证券代码：601117 股票简称：中国化学 公告编号：临 2024-049 中国化学工程股份有限公司 关于经营情况简报的公告 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。 现将公司 2024 年 1-8 月主要经营情况公布如下，供各位投 资者参阅。 一、 按业务类型统计 1 业务类型 数量 合同金额 建筑工程承包 2154 2448.24 其 中 化学工程 1724 1923.94 基础设施 350 431.58 环境治理 80 92.72 勘察设计监理咨询 1393 27.84 实业及新材料销售 49.57 现代服务业 7.48 其他 28.15 合计 3547 2561.28 单位：亿元 币种：人民币 二、 按地区分布统计 单位：亿元 币种：人民币 | 地区 | 合同金额 | | --- | --- | | 境内 | 1934.41 | | 境外 | 626.87 | | 合计 | 2561.28 | 三、 重大合同列示 | 序 号 | 单位名称 | 项目合同名称 | 合同金额 | | --- | --- | - ...

中国化学工程股份有限公司 2024年第二次临时股东大会 会议资料 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 9 月 20 日至 2024 年 9 月 20 日。 采用上交所网络投票系统（http://vote.sseinfo.com/h ome），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 9:15-9:25，9:30-11:30，13:00-15:00； 通过互联网投票平台的投票时间为股东大会召开当日的 9:15 -15:00。 二○二四年九月 中国化学工程股份有限公司 2024 年第二次临时股东大会会议议程 一、会议议程 时间：2024 年 9 月 20 日（星期五）14:30 地点：北京市东城区东直门内大街 2 号 中国化学大厦 | 时 间 | 议 程 | | --- | --- | | 14:00-14:20 | 股东登记，会议签到 | | 14:30-16:00 | 一、宣布会议开始，介绍参会人员情况 | | | 二、汇报、审议议案 | | | 三、推选监票人 | | | 四、投票表决 | | | 五、计票、监票 | | | 六、 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨中国化学（601117.SH） [Table_Title] 毛利率改善，关注后续实业项目经营进展 | --- | --- | --- | --- | |----------------------------------------------------------------------------------------|--------------------------|-------|-------| | | | | | | 报告要点 | | | | | [Table_Summary] 上半年实现营业收入 906.10 亿元，同比 -0.35% ，归属净利润 28.39 | 亿元，同比 -3.63% ，扣非 | | | | 归属净利润 30.50 亿元，同比 +3.46% 。 | | | | 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 请阅读最后评级说明和重要声明 中国化学（601117.SH） cjzqdt11111 资料来源 ...

[Table_InvestInfo] 投资评级 优于大市 维持 | --- | |-------------------------------------------------------| | 股票数据 | | 09 [ Table_StockInfo 月 09 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《中国化学：基本面扎实，助力尼龙 | | 自主可控》 2024.08.25 | | 《 Q4 收入、利润提速，海外订单翻倍》 | | 2024.05.02 | | 《收入、利润增速放缓，海外开拓成绩亮眼》 | | 2023.10.31 | 中国化学 海通综指 -26.56% -19.56% -12.56% -5.56% 1.44% 8.44% 2023/9 2023/12 2024/3 2024/6 | --- | --- | --- | --- | |--------------------------|-------|-------|----- ...

上 市 公 司 证 券 研 究 报 告 建筑装饰 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 6.86 | | 一年内最高/最低（元） | 8.65/5.68 | | 市净率 | 0.7 | | 息率（分红/股价） | 2.59 | | 流通 A 股市值（百万元） | 41,500 | | 上证指数/深证成指 | 2,842.21/8,348.48 | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 9.91 | | 资产负债率 % | 69.83 | | 总股本 /流通 A 股（百万） | 6,109/6,050 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与 ...

