Investment Rating - The report maintains a "Buy" rating for China Chemical [2][7] Core Views - The third quarter earnings showed a year-on-year increase, and new contracts signed remained stable [4][5] - The company achieved a revenue of 1347.45 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 2.34% [3] - The net profit attributable to shareholders was 38.38 billion yuan, up 3.09% year-on-year [3] - The company signed new contracts worth 2840.82 billion yuan in the first three quarters, a slight increase of 0.07% compared to the previous year [4][5] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 437.08 billion yuan, an increase of 8.42% year-on-year but a decrease of 4.71% quarter-on-quarter [3] - The net profit for Q3 2024 was 9.99 billion yuan, up 28.57% year-on-year but down 38.44% quarter-on-quarter [3] - The gross profit margin for Q3 was 8.42%, an increase of 0.47 percentage points year-on-year [3] New Contracts - In Q3 2024, the company signed new contracts totaling 805.13 billion yuan, a decrease of 18.59% year-on-year [5] - The domestic new contract amount was 2183.65 billion yuan, up 9.82% year-on-year, while the overseas new contract amount was 657.17 billion yuan, down 22.72% year-on-year [4][5] Future Projections - The company is projected to achieve revenues of 1827 billion yuan, 2007 billion yuan, and 2188 billion yuan for the years 2024, 2025, and 2026 respectively [7] - The net profit is expected to be 58 billion yuan, 66 billion yuan, and 73 billion yuan for the same years [7]

关于2022年限制性股票激励计划第一个解除限售期 解除限售股份上市流通的提示性公告 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、准确性和完整性依 法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下， 上市股数为 20,070,200 股。 本次股票上市流通总数为 20,070,200 股。 本次股票上市流通日期为 2024 年 11 月 11 日。 中国化学工程股份有限公司（以下简称"公司"）于 2024 年 8 月 29 日召开第五届董事会第二十次会议及第五届监事会第十 次会议，审议通过了《关于公司 2022 年限制性股票激励计划第 一个解除限售期解除限售的议案》，根据《中国化学工程股份有 限公司 2022 年限制性股票激励计划（草案）》（以下简称"《激励 计划》"）的规定和公司 2022 年第三次临时股东大会的授权，董 事会同意为公司 2022 年限制性股票激励计划符合解除限售条件 的激励对象办理解除限售及股份上市相关手续。现就相关事项公 告如下： 证券代码：601117 证券简称：中国化学 公告编号：2024-0 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company achieved steady growth in performance, with revenue of 1347.45 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 2.34%. The net profit attributable to shareholders was 38.38 billion yuan, up 3.09% year-on-year [1]. - The company has shown an improvement in profitability, with a gross margin of 9.08%, an increase of 0.86 percentage points year-on-year, and a net margin of 3.14%, up 0.07 percentage points year-on-year [1]. - New contract signings in infrastructure, environmental governance, and industrial sales have seen rapid growth, with total new contracts amounting to 2840.82 billion yuan from January to September 2024, a slight increase from the previous year [2]. Financial Performance Summary - For the first three quarters of 2024, the company reported a net cash outflow from operating activities of 56.32 billion yuan, which is an increase in outflow by 22.65 billion yuan year-on-year [1]. - The accounts receivable increased to 355 billion yuan, up 74.8 billion yuan year-on-year [1]. - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 57.16 billion yuan, 62.38 billion yuan, and 68.35 billion yuan respectively, with corresponding P/E ratios of 8.78, 8.05, and 7.35 [2][3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported significant growth in Q3 2024, with revenue and net profit increasing by 8.4% and 28.6% year-on-year, respectively [1][2] - The gross margin improved, contributing to the high growth in net profit, with Q3 gross margin at 8.4%, up 0.5 percentage points year-on-year [2] - The company is focusing on developing new strategic industries, enhancing revenue and value-added contributions from high-end