2024 年 10 月 22 日 公司研究 深化海内外市场开拓，前三季度新签合同额同比大增 65.6% ——中石化炼化工程（2386.HK）公告点评 要点 事件：公司发布自愿性合同公告， 2024 年前三季度，公司新签订合同总值为 734.57 亿元，同比增长 65.6%。截至 2024 年 9 月 30 日，公司未完成合同量为 1657.73 亿元。 点评： 新签合同额快速增长，海外市场拓展迅速。2024 年前三季度，公司国内新签合 同额 469 亿元，同比增长 32%，境外新签订合同额 266 亿元，同比增长 202%， 海外合同占比从 2023 年前三季度的 20%增至 36%，延续了强劲的发展势头。 公司业务结构更加优化，EPC 合同占比从 2023 年前三季度的 54%增长至 74%， 表明公司总承包施工能力日益增强，得到业主的高度认可。2024 年前三季度， 在国内市场公司代表合同包括芒果乙烯项目（60.81 亿元）、华锦项目（58.07 亿元）等。在境外市场，公司代表性新合同包括哈萨克斯坦 Silleno 乙烷裂解项 目（12.5 亿美元）、沙特 Jafurah 三期项目（9 亿美元）等。 合同 ...

Investment Rating - The report maintains a "Buy" rating for Sinopec Engineering (2386.HK) [4] Core Views - Sinopec Engineering has signed a $2.5 billion EPC contract for the Silleno petrochemical complex project in Kazakhstan, marking a significant breakthrough in overseas markets and aligning with the Belt and Road Initiative [2][3] - The project is a joint venture with Kazakhstan's national oil and gas company and reflects Sinopec's commitment to enhancing its overseas market development and high-quality growth [3] - The company has seen a substantial increase in overseas contract signings, with a 117.8% year-on-year growth in new contracts amounting to approximately $2.354 billion in the first half of 2024 [3] - The domestic market is also presenting new opportunities, driven by the rapid development of large refining bases and supportive policies for energy efficiency and carbon reduction [3] Summary by Sections Contract Announcement - Sinopec Engineering has entered into a $2.5 billion EPC contract for the ethylene cracking project at the Silleno petrochemical complex in Kazakhstan [2] Market Opportunities - The company is benefiting from the modernization of China's industrial system and the expansion of the petrochemical industry, with significant capital expenditures in high-end new materials [3] - In the overseas market, active capital expenditures in the Middle East have exceeded $100 billion, providing a favorable environment for Sinopec to secure more contracts [3] Financial Forecasts - The report projects Sinopec Engineering's net profit for 2024-2026 to be approximately 2.638 billion, 2.915 billion, and 3.182 billion yuan respectively, with corresponding EPS of 0.60, 0.66, and 0.72 yuan per share [4] - The company is expected to experience rapid growth in performance, supported by its resource advantages and ongoing market expansion [4]

海 外 公 司 （ 中 国 香 港 ） 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 海外订单高增速，派息金额与比例双增长 中石化炼化工程(2386) [Table_Industry] 石油 [Table_Invest] 评级： 增持 ——中石化炼化工程 2024 年中报业绩点评 股票研究 /[Table_Date] 2024.08.20 | --- | --- | --- | --- | |----------|-------------------|----------------------------|----------------------------| | | 孙羲昱(分析师) | 杨思远(分析师) | 陈浩越(研究助理) | | | 021-38677369 | 021-38032022 | 021-38031035 | | | sunxiyu@gtjas.com | yangsiyuan026856@gtjas.com | chenhaoyue028692@gtjas.com | | 登记编号 | S0880 ...

