Core Viewpoint - Everbright Securities maintains a "Buy" rating for Sinopec Engineering (02386), projecting net profit for 2025-2027 to be CNY 2.595 billion, CNY 2.760 billion, and CNY 2.902 billion, with corresponding EPS of CNY 0.59, CNY 0.63, and CNY 0.66 per share, highlighting the company's resource advantages and growth potential in both domestic and international markets [1][4]. Group 1: Contract Performance - As of December 31, 2025, the total value of new contracts signed by the company reached CNY 101.248 billion, a 0.6% increase from CNY 100.613 billion for the period ending December 31, 2024 [1][4]. - The company's uncompleted contract amount as of December 31, 2025, was CNY 203.850 billion, an 18.1% increase from CNY 172.676 billion as of December 31, 2024 [1][4]. - In 2025, domestic new contracts amounted to CNY 63.2 billion, a 2% year-on-year increase, while overseas contracts totaled CNY 38 billion, a 1.3% decrease, with overseas contracts accounting for 38% of total new contracts [1][4]. Group 2: Market Opportunities - The company is benefiting from the rapid development of China's modern industrial system and the high-quality growth of the petrochemical industry, with significant capital expenditure in high-end new materials and ongoing policy support for energy efficiency and carbon reduction [2][7]. - In the overseas market, capital expenditure in the Middle East has exceeded USD 100 billion, with increasing refining capacity in oil-producing countries, providing a favorable environment for the company to secure orders [2][7]. - The company has strengthened its market expansion efforts, which, along with steady progress in new contracts, is expected to lead to rapid business growth [2][7].