Investment Rating - The report maintains a "Buy" rating for China Chemical Corporation (601117) [1] Core Views - The company demonstrated steady performance improvement, with a significant increase in new orders for chemical engineering. In 2023, the company achieved a revenue of 179.196 billion yuan, a year-on-year increase of 13.10%. The net profit attributable to shareholders was 5.426 billion yuan, up 0.20% year-on-year, while the net profit after deducting non-recurring gains and losses was 5.202 billion yuan, an increase of 3.86% year-on-year [1] - The company signed new contracts worth 326.751 billion yuan in 2023, representing a year-on-year increase of 10.05%. Notably, the overseas new contract amount reached 100.606 billion yuan, a remarkable increase of 165.48% [1] - The report highlights the company's focus on high-performance fibers, specialty synthetic rubber, and engineering plastics, with successful projects in chemical new materials and special chemicals [1] Financial Performance Summary - In Q1 2024, the company reported a revenue of 44.939 billion yuan, a year-on-year increase of 5.51%, and a net profit attributable to shareholders of 1.216 billion yuan, up 9.50% year-on-year [1] - The gross profit margin for 2023 was 9.41%, a slight increase of 0.07 percentage points, while the net profit margin was 3.35%, a decrease of 0.31 percentage points [1] - The company expects revenues for 2024, 2025, and 2026 to be 196.374 billion yuan, 217.070 billion yuan, and 242.036 billion yuan, respectively, with corresponding net profits of 5.871 billion yuan, 6.575 billion yuan, and 7.374 billion yuan [1][2]

[Table_Page] 年报点评|专业工程 证券研究报告 [中Table_国Title] 化学（601117.SH） [公Tab司le_I评nves级t] 买入 当前价格 6.97元 经营性现金表现优异，海外订单持续高增 合理价值 10.30元 前次评级 买入 [ 核Table 心_Sum 观mary 点] ： 报告日期 2024-04-28 ⚫ 中国化学发布2023年报。2023年，公司实现营收1783.58亿元，同 相[Ta对ble市_Pi场cQu表ote现] 比+13.09%；归母净利 54.26 亿元，同比+0.20%；24Q1，实现营收 451.71亿元，同比+5.54%；归母净利12.16亿元，同比+9.50%。 8% ⚫ 经营性现金流优异。现金流方面，公司23年经营活动现金净流入91.34 -2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 亿元，同比增加净流入76.34亿元，主要是公司紧抓现金流指标管控， -11% 按月开展现金流滚动预测，持续监控管理取得一定成效所致。 -21% ⚫ 化学工程业务收入高增，各业务毛利率基本稳定。分业务看，化学工 -30 ...

证券研究报告 | 年报点评报告 2024年04月28日 中国化学（601117.SH） 现金流大幅改善，Q1 业绩环比显著提速 23 全年业绩增速符合预期，24Q1 业绩环比显著提速。2023 年公司实现营业收入 买入（维持） 1784亿元，同增13%；实现归母净利润54.3亿元，同增0.2%；扣非归母净利润同 股票信息 增4%，全年业绩符合预期，增速略低于收入主因减值比及财务费率有所提升。分季 度看：Q1/Q2/Q3/Q4单季营收分别同增21%/22%/-11%/26%；单季归母净利润分 行业 专业工程 别同增 14%/10%/-27%/0.5%，Q4 营收增长显著提速，预计主要因公司加快波罗 前次评级 买入 的海等大型项目执行，业绩增速较低主要因：1）单季毛利率下降 1.7pct；2）单季 4月26日收盘价(元) 6.97 减值多计提 2.4 亿。分业务看：化学工程/基础设施/环境治理/实业分别实现营收 1424/220/28/77 亿元，同比+20%/-2%/-19%/+5%，化工主业延续较快增长。分 总市值(百万元) 42,583.01 区域看：境内/境外分别实现营收 1424/355亿元，同增 15 ...

