证券代码：601117 股票简称：中国化学 公告编号：临 2024-032 中国化学工程股份有限公司 关于 2022 年限制性股票激励计划部分限制性股票 回购注销实施的公告 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： 回购注销原因：根据中国化学工程股份有限公司（以下简 称"公司"）《2022 年限制性股票激励计划（草案）》（以下简称 "《激励计划》"）、《2022 年限制性股票激励管理办法》《2022 年 限制性股票激励实施考核管理办法》等相关规定，公司本次回购 注销 2 名激励对象因个人原因主动离职、1 名激励对象因工作调 动已获授但尚未解除限售的限制性股票共计 40.00 万股。本次注 销完成后， 公 司 总 股 本 将 由 6,109,470,562 股变更为 6,109,070,562 股。 本次注销股份的有关情况： 单位：股 | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | | | | | --- | --- | --- | --- | --- | --- | --- ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown resilient growth in new contract signings, with a total of 167.4 billion yuan in new contracts from January to May 2024, representing an 18.1% year-on-year increase [2] - The company is actively expanding into strategic emerging industries, including new materials and high-end equipment manufacturing, while achieving significant operational load increases in its industrial business [3] - The company is expected to maintain strong profit growth, with projected net profits of 58.9 billion yuan, 64.2 billion yuan, and 71.2 billion yuan for 2024, 2025, and 2026 respectively [3] Summary by Sections New Contract Signings - From January to May 2024, the company signed new contracts worth 167.4 billion yuan, up 18.1% year-on-year, with significant contributions from chemical engineering contracts [2] - Domestic new contracts decreased by 2.8% year-on-year, while overseas contracts surged by 410% [2] Industrial Business Performance - As of May 2024, the company's industrial projects are operating at 45% capacity for the adiponitrile project and 83% for the aerogel project [3] - The company is focusing on overcoming key technological challenges and has made advancements in the production of high-performance nylon materials [3] Financial Projections - The company forecasts revenue growth from 195.9 billion yuan in 2024 to 231.8 billion yuan in 2026, with a net profit growth rate of 8.5% in 2024 [4] - The report highlights a stable P/E ratio of 8 for the forecasted years, indicating a favorable valuation [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown resilient growth in new contract signings, with a total of 167.4 billion yuan in new contracts from January to May 2024, representing an 18.1% year-on-year increase [2] - The company is actively expanding its presence in strategic emerging industries, including new materials and high-end equipment manufacturing, while achieving significant operational load increases in its industrial projects [3] - The company is expected to maintain strong profit growth, with projected net profits of 58.9 billion yuan, 64.2 billion yuan, and 71.2 billion yuan for 2024, 2025, and 2026 respectively [3] Summary by Sections New Contract Signings - From January to May 2024, the company signed new contracts worth 167.4 billion yuan, up 18.1% year-on-year, with significant contributions from chemical engineering contracts [2] - Domestic new contracts decreased by 2.8% to 130.8 billion yuan, while overseas contracts surged by 410% to 36.7 billion yuan during the same period [2] Business Operations - The company's industrial business load has been increasing, with the butadiene project operating at 45% capacity and the aerogel project at 83% capacity as of May 2024 [3] - The company is focusing on overcoming key technological challenges and has made advancements in the production of high-performance nylon materials and photovoltaic cell raw materials [3] Financial Projections - The company’s revenue is projected to grow from 178.4 billion yuan in 2023 to 195.9 billion yuan in 2024, with a revenue growth rate of 9.81% [4] - Net profit is expected to increase from 5.4 billion yuan in 2023 to 5.9 billion yuan in 2024, reflecting an 8.5% growth rate [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a record high in revenue for 2023, with total operating revenue of 179.196 billion yuan, a year-on-year increase of 13.10%, and a net profit attributable to shareholders of 5.426 billion yuan, up 0.20% year-on-year [2][9] - The company has seen a steady increase in new orders, with a total contract amount of 326.751 billion yuan for the year, reflecting a year-on-year growth of 10.05% [2][9] - The company is focusing on a "technology + industry" integrated development strategy, emphasizing innovation-driven growth and the development of high-performance fibers and biodegradable plastics [8][9] Summary by Sections Financial Performance - In 2023, the company reported total operating revenue of 179.196 billion yuan, with a year-on-year growth of 13.10% and a net profit of 5.426 billion yuan, reflecting a slight increase of 0.20% [2][9] - For Q4 2023, the company achieved operating revenue of 47.533 billion yuan, a year-on-year increase of 25.56%, and a net profit of 1.703 billion yuan, up 0.48% year-on-year [1][2] - In Q1 2024, the company reported operating revenue of 45.171 billion yuan, a year-on-year increase of 5.54% [1] Order Growth - The company signed new contracts totaling 167.443 billion yuan from January to May 2024, representing a year-on-year increase of 18.11% [1][3] - The total number of contracts signed in 2023 was 2,388, with a total contract amount of 326.751 billion yuan, marking a significant increase in order volume [3][7] Strategic Development - The company is committed to a "technology + industry" integrated development strategy, focusing on high-performance fibers, high-end nylon materials, and biodegradable plastics [8] - New projects such as the 600,000 tons/year epoxy propane project have successfully commenced operations, contributing to the company's production capacity [8] Profit Forecast - The company expects net profits of 5.823 billion yuan, 6.694 billion yuan, and 7.080 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7.3%, 15.0%, and 5.8% [9][12]