公司点评报告 ·建筑行业 学工程稳中有升,海外新签合同高增长 ● ● 事件:公司发布 2024年半年度报告。2024年上半年,公司实现营收 910.37 亿元,同比下降0.34%;实现归母净利润 28.39亿元,同比下降 3.63%。 化学工程及实业与新材料业务收入正增长,境外表现较好。2024H1,公司 实现营收 910.37亿元,同比下降 0.34%;其中,化学工程收入 739.18亿元, 同比 4.32%;基建收入 101.24亿元,同比下降 20.23%;环境治理收入 11.24 亿元,同比下降22.39%;实业及新材料收入 44.42 亿元,同比增长 6.63%; 现代服务业收入 7.47亿元,同比下降 52.95%。境内收入 696.95 亿元,同比 下降 3.17%;境外收入 206.60 亿元,同比增长 10.04%。公司实现归母净利 润 28.39 亿元,同比下降 3.63%;实现扣非净利润 30.5 亿元,同增 3.46%。 公司实现经营活动现金净流量-45.71 亿元,同比多流出 47.97 亿元。 ● 毛利率和期间费用率有所提高。2024H1 公司毛利率为 9.39%,同比提高 1.0 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a slight decline in revenue and net profit for the first half of 2024, with revenue at 91 billion CNY, a year-on-year decrease of 0.3%, and net profit at 28 billion CNY, down 3.6% [2][3] - The company has a strong order backlog, with new contracts signed in H1 2024 amounting to 203.57 billion CNY, representing a year-on-year increase of 10.1% [3] - The company's overseas business has shown significant growth, with new contracts signed increasing by 132.5% year-on-year [3] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 91 billion CNY, with a net profit of 28 billion CNY and a non-recurring net profit of 31 billion CNY [2] - The second quarter of 2024 saw revenue of 45.9 billion CNY, a decrease of 5.5% year-on-year, and a net profit of 16 billion CNY, down 11.6% [2] - The gross profit margin improved to 9.4%, with a net profit margin of 3.4% [4] Business Segments - The chemical engineering, infrastructure, and environmental governance sectors reported revenues of 73.9 billion CNY, 10.1 billion CNY, and 1.1 billion CNY respectively, with year-on-year growth rates of 4.3%, -20.2%, and -22.4% [3] - The company’s domestic and overseas revenue was 69.7 billion CNY and 20.7 billion CNY, reflecting a year-on-year change of -3.2% and +10.0% respectively [3] Profitability and Cash Flow - The company’s financial expenses increased significantly due to exchange losses, leading to a rise in the financial expense ratio [4] - Operating cash flow was negative at -4.57 billion CNY, with a significant outflow compared to the previous year [4] Future Outlook - The profit forecasts for 2024-2026 have been adjusted downwards to 5.45 billion CNY, 5.97 billion CNY, and 6.63 billion CNY, reflecting a decrease of 7.4% for 2024 [4] - The strong growth in new contracts and overseas business is expected to drive stable growth in the company's performance [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has shown strong growth in new overseas contracts, with a notable increase in gross profit margins. The chemical engineering segment continues to grow steadily, reflecting a solid order backlog and good project execution pace. The company's "two business" strategic transformation is progressing well, supported by steady growth in its industrial and new materials businesses [3][9][10]. Summary by Sections Financial Performance - In H1 2024, the company's total revenue was 91 billion yuan, a slight year-on-year decrease. The net profit attributable to shareholders was 2.8 billion yuan, down 4% year-on-year, while the net profit excluding non-recurring items was 3.1 billion yuan, up 3% year-on-year. In Q2 2024, total revenue was 45.9 billion yuan, down 6% year-on-year, with a net profit of 1.6 billion yuan, down 12% year-on-year [9]. - The company’s revenue from various segments in H1 2024 was as follows: chemical engineering 73.9 billion yuan (up 4% YoY), infrastructure 10.1 billion yuan (down 20% YoY), environmental governance 1.1 billion yuan (down 22% YoY), industrial and new materials 4.4 billion yuan (up 7% YoY), and modern services 0.7 billion yuan (down 53% YoY) [9]. - The gross profit margin improved slightly to 9.8%, up 1.1 percentage points year-on-year, with the Q2 gross profit margin at 11.1%, up 2.0 percentage points year-on-year [9][10]. Strategic Outlook - The company expects revenue growth of 13% annually from 2024 to 2026, with projected revenues of 201.6 billion yuan in 2024, 228.2 billion yuan in 2025, and 258.6 billion yuan in 2026. The net profit attributable to shareholders is expected to reach 6.1 billion yuan in 2024, 7.1 billion yuan in 2025, and 8.1 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of 15% over three years [9][10]. - The company is projected to maintain a price-to-earnings (P/E) ratio of 10 times for 2024, supporting the "Buy" rating [10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [4][6]. Core Insights - The company achieved a total revenue of 90.61 billion yuan in the first half of 2024, a slight decrease of 0.35% year-on-year, with a net profit attributable to shareholders of 2.839 billion yuan, down 3.63% year-on-year. However, the non-recurring net profit increased by 3.46% year-on-year to 3.050 billion yuan [1]. - The overseas business continues to show strong growth, with new contracts signed amounting to 41.34 billion yuan, representing a year-on-year increase of 132.5%, which now accounts for 20.31% of total new contracts [1][2]. - The chemical engineering segment remains robust, with revenue of 73.92 billion yuan, a year-on-year increase of 4.32%, while other segments like infrastructure and environmental governance saw declines [2]. Financial Performance - The company's gross margin improved to 9.4%, an increase of 1.06 percentage points year-on-year, while the net profit margin was 3.44%, a slight decrease of 0.07 percentage points [3]. - Cash flow from operations showed a net outflow of 4.571 billion yuan, which is a significant increase in outflow compared to the previous year [3][10]. - The company expects net profits attributable to shareholders to grow by 10% in 2024, 12% in 2025, and 12% in 2026, reflecting a positive growth trajectory [4]. Business Segments - Revenue from the chemical engineering segment was 73.92 billion yuan, while infrastructure and environmental governance segments reported revenues of 10.12 billion yuan and 1.12 billion yuan, respectively, with the latter two experiencing declines [2]. - The company’s overseas revenue accounted for 22.9% of total revenue in the first half of 2024, indicating a strategic shift towards international markets [1][2]. Valuation Metrics - The report provides financial forecasts indicating a revenue growth rate of 14.88% for 2022, decreasing to 9.99% in 2024, and a projected net profit of 5.976 billion yuan for 2024 [5][11]. - The price-to-earnings (P/E) ratio is projected to decrease from 7.74 in 2022 to 5.59 by 2026, suggesting an improving valuation over time [5][11].

