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研报掘金丨国盛证券:维持中国化学“买入”评级,上半年业绩稳健增长,海外业务表现亮眼
CNCECCNCEC(SH:601117) Ge Long Hui·2025-08-26 07:40

Core Viewpoint - China Chemical achieved revenue of 90.7 billion yuan in H1 2025, a slight decrease of 0.3% year-on-year, while net profit attributable to shareholders was 3.1 billion yuan, an increase of 9%, meeting expectations [1] Financial Performance - The company's non-recurring profit was 3 billion yuan, a decrease of 2%, with the slower growth attributed to higher non-operating expenses and significant losses from changes in the fair value of financial assets compared to the same period last year [1] - The construction segment showed improved profitability, with significant cash flow improvement in Q2 [1] Market Position and Orders - The company demonstrated strong report quality, with negative net capital contribution highlighting its advantageous position in the supply chain [1] - New signed orders showed positive marginal growth, supported by sustained overseas demand and accelerated domestic projects in Xinjiang's coal chemical sector, as well as the "anti-involution" trend expected to bolster domestic order support [1] - Overseas orders achieved steady growth with a 154% year-on-year increase from January to July 2024, despite a high base [1] Industry Outlook - The acceleration of domestic coal chemical projects in Xinjiang and the "anti-involution" trend are anticipated to drive industry profitability improvements and enhance capital expenditure willingness for relocations and renovations [1] - As a leading player in chemical construction, the company is expected to be a core beneficiary of these trends [1]