Investment Rating - The investment rating for the company is "Buy" [1][4]. Core Views - The report maintains a "Buy" rating based on the annual report disclosure and forecasts a revenue growth rate of 8.8% for 2024, with a target price of 11.00, corresponding to a PE ratio of 11 times for 2024 [1][4]. - The company reported a net profit increase of 0.2% in 2023, which was below expectations, while the net profit for Q1 2024 increased by 9.5% [1][4]. - The company achieved a 22% increase in new orders in 2024, with a significant 240% increase in overseas orders [1][4]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved a revenue of 178.4 billion, an increase of 13.1%, and a net profit of 5.4 billion, an increase of 0.2% [1][4]. - The operating cash flow for 2023 was 91 billion, a significant increase of 509% compared to 2022 [1][4]. - The report forecasts revenues of 195.6 billion for 2024, with a net profit of 5.96 billion, reflecting a growth rate of 10% [1][4]. Order Book and Future Outlook - The company plans to achieve a total revenue of 1,950 billion in 2024, with a profit target of 740 million, indicating a growth of 7.2% [1][4]. - The new signed orders for Q1 2024 reached 1,279 billion, marking a 22% increase year-on-year [1][4]. - The company aims for a dividend yield of 2.8% with a payout ratio of 20% [1][4]. Valuation Metrics - The target price is set at 11.00, with the current price at 7.27, indicating potential upside [1][4]. - The report highlights a projected EPS of 0.98 for 2024, with a growth rate of 10% [1][4]. - The company’s net profit margin for 2023 was reported at 3.04%, with a return on equity (ROE) of 9.83% [1][4].

