点击注册小程序 本项目于2024年6月可研批复，7月基础设计获批，12 月中标 EPC 工程，2025年3月16日正式开工，9月28日顺 利中交，12月1日一次开车成功，实现了较快的建设速度。中油工程将精细化管理贯穿设计、采购、施工全过 程。面对交叉作业复杂、多专业协同要求高的挑战，建设团队优化资源配置、强化衔接配合，圆满达成各项建 设目标，体现了中油工程卓越的项目管理能力。 事件： 公司官方公众号消息，中油工程旗下昆仑工程公司EPC总承包的大庆石化1000 吨/年超细旦腈纶特种长丝项目 一次开车成功。 点评： 项目打破国外技术垄断，填补国内特种长丝产业化空白 该项目总投资1.1亿元，采用国内先进纺丝工艺，建成国际领先水平生产线，关键设备实现国产化配套。项目 团队自主开发的"双向切线进料+真空负压"复合脱泡工艺与装备在本项目中成功应用，实现了工艺自主化、设 备国产化的双重突破，解决了传统技术受原料粘度影响大、能耗高、局部气泡聚集的问题，生产出 150D/80F、75D/40F等牌号产品，填补了国内超细旦腈纶特种长丝产业化制造的空白，打破了国外的技术垄 断。在全球纺织新材料向绿色化、功能化、高端化变革的背景下， ...

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 13.08, compared to the current price of RMB 9.96 [1][6][13]. Core Insights - The company is expected to benefit from improved wind conditions, with onshore and offshore wind utilization hours increasing by 152 and 421 hours year-on-year, respectively, leading to a positive outlook for performance recovery [1][6][13]. - For 2024, the company is projected to achieve revenue of RMB 14.56 billion, a slight decrease of 0.9% year-on-year, while net profit attributable to shareholders is expected to rise by 6.5% to RMB 2.79 billion [6][13]. - The first quarter of 2025 shows promising results with revenue of RMB 3.1 billion, up 0.3% year-on-year, and net profit attributable to shareholders increasing by 42.8% to RMB 750 million, driven by strong wind resources [6][13]. Financial Summary - The financial summary indicates that the company’s revenue is projected to decline slightly in 2024 but is expected to grow significantly in the following years, reaching RMB 18.44 billion by 2027, representing a growth of 17.6% [4][7]. - Net profit attributable to shareholders is forecasted to increase from RMB 2.79 billion in 2024 to RMB 3.73 billion in 2027, reflecting a compound annual growth rate of approximately 13.1% [4][7]. - The earnings per share (EPS) is expected to rise from RMB 1.00 in 2024 to RMB 1.34 in 2027, indicating a positive trend in profitability [4][7]. Future Growth Potential - The company has a robust pipeline of future projects, including a combined heat and power (CHP) project and offshore wind projects, which are expected to contribute significantly to net profits in 2026 and 2027 [6][14]. - The anticipated internal rates of return (IRR) for the CHP projects are 12.55% and 17.73%, indicating strong potential for profitability [6][14]. - The company plans to initiate a mid-term dividend of no less than 10% in 2025, reflecting a commitment to shareholder returns while pursuing growth [6][14].