Company Overview - Sinopec Engineering reported a comprehensive service capability across the entire energy and chemical industry chain, providing solutions in refining, petrochemicals, and clean energy[7]. - The company has delivered hundreds of modern plants in over 20 countries, showcasing its strong project management and execution experience[7]. - Sinopec Engineering aims to enhance its service levels in safety, efficiency, and low-carbon solutions, aligning with its vision to become a world-leading technology-driven engineering company[7]. - Sinopec Engineering emphasizes its commitment to expanding its business scope and extending its value chain in the energy and chemical engineering sector[7]. - The company is positioned as a comprehensive service provider for the entire lifecycle of energy and chemical projects, aiming for sustainable development[7]. Financial Performance - The financial report for the year ending December 31, 2023, has been audited by Hong Kong Lixin Dehao Accounting Firm, confirming its accuracy and completeness[4]. - The board of directors guarantees the authenticity and completeness of the financial report, ensuring accountability for the information provided[4]. - The company achieved a total revenue of RMB 56.221 billion and a net profit of RMB 2.336 billion in 2023, with a new contract signing amounting to RMB 80.252 billion, marking a historical high[15]. - The company proposed a final dividend of RMB 0.224 per share, resulting in an annual dividend of RMB 0.343 per share, with a payout ratio of 65%[15]. - Total revenue for 2023 reached RMB 56,220,641, an increase of 6.0% compared to RMB 53,028,139 in 2022[23]. - The net profit attributable to shareholders was RMB 2,335,445, reflecting a 2.2% increase from RMB 2,285,103 in the previous year[23]. - Operating profit decreased to RMB 1,726,775, down 4.6% from RMB 1,810,813 in 2022[23]. - The company's total assets increased to RMB 81,967,671, a rise of 2.0% from RMB 80,682,463 in 2022[22]. - The current ratio improved slightly, with current assets at RMB 72,562,033, up 3.1% from RMB 70,369,169 in 2022[22]. - The gross profit margin for 2023 was 10.0%, a decrease from 10.6% in 2022[29]. Market Development - The company is focusing on international market expansion, with plans to strengthen its presence in the Middle East, Central Asia, Southeast Asia, and Africa[17]. - The new contract signing from Sinopec Group, domestic external owners, and overseas owners accounted for 27.4%, 45.9%, and 26.7% respectively, indicating a balanced market development[15]. - The total new contracts signed in the international market reached a historical high, with a shift towards total contracting replacing construction contracts as the main business[15]. - The company is exploring the integration of international standards with Chinese models to enhance its competitiveness in the global market[17]. Technological Innovation - The company made significant breakthroughs in technology innovation, with the completion of projects like Anqing RTC and Kuqa Green Hydrogen, enhancing its capabilities in oil conversion and hydrogen energy[16]. - The solid waste reuse rate reached 100% with the successful development of a complete set of technology for zero landfill treatment of multi-source solid waste[16]. - The company is committed to green low-carbon technology development, addressing the industry's common pursuit of carbon reduction and pollution control[17]. - The company successfully launched China's first 10,000-ton green hydrogen demonstration project, achieving a hydrogen production scale of 20,000 tons per year[55]. - The company’s global first 3 million tons/year RTC industrial demonstration unit was successfully put into operation, supporting the transition from traditional fuel refineries to chemical refineries[55]. Corporate Governance - The company has strengthened its internal control system, aligning with regulations from the Ministry of Finance and other authorities, ensuring comprehensive risk management and operational goals are met[161]. - The company has appointed four independent non-executive directors, confirming their independence and professional qualifications in accordance with the Hong Kong Listing Rules[159]. - The company has implemented a risk management mechanism with a three-tiered approach, ensuring effective risk prevention and control across various business units[162]. - The company has established a comprehensive internal control evaluation system, with annual self-assessments conducted by subsidiaries and independent evaluations by the audit department[163]. - The board of directors has confirmed adherence to the corporate governance code without any deviations during the reporting period[169]. Sustainability and ESG Initiatives - The company has actively participated in social responsibility initiatives, promoting sustainable development within its operational framework[157]. - The group established a key ESG performance indicator system covering greenhouse gas emissions, resource consumption, and occupational health and safety[61]. - The ESG committee reviewed the progress of ESG initiatives during its second meeting on August 18, 2023, indicating a focus on sustainability and governance practices[200]. Future Outlook - Sinopec Engineering's future outlook includes a focus on technological innovation and market expansion to drive growth[7]. - The company aims for a new contract signing target of RMB 60 billion domestically and USD 3 billion internationally for 2024[62]. - The company is focusing on expanding its market presence both domestically and internationally, with an emphasis on developing core competitive products[62].
中石化炼化工程(02386) - 2023 - 年度财报