Investment Rating - The report maintains a "Buy" rating for China Chemical (601117.SH) [4] Core Views - The company's revenue for H1 2024 was 91 billion, a slight decrease of 0.3% year-on-year, with a net profit attributable to shareholders of 2.84 billion, down 3.6% year-on-year. However, the non-recurring profit increased by 3.5%, aligning with expectations [1] - The decline in Q2 performance is attributed to the slowdown in infrastructure projects due to funding constraints and an increase in financial costs due to exchange losses [1] - The company achieved a significant improvement in operational profitability, with a gross margin of 9.82%, up 1.06 percentage points year-on-year, driven by the chemical and industrial sectors [1] Financial Performance Summary - For H1 2024, the company reported revenues of 91 billion, with Q1 and Q2 revenues of 45.2 billion and 45.9 billion respectively, showing a year-on-year growth of 5.5% in Q1 but a decline of 6% in Q2 [1] - The net profit attributable to shareholders for H1 2024 was 2.84 billion, with Q1 and Q2 profits of 1.22 billion and 1.62 billion respectively, reflecting a year-on-year increase of 9.5% in Q1 but a decrease of 12% in Q2 [1] - The company signed new contracts worth 203.6 billion in H1 2024, a 10% increase year-on-year, with engineering contracting contributing 194.4 billion, up 11% [2] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 5.7 billion, 6.3 billion, and 7.2 billion respectively, representing growth rates of 4.2%, 11.5%, and 13.8% [2] - The expected EPS for the same period is 0.93, 1.03, and 1.17 yuan, with corresponding P/E ratios of 7.4, 6.6, and 5.8 times [2][3]