hong Kong Listing Rules regarding related party transactions[183]. Share Repurchase and Equity - The company repurchased a total of 17,295,500 H-shares during the reporting period, utilizing funds amounting to HKD 86,510,422.80[189]. - The company plans to cancel 13,397,000 H-shares on May 13, 2024, representing approximately 0.30% of the total issued share capital and 0.92% of the total issued H-shares[189]. - After the cancellation of 20,662,500 H-shares, the total number of issued shares will be 4,397,881,000, including 1,430,681,000 H-shares and 2,967,200,000 domestic shares[190].

Financial Performance - Sinopec Engineering reported audited financial results for the year ending December 31, 2024, in compliance with Hong Kong Stock Exchange regulations[3]. - The company achieved an annual revenue of 64.198 billion yuan and a net profit of 2.474 billion yuan, successfully completing all production and operational tasks[20]. - Revenue for 2024 reached RMB 64,198,210, an increase of 13.9% compared to RMB 56,353,293 in 2023[33]. - Net profit attributable to equity holders increased by 5.5% to RMB 2,465,727 from RMB 2,336,743 in 2023[33]. - The proposed final dividend is 0.208 yuan per share, leading to a total annual dividend of 0.358 yuan per share, with a payout ratio of 65%, marking a new high since the company's listing[20]. - The profit attributable to shareholders was RMB 2.466 billion, reflecting a year-on-year growth of 5.5%[52]. - The gross profit margin for 2024 was 8.3%, down from 10.0% in 2023[34]. - The net profit margin decreased to 3.9% in 2024 from 4.2% in 2023[165]. Business Strategy and Outlook - Sinopec Engineering's future outlook includes expanding its business scope and extending its value chain to achieve its vision of becoming a world-leading technology-driven engineering company[12]. - The company aims to enhance its service levels across the energy and chemical engineering sectors, focusing on safety, efficiency, and low-carbon solutions[12]. - The company emphasizes comprehensive service across the entire lifecycle of energy and chemical projects, positioning itself as a full-chain service provider[12]. - The company aims to deepen cooperation with strategic clients and expand partnerships with international engineering firms and core suppliers[22]. - The company plans to increase investment in high-end carbon materials, low-cost oil conversion, and green low-carbon technologies to drive industry advancement[24]. - The company is focusing on international operations and has established a high-performance team with comprehensive engineering service capabilities across the energy and chemical industry[22]. Contracts and Projects - New signed contracts reached 100.613 billion yuan, maintaining double-digit growth for three consecutive years, with overseas new contracts increasing by 79.6% year-on-year to 5.349 billion USD[21]. - The new contract volume signed during the reporting period was RMB 100.613 billion, an increase of 25.4% year-on-year[57]. - The total value of unfinished contracts reached RMB 172.68 billion, reflecting a growth of 26.7% compared to the previous year[58]. - The company executed 1,596 projects with an average daily workforce exceeding 100,000, achieving a cumulative safety record of 380 million hours without reported safety incidents[60]. - New contracts in the strategic emerging business sectors increased by 63% year-on-year, with new contracts in clean energy and new materials totaling RMB 12.4 billion[64]. Technology and Innovation - The company is actively promoting the integration of artificial intelligence in engineering construction, aiming to transform production methods and enhance overall construction efficiency[24]. - The company anticipates that the integration of artificial intelligence with engineering processes will create disruptive value opportunities in the future[25]. - The company has filed 762 new patent applications, with 76.6% being invention patents, and granted 384 new patents, with 52.3% being invention patents[72]. - The company is advancing AI design research, transitioning from traditional to generative design[74]. Financial Position and Assets - Total assets as of December 31, 2024, are RMB 81.51 billion, an increase of RMB 0.42 billion from RMB 81.09 billion in 2023[153]. - Total liabilities decreased to RMB 49.93 billion from RMB 50.17 billion, a reduction of RMB 0.24 billion year-over-year[155]. - The net assets attributable to equity holders increased to RMB 31.51 billion, up by RMB 0.65 billion compared to RMB 30.86 billion in 2023[156]. - Cash and cash equivalents decreased by RMB 1.38 billion during the reporting period, with net cash used in operating activities amounting to RMB 2.21 billion[159]. Related Party Transactions - The total related party transactions amounted to RMB 27.763 billion, with purchases of RMB 2.827 billion and sales of RMB 24.936 billion[182]. - The company provided engineering services to Sinopec Group worth RMB 23.978 billion, also within the annual cap[182]. - The company engaged in technology research and development services for Sinopec Group amounting to RMB 238 million, within the annual cap[183]. Share Repurchase and Capital Management - The company repurchased a total of 17,295,500 H-shares during the reporting period, utilizing funds amounting to HKD 86,510,422.80[195]. - The company plans to cancel 13,397,000 H-shares repurchased from December 18, 2023, to April 30, 2024, representing approximately 0.30% of the total issued share capital[195]. - The company believes that the repurchase of H-shares will enhance earnings per share and overall shareholder returns[196]. Awards and Recognition - The MSCI ESG rating improved to BB, making the company the highest-rated and only one in the Chinese engineering industry to achieve this rating[21]. - The company has received 70 awards for technological progress at the provincial and national levels during the reporting period[72].