Investment Rating - The report maintains a "Buy" rating for Sinopec Engineering (2386.HK) with a current price of HKD 5.70 [2] Core Views - The company achieved a record high in new contract signing for H1 2024, with a significant increase in interim dividend payout ratio [5][6] - The company reported a revenue of CNY 28.6 billion for H1 2024, representing a year-on-year growth of 15%, and a net profit of CNY 1.319 billion, up by 0.12% [3][4] - The company is focusing on high-quality development and optimizing its capital structure, maintaining a stable debt-to-asset ratio of 61.6% as of June 30, 2024 [4] Summary by Sections Revenue Performance - The company reported a revenue of CNY 285.53 billion for H1 2024, with a net profit of CNY 13.19 billion, indicating stable growth amidst challenges in the global economy and domestic chemical market [4] New Contracts and Market Expansion - New contracts signed in H1 2024 reached CNY 500.66 billion, a year-on-year increase of 32.7%, with domestic contracts at CNY 331.13 billion (up 10.6%) and overseas contracts approximately USD 2.354 billion (up 117.8%) [5] - The company is diversifying its contract portfolio, with significant contributions from various sectors including refining and new coal chemical projects [5] Dividend and Share Buyback - The interim dividend per share is set at CNY 0.150, with a payout ratio of 50%, up from 40% in H1 2023, reflecting the company's commitment to shareholder returns [6] - The company has repurchased 13.84 million shares for a total of HKD 67.75 million in H1 2024 [6] Future Outlook and Valuation - The company is expected to benefit from ongoing domestic and international market opportunities, with projected net profits of CNY 2.638 billion, CNY 2.915 billion, and CNY 3.182 billion for 2024, 2025, and 2026 respectively [10] - The report highlights the company's low valuation and high dividend yield as key factors for potential investment [10]

研究报告 Research Report 19 Aug 2024 中石化炼化工程 Sinopec Engineering (Group) (2386 HK) 1H24 新签合同额创历史同期最好成绩，中期派息比例 50% Total amount of new contracts reached a historic high, with a 50% mid-term dividend payout ratio in 1H24 [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | |-----------------------------------------------|---------------------| | [Table_Info] 维持优于大市 Maintain OUTPERFORM | | | 评级 | 优于大市 OUTPERFORM | | 现价 | HK$5.57 | | 目标价 | HK$6.81 | | HTI ESG | 5.0-5.0-5.0 | E-S-G: 0-5, (Please refer to the Appendix ...

告中石化煉化工程（集團）股份有限公司 2024 股票代號 : 2386 2024 技術先導型工程公司 半年度報告 創建世界領先 ard iser 18: 144 重要提示 中石化煉化工程（集團）股份有限公司（以下簡稱「中石化煉化工程」或「本公司」）董事會 （以下簡稱「董事會」）及其董事（以下簡稱「董事」）保證本半年度報告所載資料不存在任何 虛假記載、誤導性陳述或重大遺漏，並對其內容的真實性、準確性和完整性負個別及連帶 責任。中石化煉化工程所有董事均出席第四屆董事會第二十次會議。中石化煉化工程董事 長蔣德軍先生、執行董事兼總經理張新明先生、財務總監兼董事會秘書尹鳳兵先生和會計 機構負責人夏吉鵬先生保證本半年度報告中的財務報告真實、完整。 中石化煉化工程及其附屬公司（以下簡稱「本集團」）按國際財務報告準則編製的截至2024 年6月30日止六個月（以下簡稱「本報告期」）的中期財務報告已經香港立信德豪會計師事務 所有限公司進行審計並出具標準無保留意見的審計報告。 本半年度報告包括前瞻性陳述。除歷史事實陳述外，所有本公司預計或期待未來可能或即將發生的業務活動、事件或發展動態的 陳述（包括但不限於預測、目標、估計及經營計 ...

