CNCEC(SH:601117) Ge Long Hui A P P·2026-01-08 07:47Core Viewpoint - The report from Changjiang Securities indicates that China Chemical Industry is well-positioned for performance contributions in 2026, driven by a recovery in the chemical industry amidst reduced competition [1] Group 1: Company Performance - The main business of chemical engineering is seeing a positive trend in orders, supporting stable growth in company performance, with a 10% growth rate achieved in the first three quarters and a forecast of double-digit growth for the entire year [1] - Approximately 80% of new contracts are from chemical engineering, with clients being leading chemical enterprises, and 26% of total orders coming from overseas, indicating high-quality orders and good payment conditions [1] Group 2: Financial Health - The company does not face the risk of significant impairment pressure due to debts from real estate developers or local government financing vehicles, as seen in traditional construction firms [1] - The net cash flow from operating activities is expected to exceed net profit for two consecutive years in 2023-2024, reflecting strong financial health [1] Group 3: Shareholder Returns - The company demonstrates high operational quality, with mid-term dividends reflecting shareholder returns [1] - The company remains undervalued, suggesting potential for performance elasticity [1]