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]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a total revenue of 186.6 billion in 2024, representing a year-on-year growth of 4.1%, with a net profit attributable to shareholders of 5.7 billion, up 4.8% year-on-year [1] - The company's gross margin improved to 10.48% in 2024, an increase of 0.65 percentage points year-on-year, primarily due to significant profit improvement in the chemical engineering sector [2] - The company signed new contracts worth 59.8 billion in March 2025, a 61% increase year-on-year, benefiting from accelerated coal chemical construction [4] Financial Performance Summary - In 2024, the company reported total revenue of 185.8 billion, with a year-on-year growth rate of 4.2% and a net profit of 5.7 billion, reflecting a growth rate of 4.8% [5] - The company’s operating cash flow for 2024 was a net inflow of 8.72 billion, slightly down by 4.1 billion from the previous year, with a net cash ratio of 153% [2] - The projected net profit for 2025 is 6.41 billion, with an expected year-on-year growth of 12.7% [4] Business Segment Analysis - The chemical engineering segment generated revenue of 152.2 billion in 2024, up 7% year-on-year, while the infrastructure and environmental governance segments saw declines of 6% and 22% respectively [1] - The company is focusing on the production of adiponitrile, with expectations of improved profitability due to decreasing raw material costs [3] Market Outlook - The company is expected to benefit from the rapid investment in coal chemical projects in China, with estimated annual investments of approximately 117.7 billion and 210.4 billion for 2025 and 2026 respectively [4] - The company’s market share in the domestic coal chemical sector positions it well to capture a significant portion of the upcoming investments [4]

证券代码：601117 股票简称：中国化学 公告编号：临 2025-013 中国化学工程股份有限公司 关于公司 2025 年度对子公司财务担保计划的公告 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 担法律责任。 重要内容提示： 公司第五届董事会第二十五次会议审议通过了《关于公 司 2025 年度对子公司财务担保计划的议案》，2025 年公司计划 对子公司提供财务担保额度 161 亿元。 本次担保计划涉及业务种类包括融资类担保、提供授信 额度支持等。 截至 2025 年 4 月 28 日，本公司无逾期担保。 本次担保计划不涉及反担保安排。 此事项需经公司股东大会审议。 本担保计划中，公司部分子公司或子公司的子公司资产 负债率超过 70%，敬请投资者关注担保风险。 一、担保情况概述 为满足中国化学工程股份有限公司（以下简称"公司"）业 务发展需要，支持下属子公司开展生产经营，公司第五届董事会 第二十五次会议审议通过了《关于公司 2025 年度对子公司财务 1 担保计划的议案》，同意 2025 年度公司对子公司提供财务担保额 度 161 亿 ...

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》( ...