2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 证券代码：002140 证券简称：东华科技 公告编号：2025-031 东华工程科技股份有限公司 一、股东大会审议通过利润分配方案情况 1.东华工程科技股份有限公司（以下简称"公司""本公司""东华 科技"）2024 年年度利润分配方案已获于 2025 年 4 月 25 日召开的 2024 年度股东大会审议通过（详见发布于 2025 年 4 月 26 日《证券时报》、 巨潮资讯网上的东华科技 2025-026 号《2024 年度股东大会决议公告》）； 2.股东大会审议通过的利润分配方案为：每 10 股派 1.5 元（含税） 现金股利，不送红股，不以资本公积金转增股本。以董事会审议本次利 润分配预案之日的公司总股本 708,013,872 股为基数计算，派发的现金 股利为 106,202,080.80 元。自利润分配预案公布后至实施利润分配方 案的股权登记日期间，若公司总股本因再融资新增股份上市、股份回购、 可转债转股等原因而发生变化的，依照未来实施分配方案时股权登记日 的总股本为 ...

Summary of Donghua Technology Conference Call Company Overview - Donghua Technology holds a leading position in the coal chemical industry, with a market share of 70% in large-scale synthetic ammonia, urea, methanol, and coal-based ethylene glycol [2][4] - The company is a state-owned enterprise, with the largest shareholder being China Chemical Engineering Co., Ltd. (47% stake) and the second largest being Shaanxi Coal and Chemical Industry Group (approximately 20.8% stake) [3] Core Business Areas - **Coal Chemical Industry**: Dominates the market with a 70% share in key products [2][4] - **New Materials**: Focus on DMC (dimethyl carbonate), biodegradable materials, and vinyl acetate [4][22] - **Lithium Battery Materials**: A leading player in lithium carbonate, lithium iron phosphate, and lithium hexafluorophosphate [2][4] - **Green Energy**: Development of green hydrogen production and green buildings, aiming for a contract share of 1 billion yuan in lithium phosphate and lithium hexafluorophosphate [2][18] - **Biomass Gasification**: Conducting pilot projects to reduce conversion costs and improve conversion rates, with plans to launch biomass gasification furnaces by the second half of 2025 [2][7] Strategic Goals - **14th Five-Year Plan**: Targeting revenue of 10 billion yuan and total profit of 570 million yuan by 2025, with a goal to double profits to 1 billion yuan by 2030 [2][8] - **Order Book**: As of May, domestic orders exceeded 4 billion yuan, with expectations of securing large international projects worth 4-5 billion yuan by mid-2025 [10][12] Financial Performance - The latest quarterly report indicates stable revenue and profit performance, suggesting ongoing growth potential [9] Industry Dynamics - **Coal Chemical Orders**: Last year, orders were low at around 1 billion yuan due to a slowdown in the coal chemical sector since 2015. This year, the company aims for 5-6 billion yuan in orders, indicating a potential recovery in the sector [11][12] - **New Projects**: Significant projects in Xinjiang are progressing, with approvals for coal-to-gas projects, which are expected to benefit the company [13][14] Environmental and Technological Initiatives - **Green Hydrogen**: Transitioning from traditional coal-based hydrogen to green hydrogen production using photovoltaic power [19][20] - **Graphene Project**: Currently in pilot stage, expected to generate significant revenue upon completion [28] Market Challenges - The company faces challenges in the green energy sector due to higher costs compared to traditional fossil fuels, requiring government support for large-scale development [21] Conclusion Donghua Technology is strategically positioned in the coal chemical and new materials sectors, with ambitious growth targets and a focus on sustainable energy solutions. The company is navigating industry challenges while leveraging its strong market position and state-owned enterprise backing to pursue new opportunities.

