SUNWAY(SZ:002469) GOLDEN SUN SECURITIES·2025-08-21 01:44Investment Rating - The report maintains a "Buy" rating for the company, indicating strong investment attractiveness based on growth potential and financial performance [4][6]. Core Views - The company experienced a significant year-on-year revenue increase of 156% in Q2, driven by accelerated project recognition in its engineering business. The total revenue for H1 2025 reached 1.25 billion yuan, with a net profit attributable to shareholders of 120 million yuan, reflecting a 43% increase [1]. - The engineering and chemical sectors are showing upward trends, with expectations for continued growth in net profits over the next few years [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved a comprehensive gross margin of 20%, up by 0.9 percentage points year-on-year. The gross margins for engineering, chemicals, and catalysts were 21%, 19%, and 32%, respectively [2]. - The operating cash flow for H1 2025 showed a net inflow of 20 million yuan, although it was a decrease of 120 million yuan compared to the previous year [2]. Business Segments - The engineering segment saw new orders of 640 million yuan in H1 2025, a 60% increase year-on-year, with significant contributions from design and engineering contracting services [3]. - The industrial segment is benefiting from rising prices of key products, such as propanol, which increased by 8% in August compared to July [4]. Growth Projections - The company forecasts net profits of 350 million yuan, 480 million yuan, and 630 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 33% for each year [4]. - The anticipated dividend yield for 2025 is approximately 5%, based on an average dividend payout ratio of 84% for 2023-2024 [4].