Financial Performance - The company's revenue for the six months ended June 30, 2024, was RMB 28,553,121 thousand, representing a 15.0% increase compared to RMB 24,829,660 thousand in the same period of 2023[10]. - Gross profit for the same period was RMB 2,494,647 thousand, an increase of 11.4% from RMB 2,240,224 thousand in 2023[10]. - Operating profit decreased by 6.6% to RMB 927,462 thousand from RMB 992,967 thousand in the previous year[10]. - The net profit attributable to equity holders of the company was RMB 1,318,677 thousand, showing a slight increase of 0.1% compared to RMB 1,317,070 thousand in 2023[10]. - The gross margin for the first half of 2024 was 8.7%, down from 9.0% in 2023[11]. - The net profit margin decreased to 4.6% from 5.3% in the previous year[11]. - The return on assets (ROA) was 1.6%, slightly down from 1.7% in 2023[11]. - The return on equity (ROE) was 4.2%, compared to 4.3% in the previous year[11]. - The total comprehensive income for the period was RMB 1.30 billion, a decrease of 0.9% compared to the previous year[46]. - The group's profit for the period was RMB 13.19 billion, a slight increase of 0.1% year-on-year[54]. Cash Flow and Financial Position - The company's cash flow from operating activities was negative at RMB (4,200,177) thousand, a significant decline from RMB (1,038,507) thousand in the same period last year, representing a 304.4% decrease[10]. - The company's cash and cash equivalents decreased by RMB 3.46 billion, primarily due to a reduction in financial institution time deposits[93]. - The company's total liabilities decreased to RMB 49.99 billion, down 0.3% from RMB 50.12 billion at the end of 2023[93]. - The company's cash flow from operating activities was negatively impacted by an increase in income tax paid, which rose to RMB (207,791) thousand from RMB (168,498) thousand[162]. - The company's total cash flow decreased by RMB (3,497,751) thousand compared to a decrease of RMB (1,585,214) thousand in the same period of 2023[162]. Shareholder Information - The total number of shares outstanding as of June 30, 2024, is 4,405,146,500, with 67.36% held by the controlling shareholder, China Petroleum & Chemical Corporation[16]. - The company declared an interim dividend of RMB 0.150 per share, with a payout ratio of 50%[24]. - The proposed interim cash dividend for the period ending June 30, 2024, is set at RMB 0.150 per share, subject to applicable taxes[104]. - The interim dividend will be distributed to shareholders registered by the close of business on September 10, 2024, with payment expected by October 28, 2024[104]. Contracts and Projects - In the first half of 2024, the company achieved a revenue of RMB 28.553 billion and a net profit of RMB 1.319 billion, with new contracts signed amounting to RMB 50.066 billion, representing a year-on-year growth of 32.7%[24]. - The overseas new contracts reached USD 2.354 billion, marking a year-on-year increase of 117.8%, with EPC contracts accounting for over 75% of the total[24]. - The total value of uncompleted contracts as of June 30, 2024, was RMB 157.78 billion, up 15.8% from December 31, 2023[31]. - The domestic new contract amount was approximately RMB 33.11 billion, with a year-on-year growth of 10.6%, maintaining industry leadership[33]. - The company signed 137 new contracts in emerging fields such as new energy and new materials, totaling approximately RMB 7.41 billion[33]. Research and Development - Research and development expenses increased to RMB 941.79 million, a rise of 18.7% year-on-year, due to heightened investment in key scientific research projects[50]. - The company initiated a new industrialization research project covering 11 key areas, including high-end, green, and intelligent technologies, to enhance innovation capabilities[24]. - The company filed 440 new patent applications, with 331 being invention patents, accounting for 75.2% of the total[37]. Corporate Governance and Compliance - The company complied with all corporate governance codes as per the Hong Kong Listing Rules during the reporting period[103]. - The audit committee reviewed the semi-annual report and had no dissenting opinions regarding the financial performance[121]. - The company has established a cash dividend distribution agreement with China Securities Depository and Clearing Corporation Limited for H-share investors through the Stock Connect program[105]. Employee Information - As of June 30, 2024, the total number of employees in the group is 15,626, with engineering technical personnel accounting for 78.7%[136]. - Employee costs for the first half of 2024 were approximately RMB 2.46 billion, compared to RMB 2.23 billion for the same period in 2023, representing an increase of about 10.4%[138]. - The gender distribution among employees as of June 30, 2024, shows 27.1% female employees and 72.9% male employees[139]. Market Environment - The macroeconomic environment remains complex, with high international oil prices and sluggish domestic chemical market demand, presenting both challenges and opportunities for the company[27]. - The company aims to enhance its core competitiveness while expanding into new markets and increasing international operations[46].

