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

公司报告 | 公司点评 中国化学（601117） 证券研究报告 2024年03月14日 投资评级 24 年订单开门红，关注出海带来的收入及利润弹性 行业 建筑装饰/专业工程 6个月评级 买入（维持评级） 当前价格 6.84元 24年新签订单保持较好增长 公司发布公告，24年1-2月新签订单907.12亿元，同比+28.3%，2月单月 目标价格 元 新签订单 400.55 亿元，同比+6.7%。在国资委一季度“开门红”要求下， 公司订单保持了较好增长。公司股权激励行权目标要求 23-25 年扣非归母 基本数据 净利润较 21 年复合增速不低于 15%，扣非加权 ROE 分别不低于 9.05%、 A股总股本(百万股) 6,109.47 9.15%、9.25%。当前公司估值仍处于历史相对底部位置，此前公司公告中 流通A股股本(百万股) 6,049.51 标650亿元的大额海外订单，在建筑企业逐步出海的背景下，我们预计后 A股总市值(百万元) 41,788.78 续公司海外业务或具备较好的成长空间。 流通A股市值(百万元) 41,378.65 化工主业景气延续，境外订单维持高增长趋势 每股净资产(元) 9.12 分类 ...

证券研究报告 | 公司点评 2024年02月24日 中国化学（601117.SH） 1 月订单高增 53%，境外业务有望延续高景气 1月订单高增53%，海外业务高景气有望延续。2024年1月公司新签合同 买入（维持） 额507亿元，同增52.9%，订单增速亮眼。分业务看，1月工程承包业务新 股票信息 签合同额491亿元，同增57.5%，其中化学工程/基础设施/环境治理新签合 行业 专业工程 同额分别为394/62/35亿元，同比+68%/-6%/+220%，化工主业延续高增 前次评级 买入 （2023年同增23.4%）。设计咨询/实业材料累计新签合同额分别为4/7亿 元，同比-50%/+19%。分区域看，1月境内/境外业务分别新签订单446/60 2月23日收盘价(元) 6.97 亿，同比+41%/+277%，境外订单大幅增长。后续随着“一带一路”相关 总市值(百万元) 42,583.01 合作及政策深化，公司海外业务有望继续发力。中国化学作为全球化学工程 总股本(百万股) 6,109.47 龙头，海外业务布局完善，在沙特与俄罗斯已有良好基础，后续有望受益我 其中自由流通股(%) 99.02 国与中东及俄罗斯 ...

2023年第三季度报告 证券代码：601117 证券简称：中国化学 中国化学工程股份有限公司 2023 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 ...

公司代码：601117 公司简称：中国化学 中国化学工程股份有限公司 2023 年半年度报告 ...

2023年第一季度报告 证券代码：601117 证券简称：中国化学 中国化学工程股份有限公司 2023 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财 务信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 ...

公司代码：601117 公司简称：中国化学 中国化学工程股份有限公司 2022 年年度报告 ...