ECEC(SZ:002140) GOLDEN SUN SECURITIES·2025-04-30 05:23Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a total revenue of 2.07 billion yuan in Q1 2025, representing a year-on-year growth of 13.5%. The net profit attributable to shareholders was 120 million yuan, a slight decline of 0.9% year-on-year, while the non-recurring net profit increased by 27.0% year-on-year, indicating improved operational profitability [1][2] - The company has a robust order backlog, with a total of 49.9 billion yuan in uncompleted contracts, which is 5.6 times the expected revenue for 2024. This strong order book supports anticipated revenue growth [3] Summary by Sections Financial Performance - In Q1 2025, the company's gross margin was 8.74%, down by 0.45 percentage points year-on-year. The total expense ratio decreased by 3.60 percentage points year-on-year to 2.17% [2] - The operating cash flow showed a net outflow of 340 million yuan, primarily due to increased payments for project construction [2] Order and Market Outlook - The company signed new orders worth 1.886 billion yuan in Q1 2025, a decrease of 11% year-on-year. However, the domestic coal chemical investment is accelerating, particularly in Xinjiang, which is expected to provide significant order growth opportunities [3] - The company is actively expanding into overseas markets, which is anticipated to contribute positively to order growth [3] Future Projections - The company is projected to achieve net profits of 500 million yuan, 650 million yuan, and 790 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 23%, 29%, and 22% [3] - The earnings per share (EPS) are expected to be 0.71 yuan, 0.92 yuan, and 1.12 yuan for the years 2025, 2026, and 2027, respectively [3]