行业报告 | 行业研究周报 建筑装饰 证券研究报告 Q1 建筑板块经营承压，静待后续财政发力推动板块 业绩修复 核心观点 本周 CS 建筑下跌 1.46%，跑赢沪深 300 板块 0.71pct，AI、机器人、算力相 关概念标的涨幅居前。从刚刚过去的财报季来看，25Q1 建筑板块营收、归 母净利润继续承压下滑，但专业工程领域钢结构板块收入实现 7.3%的正增 长、化工工程板块归母净利润增速为+7.4%，Q1 专业工程板块经营较为稳 健。近期资金面、基建高频数据和建筑公司新签订单均印证基建景气度在 持续修复，考虑到关税态势下财政政策有望进一步发力，加速推动实物工 作量落地。建议重点关注中西部基建及顺周期专业工程板块的投资机会， 新兴业务板块关注与算力、AI、洁净室等相关的投资标的，主题层面建议 继续关注西南水电相关品种。 24FY&25Q1 营收/归母承压，静待后续财政发力推动板块业绩修复 从刚刚过去的财报季来看，24 年 CS 建筑板块实现营收同比-4.1%，归母净 利润同比-14.4%，受地产行业下行和地方财政偏紧影响营收、归母均承压下 滑。25Q1 建筑板块营收同比-6%、归母净利润同比-8.4%，板块继 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown impressive growth in its industrial sector, with continuous improvement in profitability. In 2024, the company achieved operating revenue of 185.84 billion yuan, a year-on-year increase of 4.2%, and a net profit attributable to shareholders of 5.69 billion yuan, up 4.8% year-on-year [4][9] - The company’s new projects have driven growth in the industrial sector, and overseas business has seen a significant increase in demand. The revenue from the chemical engineering, infrastructure, environmental governance, and industrial sectors has shown varied growth rates, with the industrial and new materials sector growing by 13.4% [5][9] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 185.84 billion yuan, net profit attributable to shareholders of 5.69 billion yuan, and net profit after deducting non-recurring gains and losses of 5.51 billion yuan, reflecting year-on-year growth of 4.2%, 4.8%, and 6.0% respectively. In Q1 2025, the company achieved operating revenue of 44.50 billion yuan, net profit of 1.44 billion yuan, and net profit after deducting non-recurring gains and losses of 1.41 billion yuan, with year-on-year changes of -1.0%, +18.8%, and +22.6% [4][5] Business Segments - The company’s revenue from various segments in 2024 included 152.2 billion yuan from chemical engineering, 20.6 billion yuan from infrastructure, 2.2 billion yuan from environmental governance, 8.8 billion yuan from industrial and new materials, and 1.6 billion yuan from modern services, with respective year-on-year growth rates of +6.9%, -6.4%, -22.1%, +13.4%, and -47.7% [5] Contracting and New Projects - The company signed new contracts worth 366.9 billion yuan in 2024, a year-on-year increase of 12.3%. The new contracts in chemical engineering, infrastructure, and environmental governance were 276.3 billion yuan, 64.9 billion yuan, and 9.5 billion yuan, reflecting growth rates of 5.8%, 56.3%, and 19.2% respectively. In Q1 2025, new contracts surged to 59.79 billion yuan, a 60.7% increase year-on-year [6] Profitability and Margins - The company’s gross margin and net margin for 2024 were 10.1% and 3.4%, respectively, with year-on-year increases of 0.7% and 0.01 percentage points. In Q1 2025, the gross margin was 9.3% and the net margin was 3.6%, reflecting increases of 1.29% and 0.58 percentage points year-on-year [7] Cash Flow and Dividends - The company experienced a net outflow of operating cash flow of 8.72 billion yuan in 2024, a decrease of 4.1 billion yuan compared to the previous year. The proposed dividend for 2024 is 1.86 yuan per share, totaling approximately 1.14 billion yuan, which is a 4.5% increase year-on-year [8] Profit Forecast and Valuation - The company’s profit forecast for 2025 and 2026 has been adjusted to 6.43 billion yuan and 6.89 billion yuan, representing increases of 8% and 4% respectively. The forecast for 2027 is set at 7.35 billion yuan, maintaining a "Buy" rating [9]

