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中石化炼化工程：公告点评：签订哈萨克斯坦25亿美元EPC合同，深化“一带一路”市场开拓
02386SINOPEC SEG(02386) 光大证券·2024-09-23 08:10

Investment Rating - The report maintains a "Buy" rating for Sinopec Engineering (2386.HK) [4] Core Views - Sinopec Engineering has signed a 2.5billionEPCcontractfortheSillenopetrochemicalcomplexprojectinKazakhstan,markingasignificantbreakthroughinoverseasmarketsandaligningwiththeBeltandRoadInitiative[2][3]−TheprojectisajointventurewithKazakhstan′snationaloilandgascompanyandreflectsSinopec′scommitmenttoenhancingitsoverseasmarketdevelopmentandhigh−qualitygrowth[3]−Thecompanyhasseenasubstantialincreaseinoverseascontractsignings,witha117.82.5 billion EPC contract for the Silleno petrochemical complex project in Kazakhstan, marking a significant breakthrough in overseas markets and aligning with the Belt and Road Initiative [2][3] - The project is a joint venture with Kazakhstan's national oil and gas company and reflects Sinopec's commitment to enhancing its overseas market development and high-quality growth [3] - The company has seen a substantial increase in overseas contract signings, with a 117.8% year-on-year growth in new contracts amounting to approximately 2.354 billion in the first half of 2024 [3] - The domestic market is also presenting new opportunities, driven by the rapid development of large refining bases and supportive policies for energy efficiency and carbon reduction [3] Summary by Sections Contract Announcement - Sinopec Engineering has entered into a 2.5billionEPCcontractfortheethylenecrackingprojectattheSillenopetrochemicalcomplexinKazakhstan[2]MarketOpportunities−ThecompanyisbenefitingfromthemodernizationofChina′sindustrialsystemandtheexpansionofthepetrochemicalindustry,withsignificantcapitalexpendituresinhigh−endnewmaterials[3]−Intheoverseasmarket,activecapitalexpendituresintheMiddleEasthaveexceeded2.5 billion EPC contract for the ethylene cracking project at the Silleno petrochemical complex in Kazakhstan [2] Market Opportunities - The company is benefiting from the modernization of China's industrial system and the expansion of the petrochemical industry, with significant capital expenditures in high-end new materials [3] - In the overseas market, active capital expenditures in the Middle East have exceeded 100 billion, providing a favorable environment for Sinopec to secure more contracts [3] Financial Forecasts - The report projects Sinopec Engineering's net profit for 2024-2026 to be approximately 2.638 billion, 2.915 billion, and 3.182 billion yuan respectively, with corresponding EPS of 0.60, 0.66, and 0.72 yuan per share [4] - The company is expected to experience rapid growth in performance, supported by its resource advantages and ongoing market expansion [4]