Guangda Securities: Maintain the "buy" rating on Sinopec's refining and chemical engineering. The value of new contracts steadily increasing.

Guangda Securities released a research report stating that the settlement of overseas projects in the previous period has affected the company's performance. They have lowered their profit forecast for China Petroleum Chemical Corporation's Petrochemical Engineering for the years 2026-2027, and added a profit forecast for the year 2028. It is expected that the company's net profit attributable to shareholders for the years 2026-2028 will be 2.355 billion, 2.566 billion, and 2.831 billion yuan respectively, with corresponding EPS of 0.54, 0.58, and 0.64 yuan per share. The company is backed by the resource advantages of Sinopec Group, and continues to explore markets at home and abroad. Its performance is expected to continue to grow. Under the background of state-owned enterprise reform, the company's undervaluation and high dividend value are highlighted. The bank maintains a "buy" rating on the company.