本次电话会议仅服务于国泰捐赠券正式签约客户会议音频及文字记录的内容仅供国泰捐赠券客户内部学习使用不得外发并且必须经国泰捐赠券研究所审核后方可留存国泰捐赠券未授权任何媒体转发此次电话会议相关内容未经允许和授权 转载转发均属侵权国泰金安证券将保留追究其法律责任的权利国泰金安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒广大投资者谨慎做出投资决策 大家好欢迎参加中国化学线上交流目前所有的参会者均处于静音状态在演讲结束后将给大家留有提问时间现在有请主持人开始发言谢谢各位投资者各位朋友早上好我是国军舰就完成今天我们团队非常荣幸的再次邀请到咱们的行业龙头中国化学的秦总和王总就中国化学就技术化工的一臂之力的出海 做一个深入交流 会议三个环节 我做个介绍 在后面秦总做个介绍 最后面是问答环节整个的建筑行业 我们觉得6月份应该是加上机会 在三四季度我们看向上主要的原因的话 一方面是因为国内的全项债和特别国债在逐渐加速发行我们判断整个的二季度是环比改善 三季度将同比改善 叠加7月份的三中全会改革的措施会使得建制的空间打开比如说在土地要素啊那个国际体制变革啊包括其他的一些现在服务业新生产力啊可能多多少少的都会是我 ...

大家好欢迎参加光大建筑建材中国化学充沛现金保障投资者回报花工品涨价或催化一级增长电话会议目前所有参会者均处于静音状态下面开始播报名字声明声明播报完毕后主持人可以直接开始发言谢谢特别声明本会议为光大证券专业机构投资者设计任何情形下会议内容不构成对任何人的投资建议 参会者应当充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险嘉宾发言内容仅代表嘉宾的个人观点和立场研究人员发言内容来自于以外发报告或对研报的跟踪解读观点仅代表报告发布当日的判断本会议内容的知识产权仅归光大证券所有 北京书面许可任何机构和个人不得以任何形式任何目的进行转发翻版复制刷补或引用会议全部或部分内容亦不得擅自录音制作会议机要对外传播 好的各位投资人们大家晚上好我是光大建议院财分析师孙力冲今天的话非常感谢大家参加我们关于中国化学的投资价值的这样一个分析的会议那么在开始我简单的给大家介绍一下我们对化学的一个观点第一个就是化学可能是在所有的我们建议的样式当中 带走资金最为充沛并且剔除有期负债之后定现金规模最高的这样一个企业也就意味着这个化学未来其实有非常强的一个动力或者是能力去实现我们讲这个股东的一个回报的我们讲这第一点 第二点就是还是 ...

