【中石化炼化工程（2386.HK）】海内外市场开拓加速，25年新签合同额稳步提升——公告点评（赵乃迪/蔡嘉豪/王礼沫）

Core Viewpoint - The company has shown steady growth in new contract values, with a total of 1012.48 billion yuan in new contracts signed for the year ending December 31, 2025, representing a 0.6% increase from the previous year [4]. Group 1: Contract Performance - The company signed 632 billion yuan in new domestic contracts in 2025, a 2% year-on-year increase, while overseas contracts totaled 380 billion yuan, reflecting a 1.3% decline [5]. - The total value of contracts signed in Q4 2025 was 99.01 billion yuan, with the majority coming from refining and petrochemical sectors [5]. - The company’s total contract value for engineering and general contracting reached 735 billion yuan in 2025, marking a 4% increase [5]. Group 2: Internal vs. External Contracts - The company’s contracts from Sinopec Group and its affiliates amounted to 554 billion yuan, accounting for 55% of new contracts, which is a 46% increase year-on-year [5]. - New contracts from external markets totaled 458 billion yuan, showing a 27% decline compared to the previous year [5]. - The backlog of contracts as of December 31, 2025, was 2039 billion yuan, an 18.1% increase, which is approximately 3.2 times the company's revenue for 2024 [5]. Group 3: Market Opportunities - The domestic market is experiencing rapid development in the petrochemical industry, with significant capital expenditure in high-end new materials and energy-saving projects [6]. - In the overseas market, particularly in the Middle East, capital expenditure has exceeded 100 billion dollars, with increasing refining capacity [6]. - The company is expected to benefit from the "Belt and Road" initiative, enhancing its market expansion efforts and positioning for high growth [6].