ECEC(SZ:002140) Tianfeng Securities·2025-03-31 06:47Investment Rating - The investment rating for the company is "Buy" [7][20]. Core Views - The company achieved a revenue of 8.86 billion, representing a year-on-year growth of 17.25%, with a net profit attributable to the parent company of 410 million, up 19.28% year-on-year [1]. - The report emphasizes the importance of investment opportunities in the coal chemical industry, particularly in Xinjiang, due to the increasing market demand and sufficient orders on hand [1]. - The company has a strong market presence in traditional coal chemical sectors such as synthetic ammonia/urea and methanol, having secured projects from major groups like Shaanxi Coal and National Energy Group [1]. Financial Performance - The total revenue for the company's contracting business reached 8.43 billion, with a year-on-year increase of 17.7%, and a gross margin of 11.84%, up 2.09 percentage points [2]. - The company signed new contracts worth 22.285 billion, an increase of 24.05% year-on-year, with a contract income guarantee multiple of 2.5 times [3]. - The cash flow from operations (CFO) for 2024 was 593 million, reflecting a year-on-year increase of 0.81 billion, indicating strong cash flow performance [4]. Order and Project Insights - The company has maintained a steady growth in new orders, with non-chemical project orders showing significant growth of 76.01% year-on-year [3]. - The total signed but uncompleted orders amounted to 49.815 billion by the end of 2024, indicating a robust backlog [3]. Future Projections - Revenue projections for 2025-2027 are estimated at 10.36 billion, 11.89 billion, and 13.45 billion respectively, with corresponding P/E ratios of 15.3, 13.1, and 11.5 [1][6]. - The company plans to distribute a cash dividend of 106 million, with a payout ratio of 26% and a dividend yield of 1.44% [1].