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]

中国化学工程股份有限公司 2024 年-2026 年股东回报规划 为进一步强化回报股东意识，保护全体股东的合法权益，为 股东提供持续稳定、合理的投资回报，中国化学工程股份有限公 司（以下简称"公司"）根据《公司法》《证券法》、中国证监 会《上市公司监管指引第 3 号——上市公司现金分红（2023 年 修订）》等相关法律法规、规范性文件，以及《中国化学工程股 份有限公司章程》（以下简称"《公司章程》"）的规定，在充 分考虑公司实际经营情况及未来发展需要的基础上，制定了 2024 年-2026 年股东回报规划。具体内容如下： 一、制定股东回报规划的考虑因素 本着重视对投资者的合理投资回报，同时兼顾公司资金需求 及持续发展的原则，在综合考虑企业盈利能力、经营发展规划、 股东意愿、社会资金成本以及外部融资环境等因素的基础上，公 司充分考虑发展、所处阶段、未来业务模式、盈利规模、现金流 量状况、投资资金需求、银行信贷等情况，建立对投资者持续、 稳定、科学的回报规划与机制。 二、股东回报规划的制定原则 1.公司股东回报规划应严格执行《公司章程》和公司相关制 度所规定的利润分配政策。 2.公司股东回报规划应充分考虑和听取股 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥90.61 billion, a decrease of 0.35% compared to ¥90.93 billion in the same period last year[15]. - The net profit attributable to shareholders for the first half of 2024 was ¥2.84 billion, down 3.63% from ¥2.95 billion in the previous year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 3.46% to ¥3.05 billion from ¥2.95 billion year-on-year[15]. - The basic earnings per share for the first half of 2024 were ¥0.46, a decrease of 4.17% compared to ¥0.48 in the same period last year[16]. - The weighted average return on net assets decreased by 0.65 percentage points to 4.81% from 5.46% year-on-year[16]. - The company reported a net cash flow from operating activities of -¥4.57 billion, compared to ¥225.91 million in the same period last year[15]. - The company's total operating revenue for the first half of 2024 was approximately ¥90.36 billion, a decrease of 0.44% year-on-year, with a gross margin of 9.40%, which increased by 1.04 percentage points compared to the previous year[26]. - Domestic revenue accounted for ¥69.70 billion, down 3.17% year-on-year, while overseas revenue reached ¥20.66 billion, up 10.04% year-on-year, representing 22.87% of total revenue[27]. Assets and Liabilities - The company's total assets at the end of the reporting period were ¥223.59 billion, reflecting a 2.04% increase from ¥219.12 billion at the end of the previous year[15]. - The net assets attributable to shareholders increased by 5.29% to ¥60.54 billion from ¥57.50 billion year-on-year[15]. - Total liabilities reached ¥156.13 billion, slightly up from ¥155.04 billion, showing a marginal increase of about 0.70%[155]. - The company's cash and cash equivalents decreased to ¥39.74 billion from ¥48.64 billion, a decline of about 18.93%[154]. - Accounts receivable increased by 30.07% year-on-year to ¥34.149 billion, attributed to accelerated project settlement during peak construction periods[54]. Revenue Segmentation - Revenue from the chemical engineering segment was RMB 73.918 billion, with a gross margin of 9.89%, reflecting a year-on-year revenue increase of 4.32%[25]. - The infrastructure segment generated RMB 10.124 billion in revenue, but experienced a decline of 20.23% compared to the previous year[25]. - The environmental governance segment's revenue was RMB 1.124 billion, with a year-on-year decrease of 22.39%[25]. - Revenue from the industrial and new materials segment reached RMB 4.442 billion, showing a growth of 6.63% year-on-year[25]. - The modern services segment reported revenue of RMB 746.893 million, which is a significant decline of 52.95% compared to the previous year[25]. Contracts and Projects - The company reported a total of 3,705 ongoing engineering projects with a completed output value of RMB 95.687 billion in the first half of 2024[21]. - The company signed new contracts worth 203.57 billion RMB in the first half of 2024, an increase of 10.05% compared to the same period last year[41]. - Domestic new contracts amounted to 162.23 billion RMB, a decrease of 2.97%, while overseas contracts reached 41.34 billion RMB, a significant increase of 132.53%[41]. - The construction engineering segment accounted for 95.51% of new contracts, totaling 194.43 billion RMB, with a year-on-year growth of 10.76%[42]. Research and Development - Research and development expenses amounted to CNY 2.38 billion, a decrease of 2.29% year-on-year[51]. - The company has accumulated 5,379 authorized patents and 291 proprietary technologies, showcasing its strong R&D capabilities[35]. - The company emphasizes innovation-driven development, particularly in high-performance fibers and biodegradable plastics[22]. - The company is focusing on strategic emerging industries, including lithium-ion battery materials and silicon-based materials projects[44]. Environmental Compliance - The company has implemented environmental protection measures and is classified as a key pollutant discharge unit by environmental authorities[75]. - The company continues to focus on environmental compliance, with all monitored pollutants being within the acceptable limits as per the relevant standards[76]. - The company reported no exceedance of emission standards across all monitored discharge points[78]. - The company is committed to maintaining compliance with regional and national air quality standards[79]. Financial Management - The company is actively managing financial risks, with measures in place to control investment and overseas operational risks[50]. - The company has a loan repayment rate of 100% and an interest payment rate of 100%, indicating full compliance with debt obligations[152]. - The company has issued two types of medium-term notes with a total balance of CNY 12 billion, with interest rates of 2.70% and 3.00% respectively[147]. - The total amount of guarantees provided by the company, including those to subsidiaries, is 6.493 billion RMB, which accounts for 10.73% of the company's net assets[126]. Corporate Governance - The company held its first extraordinary general meeting of 2024 on April 15, 2024, where all resolutions were passed[68]. - The company has appointed new executives, including a new chairman and deputy general manager, to strengthen its leadership team[70]. - The company did not distribute profits or increase capital reserves, with no dividends or stock bonuses declared for every 10 shares[73]. - The company has not engaged in any non-operating fund occupation or provided any guarantees during the reporting period[105]. Community Engagement - The company allocated 15.4 million yuan for poverty alleviation projects in the first half of 2024, ensuring early implementation and effectiveness[101]. - The company has implemented 11 annual industrial assistance projects, enhancing the income-generating capacity of local communities[102]. - A welding training program was organized, enrolling 31 individuals from vulnerable households, with all graduates expected to be employed by the company[102].

