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、 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported a revenue of 91.037 billion yuan for H1 2024, a year-on-year decrease of 0.34%, while the net profit attributable to the parent company was 2.839 billion yuan, down 3.63%. However, the net profit excluding non-recurring items increased by 3.46% to 3.050 billion yuan [3] - The company experienced a decline in revenue and net profit in Q2 2024, with Q1 showing a revenue increase of 5.54% and Q2 a decrease of 5.53%. The net profit for Q1 increased by 9.50%, while Q2 saw a decrease of 11.58% [3] - The company’s gross margin improved by 1.06 percentage points to 9.39% in H1 2024, with specific segments like chemical engineering and new materials showing significant improvements [3] - The company signed new contracts worth 215.418 billion yuan from January to July 2024, a year-on-year increase of 10.02%, with overseas contracts increasing by 153.93% [3] - The earnings per share (EPS) for 2024 and 2025 are projected to be 0.97 yuan and 1.06 yuan, respectively, with a reasonable valuation range of 9.68 to 10.65 yuan based on a price-to-earnings ratio of 10-11 times for 2024 [3] Financial Summary - For H1 2024, the company’s revenue by segment was as follows: chemical engineering 73.918 billion yuan, infrastructure 10.124 billion yuan, environmental governance 1.124 billion yuan, industrial and new materials 4.442 billion yuan, and modern services 0.747 billion yuan [3] - The company’s operating cash flow turned into a net outflow of 4.571 billion yuan in H1 2024, compared to a net inflow of 226 million yuan in H1 2023 [3] - The company’s total revenue is projected to grow from 179.196 billion yuan in 2023 to 194.126 billion yuan in 2024, with a year-on-year growth rate of 8.3% [4][10]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's net profit for H1 2024 decreased by 3.63% year-on-year, slightly below expectations, with total revenue of 91 billion, a decrease of 0.34% year-on-year [6] - The chemical engineering segment showed stable growth, while infrastructure engineering experienced a slowdown [6] - The company is actively pursuing industrial projects to create a second growth curve, focusing on high-value products in the new materials sector [6] - Profit forecasts for 2024-2026 have been revised downwards, but the company is expected to gradually contribute profits from ongoing industrial projects [6] Financial Summary - As of June 30, 2024, the company's total revenue is projected to be 188.335 billion, with a year-on-year growth rate of 5.1% [7] - The net profit for 2024 is estimated at 5.789 billion, reflecting a year-on-year growth of 6.7% [7] - The company's gross margin is expected to remain stable at around 9.2% for the next few years [7][8] - The company's total assets and liabilities ratio stands at 69.83% [3] Segment Performance - The chemical engineering segment generated revenue of 739 billion in H1 2024, with a gross margin of 9.89% [6] - The infrastructure segment's revenue decreased by 20.23% year-on-year, with a gross margin of 5.80% [6] - The new materials segment achieved revenue of 44.4 billion, with a gross margin of 9.60%, reflecting a year-on-year growth of 6.63% [6]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a slight decline in revenue and net profit for the first half of 2024, with revenue at 910.37 billion yuan, down 0.34% year-on-year, and net profit at 28.39 billion yuan, down 3.63% year-on-year [1]. - The company experienced growth in its chemical engineering and new materials segments, with overseas performance showing significant improvement, particularly in new contract signings [1][2]. - The company is actively participating in the "Belt and Road" initiative, leading to substantial growth in overseas contracts, which increased by 132.53% year-on-year [1]. Financial Performance Summary - Revenue breakdown for H1 2024: Chemical engineering revenue was 739.18 billion yuan (up 4.32% YoY), infrastructure revenue was 101.24 billion yuan (down 20.23% YoY), environmental governance revenue was 11.24 billion yuan (down 22.39% YoY), and industrial and new materials revenue was 44.42 billion yuan (up 6.63% YoY) [1]. - The company achieved a gross margin of 9.39%, an increase of 1.05 percentage points year-on-year, while the net margin was 3.44%, a slight decrease of 0.07 percentage points [1]. - The company’s asset-liability ratio decreased to 69.83%, down 1.39 percentage points year-on-year, indicating improved financial stability [1]. Future Profitability Forecast - The company is projected to achieve net profits of 56.72 billion yuan, 61.86 billion yuan, and 68.25 billion yuan for the years 2024, 2025, and 2026, respectively, reflecting growth rates of 4.53%, 9.06%, and 10.33% [2][3]. - Corresponding P/E ratios are expected to be 7.04, 6.46, and 5.85 for the same years [2].

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 ...

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 ...