Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its annual report disclosure, particularly focusing on accounts receivable and contract assets, which are significant factors in its financial performance and potential risks [1]. Group 1: Accounts Receivable - The company's accounts receivable at the end of the period amounted to 7.323 billion, with a cumulative provision for bad debts of 3.811 billion, and a current period provision for bad debts of 1.091 billion, which is a major reason for the company's losses this year [2]. - The provision for bad debts on accounts receivable increased by approximately 1.215 billion compared to the previous year, with a total of 2.787 billion provided on a single-item basis [2]. - The company was asked to disclose detailed information regarding the top ten accounts receivable, including transaction details, payment history, aging of receivables, and credit management measures [2][3]. Group 2: Contract Assets - The company's contract assets at the end of the reporting period were valued at 5.231 billion, with a cumulative provision for bad debts of 0.094 billion, representing a provision rate of only 1.8% [2]. - The company was requested to provide details on the top five contract assets, including project names, transaction details, counterparties, contract amounts, aging, and expected settlement times [2]. - The company has a structured approach to classify customers based on their credit risk, which influences the provision for bad debts [16]. Group 3: Inventory - The company's inventory at the end of 2024 was recorded at 8.630 billion, reflecting a year-on-year increase of 6.44%, with work-in-progress and finished goods accounting for 6.621 billion [19]. - The increase in inventory is attributed to the long production cycles of the company's products, which are primarily custom-made for large enterprises [19][22]. - The company has identified specific reasons for inventory aging beyond typical production cycles, including project delays and new product failures, and has taken measures to assess and provision for potential inventory impairments [23][25].

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Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 168 million yuan in Q1 2025, representing a year-on-year increase of 227.91% but a quarter-on-quarter decrease of 81.52%. The net profit attributable to the parent company was -8 million yuan, indicating a reduction in losses [5][11] - The company has a total of 5.868 billion yuan in orders on hand, with significant contributions expected from engineering general contracting services in 2025-2026 [11] - The company is focusing on high-end, green, and intelligent development in response to national policies aimed at promoting the chemical industry [11] - The petrochemical equipment market is expected to grow at a compound annual growth rate of approximately 7.2% from 2024 to 2027, reaching a market size of 951.4 billion yuan by 2027 [11] - The projected net profits for the company from 2025 to 2027 are 130 million yuan, 150 million yuan, and 200 million yuan, respectively, with corresponding price-to-earnings ratios of 19.3X, 16.9X, and 12.3X [11] Summary by Sections Financial Performance - In Q1 2025, the company's revenue was 168 million yuan, a year-on-year increase of 227.91% and a quarter-on-quarter decrease of 81.52%. The net profit attributable to the parent company was -8 million yuan, showing a reduction in losses [5][11] Order Book and Revenue Recognition - The company has 5.868 billion yuan in orders on hand, with engineering general contracting services expected to contribute significantly to revenue recognition in 2025-2026 [11] Industry Outlook - The petrochemical equipment market is projected to grow at a compound annual growth rate of approximately 7.2% from 2024 to 2027, reaching a market size of 951.4 billion yuan by 2027 [11] Strategic Focus - The company is actively pursuing high-end, green, and intelligent development in alignment with national policies aimed at enhancing the chemical industry [11] Profit Forecast - Projected net profits for the company from 2025 to 2027 are 130 million yuan, 150 million yuan, and 200 million yuan, with corresponding price-to-earnings ratios of 19.3X, 16.9X, and 12.3X [11]