关于中国化学工程股份有限公司 2023 年度 涉及财务公司关联交易的专项说明 中国化学工程股份有限公司 涉及财务公司关联交易的专项说明 2023 年度 信会师报字[2024]第 ZG11141 号 中国化学工程股份有限公司 涉及财务公司关联交易的专项说明 （截至 2023 年 12 月 31 日） | | 目录 | | | 页次 | | --- | --- | --- | --- | --- | | 一、 | 专项报告 | | | 1-2 | | 二、 | 中国化学工程股份有限公司 | 2023 | 年度涉及财务 | 1 | | | 公司关联交易汇总表表 | | | | 信会师报字[2024]第 ZG11141 号 中国化学工程股份有限公司全体股东： 我们审计了中国化学工程股份有限公司(以下简称"中国化 学")2023 年度的财务报表，包括 2023 年 12 月 31 日的合并及母公司 资产负债表、2023 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注，并于 2024 年 4 月 21 日出具了报告号为信会师报字[2024]第 ZG11131 号的 无保留 ...

证券代码：601117 股票简称：中国化学 公告编号：临 2024-026 中国化学工程股份有限公司 关于回购注销部分限制性股票减少注册资本暨 通知债权人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 一、通知债权人的原由 本次注销完成后，公司总股本将由 6,109,470,588 股变更为 6,109,070,562 股，公司注册资本也相应由 6,109,470,588 元减少 为 6,109,070,562 元。 1 二、通知债权人的相关信息 公司本次回购注销股份将导致公司注册资本减少，根据《中 华人民共和国公司法》等相关法律、法规和《公司章程》的规定， 公司特此通知债权人。本公司债权人自接到公司通知起 30 日内、 未接到通知者自本公告披露之日起 45 日内，均有权凭有效债权文 件及相关凭证有权要求本公司清偿债务或者提供相应担保。债权 人如未在规定期限内行使上述权利的，不会因此影响其债权的有 效性，公司承担的相关债务（义务）将由公司根据原债权文件的 约定继续履行。 中国化学工程股份有限公司（以下简称"公司 ...

证券代码：601117 股票简称：中国化学 公告编号：临 2024-025 中国化学工程股份有限公司 关于回购注销 2022 年限制性股票激励计划部分 限制性股票及调整回购价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性 承担个别及连带责任。 重要内容提示： 回购注销原因：根据中国化学工程股份有限公司（以下 简称"公司"）《2022 年限制性股票激励计划（草案）》（以 下简称"《激励计划》"）、《2022 年限制性股票激励管理办 法》《2022 年限制性股票激励实施考核管理办法》等相关规定， 公司本次回购注销 2 名激励对象因个人原因离职、1 名激励对象 因工作调动已获授但尚未解除限售的限制性股票共计 40.00 万 股，占注销前公司股份总数的 0.006547212%；同时对公司 2022 年使用集中竞价等法律法规允许的方式回购公司股份用于实施 股权激励计划过程中，存于回购专用证券账户尚未办理注销的 股份共计 26 股 也 一 并 注 销 ， 占 注 销 前 公 司 股 份 总 数 的 0.000000426% 。 本 次 注 ...

证券代码：601117 证券简称：中国化学 公告编号：2024-027 中国化学工程股份有限公司 关于召开 2023 年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： 股东大会召开日期：2024年5月20日 本次股东大会采用的网络投票系统：上海证券交易所股东 大会网络投票系统 一、召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投 票和网络投票相结合的方式。 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 5 月 20 日 14 点 30 分 召开地点：中国化学大厦 (五) 网络投票的系统、起止日期和投票时间 1 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 20 日 至 2024 年 5 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台 的投票时间为股东大会召开当日的交易时间段，即 9:15- ...