2024年5月22日 公司研究 平台优势+海外机遇共筑未来，低估值+高分红驱动价值重估 ——中石化炼化工程（2386.HK）投资价值分析报告 要点 买入（首次） 当前价/目标价：5.02/6.22港元 中国石化集团旗下炼化工程巨头，财务表现优异。公司由中国石化集团控股， 是面向炼化工程市场的大型工程服务商和技术专利商， 2023 年公司收入的 57%来自于中国石化集团及其联系人的业务。公司资产负债率保持在 60%左 作者 右，几乎没有有息债务，2023年公司产生财务收入10.91亿元，占税前利润 分析师：赵乃迪 的39%。在海外市场大力开拓的背景下，公司业绩和估值有望持续上行。 执业证书编号：S0930517050005 010-57378026 业务规模拔群，覆盖炼化工程全产业链，业内竞争优势显著。公司业务规模 zhaond@ebscn.com 拔群，下属企业占据国内石化工程企业前十名中的三位。公司提供设计/咨询 分析师：蔡嘉豪 和技术许可业务、工程总承包业务、施工服务、设备制造等四项业务，覆盖炼 执业证书编号：S0930523070003 化工程全产业链。公司聚焦炼化化工工程主业，与中国化学、中油工程相比 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 6.22, based on a projected PB of 0.8 for 2024 [2][8]. Core Insights - The company is a major engineering service provider under Sinopec Group, with strong financial performance and a significant portion of its revenue (57%) derived from Sinopec and its affiliates [1][17]. - The company has a competitive advantage in the refining engineering sector, covering the entire industry chain and maintaining a healthy financial structure with a debt ratio around 60% and substantial financial income [1][27]. - The company is poised for growth due to new opportunities in both domestic and international markets, with a notable increase in overseas contracts signed in 2023 [1][6]. Summary by Sections 1. Company Overview - The company is a large integrated engineering service provider and technology patent holder, primarily serving the refining and petrochemical markets [13][14]. - It was established in 2012 through the restructuring of several subsidiaries under Sinopec Group, making it the sole operator of Sinopec's refining engineering segment [14][16]. 2. Business Scale and Competitive Advantage - The company ranks among the top three domestic petrochemical engineering firms, offering services across design, consulting, engineering contracting, construction, and equipment manufacturing [1][21]. - In 2023, the company achieved a revenue of 56.22 billion, with a slight increase of 6% year-on-year, and a net profit of 2.33 billion, reflecting stable profitability [21][22]. 3. Market Opportunities - Domestic refining capacity expansion is nearing completion, while chemical production remains robust, supporting stable contract growth [1][6]. - The company has significantly increased its overseas contract signings, with a 198% year-on-year growth in 2023, benefiting from the Belt and Road Initiative [1][6]. 4. Financial Health and Dividend Policy - The company maintains a healthy financial structure with minimal debt and a financial income that constituted 39% of its pre-tax profit in 2023 [27][29]. - It has a high dividend payout ratio of 65% in 2023, with a dividend yield of 9.9%, significantly higher than its A-share peers [1][29]. 5. Profitability Forecast and Valuation - The company is expected to see revenue growth from 59.2 billion in 2024 to 68.1 billion in 2026, with net profits projected to rise from 2.64 billion to 3.18 billion during the same period [2][3]. - The report highlights that the company's current valuation is below that of its A-share peers, suggesting potential for upward revaluation amid ongoing state-owned enterprise reforms [2][7].

股 票 研 1. 究 [Table_industryInfo] 石油 [ Table_Main[ 中I Tnaf 石bol]e 化_Ti 炼tle] [评Tab级le_：Inv est] 增持 化 工程（2386） 当前价格（港元）： 4.61 业绩符合预期，24 年新签合同指引增长 2024.03.20 海 ——中石化炼化工程2023 年业绩点评 [ 交Ta易bl数e_M据a rket] 外 孙羲昱(分析师) 杨思远(分析师) 陈浩越(研究助理) 52周内股价区间（港元） 3.29-4.61 当前股本（百万股） 4,419 公 021-38677369 021-38032022 021-38031035 当前市值（百万港元） 20,369 司 sunxiyu@gtjas.com yangsiyuan026856@gtjas.com chenhaoyue028692@gtjas.com 证书编号 S0880517090003 S0880522080005 S0880123070130 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司2023年业绩符合预期，2024年新签合 ...