Core Insights - The company reported steady performance with significant growth in new contracts signed, particularly in overseas markets [1][2] Financial Performance - For 2024, the company achieved an operating revenue of 186.61 billion yuan, a year-on-year increase of 4.14% - The net profit attributable to shareholders was 5.69 billion yuan, up 4.82%, while the net profit after deducting non-recurring items was 5.52 billion yuan, an increase of 6.02% [1] - In Q1 2025, the operating revenue was 44.65 billion yuan, a decrease of 1.15%, but the net profit attributable to shareholders rose to 1.45 billion yuan, an increase of 18.77% [1] Contractual Developments - The total new contract amount for 2024 was 366.94 billion yuan, reflecting a growth of 12.30% - Domestic new contracts amounted to 253.63 billion yuan, up 12.15%, while overseas contracts reached 113.31 billion yuan, increasing by 12.63% [1] Profitability Metrics - The gross margin for 2024 was 10.11%, an increase of 2.1 percentage points, with net profit margin at 3.36%, up 0.01 percentage points [2] - In Q1 2025, the gross margin was 9.3%, an increase of 1.29 percentage points, and the net profit margin was 3.59%, up 0.58 percentage points [2] Cash Flow and Investment - The net operating cash flow for 2024 was 8.72 billion yuan, a decrease of 0.41 billion yuan year-on-year, while Q1 2025 showed a net cash outflow of 15.10 billion yuan, an increase in outflow of 8.33 billion yuan [2] - New industrial projects, such as the coal-to-ethylene glycol project in Inner Mongolia, have become new growth points for the company [2] Market Expansion - The company has successfully expanded into new international markets, with over 70% of contract amounts in key markets like Egypt and Kazakhstan, and has entered four new countries: Hungary, Bolivia, Morocco, and Kyrgyzstan [2] Future Projections - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 6.08 billion yuan, 6.61 billion yuan, and 7.22 billion yuan, representing year-on-year growth rates of 6.94%, 8.59%, and 9.24% respectively [3]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company is expected to achieve a revenue of CNY 185.84 billion in 2024, representing a year-on-year growth of 4.20%, and a net profit attributable to shareholders of CNY 5.688 billion, up 4.82% year-on-year [1] - The company has signed new overseas orders worth CNY 113.31 billion in 2024, an increase of 12.63% year-on-year, indicating a strong focus on international business [1] - The coal chemical investment is anticipated to accelerate, providing additional performance growth, while the transformation of the chemical industry is expected to enhance profits and cash flow [1] Financial Performance Summary - In 2024, the company's revenue from various segments includes CNY 152.18 billion from chemical engineering, CNY 20.60 billion from infrastructure, and CNY 8.75 billion from new materials, with respective year-on-year growth rates of 6.89%, -6.36%, and 13.42% [2] - The gross margin for 2024 is projected at 10.1%, a slight increase of 0.70 percentage points year-on-year, while the net profit margin is expected to be 3.36% [3] - The company’s cash flow from operations (CFO) for 2024 is estimated at CNY 8.722 billion, reflecting a decrease of CNY 0.412 billion year-on-year [3] Financial Data and Valuation - The projected revenue for the company from 2023 to 2027 shows a steady increase, with estimates of CNY 203.06 billion in 2025 and CNY 240.08 billion in 2027 [4] - The earnings per share (EPS) is expected to grow from CNY 0.89 in 2023 to CNY 1.23 in 2027, indicating a positive trend in profitability [4] - The price-to-earnings (P/E) ratio is projected to decrease from 8.50 in 2023 to 6.13 in 2027, suggesting potential undervaluation [4]

近年来，中化桂林公司把高质量发展与国家、行业的标准化建设工作相结合，主编、参编了多项国家标 准和行业标准，为橡胶行业的标准化建设做出重要贡献，助力行业不断迈向绿色化、标准化。 中化新网讯 近日，由中国化学（601117）装备科技公司所属企业中化桂林主编的国家标准《橡胶工厂 环境保护设计规范》修订（送审稿）审查会、国家标准《橡胶工厂节能设计规范》修订开编会、行业标 准《橡胶工厂低碳设计规范》开编会在桂林召开。 中化桂林公司作为国标《橡胶工厂环境保护设计规范》修订的主编单位，对标准修订过程进行了汇报。 中国石油和化工勘察设计协会、住房城乡建设部标准定额司、工业和信息化部规划司有关负责人出席会 议并对标准编制工作进行指导。审查专家认真听取编制情况介绍和有关技术内容说明后，根据住建部和 工信部的工作要求，对标准正文和条文说明进行逐条审查。最后，审查专家组一致认为，该标准编写规 范、内容科学合理、可操作性强，符合可持续发展目标要求，一致同意通过审查。 在《橡胶工厂节能设计规范》修订开编会、行标《橡胶工厂低碳设计规范》开编会上，与会专家对两项 标准的修订大纲、主要技术内容及下一步工作进度安排进行了认真研究讨论，对标准初稿 ...

