SUNWAY(SZ:002469)2025-02-18 08:58Group 1: Company Overview - The company is a state-owned enterprise transformed into an engineering firm, primarily serving the chemical and petrochemical industries, with a focus on environmental protection [3] - It provides a full lifecycle of engineering services, including consulting, design, general contracting, project commissioning, and maintenance [3] - The company does not engage in equipment manufacturing or construction installation but subcontracts these services to qualified firms [3] Group 2: Chemical Business and Products - The company is the largest producer of n-propanol in China and a leading enterprise in the recovery of butyl and octanol residues [4] - It produces various chemical products, including C3, C4, C5, C8 alcohols, and derivatives, with applications across multiple industries such as pharmaceuticals, agriculture, and food additives [4] - The company maintains operational flexibility by switching raw materials based on market demand and price trends, ensuring economic efficiency [4] Group 3: Ongoing Engineering Projects - Key ongoing projects include sulfur recovery installations for Northern Huajin and Sinopec Tianjin, among others [5][6] - The company has a robust order backlog, including long-term service agreements for maintenance and technical upgrades [6] Group 4: Coal Chemical Projects - The company has secured projects in the coal chemical sector, including sulfur recovery design for major energy groups [7] - Recent wins include design and procurement services for a 2 billion cubic meters/year coal-to-gas project [7] Group 5: Clientele - Major clients include China Petroleum, Sinopec, State Energy Group, and several other prominent chemical and energy companies [8] Group 6: Incremental Chemical Projects - The company is advancing projects aimed at enhancing cellulose acetate production capacity by 50,000 tons/year [9] - Ongoing collaborations with academic and research institutions focus on developing new products in fine chemicals and new materials [9]