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].
中石化炼化工程(02386) - 2024 - 年度业绩