CH ENERGY ENG(SH:601868) Chang Jiang Shang Bao·2025-06-17 23:40Core Viewpoint - China Energy Engineering Group (China Energy) has achieved significant project wins, with a total contract value of approximately 405.64 billion yuan in 2025, indicating strong market performance and growth potential [2][5]. Group 1: Project Wins - On June 16, China Energy announced it won the EPC contract for the Jiangyin Sulong 2×66 MW Phase IV expansion project, valued at approximately 50.0508 million yuan [3]. - The project involves the construction of two 660 MW ultra-supercritical coal-fired power units, with a total construction period of about 22 months [3]. - Since the beginning of 2025, China Energy has disclosed five major project wins, contributing to a total contract value of 405.64 billion yuan [5]. Group 2: Financial Performance - China Energy's total assets have grown significantly, from 4,761 billion yuan at the end of 2020 to 9,045.8 billion yuan by the end of Q1 2025 [5]. - The company has reported continuous growth in revenue and net profit for four consecutive years, with 2024 figures showing a revenue of 436.71 billion yuan and a net profit of 83.96 billion yuan, representing year-on-year increases of 7.56% and 5.13%, respectively [7][8]. - In Q1 2025, the company achieved new contract signings of 388.90 billion yuan, revenue of 100.37 billion yuan, and a net profit of 1.61 billion yuan, all marking historical highs for the same period [8]. Group 3: Innovation and R&D - China Energy has established a robust innovation framework, with over 14 post-doctoral research stations and 143 high-tech enterprises, leading to significant technological advancements [7]. - The company has consistently increased its R&D expenditure, surpassing 10 billion yuan annually since 2022, with 2025 Q1 R&D expenses growing by 31.80% to 2.13 billion yuan [7]. Group 4: Market Position and Expansion - China Energy has maintained a strong global presence, ranking among the top in various international engineering and construction lists, with operations in over 140 countries [6]. - The company has been proactive in expanding its market reach, evidenced by its recent project wins both domestically and internationally [4][5].