格隆汇10月17日丨中石化炼化工程(02386.HK)发布公告，截至2025年9月30日止九个月期间，集团新签 订合同总值为人民币913.47亿元，较截至2024年9月30日止九个月期间的人民币734.57亿元增加24.4%； 于2025年9月30日，集团未完成合同量为人民币2,154.70亿元，较2024年12月31日的人民币1,726.77亿元 增加24.8%。 ...

智通财经APP讯，中石化炼化工程(02386)发布公告，截至2025年9月30日止九个月期间，集团新签订合 同总值为人民币913.47亿元，较截至2024年9月30日止九个月期间的人民币734.57亿元增加24.4%;于2025 年9月30日，集团未完成合同量为人民币2154.70亿元，较2024年12月31日的人民币1726.77亿元增加 24.8%。 ...

中石化炼化工程(02386)发布公告，截至2025年9月30日止九个月期间，集团新签订合同总值为人民币 913.47亿元，较截至2024年9月30日止九个月期间的人民币734.57亿元增加24.4%;于2025年9月30日，集 团未完成合同量为人民币2154.70亿元，较2024年12月31日的人民币1726.77亿元增加24.8%。 ...

中 石 化 煉 化 工 程（ 集 團 ）股 份 有 限 公 司 SINOPEC Engineering (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：2386） 自願性公告 新合同總值及未完成合同量 本公告乃由中石化煉化工程（集團）股份有限公司（以下簡稱「本公司」，與其附屬 公司統稱「本集團」）自願作出。本公司董事會（以下簡稱「董事會」）欣然向本公司 股東及潛在投資者提供最新資料，內容為有關截至2025年9月30日止三個月期間本 集團所簽訂的代表性新合同、截至2025年9月30日止九個月期間新合同總值及於 2025年9月30日未完成合同量的相關事宜。 本公告乃承董事會之命發出。董事會願就本公告的準確性共同及個別承擔責任。 本公司股東及潛在投資者在買賣本公司股票時務請謹慎。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 下表所列為截至所示期間或日期本集團按(1)業務分部；(2)客戶經營行業；(3)地域； ...

Core Viewpoint - Sinopec Engineering (02386) announced the cancellation of 136,500 repurchased shares on August 29, 2025 [1] Company Summary - The company will cancel a total of 136,500 shares that were previously repurchased [1]

Core Insights - The company reported 1H25 results that met expectations, with revenue of 31.6 billion yuan, a 10% year-on-year increase, and a net profit of 1.39 billion yuan, up 5% year-on-year [1][2] - The company achieved a significant increase in new orders, with a 42% year-on-year growth, reaching 71.2 billion yuan, marking a historical high for the same period [1][2] Financial Performance - Revenue for 1H25 was 31.6 billion yuan, with a net profit of 1.39 billion yuan, resulting in an earnings per share of 0.32 yuan, aligning with expectations [1] - Operating cash flow turned positive at 3.3 billion yuan, while financial income decreased by 130 million yuan due to declining interest rates [1] - Gross margin decreased to 8.2%, down 0.4 percentage points, primarily due to underperformance in the construction segment [1] Development Trends - New signed orders reached 71.2 billion yuan, with domestic orders at 40.2 billion yuan and overseas orders at 4.3 billion USD, achieving 64% and 86% of the annual targets respectively [1] - Major new contracts include significant projects with Sinopec and international contracts in Kazakhstan and Algeria [1] EPC Segment Performance - The EPC segment maintained a stable gross margin of 7.5%, with operating profit margin increasing by 1 percentage point to 4.1%, contributing 57% of operating profit [2] - EPC orders accounted for 76% of new signed orders, indicating a strong contribution to high-quality revenue [2] International Business Growth - International revenue increased by 92% year-on-year to 7.4 billion yuan, now representing 23.5% of total revenue, with new overseas contracts exceeding 40% [2] - Collaborations with international leaders are expected to enhance the company's ability to secure high-value overseas projects [2] Profit Forecast and Valuation - The net profit forecast for 2025 has been reduced by 8.5% to 2.64 billion yuan, while the 2026 profit forecast remains largely unchanged [2] - The target price has been adjusted upward by 8.2% to 6.6 HKD, reflecting a valuation of 8.3x P/E for 2026, indicating a potential upside of 6.8% from the current stock price [2]

Core Insights - The company reported a revenue of 31.559 billion RMB, a year-on-year increase of 10.1%, and a net profit of 1.388 billion RMB, up 4.8% year-on-year [1] Group 1: Order Structure Optimization - The company signed new contracts for major projects, achieving a historical high in new contract value of 71.158 billion RMB, a year-on-year increase of 42.1% [2] - The proportion of new contracts in front-end, design, and EPC categories reached 80%, indicating a solid foundation for high-quality growth [2] - Overseas orders saw significant growth, with new contract value reaching 4.3 billion USD, a year-on-year increase of 82.7%, accounting for 43.5% of total new contracts [2] - Notable domestic contracts included the Maoming Ethylene project EPC contract worth approximately 11.631 billion RMB and the Luoyang Ethylene project contract worth approximately 3.291 billion RMB [2] - In emerging business areas, the company signed 197 new contracts with a total value of about 7 billion RMB, including 3.2 billion RMB from clean energy/new energy contracts [2] Group 2: Technological Innovation - The company emphasized project integration innovation and engineering transformation, increasing collaboration with institutions like the Chinese Academy of Sciences and Tsinghua University [3] - Research in artificial intelligence is ongoing, focusing on enhancing design efficiency and optimizing construction processes [3] - The company has made progress in areas such as process optimization, intelligent design review, and smart pipeline design [3] Group 3: Advanced Equipment Development - The company is advancing the development and application of automated welding robots and intelligent construction equipment, effectively reducing costs and improving efficiency [4] - A total of 86 high-efficiency construction equipment applications have been developed, along with guidelines for intelligent equipment applications [4] - The company has set ambitious market development targets of 63 billion RMB domestically and 5 billion USD internationally for the year [4]

Core Viewpoint - Sinopec Engineering (02386) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company plans to repurchase 136,500 shares at a total cost of HKD 869,500 [1] - The buyback is scheduled for August 18, 2025, suggesting a strategic long-term investment approach [1]

Group 1 - Sinopec Engineering (02386.HK) announced a share buyback on August 18, spending HKD 870,000 to repurchase 137,000 shares [1]

Core Viewpoint - Sinopec Engineering (02386) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company plans to repurchase 136,500 shares at a total cost of HKD 869,500 [1] - The buyback is scheduled for August 18, 2025, suggesting a strategic long-term investment approach [1]