Group 1: Company Overview - Sinopec Engineering (02386) is expected to achieve net profits of 2.56 billion, 2.91 billion, and 3.27 billion yuan for 2025-2027, representing year-on-year growth of 4%, 14%, and 12% respectively, with current PE ratios of 12, 10, and 9 times [1] - The company has a strong order reserve of 215.5 billion yuan, which is 3.4 times its expected revenue for 2024, indicating robust performance stability [1] - The company has maintained a high dividend payout ratio of over 63% since 2021, with expected dividend yields of 5.6% and 6.3% for 2025 and 2026, respectively [1] Group 2: Industry Trends - The petrochemical industry is facing profitability pressures in 2023, but policies aimed at reducing competition and enhancing supply-side reforms are being implemented, with a target of over 5% average annual growth in added value for the industry from 2025 to 2026 [2] - The company benefits from the resource support of its major shareholder, Sinopec Group, which strengthens its core domestic business [2] Group 3: International Market Opportunities - There is strong demand for petrochemical construction in emerging markets such as the Middle East, Africa, and Southeast Asia, with the company targeting over one-third of its business from international markets [3] - New overseas orders are expected to grow significantly, with a year-on-year increase of 80% in 2024 and 39% in the first three quarters of 2025 [3] - The contribution of overseas revenue is projected to rise from 10% in 2023 to 24% in the first half of 2025 [3] Group 4: Coal Chemical Sector - The importance of coal chemical construction is increasing due to China's resource characteristics and energy security needs, with a clear trend of accelerated investment [4] - Major coal chemical projects in resource-rich regions like Xinjiang are progressing, with total planned investments nearing 900 billion yuan [4] - The company secured new contracts worth 12.4 billion yuan in 2024 for new coal chemical projects, significantly increasing its order proportion [4]