中国化学工程股份有限公司 内部控制审计报告 信会师报字[2024]第 ZG11132 号 中国化学工程股份有限公司 内部控制审计报告 内部控制审计报告 信会师报字[2024]第 ZG11132 号 中国化学工程股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要 求，我们审计了中国化学工程股份有限公司（以下简称"中国化学"）2023 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评价其 有效性是中国化学董事会的责任。 （截至 2023 年 12 月 31 日） | | | 内部控制审计报告 1-2 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外， 由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循 的程度降低，根据内部控制审计结果推测未来内部控制的有效性具有一定 风险。 四、财务报告内部控制审计意见 我们认为，中国化学于 2023 年 12 月 31 日按照《企业内部控制基本规 范》和相关规定在所有重 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 44,939,439,685.36, representing a year-on-year increase of 5.51%[4] - The net profit attributable to shareholders for Q1 2024 was CNY 1,216,457,284.75, reflecting a growth of 9.50% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,151,284,672.99, an increase of 3.70% year-on-year[4] - The basic earnings per share for Q1 2024 was CNY 0.20, up by 11.11% from the previous year[4] - Total operating revenue for Q1 2024 reached ¥45.17 billion, a 5.5% increase from ¥42.80 billion in Q1 2023[21] - Net profit for Q1 2024 was ¥1.35 billion, up 16.8% from ¥1.16 billion in Q1 2023[22] - Operating profit for Q1 2024 was ¥1.60 billion, an increase of 19.4% compared to ¥1.34 billion in Q1 2023[22] - Total comprehensive income for Q1 2024 was ¥1.35 billion, compared to ¥1.15 billion in Q1 2023, reflecting a growth of 16.9%[24] Assets and Liabilities - The total assets at the end of Q1 2024 amounted to CNY 219,707,466,695.65, a slight increase of 0.27% from the end of the previous year[5] - The total liabilities as of March 31, 2024, were CNY 153.922 billion, a decrease from CNY 155.043 billion at the end of 2023[19] - The total equity attributable to shareholders as of March 31, 2024, was CNY 58.770 billion, up from CNY 57.495 billion at the end of 2023[19] - As of March 31, 2024, the total current assets amounted to CNY 170.099 billion, slightly up from CNY 169.386 billion at the end of 2023[17] Cash Flow - The net cash flow from operating activities for Q1 2024 was negative at CNY -6,770,097,872.17, indicating a significant cash outflow[4] - Cash flow from operating activities showed a net outflow of ¥6.77 billion in Q1 2024, compared to a net outflow of ¥6.02 billion in Q1 2023[25] - The company reported a cash and cash equivalents balance of CNY 40.009 billion as of March 31, 2024, down from CNY 48.639 billion at the end of 2023[17] - The total cash and cash equivalents at the end of Q1 2024 were $35,594,343,825.25, compared to $31,408,728,097.33 at the end of Q1 2023, reflecting a year-over-year increase[26] - The cash and cash equivalents decreased by $7,610,032,500.62 in Q1 2024, compared to a decrease of $4,676,161,356.32 in Q1 2023[26] Shareholder Information - The top shareholder, China Chemical Engineering Group Co., Ltd., holds 40.24% of the shares, amounting to 2,458,550,228 shares[9] Investment and Financing Activities - The new contract amount signed in Q1 2024 reached CNY 127.916 billion, up 22.29% year-on-year, with domestic contracts accounting for CNY 105.357 billion and overseas contracts CNY 22.559 billion[14] - The company received $136,345,000.00 from minority shareholders in Q1 2024, a significant increase from $17,453,912.50 in Q1 2023[26] - Cash outflow for debt repayment was $1,925,726,209.00, compared to $398,943,539.27 in Q1 2023, indicating increased debt servicing[26] - The net cash flow from financing activities showed a decline of $3,321,014,503.06, moving from a positive $2,073,922,649.68 in Q1 2023 to a negative $1,248,091,853.38 in Q1 2024[26] Research and Development - Research and development expenses decreased to ¥959.46 million in Q1 2024 from ¥1.01 billion in Q1 2023, a reduction of 4.6%[21] Market Strategy - The company has not disclosed any significant new product developments or market expansion strategies in this report[12] - The company plans to continue focusing on high-quality development and expanding its market presence in the industrial engineering sector[14]