Summary of Donghua Technology Conference Call Company Overview - Donghua Technology is primarily focused on chemical engineering contracting, with a stable shareholding structure where China Chemical holds 47.08% and Shaanxi Coal Group holds 20.79%, totaling approximately 60% of shares [2][3]. Core Business and Growth Areas - The company maintains stability in traditional sectors such as paint, titanium dioxide, and synthetic ammonia while actively expanding into emerging fields like DMC Poe biodegradable materials, lithium battery materials, and green energy [2][4]. - The target for 2025 is to achieve revenue of 10 billion yuan, total profit of 570 million yuan, and contract signings of 22 billion yuan [2][6]. Financial Performance - In Q1 2025, the company reported revenue of 2 billion yuan and a total profit exceeding 100 million yuan, aligning with expectations [2][6]. - The chemical business is projected to grow by 13.46% in 2024, driven by high-quality contract reserves from 2021-2023, including DMC projects and lithium carbonate projects [2][11]. Strategic Partnerships - China Chemical supports Donghua Technology through policy, technical research, and human resources, while Shaanxi Coal Group contributes through business collaboration and project support [2][7][10]. - The collaboration with Shaanxi Coal Group has led to significant project support, including the Shaanxi Coal Phase II project [10]. Regional Focus and Market Opportunities - Donghua Technology has a strong presence in Xinjiang, with cumulative orders nearing 8 billion yuan and expectations of 5-6 billion yuan in future orders from the coal chemical market [2][15]. - The company signed approximately 8.736 billion yuan in new overseas contracts in 2024, with projects in Bolivia and Iraq underway [2][26]. Emerging Fields and Innovations - Significant advancements have been made in new materials, renewable energy, and environmental protection, including the development of DMC Poe biodegradable materials and investments in graphene production [5][19]. - The company is also focusing on high-end chemical production projects, with expectations for profitability from projects like ethylene glycol and biodegradable materials [19]. Environmental Initiatives - Donghua Technology has invested in 13 environmental projects, with 8 already operational, generating stable annual revenues of 30-40 million yuan [16][18]. Future Outlook - The company aims to double its total profit to exceed 1 billion yuan by the end of the 14th Five-Year Plan, with a current market value of 6.5 billion yuan [30][31]. - Donghua Technology is well-positioned for growth, with a unique advantage in the chemical engineering sector due to high entry barriers and a favorable competitive landscape [32][33].

Core Points - The completion ceremony of the mechanical construction of the first fire pump station for the Fujian Zhongsha Gule 1.5 million tons/year ethylene project marks a significant milestone in the project development [1] - China Chemical's Donghua Engineering faced challenges such as large project scale, tight schedule, and high international standards since signing the total contract in January 2024 [1] Group 1 - The company aims for star-rated standardized construction site management, focusing on 10 modules and 32 sub-items to enhance on-site management [1] - The implementation of a new management philosophy includes "five minutes before the meeting, two hours on-site, six daily persistences, three proximities, and four standardizations" to improve customer satisfaction and market competitiveness [1] Group 2 - The company adheres to safety production responsibility and grid management, achieving 758,770 safe man-hours and zero accidents [2] - The introduction of the "sample leading plan" has improved the acceptance rate of engineering entities to over 99% by reducing vertical deviation from 8mm to 3mm [2] - A water resource recycling system has been innovatively implemented, promoting green construction and sustainable development [2] Group 3 - The use of a PMS system allows for data-driven decision-making, optimizing resource use and enhancing team communication [2] - The project has shifted on-site prefabrication to factories, reducing on-site wet work and cross-contamination, achieving a 99% acceptance rate for incoming component quality [2] - A digital delivery system has been developed to ensure seamless data flow among design professionals, improving data consistency and addressing potential issues promptly [2]

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, indicating a positive outlook for their stock performance relative to the benchmark index [7][26]. Core Insights - The China Securities Regulatory Commission (CSRC) has released a plan to promote high-quality development of public funds, which includes linking fund manager compensation to performance benchmarks. This is expected to drive fund managers to align their portfolios more closely with benchmarks, creating structural investment opportunities in the market [2][20]. - Based on 2024 annual report data, it is estimated that active equity funds will need to increase their allocation to the CSI 300 index by 303.6 billion yuan. The construction sector is currently underrepresented in these funds, with a holding ratio of only 0.71% [3][6]. - The report identifies a potential increase in funding for the construction sector amounting to 21.8 billion yuan, which represents approximately 6.5% of the free float market capitalization of construction stocks in the CSI 300 index [6][26]. Summary by Sections Investment Recommendations - Key companies recommended for significant capital allocation include: - China State Construction Engineering Corporation: 6.6 billion yuan - China Railway Group: 3.3 billion yuan - China Power Construction Group: 2.3 billion yuan - China Railway Construction Corporation: 2.1 billion yuan - China Communications Construction Company: 1.8 billion yuan - China Energy Engineering Corporation: 1.6 billion yuan - China National Chemical Corporation: 1.6 billion yuan - Sichuan Road and Bridge Group: 1.3 billion yuan - China Metallurgical Group Corporation: 1.2 billion yuan [7][26]. Industry Dynamics - The construction and decoration sector has shown a weekly increase of 1.99%, ranking 16th among 31 A-share industries. The sector's performance is compared to the Shanghai Composite Index and CSI 300 Index, which saw minimal changes [14][20]. - The report highlights the potential for structural changes in fund holdings due to the new compensation policies, which may lead to increased investment in the construction sector [2][20]. Market Analysis - Active equity funds are categorized into four types, with a total of 8,141 funds managing 5.95 trillion yuan. Among these, 4,020 funds include the CSI 300 index in their benchmarks, with an average weight of 61% [3][21]. - The report provides detailed calculations on how the allocation adjustments will impact the construction sector, estimating a total of 218 billion yuan in additional funding [6][25].

