国盛证券：东华科技Q2业绩大幅提速，维持“买入”评级

Core Viewpoint - Donghua Technology's Q2 performance accelerated significantly, with a non-recurring profit growth rate of 36%, indicating strong operational efficiency and market demand [1] Financial Performance - In Q2 2025, the company signed new contracts worth 5.9 billion yuan, a year-on-year increase of 42% [1] - The new contracts included 1.8 billion yuan for design and 5.72 billion yuan for engineering general contracting, representing increases of 165% and 40% respectively [1] - The expected net profits attributable to the parent company for 2025-2027 are projected to be 480 million, 550 million, and 640 million yuan, with a consistent growth rate of 16% each year [1] - The earnings per share (EPS) for the same period are estimated at 0.67, 0.78, and 0.91 yuan, with corresponding price-to-earnings (PE) ratios of 15, 13, and 11 times [1] Market Trends - The increase in domestic energy demand, coupled with rising uncertainties in overseas energy markets, highlights the importance of enhancing domestic energy self-sufficiency [1] - There is a clear trend of accelerated investment in Xinjiang's coal chemical industry, which is expected to benefit the company significantly [1] Order Backlog - The company has a substantial backlog of orders, positioning it well to capitalize on the accelerated investments in Xinjiang's coal chemical sector [1]