研报掘金丨国盛证券：东华科技Q2业绩大幅提速，维持“买入”评级

Group 1 - The core viewpoint of the report highlights that Donghua Technology's Q2 performance has significantly accelerated, with a remarkable 36% growth in non-recurring profit [1] - The company signed new contracts worth 5.9 billion yuan in Q2 2025, representing a year-on-year increase of 42%, with design and engineering contracts contributing 1.8 billion and 5.72 billion yuan respectively, showing increases of 165% and 40% [1] - The substantial growth in high-margin, short-cycle design orders is expected to contribute to performance in the second half of the year, indicating a strong potential for future engineering contract orders [1] Group 2 - The rising domestic energy demand, coupled with increased uncertainty in overseas energy markets, underscores the importance of enhancing domestic energy self-sufficiency, with a clear trend towards accelerated investment in Xinjiang's coal chemical industry [1] - The company has a robust order backlog and is expected to benefit from the accelerated investment in Xinjiang's coal chemical sector, with projected net profits for 2025-2027 estimated at 480 million, 550 million, and 640 million yuan, respectively, each reflecting a 16% year-on-year growth [1] - The earnings per share (EPS) are projected to be 0.67, 0.78, and 0.91 yuan for the years 2025, 2026, and 2027, respectively, with current price-to-earnings (PE) ratios of 15, 13, and 11 times [1]