Financial Performance - Revenue for 2023 reached RMB 178.36 billion, a 13.09% increase compared to 2022[17] - Net profit attributable to shareholders was RMB 5.43 billion, a slight increase of 0.20% year-over-year[17] - Operating cash flow surged to RMB 9.13 billion, a 509.09% increase from 2022[17] - Total assets grew by 12.62% to RMB 219.12 billion at the end of 2023[17] - The company plans to distribute a cash dividend of RMB 1.78 per 10 shares, totaling RMB 1.09 billion, representing 20.04% of the net profit[4] - The company's total equity attributable to shareholders increased by 8.71% to RMB 57.50 billion[17] - The company's net profit margin remained stable at around 3.04%[17] - Total operating revenue for 2023 reached 179.196 billion yuan, a year-on-year increase of 13.10%[28] - Net profit attributable to the parent company in 2023 was 5.426 billion yuan, a year-on-year increase of 0.20%[28] - Revenue from the first quarter of 2023 was 42.591 billion yuan, increasing to 48.338 billion yuan in the second quarter[21] - Net profit attributable to the parent company in the second quarter of 2023 was 1.835 billion yuan, the highest among all quarters[21] - Operating cash flow in the fourth quarter of 2023 was 12.501 billion yuan, the highest among all quarters[21] - Non-recurring gains and losses in 2023 totaled 224.560 million yuan, a decrease from 407.168 million yuan in 2022[23] - The company achieved a revenue of 178.36 billion yuan in 2023, a year-on-year increase of 13.09%, with a net profit of 5.97 billion yuan, up 3.34% year-on-year[64] - The company's operating cash flow surged by 509.09% to 9.13 billion yuan, while investment cash flow improved to -3.36 billion yuan from -5.68 billion yuan in the previous year[65] - The company's gross margin across all business segments increased by 0.12 percentage points to 9.46%, driven by improved cost management[67] - The company's R&D expenses increased by 13.03% to 6.16 billion yuan, reflecting its commitment to technological innovation[65] - Sales expenses increased by 10.89% to RMB 493.22 million, mainly due to the expansion of the company's scale, leading to an increase in employee salaries and travel expenses[77] - Management expenses increased by 14.36% to RMB 2.98 billion, driven by the expansion of the company's scale, resulting in higher employee salaries and depreciation expenses[77] - Financial expenses were RMB -168.62 million, compared to RMB -356.76 million in the same period last year, primarily due to increased foreign exchange control and exchange rate fluctuations[78] - R&D investment totaled RMB 6.25 billion, accounting for 3.51% of total revenue, with a capitalization rate of 1.44%[79] - R&D investment increased by 14.68% to RMB 6.25 billion, with a focus on key technologies in chemical materials, green environmental protection, and carbon neutrality[82] - Operating cash flow increased by 509.09% to RMB 9.13 billion, driven by effective cash flow management and monitoring[84] - Investment cash flow improved to RMB -3.36 billion, compared to RMB -5.68 billion in the same period last year, due to increased cash received from investments[85] - Contract assets increased by 31.35% to RMB 46.21 billion, mainly due to accelerated construction progress in some projects[86] - Overseas assets amounted to RMB 33.03 billion, accounting for 15.08% of total assets[87] - Total pre-tax compensation for executives in the reporting period was 1,336.20 million yuan[127] - Total compensation for directors, supervisors, and senior management in the reporting period amounted to 13.362 million yuan[137] - Cash dividend distribution: 1.08 billion RMB, representing 19.98% of 2022 net profit attributable to shareholders[152] - Total cash return to shareholders (dividends + share repurchases): 1.59 billion RMB, representing 29.40% of 2022 net profit[152] - Cash dividend per share: 1.77 RMB per 10 shares (tax included)[152] Business Performance and Contracts - The company's revenue growth was driven by strong performance in its core engineering and construction business[17] - The company's cash flow improvement was attributed to better working capital management[17] - New contract value in 2023 amounted to 326.751 billion yuan, a year-on-year increase of 10.05%[32] - Domestic new contract value in 2023 was 226.145 billion yuan, a year-on-year decrease of 12.69%[32] - Overseas new contract value in 2023 was 100.606 billion yuan, a year-on-year increase of 165.48%[32] - Construction engineering accounted for 95.08% of the new contract value, totaling 310.671 billion