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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Views - The company has shown steady revenue growth, with a 13.5% year-on-year increase in Q1 2025, achieving revenue of 2.07 billion [1]. - The non-net profit increased by 27.13% year-on-year, primarily due to a decrease in expense ratios, while the net profit was affected by a reduction in impairment reversals [1]. - The company has a strong order backlog, with approximately 49.9 billion in hand orders, and aims to secure 22 billion in new orders for 2025, particularly in the coal chemical sector [2]. - The company has a competitive edge in coal chemical engineering, especially in wastewater treatment, and is expected to benefit from the rising demand in Xinjiang's coal chemical industry [4]. Financial Performance - In Q1 2025, the company reported a comprehensive gross margin of 8.74%, with a period expense ratio of 2.17%, reflecting effective cost control [3]. - The company’s projected revenues for 2025-2027 are 10.36 billion, 11.89 billion, and 13.45 billion respectively, with corresponding net profits of 480.34 million, 560.33 million, and 640.50 million [5][11]. - The earnings per share (EPS) are expected to grow from 0.68 in 2025 to 0.90 in 2027, indicating a positive growth trajectory [5][12]. Market Position - The company has secured significant projects, including the design and construction of coal-to-gas and coal-to-olefins facilities, which enhances its market position in the coal chemical sector [4]. - The company’s financial metrics indicate a healthy valuation, with a projected P/E ratio decreasing from 20.09 in 2023 to 10.79 in 2027, suggesting potential for price appreciation [5][12].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a total revenue of 2.07 billion yuan in Q1 2025, representing a year-on-year growth of 13.5%. The net profit attributable to shareholders was 120 million yuan, a slight decline of 0.9% year-on-year, while the non-recurring net profit increased by 27.0% year-on-year, indicating improved operational profitability [1][2] - The company has a robust order backlog, with a total of 49.9 billion yuan in uncompleted contracts, which is 5.6 times the expected revenue for 2024. This strong order book supports anticipated revenue growth [3] Summary by Sections Financial Performance - In Q1 2025, the company's gross margin was 8.74%, down by 0.45 percentage points year-on-year. The total expense ratio decreased by 3.60 percentage points year-on-year to 2.17% [2] - The operating cash flow showed a net outflow of 340 million yuan, primarily due to increased payments for project construction [2] Order and Market Outlook - The company signed new orders worth 1.886 billion yuan in Q1 2025, a decrease of 11% year-on-year. However, the domestic coal chemical investment is accelerating, particularly in Xinjiang, which is expected to provide significant order growth opportunities [3] - The company is actively expanding into overseas markets, which is anticipated to contribute positively to order growth [3] Future Projections - The company is projected to achieve net profits of 500 million yuan, 650 million yuan, and 790 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 23%, 29%, and 22% [3] - The earnings per share (EPS) are expected to be 0.71 yuan, 0.92 yuan, and 1.12 yuan for the years 2025, 2026, and 2027, respectively [3]

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 东华科技（002140.SZ） Q1 营收稳健增长，扣非业绩增速亮眼 Q1 收入稳健增长，归母业绩同比基本持平，扣非业绩增速亮眼。2025Q1 公司实现营业总收入 20.7 亿元，同比增长 13.5%，在建总承包项目有序 推进带动收入规模稳健增长；实现归母净利润 1.2 亿元，同比下降 0.9%， 业绩略有下滑主要因毛利率小幅下降 0.45pct 以及减值损失转回同比减少 0.6 亿元；扣非归母净利润 1.1 亿元，同比增长 27.0%，扣非业绩增速显 著高于归母净利润增速主要因上年同期个别单项计提减值项目转回减值 准备较多，扣非业绩增长展现公司经营性盈利向好。公司当前在手订单充 裕、在建项目稳步推进，后续作为煤化工建设领军企业有望核心受益新疆 煤化工投资加码与建设提速，2025 年全年收入利润有望加速增长。 费用率显著优化，现金流短期承压。2025Q1 公司综合毛利率 8.74%，同 比下降 0.45pct。期间费用率 2.17%，同比下降 3.60pct，其中销售/管理/ 研发/财务费用率分别同比下降 0.02/0.3 ...

证券代码：002140 证券简称：东华科技 公告编号：2025-030 东华工程科技股份有限公司 2025 年第一季度经营情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司 自律监管指引第 3 号——行业信息披露》等规定，东华工程科技股份有 限公司（以下简称"本公司""东华科技"）现公告 2025 年第一季度主 要经营情况，具体如下： 一、 关于生产经营整体情况 | 项目 类型 | 第一季度 新签约订单 | | 第一季度 中标未签约订单 | | 截至报告期末累计 已签约未完工订单 | | 备注 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 数量 | 金额 | 数量 | 金额 | 数量 | 金额 | | | | (个) | (万元) | (个) | (万元) | (个) | (万元) | | | 设计技术 性服务 | 26 | 2,325.69 | 0 | 0 | 737 | 即咨 165,443.75 询、设 | | | | | ...