Core Viewpoint - The company, China Chemical Engineering Corporation, reported a total operating revenue of 186.613 billion yuan for 2024, reflecting a year-on-year growth of 4.14% and a net profit of 62.42 billion yuan, an increase of 4.54% compared to the previous year [14][20]. Group 1: Company Overview - China Chemical focuses on becoming a world-class engineering company by integrating research, investment, construction, and operation, with operations in over 80 countries [5]. - The company’s core business includes chemical engineering, infrastructure, and environmental governance, with significant market shares in coal chemical and petrochemical sectors [6][9]. Group 2: Financial Performance - In 2024, the company achieved a total profit of 73.59 billion yuan, a 6.57% increase year-on-year, and a net profit attributable to shareholders of 56.88 billion yuan, up 4.83% [14][20]. - The new contract amount signed in 2024 reached 366.94 billion yuan, a 12.30% increase from the previous year, with domestic contracts accounting for 69.12% of the total [15]. Group 3: Business Segments - The chemical engineering segment provides comprehensive services across the entire project lifecycle, including consulting, design, procurement, and construction [6]. - The infrastructure segment covers various fields such as power, transportation, and industrial engineering, employing similar contracting models [8]. - The environmental governance segment focuses on wastewater treatment and pollution control, leveraging advanced technology and management experience [9]. Group 4: Strategic Initiatives - The company is implementing a "T+EPC" model to enhance its competitive edge and has successfully secured several major EPC projects [17]. - International operations are expanding, with significant contracts in key markets like Egypt and Kazakhstan, contributing to over 70% of the annual contract amount [17][18]. Group 5: Future Outlook - The company plans to continue its focus on innovation and high-quality development, with new projects expected to contribute to growth in the coming years [10][14]. - The company aims to enhance its financial services and capital operations to support its core business and strategic goals [12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady profit growth in 2024 with a year-on-year increase of 4.82% in net profit attributable to shareholders, and a significant increase of 18.77% in Q1 2025 [7] - The total revenue for 2024 was 186.61 billion, reflecting a year-on-year growth of 4.14%, while the net profit attributable to shareholders was 5.69 billion, also showing a growth of 4.82% [7] - The report highlights a stable growth in the chemical engineering sector, with an increase in gross margin, while the infrastructure segment showed a slowdown [7] Financial Summary - Total revenue projections for 2025 are estimated at 198.91 billion, with a year-on-year growth rate of 6.6% [6] - The net profit attributable to shareholders for 2025 is projected to be 5.99 billion, with a growth rate of 5.2% [6] - The gross margin for 2024 was reported at 10.1%, with a slight increase in the first quarter of 2025 [7] - The company’s operating cash flow for 2024 was 8.72 billion, showing a decrease of 0.41 billion compared to the previous year [7] - The company aims to enhance its second growth curve through the implementation of new industrial projects in high-value-added sectors [7]

Q1 业绩增长超预期，实业板块盈利有望改善 24 全年营收业绩稳健增长，毛利率改善带动 25Q1 业绩超预期。2024 年公 司实现营业总收入 1866 亿，同增 4.1%；实现归母净利润 57 亿，同增 4.8%； 扣非归母净利润同增 6%，全年业绩稳增符合预期。分季度看：24Q1/Q2/Q3/Q4 单季营收分别同比+6%/-6%/+8%/+9%；单季归母净利润分别同比+9%/- 12%/+29%/+9%，Q4 收入业绩稳健增长。分业务看：化学工程/基础设施/环 境治理/实业分别实现营收 1522/206/22/88 亿，同比+7%/-6%/-22%/+13%。 分区域看：境内/境外分别实现营收 1391/462 亿，同比-2%/+30%，海外收 入增长强劲。2025Q1 公司实现营业总收入 447 亿，同降 1%；实现归母净利 润 14.4 亿，同增 19%；扣非归母净利润同增 23%，业绩增长超预期，主要得 益于单季毛利率显著提升。 毛利率稳步上行，净现比持续优异。2024 年公司综合毛利率 10.48%，同比 +0.65pct，主要得益于化工主业盈利显著改善（毛利率同比+0.8pct）；基建/ 实业/ ...

中国化学工程股份有限公司 关于公司募集资金年度存放与实际使用情况的专项报告 中国化学工程股份有限公司 董事会关于募集资金年度存放与实际使用情况 的专项报告 根据中国证监会发布的《上市公司监管指引第2号 -- 上市公司募集资金管理和使用的 监管要求》和上海证券交易所发布的《上海证券交易所上市公司自律监管指引第1号 -- 规 范运作》等有关规定,中国化学工程股份有限公司(以下简称"公司"或"本公司")董事会编 制了截至2024年12月31日止的《关于公司募集资金年度存放与实际使用情况的专项报告》。 一、募集资金基本情况 (一)实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于核准中国化学工程股份有限公司非公开发行股票的批 复》(证监许可(2021)1364号)核准,公司非公开发行股票实际发行普通股 1,176,470,588 股,发行价格为 8.50元/股,共募集资金人民币 9,999,999,998.00元,扣除相关发行费用后, 募集资金净额为人民币 9,967.087,027.63元。立信会计师事务所(特殊普通合伙)对资金到 位情况进行了审验,并于 2021年 8 月 26 日出具了《验资报告》( ...