materials [4] Financial Performance - For the first nine months of 2024, the company achieved revenue of 134.74 billion yuan, a 2.3% increase year-on-year, and a net profit of 3.84 billion yuan, up 3.1% [1] - In Q3 2024, the company recorded revenue of 43.71 billion yuan and a net profit of 1.00 billion yuan, reflecting an 8.4% and 28.6% increase year-on-year, respectively [1] - The gross margin for the first nine months of 2024 was 9.1%, an increase of 0.86 percentage points year-on-year [2] Contract and Business Development - The company signed new contracts worth 284.08 billion yuan in the first nine months of 2024, a slight increase of 0.1% year-on-year [3] - Domestic new contract growth showed signs of recovery, with a 9.8% increase in domestic contracts, while overseas contracts decreased by 22.7% due to high base effects [3] - The company is actively developing new materials and technologies, achieving a 90% market share in the domestic polysilicon engineering construction market [4] Profit Forecast and Valuation - The profit forecast for the company is set at 5.45 billion yuan for 2024, 5.97 billion yuan for 2025, and 6.63 billion yuan for 2026 [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [4][6]. Core Views - The company demonstrated robust revenue growth in Q3, with a total revenue of 1341.53 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 2.38%. The net profit attributable to shareholders reached 38.38 billion yuan, up 3.09% year-on-year, showcasing the resilience of its operations [1]. - The company has signed new contracts totaling 2840.8 billion yuan in the first three quarters of 2024, a slight increase of 0.1% year-on-year, with significant growth in infrastructure and environmental governance sectors [2]. - The gross profit margin for the first three quarters of 2024 was 9.1%, an increase of 0.86 percentage points year-on-year, indicating improved profitability [3]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 435.43 billion yuan, a year-on-year increase of 8.57%, and a net profit of 9.99 billion yuan, up 28.57% year-on-year. The non-recurring profit for Q3 was 1.68 billion yuan, primarily due to increased non-operating income and investment gains [1]. - The company’s cash flow from operations showed a net outflow of 56.32 billion yuan for the first three quarters of 2024, which is an increase in outflow by 22.65 billion yuan year-on-year. However, the cash flow net outflow for Q3 narrowed to 10.6 billion yuan, a reduction of 25.3 billion yuan year-on-year [3]. Order Book and Market Position - The company’s new orders in the first three quarters of 2024 included 2117 billion yuan in chemical engineering, 500 billion yuan in infrastructure, and 94 billion yuan in environmental governance, with notable growth in infrastructure and environmental governance orders [2]. - The company’s domestic orders accounted for 76.9% of total new contracts, while overseas orders decreased by 22.7% year-on-year, attributed to a high base from the previous year [2]. Profitability and Valuation - The company’s net profit margin for the first three quarters of 2024 was 3.14%, reflecting a slight increase of 0.06 percentage points year-on-year. The report projects a slight adjustment in net profit forecasts for 2024-2026, with expected net profits of 57 billion yuan, 62 billion yuan, and 68 billion yuan respectively [4][5]. - The report highlights the company’s ongoing transformation towards industrial projects, which is expected to enhance its long-term investment value [4].