Investment Rating - The report maintains a "Buy" rating for Sinopec Engineering (2386) with a target price of HKD 7.01 [4]. Core Insights - The company's H1 2024 performance met expectations, with new contracts reaching a historical high for the same period. The acceleration in overseas market expansion has driven growth, and the company is increasingly focused on shareholder returns, enhancing its dividend payout ratio [4]. Summary by Sections Financial Performance - For H1 2024, Sinopec Engineering reported a main revenue of RMB 28.553 billion, a year-on-year increase of 15.0%. The net profit attributable to shareholders was RMB 1.319 billion, up 0.1% year-on-year. Key projects contributing to revenue included Huizhou Ethylene, Zhenhai Phase II, and Nanguang Ethylene [4]. - The company signed new contracts worth RMB 50.066 billion in H1 2024, a year-on-year increase of 32.7%, marking the best performance for the same period in history [4]. Market Development - The company achieved a domestic new contract signing of RMB 33.113 billion, up 10.65% year-on-year, while overseas new contracts amounted to USD 2.354 billion, a significant increase of 117.8% year-on-year. The proportion of overseas contracts rose to 33.9%, with EPC contracts making up over 75% of the overseas order structure [4]. Shareholder Returns - In H1 2024, the company increased its interim dividend to RMB 0.15, a rise of 26.1%, with a payout ratio of 50%, up 10 percentage points year-on-year. The company also initiated a stock repurchase plan, buying back 13.8365 million H shares, representing 0.96% of the issued H shares [4].
中石化炼化工程2024年中报业绩点评：海外订单高增速，派息金额与比例双增长