yuan[32] - The company's new contract value reached a record high of 3,267.51 billion yuan, a year-on-year increase of 10.05%[33] - The chemical engineering sector signed new contracts worth 261.131 billion yuan, a year-on-year increase of 23.45%[33][36] - Overseas market achieved a significant breakthrough with new contract value of 100.606 billion yuan, a year-on-year increase of 165.48%[36] - The company signed representative projects such as the 60,000-ton lithium battery cathode material precursor project and the Baltic Sea Chemical Complex project[36][38] - The company's overseas market exceeded the "doubling plan" and signed a series of major projects[38] - The company's procurement management achieved a centralized procurement rate of 99.3%, an open procurement rate of 97.8%, and an electronic procurement rate of 99.1%[43] - The company's digital transformation project "Digital Chemistry 132+N" was initially completed, shifting from foundational to deep application and collaborative linkage[43] - The company's high-purity polysilicon preparation core technology won the first prize of the Petrochemical Federation Science and Technology Progress Award[42] - The company's overseas market new contract value reached 100.606 billion yuan, a year-on-year increase of 165.48%[36] - The company effectively controlled the "two funds" risk, with the overall scale of "two funds" being manageable[44] - The company operates in over 80 countries and regions globally, providing advanced engineering services[50] - The company completed a total output value of 168.105 billion yuan in 2023, with 3,477 projects under construction[51] - The company's engineering business covers a wide range of fields including chemical, coal chemical, petrochemical, new materials, new energy, power, environmental protection, infrastructure, and pharmaceuticals[51] - The company has a leading position in the domestic coal chemical sector and holds a significant market share internationally[51] - The company's engineering business includes major projects such as the Baltic Chemical Complex in Russia, the NFP 5400MTPD Methanol Project in Russia, and the BASF Zhanjiang Integrated Base Project in China[51] - The company's industrial projects achieved stable and efficient operation in 2023, with key projects such as the Tianchen Yaolong Caprolactam Project operating at full capacity[53] - The company's new industrial projects, including the Tianchen Qixiang and Hualu New Materials projects, accumulated operational data and production experience in 2023[53] - The company's modern service sector focuses on financial services, leveraging financial tools and capital markets to support its main business[54] - The company has a comprehensive value chain and a wide range of engineering qualifications, including 7 special-grade qualifications for petrochemical construction and 1 special-grade qualification for construction[55] - The company has been ranked 16th in the ENR Top 250 Global Contractors list in 2023[55] - The company has a diversified business structure, with strong performance in chemical engineering, infrastructure, environmental governance, and industrial development[56] - In the chemical engineering sector, revenue increased by 20.35% to 142.37 billion yuan, with a slight decrease in gross margin by 0.06 percentage points to 9.87%[67] - Domestic revenue grew by 15.45% to 142.38 billion yuan, while overseas revenue increased by 4.74% to 35.53 billion yuan[68] - Chemical engineering business achieved main business revenue of 142.373 billion yuan, a year-on-year increase of 20.35%, accounting for 80.02% of total main business revenue[69] - Infrastructure business revenue decreased by 1.84% to 21.994 billion yuan, accounting for 12.36% of total main business revenue[69] - Environmental governance business revenue decreased by 18.9% to 2.842 billion yuan, accounting for 1.6% of total main business revenue[69] - Industrial and new materials business revenue increased by 4.75% to 7.715 billion yuan, accounting for 4.34% of total main business revenue[69] - Modern services business revenue decreased by 47.34% to 2.989 billion yuan, accounting for 1.68% of total main business revenue[69] - Domestic main business revenue increased by 15.45% to 142.382 billion yuan, accounting for a