港股公司报告 | 首次覆盖报告 中石化炼化工程（02386） 证券研究报告 国内领先能化工程公司，海外订单+煤化工放量驱动增长 中石化旗下国内领先能化工程公司，业务范围广泛 中石化炼化工程（集团）股份有限公司，是中国领先的能化工程建设企业 之一。公司于 2013 年 5 月在香港联交所成功上市。下辖 12 家境内外子公 司，覆盖广泛的工程设计与建设领域。公司可以为境内外客户提供石油炼 制、石油化工、芳烃、煤化工、无机化工、医药化工、清洁能源、储运设 施、环保节能等行业的整体解决方案。盈利能力稳定，分红具备持续性。 2019-2023 年，公司整体毛利率稳定在 10%左右，净利率在 5%左右，抗波 动能力较强。公司近三年派息率稳定在 65%。 能化工程行业竞争壁垒较高，公司技术积累深厚 炼化工程是与炼油工业、石油和化工产业发展息息相关的服务型产业，呈 现出工程工艺复杂、专业化程度要求高；工程涉及的专业多；工程周期长； 科技创新能力增强，自动化产品及系统集成度要求不断提高等特点。同时 国内有从业资质要求，属于资金和技术密集型行业。国内竞争格局较为稳 固。公司在国内市场的主要竞争对手包括中国石油工程建设、中国寰球工 ...

Investment Rating - The report assigns a "Buy" rating for Sinopec Engineering Group (SEG) with a target price of 8 HKD, based on a 12x PE for 2025 [5]. Core Insights - Sinopec Engineering Group is a leading energy and chemical engineering company in China, providing comprehensive solutions across various sectors including oil refining, petrochemicals, and clean energy [12][16]. - The company has demonstrated stable profitability with a gross margin around 10% and a net margin of approximately 5% from 2019 to 2023, alongside a consistent dividend payout ratio of 65% [16][22]. - The domestic market is experiencing a trend of upgrading refining processes and a surge in coal chemical projects, with significant new contracts signed in 2024 [3][4]. - Internationally, SEG is focusing on the MENA region, where the value of awarded oil and gas projects has reached unprecedented levels, contributing to a 32.7% growth in overseas orders [4]. Summary by Sections Company Overview - Sinopec Engineering Group, a subsidiary of Sinopec, is a prominent player in the energy and chemical engineering sector, listed in Hong Kong since May 2013 [12]. - The company operates 12 subsidiaries, providing a wide range of services including engineering consulting, project management, and construction [12][13]. Industry Landscape - The energy and chemical engineering industry has high barriers to entry due to complex processes, specialized requirements, and long project cycles [2][27]. - SEG's main competitors in the domestic market include China Petroleum Engineering Construction and China Chemical Engineering [29]. Domestic Market Trends - The refining sector in China is undergoing structural adjustments, with major projects from both Sinopec and PetroChina aimed at upgrading facilities [3]. - The coal chemical industry is poised for growth, with a projected 295 projects by January 2025, significantly increasing SEG's order intake [3]. International Market Focus - The MENA region is becoming a focal point for SEG, with a record contract value of 94 billion USD for oil and gas projects expected in the upcoming year [4]. - The company has seen a substantial increase in overseas orders, continuing the growth trend established in 2023 [4]. Financial Performance and Valuation - SEG's revenue has remained stable above 50 billion RMB, with a reported revenue of 56.26 billion RMB in 2023, marking a 6% year-on-year increase [16]. - The forecasted net profit for 2024, 2025, and 2026 is 2.525 billion, 2.757 billion, and 2.943 billion RMB respectively, with an EPS of 0.57, 0.63, and 0.67 RMB [5].

Investment Rating - The report maintains a "Buy" rating for Sinopec Engineering (2386.HK) with a current price of HKD 5.54 [2][10]. Core Views - The strategic cooperation between Sinopec Group and China National Petroleum Corporation (CNPC) is expected to enhance long-term development and optimize the company's equity structure [3][4]. - The transfer of shares from Sinopec Group to CNPC, amounting to 21.998 million shares (5% of total shares), strengthens the partnership and resource sharing between the two energy giants [3][4]. - The company has seen a significant increase in new contracts, with a 65.6% year-on-year growth in the first three quarters of 2024, indicating strong market demand and operational capabilities [5][6]. - The diversification of contract sectors, particularly in refining and new coal chemical industries, reflects the company's expanding market presence and operational efficiency [6][7]. - The company is well-positioned to benefit from domestic and international market opportunities, particularly in the Middle East, due to its strategic initiatives and partnerships [7][9]. Summary by Sections Equity Structure and Strategic Cooperation - The share transfer enhances Sinopec Group's control to 61.09% while CNPC becomes the second-largest shareholder with 5% [4]. - This restructuring is seen as a move to improve governance and market recognition, facilitating value realization [4]. Contract Performance - In the first three quarters of 2024, domestic new contracts reached CNY 46.9 billion (up 32%), while overseas contracts surged to CNY 26.6 billion (up 202%), increasing the overseas contract proportion from 20% to 36% [5][6]. - The company’s EPC contract share rose from 54% to 74%, showcasing enhanced total contracting capabilities [5]. Market Opportunities - The domestic market is experiencing rapid development in the petrochemical sector, supported by government policies promoting energy efficiency and carbon reduction [7]. - The Middle East's capital expenditure in refining has exceeded USD 100 billion, presenting significant opportunities for Sinopec Engineering [7][9]. Financial Projections - The report forecasts net profits for 2024-2026 at CNY 2.638 billion, CNY 2.915 billion, and CNY 3.182 billion respectively, with corresponding EPS of CNY 0.60, CNY 0.66, and CNY 0.72 [10][12].