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's revenue growth in Q3 2024 showed significant improvement, with total revenue of 134.7 billion, a year-on-year increase of 2.3%. The net profit attributable to shareholders reached 3.84 billion, up 3.1% year-on-year [1] - The gross margin has been continuously improving, with a Q3 gross margin of 9.48%, reflecting a year-on-year increase of 0.82 percentage points [1] - The company signed new contracts worth 284.1 billion in the first three quarters of 2024, a slight increase of 0.1% year-on-year, indicating sustained demand in overseas markets [1] Financial Performance Summary - For Q1-Q3 2024, the company achieved revenues of 134.7 billion, with quarterly revenues of 45.2 billion, 45.9 billion, and 43.7 billion respectively, showing a quarterly growth of +5.5%, -6%, and +8% [1] - The net profit for Q1-Q3 2024 was 3.84 billion, with quarterly net profits of 1.2 billion, 1.6 billion, and 1.0 billion, reflecting a quarterly growth of +9.5%, -12%, and +29% [1] - The company expects net profits for 2024-2026 to be 5.7 billion, 6.3 billion, and 7.2 billion respectively, with corresponding EPS of 0.93, 1.03, and 1.17 [1][2] Contract and Order Summary - The new contract amount for Q3 2024 was 80.5 billion, a decrease of 19% year-on-year, primarily due to a high base from a significant contract signed in the previous year [1] - The company’s domestic and overseas new contracts for Q1-Q3 2024 were 218.4 billion and 65.7 billion respectively, with year-on-year growth of +10% and a decline of -23% [1] Valuation Metrics - The current stock price corresponds to a P/E ratio of 8.8 for 2024, 7.9 for 2025, and 6.9 for 2026, indicating a favorable valuation compared to historical levels [2][3]

证券代码：601117 股票简称：中国化学 公告编号：临 2024-057 中国化学工程股份有限公司 第五届董事会第二十二次会议决议公告 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： 一、董事会会议召开情况 中国化学工程股份有限公司（以下简称"公司"）第五届董 事会第二十二次会议通知于 2024 年 10 月 19 日以书面直接送达 和电子邮件等方式发出，会议于 2024 年 10 月 29 日以现场会议 的方式召开。本次会议应出席董事 5 人，实际出席董事 5 人。会 议由董事长莫鼎革先生主持。本次会议的召开符合有关法律、行 政法规、规范性文件和公司章程、董事会议事规则的相关规定。 表决结果：通过。同意 5 票，反对 0 票，弃权 0 票。 具体内容详见与本决议公告同日在上海证券交易所网站发 布的《中国化学 2024 年第三季度报告》。 1 公司全体董事均出席本次董事会。 本次董事会所有议案均获通过。 （二）审议通过《关于天辰公司发行公司债的议案》； 表决结果：通过。同意 5 票，反对 0 票，弃权 ...

Financial Performance - The operating revenue for Q3 2024 was CNY 43,543,307,080.83, representing an increase of 8.57% compared to the same period last year[1]. - The net profit attributable to shareholders for Q3 2024 was CNY 998,722,879.62, reflecting a growth of 28.57% year-on-year[1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 830,517,738.11, up by 9.42% from the previous year[1]. - In the first three quarters of 2024, the company achieved operating revenue of CNY 134.15 billion, with a net profit attributable to shareholders of CNY 3.84 billion[9]. - Total operating revenue for the first three quarters of 2024 reached ¥134.74 billion, an increase from ¥131.66 billion in the same period of 2023, representing a growth of approximately 2.4%[14]. - Net profit for the first three quarters of 2024 was ¥4.21 billion, compared to ¥4.03 billion in 2023, reflecting an increase of about 4.3%[15]. - The operating profit for the first three quarters of 2024 was ¥5.06 billion, up from ¥4.66 billion in the previous year, indicating a growth of about 8.4%[15]. - The total comprehensive income for the first three quarters of 2024 was ¥4.20 billion, compared to ¥4.08 billion in 2023, representing a growth of about 2.9%[17]. Assets and Liabilities - The total assets at the end of Q3 2024 amounted to CNY 224,672,311,681.06, an increase of 2.54% compared to the end of the previous year[2]. - The equity attributable to shareholders increased to CNY 60,475,842,960.31, marking a growth of 5.18% year-on-year[2]. - The company's total liabilities amounted to ¥157.16 billion, up from ¥155.04 billion year-over-year, indicating a growth of approximately 1.4%[12]. - The company's total non-current liabilities decreased to ¥9.90 