中石化炼化工程(2386.HK)公告点评：海内外市场开拓加速 25年新签合同额稳步提升

Core Viewpoint - The company reported a steady growth in new contract values, with a total of 101.25 billion yuan for the year ending December 31, 2025, reflecting a 0.6% increase compared to the previous year [1] Group 1: Contract Performance - The total value of new contracts signed by the company reached 1012.48 billion yuan, up from 1006.13 billion yuan for the previous period [1] - The backlog of uncompleted contracts as of December 31, 2025, was 2038.50 billion yuan, an increase of 18.1% from 1726.76 billion yuan the previous year [1] - Domestic new contracts amounted to 632 billion yuan, a year-on-year increase of 2%, while overseas contracts totaled 380 billion yuan, showing a decline of 1.3% [1] Group 2: Sector and Contract Type Analysis - The new contracts were primarily in the refining and petrochemical sectors, with contract values increasing by 77% for refining, while petrochemical, new coal chemical, storage and transportation, and other sectors saw declines of 3%, 34%, and 22% respectively [1] - The total value of engineering general contracting contracts grew to 735 billion yuan, representing a 4% year-on-year increase [1] - Contracts from Sinopec Group and its affiliates accounted for 55% of new contracts, totaling 554 billion yuan, which is a 46% increase year-on-year [1] Group 3: Market Opportunities - The domestic market is experiencing rapid development in the petrochemical industry, with significant capital expenditure in high-end new materials and energy-saving projects [2] - In the overseas market, capital expenditure in the Middle East has exceeded 100 billion USD, with increasing refining capacity in oil-producing countries [2] - The company is expected to benefit from the "Belt and Road" initiative, enhancing its market expansion efforts and positioning for high growth [2] Group 4: Financial Forecast - The company maintains its profit forecast, expecting net profits of 2.595 billion yuan, 2.760 billion yuan, and 2.902 billion yuan for 2025-2027, with corresponding EPS of 0.59, 0.63, and 0.66 yuan per share [2] - The company is backed by Sinopec Group's resource advantages and is expected to continue its growth trajectory amid ongoing market expansion [2]