格隆汇8月1日丨中石化炼化工程(02386.HK)宣布，公司全资子公司中石化广州工程有限公司(以下简 称"广州工程")与西班牙Técnicas Reunidas公司(以下简称"TR公司")，于近日就位于沙特延布的大型绿氢 项目(以下简称「该项目」)与沙特国际电力和水务公司(以下简称"ACWAPower公司")签订了一份可转换 前端工程设计合同(以下简称「该合同」)。根据该合同，广州工程将与TR公司组成联合体(以下简称"联 合体")，共同就该项目建设提供前端工程设计服务，预计执行周期为10个月。 该合同执行完毕後，联合体将提交一份该项目的EPC工程总承包投标方案，用以执行该项目的EPC总承 包服务。该项目的EPC工程总承包合同预计将达到数十亿美元。 ACWA Power公司总部位于沙特阿拉伯利雅得，是全球领先的电力及海水淡化开发、投资和运营公司， 也是绿色氢能的先行者和能源转型的领导者。该项目地点位于沙特阿拉伯延布工业区。该项目利用风光 发电制备绿氢绿氨，包括产出约40万吨╱年绿氢的4.2GW的电解水制氢设施、8000吨╱天的合成氨设 施、海水淡化厂、专用码头等公用工程及辅助生产设施。作为全球拟建最大规模的绿氢 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 * 僅供識別 – 1 – 中 石 化 煉 化 工 程（ 集 團 ）股 份 有 限 公 司 SINOPEC Engineering (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：2386） 自願性公告 關於簽訂沙特延布大型綠氫項目 前端工程設計(FEED)合同 本公告乃由中石化煉化工程（集團）股份有限公司（以下簡稱「本公司」，與其附屬公 司統稱「本集團」）自願作出。 本公司欣然宣佈，本公司全資子公司中石化廣州工程有限公司（以下簡稱「廣州工 程」）與西班牙Técnicas Reunidas公司（以下簡稱「TR公司」），於近日就位於沙特延布 的大型綠氫項目（以下簡稱「該項目」）與沙特國際電力和水務公司（以下簡稱「ACWA Power公司」）簽訂了一份可轉換前端工程設計合同（以下簡稱「該合同」）。根據該合 同，廣州工程將與TR公司組成聯合體（以下簡稱「聯合體」）， ...

Group 1 - The core viewpoint of the news is that Sinopec Guangzhou Engineering Co., Ltd. and Sinopec Refining Engineering Group Co., Ltd. have applied for a patent for a "light hydrocarbon conversion product distillation system and method" [1][3] - The patent application was filed on April 2025, and the public announcement number is CN120365950A [1] - The distillation system includes components such as an absorption tower, oil-gas separation tank, desorption tower, stabilization tower, and a pentane removal tower, connected in a specific sequence [1] Group 2 - Sinopec Guangzhou Engineering Co., Ltd. was established in 1998, located in Guangzhou, with a registered capital of 300 million RMB [2] - The company has participated in 4,173 bidding projects and holds 858 patents [2] - Sinopec Refining Engineering Group Co., Ltd. was founded in 2007, located in Beijing, with a registered capital of approximately 4418.54 million RMB [2] - This company has invested in 12 enterprises and holds 5,000 patents [2]

Group 1 - China Petroleum & Chemical Corporation (Sinopec) has applied for a patent for a system and method to produce low-sulfur coke with high yield, published as CN120290217A, with an application date of January 2024 [1] - The patent involves a heating furnace with at least one convection chamber and one radiation chamber, a reactor, a buffer tank, and at least one coke tower, designed to mix ethylene tar and catalytic oil slurry for efficient processing [1] Group 2 - China Petroleum & Chemical Corporation was established in 2000, located in Beijing, primarily engaged in oil and gas extraction, with a registered capital of approximately 12.17 billion RMB [2] - Sinopec has invested in 263 companies, participated in 5,000 bidding projects, and holds 5000 patent records along with 45 trademark records [2] - Sinopec Engineering Group Co., Ltd. was founded in 2007, also based in Beijing, primarily involved in water management, with a registered capital of approximately 441.85 million RMB [2] - Sinopec Engineering has invested in 12 companies, participated in 63 bidding projects, and holds 5000 patent records along with 4 administrative licenses [2]

Core Insights - China Petroleum & Chemical Corporation (Sinopec) and its subsidiaries have recently obtained a patent for a "new type of cyclone quenching box," with the patent number CN116492936B, applied for on April 2023 [1][2] Company Summaries - **China Petroleum & Chemical Corporation (Sinopec)** - Established in 2000, located in Beijing, primarily engaged in oil and gas extraction - Registered capital of approximately 12.17 billion RMB - Has invested in 263 companies and participated in 5,000 bidding projects - Holds 45 trademark registrations and 5,000 patents, along with 40 administrative licenses [1] - **Sinopec Engineering (Group) Co., Ltd.** - Established in 2007, located in Beijing, primarily engaged in water management - Registered capital of approximately 441.85 million RMB - Has invested in 12 companies and participated in 63 bidding projects - Holds 5,000 patents and 4 administrative licenses [1] - **Sinopec Guangzhou Engineering Co., Ltd.** - Established in 1998, located in Guangzhou, primarily engaged in professional technical services - Registered capital of 30 million RMB - Has invested in 2 companies and participated in 4,093 bidding projects - Holds 4 trademark registrations, 845 patents, and 21 administrative licenses [2] - **Sinopec Hainan Refining & Chemical Co., Ltd.** - Established in 2003, located in Haikou, primarily engaged in oil, coal, and other fuel processing - Registered capital of approximately 960.62 million RMB - Has invested in 4 companies and participated in 5,000 bidding projects - Holds 24 patents and an extensive number of 16,217 administrative licenses [2]

