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 ...

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 2024-041 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， ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The successful breakthrough of the adiponitrile project is expected to accelerate the domestic development of nylon 66, which has been historically dominated by foreign technology [1][18]. - The supply structure shows that the top three global producers account for over 80% of the market, with significant domestic capacity planned but uncertain release schedules [19][20]. - Demand analysis indicates that the acceleration of adiponitrile localization and cost reductions will broaden the applications of PA66, particularly in automotive lightweighting and synthetic fibers [22][28]. Summary by Sections 1. Adiponitrile Project Breakthrough - The adiponitrile project has successfully overcome key technological barriers, enabling the domestic production of nylon 66, which is widely used in various industries [1][18]. - The project is part of a larger initiative to establish a nylon 66 new materials base in Shandong, with an initial capacity of 200,000 tons [1][18]. 2. Supply Structure - As of the end of 2023, global adiponitrile production capacity is concentrated among six companies, with a total capacity of 2.36 million tons, where major players like Invista, BASF, and Ascend account for over 80% [19][20]. - Domestic production is ramping up, with 400,000 tons planned, but the actual release of this capacity may face technical challenges [19][20]. 3. Demand Analysis - The overall consumption of nylon 66 in China is stable, with 650,000 tons expected in 2023, reflecting a 20% year-on-year increase due to the acceleration of adiponitrile localization [22][26]. - The automotive sector is a significant driver for nylon 66, with its lightweight properties making it a suitable alternative to traditional metals, especially as the penetration of new energy vehicles increases [28][31]. 4. Progress of the Company’s Adiponitrile Project - The company’s adiponitrile project is progressing well, currently operating at 45% capacity, with plans for further expansion [1][4]. - The project is expected to contribute significant profits upon reaching full capacity, with estimated profits of 690 million and 1.72 billion yuan for the first and second phases, respectively [1][4]. 5. Investment Recommendations - The company is currently trading at a historical low valuation, with a PE ratio of 7.93 and a PB ratio of 0.76, indicating potential for price appreciation [1][3]. - Forecasted net profits for 2024-2026 are expected to grow by 10%, 15%, and 17%, respectively, suggesting a positive outlook for the company’s financial performance [1][2].

中国化学工程股份有限公司（以下简称"公司"）监事会于 近日收到职工监事朱今风先生的书面辞职报告，因工作调整原因， 朱今风先生申请辞去公司第五届监事会职工监事职务，辞职后其 仍将在公司担任其他职务。 证券代码：601117 股票简称：中国化学 公告编号：临 2024-036 中国化学工程股份有限公司 关于职工监事辞职暨补选职工监事的公告 本公司监事会及全体监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。 一、职工监事辞职情况 朱今风先生在担任公司职工监事期间恪尽职守、勤勉尽责， 为公司规范运作和健康发展发挥了重要作用，公司及公司监事会 对朱今风先生在任职期间所作出的贡献表示衷心感谢！ 根据《公司法》《公司章程》等规定，朱今风先生辞去职工 监事职务将导致公司监事会人数低于法定最低人数、职工代表监 事比例低于三分之一，故其辞职申请将在补选出新任职工监事后 生效。在辞职申请生效前，朱今风先生仍按照相关法律法规和《公 司章程》的规定，履行了公司职工监事职责。 二、补选职工监事情况 1 2 赖中茂先生简历 为保证公司监事会正常运作，根据《公司法》《公 ...