Investment Rating - The report maintains an "Add" rating for the company [2][7]. Core Views - The company has shown significant improvement in Q3 performance, with a notable increase in gross margin and net profit growth [3][6]. - The operating cash flow has seen a reduction in outflow compared to the previous year, indicating better cash management [4]. - New orders have remained stable, with a slight year-on-year increase, although Q3 saw a notable decline due to high base effects from the previous year [5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1347.45 billion yuan, a year-on-year increase of 2.34%, and a net profit attributable to shareholders of 38.38 billion yuan, up 3.09% [4][6]. - The gross margin for the first three quarters was 9.08%, an increase of 0.86 percentage points year-on-year, while the net profit margin rose to 3.14%, up 0.06 percentage points [3]. - The company’s operating cash flow for the first three quarters was -56.32 billion yuan, a decrease in outflow of 22.65 billion yuan compared to the previous year [4]. Order and Revenue Insights - New signed orders for the first three quarters totaled 2840.82 billion yuan, reflecting a year-on-year growth of 0.07% [5]. - Q3 revenue reached 437.08 billion yuan, marking an 8.42% increase year-on-year, with net profit for the quarter at 9.99 billion yuan, up 28.57% [6]. Earnings Forecast - The earnings forecast for the company has been adjusted, with expected net profits for 2024-2026 at 56.78 billion yuan, 62.44 billion yuan, and 68.42 billion yuan respectively, with corresponding EPS of 0.93 yuan, 1.02 yuan, and 1.12 yuan [7].

各位股东各位投资者这个大家下午好我是这个中国化学的证监事务代表总办主任唐华欢迎大家参加咱们的2024年第三季度的业绩说明会那么我先介绍一下我们今天参加这个业绩说明会的各位领导有我们财务资产部的副部长孙立冈先生有海外业务部的副部长陈燕女士与我们经营管理部商务管理室主任刘昌益女士 还有我们战行产业部的宣传运营室主任李洪波先生我们的董秘竹金峰先生呢刚才正在参加博子委一个会一会儿也过来参加咱们的这个研究说明会那么下面的话呢我我们先请啊我们的这个财务资产部的副部长孙立冈先生给大家介绍一下我们中国化学2024年三季度的一个业绩那个孙部长你给大家先介绍一下好 各位投资者下面我给大家介绍一下我们中国化学前三季度的经营业绩情况2024年的1月到9月公司还是围绕六个聚焦工作思路坚持稳中求进先立后破战略目标进一步明确发展路径尽量清晰 科研啊这个氛围予以浓厚的宣化改革取得了这个时效管理水平也在不断的提升促进防控呢也得到加强安全环保的底线持续的守牢干部队伍经济水平换人心发展的态势呢也稳住向往一到九月份呢公司的化工市场优势地位进一步巩固 像那个一批国内重大的项目在稳步的推进这个万望化学的中沙虎雷的北方华锦的重大的这种手工项目2024年呢 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company's profitability continues to improve, with new contracts showing structural highlights. The Q3 2024 results indicate a year-on-year revenue increase of 8% and a net profit increase of 29% [2][6] - The company has experienced a decline in new contracts in the chemical engineering sector, while infrastructure and new materials businesses have seen rapid growth [2][6] - The "Two Business" strategic transformation is expected to support the company's growth momentum and quality [6] Financial Performance Summary - For the first three quarters of 2024, total revenue reached 134.7 billion yuan, up 2% year-on-year, with a net profit of 3.8 billion yuan, up 3% year-on-year [2][6] - In Q3 2024, total revenue was 43.7 billion yuan, up 8% year-on-year, and net profit was 1 billion yuan, up 29% year-on-year [2][6] - The comprehensive gross profit margin for the first three quarters of 2024 was 9.5%, an increase of 0.8 percentage points year-on-year [6] - The company expects revenues of 201.6 billion yuan, 228.2 billion yuan, and 258.6 billion yuan for 2024, 2025, and 2026 respectively, with a compound annual growth rate (CAGR) of 15% over three years [6][7] Contract and Business Segment Analysis - The total new contract amount for the first three quarters of 2024 was 284.1 billion yuan, a slight increase year-on-year, with Q3 2024 new contracts amounting to 80.5 billion yuan, down 19% year-on-year [6] - New contracts in the infrastructure and new materials sectors showed significant growth, with respective year-on-year increases of 28% and 19% [6] - The company’s new contract amounts for various segments in Q3 2024 were 61.4 billion yuan for chemical engineering, 14.8 billion yuan for infrastructure, and 2.2 billion yuan for new materials [6] Valuation Metrics - The current price of the company's stock is 8.22 yuan, with a market capitalization of approximately 49.73 billion yuan [4] - The earnings per share (EPS) for 2024 is projected to be 1.00 yuan, with a price-to-earnings (P/E) ratio of 8.2 [7] - The company’s asset-liability ratio stands at 69.95% [4]

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 ...