billion from ¥11.50 billion year-over-year, a reduction of approximately 13.9%[12]. - The company's retained earnings increased to ¥36.33 billion from ¥33.58 billion, reflecting a growth of about 8.2%[12]. Cash Flow - The net cash flow from operating activities for the year-to-date was negative CNY 5,631,766,446.69, indicating a decline due to reduced interbank lending by the financial company[4]. - In the first three quarters of 2024, the cash inflow from operating activities was CNY 126.68 billion, an increase of 8.5% compared to CNY 116.43 billion in the same period of 2023[18]. - The net cash outflow from operating activities was CNY -5.63 billion, worsening from CNY -3.37 billion year-on-year[18]. - The cash inflow from investment activities totaled CNY 2.81 billion, up from CNY 2.49 billion in the previous year[19]. - The net cash outflow from investment activities was CNY -1.25 billion, an improvement from CNY -3.21 billion in the same period of 2023[19]. - The cash inflow from financing activities was CNY 2.71 billion, down from CNY 4.80 billion year-on-year[19]. - The net cash outflow from financing activities was CNY -2.74 billion, compared to a net inflow of CNY 1.74 billion in the previous year[19]. - The total cash and cash equivalents at the end of the period stood at CNY 33.39 billion, an increase from CNY 31.43 billion at the end of the same period last year[19]. Shareholder Information - The company had a total of 109,614 common shareholders at the end of the reporting period[6]. - Basic earnings per share for Q3 2024 were CNY 0.17, up 30.77% compared to the same period last year[1]. - The company reported a basic earnings per share of ¥0.63 for the first three quarters of 2024, compared to ¥0.61 in 2023, reflecting an increase of approximately 3.3%[17]. Operational Highlights - The total value of new contracts signed reached CNY 284.08 billion, with domestic contracts accounting for CNY 218.37 billion and overseas contracts for CNY 65.71 billion[9]. - The company maintained a strong focus on high-quality development and has made positive progress in various operational areas during the reporting period[9]. - The company is committed to new product and technology development, although specific details were not disclosed in the report[9]. - Research and development expenses for the first three quarters of 2024 were ¥4.08 billion, compared to ¥3.91 billion in 2023, marking an increase of approximately 4.4%[14]. Inventory and Receivables - Accounts receivable increased to CNY 35.50 billion, up from CNY 26.25 billion at the end of 2023, indicating a rise in credit sales[10]. - Inventory levels rose to CNY 7.18 billion, compared to CNY 5.51 billion at the end of 2023, reflecting increased production or stockpiling[10].

证券代码：601117 股票简称：中国化学 公告编号：临 2024-059 中国化学工程股份有限公司 重要内容提示： 投资者可于 2024 年 11 月 5 日（星期二）前通过链接 https://s.comein.cn/AKPf9 或使用微信扫描下方小程序码报名 参加会议。公司将通过本次业绩说明会，在信息披露允许范围内 就投资者普遍关注的问题进行回答。 一、说明会类型 中国化学工程股份有限公司（以下简称"公司"）将于 2024 1 会议召开时间：2024 年 11 月 5 日（星期二）15:00-16:00 会议召开地点：进门财经（https://s.comein.cn/AKPf9） 会议召开方式：网络方式及电话会议 年 10 月 31 日在《上海证券报》《证券日报》《证券时报》及上海 证券交易所网站（www.sse.com.cn）披露《中国化学 2024 年第 三季度报告》。为便于广大投资者更加全面深入地了解公司 2024 年前三季度经营成果、财务状况等情况，公司定于 2024 年 11 月 5 日 15:00-16:00 在进门财经（https://s.comein.cn/AKPf9）举 办"中国化学 ...

重要内容提示： 一、监事会会议召开情况 中国化学工程股份有限公司（以下简称"公司"）第五届监 事会第十二次会议通知于 2024 年 10 月 19 日以书面方式送达。 会议于 2024 年 10 月 29 日在中国化学大厦以现场会议的方式召 开。本次会议应出席监事 3 人，实际出席监事 3 人。本次会议的 召开符合有关法律法规、规范性文件和公司章程、监事会议事规 则的相关规定。会议由监事会主席徐万明先生主持。 证券代码：601117 股票简称：中国化学 公告编号：临 2024-058 二、监事会会议审议情况 中国化学工程股份有限公司 审议通过《关于公司 2024 年第三季度报告的议案》； 第五届监事会第十二次会议决议公告 本公司监事会及全体监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。 公司全体监事均出席本次监事会。 本次监事会所有议案均获通过。 中国化学工程股份有限公司 二○二四年十月三十一日 2 表决结果：通过。同意 3 票，反对 0 票，弃权 0 票。 特此公告。 1 ...