证券代码：601117 股票简称：中国化学 公告编号：临 2024-044 中国化学工程股份有限公司 关于 2024 年上半年募集资金存放与使用情况的 专项报告 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 担个别及连带责任。 根据《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（2022 年修订）》、《上海证券交易所上市公 司募集资金管理规定》和《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》及相关格式指引的规定，现将 2024 年 半年度募集资金存放与实际使用情况专项说明公告如下： 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 ...

证券代码：601117 股票简称：中国化学 公告编号：临 2024-041 中国化学工程股份有限公司（以下简称"公司"）将于 2024 年 8 月 31 日在《中国证券报》《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 1 会议召开时间：2024 年 9 月 3 日（星期二）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 化学 2024 年半年度报告》。为便于广大投资者更加全面深入地 了解公司 2024 年上半年经营成果、财务状况等情况，公司定于 2024 年 9 月 3 日（星期二）15:00-16:00 在价值在线（www.ir- online.cn）举办"中国化学 2024 年半年度业绩说明会"，就投 资者关心的问题进行交流。 中国化学工程股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 重要内容提示： 投资者可于 2024 年 9 月 ...

证券代码：601117 股票简称：中国化学 公告编号：临 2024-040 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 1-7 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 1925 2058.92 其 中 化学工程 1552 1608.31 基础设施 299 360.29 环境治理 74 90.32 勘察设计监理咨询 1216 23.75 实业及新材料销售 42.89 现代服务业 5.90 其他 22.72 合计 3141 2154.18 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 | 1686.46 | | 境外 | 467.72 | | 合计 | 2154.18 | 三、 重大合同列示 7 月，公司单笔合同额在人民币 5 亿元以上的重大合同主要 如下： | 序 号 | 单位名称 ...

证券代码：601117 股票简称：中国化学 公告编号：临 2024-039 中国化学工程股份有限公司 关于控股股东一致行动人增持公司股份的进展公告 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： 增持计划基本情况：中国化学工程股份有限公司（以下简 称"公司"）于 2024 年 2 月 20 日在上海证券交易所网站披露了 《中国化学工程股份有限公司关于控股股东一致行动人增持公 司股份计划的公告》（公告编号：临 2024-006），公司控股股东 中国化学工程集团有限公司（以下简称"中国化学工程"）的一 致行动人国化投资集团有限公司（以下简称"国化公司"） 拟自 该公告披露之日起 12 个月内通过上海证券交易所系统允许的方 式增持公司 A 股股份，增持总金额不低于人民币 2 亿元，不超过 人民币 4 亿元（以下简称"增持计划"）。 增持进展情况：国化公司于 2024 年 3 月 16 日至 2024 年 8 月 13 日期间通过上海证券交易所交易系统以集中竞价交易方式 增持公司13,045,900股A股股份， ...