SUNWAY(SZ:002469) Guoxin Securities·2025-05-16 08:17Investment Rating - The report initiates coverage with an "Outperform" rating for the company [4]. Core Views - The company benefits from the acceleration of coal chemical construction in Xinjiang, leveraging its leading technology in sulfur recovery and a synergistic effect between engineering and industrial operations [1][2]. - The company has established a unique competitive advantage through a dual-driven model of "engineering services + chemical industry," creating a closed-loop value chain from design to production and research [1][21]. - The modern coal chemical construction wave presents new opportunities for engineering business growth, with a strong order backlog ensuring sustained revenue growth [2][24]. Financial Summary - The company is projected to achieve revenues of 2,657 million yuan in 2023, with a forecasted increase to 3,784 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.1% [3]. - The net profit attributable to shareholders is expected to grow from 282 million yuan in 2023 to 614 million yuan in 2027, indicating a significant growth trajectory [3]. - The company maintains a healthy asset quality, abundant cash flow, and generous dividends, with a projected PE ratio decreasing from 20.0 in 2023 to 9.2 in 2027 [3][4]. Business Segments - The engineering segment is expected to generate revenues of 5.7 billion yuan in 2024, while the chemical products segment is projected to contribute 18.1 billion yuan, indicating a well-formed dual business structure [1][21]. - The company is the largest producer of n-propanol in China, with a projected supply gap of 41,000 tons in 2025, allowing for stable pricing in the range of 8,000-9,000 yuan per ton [2][24]. - The cellulose acetate project, with a capacity of 15,000 tons, is anticipated to become a significant profit growth point upon its launch in 2026 [2][24].