上 市 公 司 建筑装饰 2024 年05月 05 日 中国化学 (601117) 公 司 研 究 ——现金流大幅改善，化工主业快速增长 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  23年归母净利润同比+0.20%、略低于预期，扣非利润同比+3.86%。23年公司营业总收入1,792亿， 同比+13.1%；归母净利润54.3亿，同比+0.20%，低于我们此前预期，主要系23年减值计提规模提 证 市场数据： 2024年04月30日 升，扣非净利润 52.02亿，同比+3.86%。23年公司毛利率、归母净利率分别为 9.41%、3.03%，同 券 收盘价（元） 6.9 研 一年内最高/最低（元） 10.87/5.68 比分别+0.07pct、-0.39pct；期间费用率合计为5.28%，同比+0.14pct，其中销售、管理、研发和财 究 市净率 0.7 务费用率分别为-0.01pct、+0.02pct、+0.00pct、+0.13pct。23年资产及信用减值损失5.88亿，占 报 息率（分红/股价） - 比营收上升0.23pct至0.33%。分季度看，23Q1/Q2/Q3/Q ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant improvement in operating cash flow in 2023, driven by strong overseas business performance [6][8] - The company achieved total revenue of 179.2 billion yuan and a net profit attributable to shareholders of 5.4 billion yuan in 2023, reflecting a year-on-year growth of 13.1% and 0.2% respectively [6] - The company has a robust order backlog, with new contracts signed in 2023 amounting to 326.75 billion yuan, a 10% increase year-on-year [7] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 179.2 billion yuan, with a net profit of 5.4 billion yuan, and a non-recurring net profit of 5.2 billion yuan, showing growth rates of 13.1%, 0.2%, and 3.9% respectively [6] - For Q1 2024, the company recorded revenue of 45.2 billion yuan and a net profit of 1.2 billion yuan, representing growth rates of 5.5% and 9.5% year-on-year [6] Order Book and Contracts - The company signed new contracts worth 326.75 billion yuan in 2023, with significant contributions from chemical engineering and emerging industries, which saw increases of 23.5% and 28% respectively [7] - In Q1 2024, new contracts totaled 127.9 billion yuan, with overseas contracts growing significantly by 240.2% [7] Profitability and Cash Flow - The company's gross margin for 2023 was 9.4%, with a net profit margin of 3.4%, showing slight improvements year-on-year [7] - Operating cash flow improved significantly in 2023, with a net cash inflow of 9.13 billion yuan, an increase of 7.63 billion yuan compared to the previous year [7] Future Outlook - The report projects a decrease in net profit forecasts for 2024 and 2025 to 5.89 billion yuan and 6.42 billion yuan, down by 24.9% and 33.2% respectively, but maintains a positive outlook due to a strong order backlog and overseas business growth [8]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's operating performance showed steady growth, with a significant increase in overseas new contracts [2] - The company achieved a revenue of 1791.96 billion yuan in 2023, a year-on-year increase of 13.10%, and a net profit attributable to shareholders of 5.426 billion yuan, a year-on-year increase of 0.20% [3] - The company's overseas new contract value in 2023 reached 100.606 billion yuan, a year-on-year increase of 165.48% [7] - The company's total order backlog at the end of 2023 was 407.601 billion yuan, with new contracts signed in 2023 amounting to 326.751 billion yuan, a year-on-year increase of 10.05% [7] Financial Performance - In 2023, the company's chemical engineering business achieved revenue of 142.373 billion yuan, a year-on-year increase of 20.35%, with a gross profit margin of 9.87% [5] - The infrastructure business achieved revenue of 21.994 billion yuan, a year-on-year decrease of 1.84%, with a gross profit margin of 7.09% [5] - The environmental governance business achieved revenue of 2.842 billion yuan, a year-on-year decrease of 18.90%, with a gross profit margin of 11.35% [5] - The industrial and new materials business achieved revenue of 7.715 billion yuan, a year-on-year increase of 4.75%, with a gross profit margin of 8.07% [5] - The modern services business achieved revenue of 2.989 billion yuan, a year-on-year decrease of 47.34%, with a gross profit margin of 9.01% [5] Regional Performance - In 2023, the company's domestic revenue was 142.382 billion yuan, accounting for 80.03% of total revenue, with a gross profit margin of 9.47% [5] - Overseas revenue was 35.532 billion yuan, accounting for 19.97% of total revenue, with a gross profit margin of 9.41% [5] Operational Highlights - The company's R&D expenses in 2023 were 6.164 billion yuan, a year-on-year increase of 711 million yuan [6] - The net cash flow from operating activities in 2023 was 9.134 billion yuan, a year-on-year increase of 7.634 billion yuan, or 509.09% [6] - The company's total market capitalization as of April 30, 2024, was 421.5535 billion yuan, with a circulating market capitalization of 417.4162 billion yuan [4] Future Outlook - The company is expected to achieve revenues of 197.3 billion yuan, 218.2 billion yuan, and 238.7 billion yuan in 2024, 2025, and 2026, respectively [12] - Net profit attributable to shareholders is expected to be 6.004 billion yuan, 7.009 billion yuan, and 7.810 billion yuan in 2024, 2025, and 2026, respectively [12] - The company's PE ratio is expected to be 7x, 6x, and 5x in 2024, 2025, and 2026, respectively [12] Dividend Policy - The company plans to distribute a cash dividend of 1.78 yuan per 10 shares for the year 2023, totaling 1.087 billion yuan, accounting for 20.04% of the net profit attributable to shareholders [11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [4]. Core Insights - The company achieved a revenue of 179.20 billion yuan in 2023, representing a year-on-year increase of 13.1%. The net profit attributable to shareholders was 5.43 billion yuan, up 0.2% year-on-year, while the net profit excluding non-recurring items was 5.20 billion yuan, an increase of 3.86% [1][3]. - The company’s overseas business is accelerating, with new orders amounting to 100.61 billion yuan, a significant year-on-year increase of 165.48%, accounting for 30.79% of total new contracts [1][2]. - The company’s cash flow from operations (CFO) saw a substantial increase to 9.13 billion yuan in 2023, reflecting improved operational quality [3][9]. Financial Performance Summary - In 2023, the company’s revenue by segment included chemical engineering (142.37 billion yuan, +20.35%), infrastructure (21.99 billion yuan, -1.84%), environmental governance (2.84 billion yuan, -18.90%), industrial and new materials (7.71 billion yuan, +4.75%), and modern services (2.99 billion yuan, -47.34%) [2]. - The gross margin for 2023 was 9.4%, a slight increase of 0.07 percentage points year-on-year, while the net profit margin was 3.35%, down 0.32 percentage points due to increased asset and credit impairment losses [3][10]. - The company’s total assets reached 219.12 billion yuan in 2023, with total liabilities of 155.04 billion yuan, resulting in a debt-to-asset ratio of 70.06% [8][9]. Future Projections - The company is expected to see net profits of 6.00 billion yuan in 2024, 6.83 billion yuan in 2025, and 7.64 billion yuan in 2026, reflecting year-on-year growth rates of 11%, 13%, and 12% respectively [3][10]. - The report anticipates that 2024 will be a peak year for revenue conversion from overseas orders, driven by ongoing demand from the Belt and Road Initiative [2][3].

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 化学工程 ＃ investSuggestion＃ ＃ ＃d 中yCo 国mp 化any＃学 （ 601117 ） investSug 增持 ( 维ges持tion ）Ch ＃title＃ 23 年现金流获大幅改善，24 年经营计划指向高位发展 ange＃ ＃ createTime1＃ 2024 年 04 月 29 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃l sum中ma国ry＃化 学发布2023年年报：公司2023年实现营业收入1783.58亿元，同比 司 增长13.09%；实现归母净利润54.26亿元，同比增长0.20%；实现扣非后归 市场数据日期 2024-04-26 母净利润5.20亿元，同比增长3.86%。公司发布2024年一季报：公司2024 点 收盘价（元） 6.97 年一季度实现营业收入449.39亿元，同比增长5.51%；实现归母净利润12.16 评 总股本（百万股） 6109.47 亿元，同比增长9.50%；实现扣非后归母净利润11.51亿元，同比增长3.70%。 公司公告2023年现金分红10. ...

