【中石化炼化工程（2386.HK）】收购华东管道设计院扩充管道储运业务资质，综合竞争力有望提升——公告点评（赵乃迪/王礼沫）

Core Viewpoint - The company is expanding its pipeline and storage business capabilities through the acquisition of a 100% stake in the East China Pipeline Design Institute for a transaction price of 191 million yuan, enhancing its competitiveness in the sector [4][5]. Group 1: Acquisition Details - The company’s wholly-owned subsidiary, Nanjing Engineering Company, signed a share transfer agreement with a subsidiary of Sinopec to acquire the East China Pipeline Design Institute [4]. - The East China Pipeline Design Institute, established in 1993, specializes in the storage and transportation of petroleum and chemical products, with a projected net profit of 10.48 million yuan for 2024 and a net asset value of 168 million yuan as of August 31, 2025 [5]. Group 2: Strategic Benefits - This acquisition will strengthen the company's integrated EPC service capabilities across the entire business chain, from design to procurement and construction [5]. - The transaction will enhance the company’s qualifications and execution capabilities in long-distance pipelines and storage facilities, facilitating entry into emerging markets such as hydrogen pipelines and aviation fuel pipelines [5]. - The acquisition is expected to provide significant leverage for the company to expand its engineering services in the Middle East, thereby enhancing its international market competitiveness [5]. Group 3: Market Growth Potential - The company has accelerated its domestic and international market expansion, achieving a new contract amount of 91.3 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 24.4% [6]. - The domestic new contract amount reached 54.5 billion yuan, up 16.3% year-on-year, while overseas contracts totaled 36.9 billion yuan, reflecting a 38.6% increase [6]. - As of September 2025, the company’s uncompleted contract amount stood at 215.5 billion yuan, marking a 24.8% year-on-year growth, indicating a robust pipeline for future revenue [6].