larger proportion of total revenue[70] - Overseas main business revenue increased by 4.74% to 35.532 billion yuan[70] - The total contract amount for the Russia Baltic Sea Chemical Complex project is 94.583 billion yuan, with 44.834 billion yuan already fulfilled[72] - The total contract amount for the Russia Baltic Sea Natural Gas to Methanol Chemical Complex project is 65.05 billion yuan, with no amount fulfilled yet[72] - Top five customers accounted for 12.22% of total annual sales, with no sales to related parties[75] - Total project amount in domestic market is 7,258,101 million RMB, with 785 projects[90] - Total project amount in overseas market is 1,130,073 million RMB, with 28 projects[90] - Total project amount in Asia is 1,062,976 million RMB, with 25 projects[90] - Total project amount in Africa is 60,614 million RMB, with 2 projects[90] - Total project amount in Europe is 6,483 million RMB, with 1 project[90] - Total project amount in the construction sector is 16,810,474 million RMB, with 3,477 projects[92] - Total new signed projects amount to 3,267.51 billion RMB, with 4,355 projects[96] - Total outstanding orders at the end of the reporting period amount to 4,076.01 billion RMB[96] - The Russia Baltic Sea Chemical Complex Project has a total amount of 945.83 million RMB, with a completion percentage of 33.07%[94] - The fair value of securities investments at the end of the period is 2,453,138,045.76 RMB[98] - The initial investment cost for bond "16 农发 08" was 3,000.00, with an ending book value of 3,062.89, reflecting a slight increase from the initial cost[101] - Bond "16 农发 10" had an initial investment cost of 1,000.00, with an ending book value of 1,113.83, showing a significant increase[101] - The bond "20 抗疫国债 01" had an initial investment cost of 5,000.00, with an ending book value of 5,012.35, indicating a marginal increase[101] - The bond "ICBC - US$ REG S Undated AT1 Capital Bonds" had an initial investment cost of 3,187.85, with an ending book value of 3,341.83, reflecting a notable increase[101] - Bond "15 进出 08" had an initial investment cost of 16,000.00, with an ending book value of 16,749.36, showing a moderate increase[101] - The bond "21 中国城乡 MTN001" was sold for 3,000.00, resulting in an investment gain of 2.00[101] - Bond "22 华润资产 MTN002" was sold for 3,000.00, resulting in an investment gain of 12.64[101] - The bond "22 中铝集 MTN001" had an initial investment cost of 1,000.00, with an ending book value of 1,003.01, indicating a slight increase[101] - Bond "22 中色 MTN001" was sold for 1,000.00, resulting in an investment gain of 2.32[101] - The total initial investment cost for all bonds listed in the document was 242,989.02, with a total ending book value of 245,313.81, reflecting an overall increase in value[103] - China Chemical Engineering Seventh Construction Co., Ltd. reported a net profit of 759.55 million yuan, with operating revenue of 22.83 billion yuan and operating profit of 865.71 million yuan[107] - China Tianchen Engineering Corporation achieved a net profit of 665.99 million yuan, with operating revenue of 20.33 billion yuan and operating profit of 667.77 million yuan[107] Strategic Development and Future Plans - The company plans to achieve a new contract value of 330 billion yuan and a total operating revenue of 195 billion yuan in 2024, with a planned profit of 7.4 billion yuan[118] - The company aims to increase the self-sufficiency rate of high-end chemical materials to over 75% and establish 10 chemical material parks with annual output exceeding 10 billion yuan[112] - The company will focus on enhancing core competitiveness, innovation, and value creation, while accelerating the construction of a modern industrial system and achieving high-quality development[112] - The company's strategic goal is to become a world-class engineering company with global competitiveness by the end of the 14th Five-Year Plan, with significant improvements in scale, quality, and industry leadership[116] - The company will focus on key core technologies, major common technologies, and high-performance materials in the chemical materials sector, while ensuring stable production of existing facilities[112] - The company's development strategy includes professionalization, diversification, and internationalization, leveraging