Investment Rating - The report maintains a "Buy" rating for China Chemical Corporation (601117) [1] Core Views - The company demonstrated steady performance improvement, with a significant increase in new orders for chemical engineering. In 2023, the company achieved a revenue of 179.196 billion yuan, a year-on-year increase of 13.10%. The net profit attributable to shareholders was 5.426 billion yuan, up 0.20% year-on-year, while the net profit after deducting non-recurring gains and losses was 5.202 billion yuan, an increase of 3.86% year-on-year [1] - The company signed new contracts worth 326.751 billion yuan in 2023, representing a year-on-year increase of 10.05%. Notably, the overseas new contract amount reached 100.606 billion yuan, a remarkable increase of 165.48% [1] - The report highlights the company's focus on high-performance fibers, specialty synthetic rubber, and engineering plastics, with successful projects in chemical new materials and special chemicals [1] Financial Performance Summary - In Q1 2024, the company reported a revenue of 44.939 billion yuan, a year-on-year increase of 5.51%, and a net profit attributable to shareholders of 1.216 billion yuan, up 9.50% year-on-year [1] - The gross profit margin for 2023 was 9.41%, a slight increase of 0.07 percentage points, while the net profit margin was 3.35%, a decrease of 0.31 percentage points [1] - The company expects revenues for 2024, 2025, and 2026 to be 196.374 billion yuan, 217.070 billion yuan, and 242.036 billion yuan, respectively, with corresponding net profits of 5.871 billion yuan, 6.575 billion yuan, and 7.374 billion yuan [1][2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.30 CNY per share based on a 10x PE valuation for 2024 [5][3]. Core Views - In 2023, the company achieved a revenue of 178.36 billion CNY, a year-on-year increase of 13.09%, and a net profit attributable to shareholders of 5.43 billion CNY, up 0.20% year-on-year [2]. - The company reported strong operating cash flow, with a net inflow of 9.13 billion CNY in 2023, an increase of 7.63 billion CNY compared to the previous year, attributed to effective cash flow management [2]. - The chemical engineering segment saw significant revenue growth, with 2023 revenue of 142.4 billion CNY, a year-on-year increase of 20.35% [2]. - The company secured new orders worth 326.8 billion CNY in 2023, a 10% increase year-on-year, with overseas orders reaching 100.6 billion CNY, up 165% [2]. - The company is advancing its projects, including the technical transformation of the adiponitrile project and the production ramp-up of new materials [2]. Financial Summary - The company’s revenue for 2023 was 179.20 billion CNY, with a projected revenue of 203.81 billion CNY for 2024, reflecting a growth rate of 13.7% [4]. - The net profit for 2023 was 5.43 billion CNY, with forecasts of 6.29 billion CNY for 2024, indicating a growth rate of 15.9% [4]. - The company’s EPS for 2023 was 0.89 CNY, with expectations of 1.03 CNY for 2024 [4]. - The company’s P/E ratio for 2023 was 7.16, projected to decrease to 6.77 in 2024 [4].

证券研究报告 | 年报点评报告 2024年04月28日 中国化学（601117.SH） 现金流大幅改善，Q1 业绩环比显著提速 23 全年业绩增速符合预期，24Q1 业绩环比显著提速。2023 年公司实现营业收入 买入（维持） 1784亿元，同增13%；实现归母净利润54.3亿元，同增0.2%；扣非归母净利润同 股票信息 增4%，全年业绩符合预期，增速略低于收入主因减值比及财务费率有所提升。分季 度看：Q1/Q2/Q3/Q4单季营收分别同增21%/22%/-11%/26%；单季归母净利润分 行业 专业工程 别同增 14%/10%/-27%/0.5%，Q4 营收增长显著提速，预计主要因公司加快波罗 前次评级 买入 的海等大型项目执行，业绩增速较低主要因：1）单季毛利率下降 1.7pct；2）单季 4月26日收盘价(元) 6.97 减值多计提 2.4 亿。分业务看：化学工程/基础设施/环境治理/实业分别实现营收 1424/220/28/77 亿元，同比+20%/-2%/-19%/+5%，化工主业延续较快增长。分 总市值(百万元) 42,583.01 区域看：境内/境外分别实现营收 1424/355亿元，同增 15 ...

关于中国化学工程股份有限公司 2023 年度 涉及财务公司关联交易的专项说明 中国化学工程股份有限公司 涉及财务公司关联交易的专项说明 2023 年度 信会师报字[2024]第 ZG11141 号 中国化学工程股份有限公司 涉及财务公司关联交易的专项说明 （截至 2023 年 12 月 31 日） | | 目录 | | | 页次 | | --- | --- | --- | --- | --- | | 一、 | 专项报告 | | | 1-2 | | 二、 | 中国化学工程股份有限公司 | 2023 | 年度涉及财务 | 1 | | | 公司关联交易汇总表表 | | | | 信会师报字[2024]第 ZG11141 号 中国化学工程股份有限公司全体股东： 我们审计了中国化学工程股份有限公司(以下简称"中国化 学")2023 年度的财务报表，包括 2023 年 12 月 31 日的合并及母公司 资产负债表、2023 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注，并于 2024 年 4 月 21 日出具了报告号为信会师报字[2024]第 ZG11131 号的 无保留 ...