证券研究报告 | 公司点评 2024年06月02日 中国化学（601117.SH） 中国化学实业项目进展如何？市值空间怎么看？ 一、实业项目进展情况 买入（维持） 己二睛项目最新进展：根据公司披露，今年以来公司实业项目生产运行平 股票信息 稳，生产、销售均按生产计划运行，截至目前，己二腈项目 45%负荷运 行业 专业工程 行。近期公司自有技术丁二烯法制成己二胺首次出口，标志着天辰公司丁 前次评级 增持 二烯法生产己二腈工艺获得了境外市场的认可。根据Wind数据，2024年 5月31日收盘价(元) 8.18 总市值(百万元) 49,975.47 至今（截至2024/5/31）尼龙-66日均价格21921元/吨，较2023年日均 总股本(百万股) 6,109.47 价格 20608 元/吨上涨 6%，下游需求有所恢复，预计今年公司己二腈项 其中自由流通股(%) 99.02 目盈利有望改善。根据我们此前外发报告《布局化工新材料，“技术+实 30日日均成交量(百万股) 96.11 业”二次曲线加速重估》，仅考虑一期20万吨产能满产，当己二胺价格 股价走势 为19000元/吨时，项目处于盈亏平衡点。假设全年己二胺平均价 ...

Thanks for your participation.The meeting is ready to start. 本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 各位投资者早上好欢迎参加今天早上的交流我是长江建筑的张驰从昨天开始我们会连续十天为各位领导汇报十家优秀建筑营养企业的深度报告这里边呢是我们进入到了汇报的第二天我们今天的主题是中共化学各位领导也可以关注我这边的这个金门财经来每天来做一个提醒 中化学是我们持续覆盖深度工程增动的一家央企这里面我想强调一个我们在最近几段时间做的一个研究的一个结论就是我们现在我们专门在推一类的标的这类标的分别从三个角度可以出发对应的就是央企海外和专业 其中央企呢主要是因为从央企和民企的角度来看央企会有一个持续的份额提升和国际改革的推进带来的一个持续的成长第二个呢从海外和国内来看的话海外市场空间广阔国内的市场的这个相对来说成长性也弱于海外所以海外成长性更好 第三个,从专业工程和传统工程来 ...

大家好欢迎参加光大建筑建材中国化学充沛现金保障投资者回报化工品涨价或催化以及增长电话会议目前所有参会者均处于静音状态下面开始播报名字声明声明播报完毕后主持人可以直接开始发言谢谢特别声明本会议为光大证券专业机构投资者设计任何情形下会议内容不构成对任何人的投资建议 参会者应当充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险嘉宾发言内容仅代表嘉宾的个人观点和立场研究人员发言内容来自于以外发报告或对研报的跟踪解读观点仅代表报告发布当日的判断本会议内容的知识产权仅归光大证券所有 北京书面许可任何机构和个人不得以任何形式任何目的进行转发翻版复制刷布或沿用会议全部或部分内容亦不得擅自录音制作会议机要对外传播 好的,各位投资人们,大家晚上好,我是光大经济学院财政研究室孙力冲。今天的话,非常感谢大家参加我们关于中国化学的投资价值的这样一个分析的会议。那么在就开始,我简单的给大家介绍一下我们对化学的一个观点。第一个就是, 就是化学可能是在所有的我们建筑的关系当中啊这个在手资金最为充沛啊并且这个剔除尤其负债之后定现金规模最高的这样一个企业啊也就意味着啊这个化学未来啊其实有非常啊这个强的一个动力或者是能力啊去实现我 ...