both domestic and international markets and resources[115] - The company will strengthen its role in domestic and international dual circulation, aiming to become a leader in oil and chemical engineering and a pioneer in the Belt and Road Initiative[115] - The company will enhance its innovation capabilities and focus on technological breakthroughs in key products, while optimizing its industrial layout and promoting intensive development[112] - The company established a new regional headquarters in Xinjiang (Central Asia) to expand market development and management responsibilities[35] - The company actively promoted the "oil reduction and chemical increase" strategy in refining and chemical projects, optimizing production capacity structure and layout[47] - The company signed major environmental projects, including the Jingmen Geji River Basin Comprehensive Land Improvement and the Chenzhou Urban Water Environment Comprehensive Management[49] - The company's industrial projects achieved stable and efficient operation in 2023, with key projects such as the Tianchen Yaolong Caprolactam Project operating at full capacity[53] - The company's new industrial projects, including the Tianchen Qixiang and Hualu New Materials projects, accumulated operational data and production experience in 2023[53] - The company's modern service sector focuses on financial services, leveraging financial tools and capital markets to support its main business[54] - The company has a comprehensive value chain and a wide range of engineering qualifications, including 7 special-grade qualifications for petrochemical construction and 1 special-grade qualification for construction[55] - The company has been ranked 16th in the ENR Top 250 Global Contractors list in 2023[55] - The company has a diversified business structure, with strong performance in chemical engineering, infrastructure, environmental governance, and industrial development[56] - The company's engineering business covers a wide range of fields including chemical, coal chemical, petrochemical, new materials, new energy, power, environmental protection, infrastructure, and pharmaceuticals[51] - The company has a leading position in the domestic coal chemical sector and holds a significant market share internationally[51] - The company's engineering business includes major projects such as the Baltic Chemical Complex in Russia, the NFP 5400MTPD Methanol Project in Russia, and the BASF Zhanjiang Integrated Base Project in China[51] - The company's industrial projects achieved stable and efficient operation in 2023, with key projects such as the Tianchen Yaolong Caprolactam Project operating at full capacity[53] - The company's new industrial projects, including the Tianchen Qixiang and Hualu New Materials projects, accumulated operational data and production experience in 2023[53] - The company's modern service sector focuses on financial services, leveraging financial tools and capital markets to support its main business[54] - The company has a comprehensive value chain and a wide range of engineering qualifications, including 7 special-grade qualifications for petrochemical construction and 1 special-grade qualification for construction[55] - The company has been ranked 16th in the ENR Top 250 Global Contractors list in 2023[55] - The company has a diversified business structure, with strong performance in chemical engineering, infrastructure, environmental governance, and industrial development[56] - The company achieved a revenue of 178.36 billion yuan in 2023, a year-on-year increase of 13.09%, with a net profit of 5.97 billion yuan, up 3.34% year-on-year[64] - The company's operating cash flow surged by 509.09% to 9.13 billion yuan, while investment cash flow improved to -3.36 billion yuan from -5.68 billion yuan in the previous year[65] - In the chemical engineering sector, revenue increased by 20.35% to 142.37 billion yuan, with a slight decrease in gross margin by 0.06 percentage points to 9.87%[67] - Domestic revenue grew by 15.45% to 142.38 billion yuan, while overseas revenue increased by 4.74% to 35.53 billion yuan[68] - The company has accumulated 4,988 authorized patents and 277 proprietary technologies, with 427 provincial and ministerial-level science and technology awards[58