Guosheng Securities: ECEC's Q2 performance accelerated significantly, maintaining a "Buy" rating

Guosheng Securities research report points out that ECEC's Q2 performance has significantly accelerated, with a non-net profit growth rate of 36% showing impressive results. The company signed new orders worth 5.9 billion yuan in Q2 2025, a year-on-year increase of 42%. Among these, the new contracts for design and general contracting were 180 million and 5.72 billion yuan, respectively, representing year-on-year increases of 165% and 40%. The substantial growth in high-margin, short-cycle design orders is expected to contribute to performance starting in the second half of the year. Additionally, design technical services, as a pre-construction phase, indicate significant growth potential for subsequent related general contracting orders. The rising domestic energy demand, coupled with increased uncertainty in overseas energy, continues to highlight the importance of improving domestic energy self-sufficiency, with a clear trend of accelerated investment in Xinjiang's coal chemical industry. The company has ample orders on hand and is expected to benefit from the accelerated investment in Xinjiang's coal chemical industry. It is estimated that the net profit attributable to the parent company will be 480 million, 550 million, and 640 million yuan for 2025-2027, representing year-on-year growth of 16% each year, with EPS of 0.67, 0.78, and 0.91 yuan per share, respectively. The current price corresponds to PE ratios of 15, 13, and 11 times, maintaining a "buy" rating