Group 1: Market Reactions - The announcement of a potential ceasefire between Israel and Iran led to a significant drop in oil prices, with WTI and Brent crude oil falling nearly 9% and over 7% respectively [1] - In the Asia-Pacific market, WTI crude futures initially dropped over 5%, and as of the report, both WTI and ICE Brent crude were down over 2% [1] - Gold prices also saw a decline of 0.3% amid the easing geopolitical tensions [1] Group 2: Stock Performance - Hong Kong oil and gas stocks experienced sharp declines, with Baikin Oil Services plunging nearly 30%, Shandong Molong down over 18%, and Sinopec Oilfield Services falling over 14% [2][3] - In the A-share market, oil and gas service stocks also faced significant losses, with companies like Beiken Energy and Zhun Oil shares hitting the daily limit down [4] Group 3: Geopolitical Context - Trump's unilateral announcement of a ceasefire was met with skepticism, as both Israel and Iran did not confirm the agreement, with Iran's foreign minister stating no ceasefire "agreement" had been reached [6][8] - The ongoing conflict continued despite the announcement, with reports of missile attacks from Iran towards Israel [6] - The situation in the Strait of Hormuz, a critical oil shipping route, was highlighted, with previous threats from Iran to close it, which could have led to oil prices soaring to $120-$130 per barrel [11]

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Insights - The modern coal chemical industry is experiencing a development opportunity period, driven by industrial upgrades and energy security [10] - Xinjiang is emerging as a strong coal chemical base due to its abundant resources, favorable policies, and significant investment in coal chemical projects [10][28] - The report identifies three major investment directions within the coal chemical industry: equipment providers, project owners, and service providers [9][10] Summary by Sections 1. Modern Coal Chemical Industry Development - Modern coal chemical processes produce alternative petrochemical products and clean fuels, including coal-to-olefins and coal-to-oil [17] - The industry is essential for ensuring national energy security, given China's reliance on coal as a primary energy source [22][26] 2. Xinjiang's Coal Chemical Industry - Xinjiang has rich coal reserves, with a total resource of 2.19 trillion tons, accounting for about 40% of the national total [28] - The region's coal quality is high, primarily consisting of low-sulfur and high-calorific value coal types, making it suitable for large-scale coal chemical projects [33] - Favorable national policies have positioned Xinjiang as a key coal chemical base, with over 800 billion yuan in planned investments for various coal chemical projects [45] 3. Economic Competitiveness - Xinjiang's coal-to-gas production costs are significantly lower than those in Inner Mongolia and Shaanxi, with costs estimated at 1.28 yuan per cubic meter compared to 2.06 yuan and 2.68 yuan, respectively [53] - The report highlights the cost advantages of Xinjiang's coal resources, with pithead prices for coal being substantially lower than in other regions [34][53] 4. Investment Opportunities - Recommended companies for investment include those involved in engineering design, total contracting, and equipment supply, such as Sandi Chemical, China National Chemical, and Donghua Technology [9] - Project owners benefiting from Xinjiang's cost advantages include Baofeng Energy and Guanghui Energy [9] - Service providers in the coal chemical sector, such as Guangdong Hongda and Xuefeng Technology, are also highlighted as potential investment opportunities [9]

Core Viewpoint - The report maintains the profit forecast for Sinopec Engineering (02386) for 2025-26, with the current stock price trading at 8x/7x P/E for those years, attributing recent stock price pullbacks to international oil price fluctuations [1] Group 1: Company Performance - In Q1 2025, the company signed new contracts worth 44.37 billion yuan, a year-on-year increase of 31.4%, with a backlog of 201.19 billion yuan, up 16.5% quarter-on-quarter [2] - The company aims for total new orders of 100 billion yuan in 2025, maintaining the same level as 2024, with 63 billion yuan from domestic and 5 billion USD from international markets [3] Group 2: Market Opportunities - The company has secured significant new contracts, including a 11.63 billion yuan project for the Maoming Petrochemical refinery upgrade and a 2.06 billion USD project in Algeria [2] - The company’s overseas revenue share increased from 10% to 17% in FY24, with a target of over 40% for new orders in FY25, indicating a strategic focus on emerging market opportunities [4] Group 3: Financial Health - The company has over 20 billion yuan in cash on hand, with FY24 financial income reaching 1.2 billion yuan, a nearly 10% year-on-year increase, driven by foreign exchange gains [5] - The company’s capital expenditure for 2025 is planned at 164.3 billion yuan, with 67.2 billion yuan allocated to the refining sector, supporting order and workload growth [3]

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. ...